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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23308

PPM FUNDS

(Exact Name of registrant as specified in charter)

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

(Address of principal executive offices)

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

(Mailing address)

Daniel W. Koors

PPM Funds

225 West Wacker Drive, Suite 1200

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 634-2500

Date of Fiscal Year End: December 31

Date of Reporting Period: January 1, 2020 – June 30, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1. Report to Shareholders.

LOGO

PPMFunds (Unaudited)

June 30, 2020

PPM Funds including: PPM Core Plus Fixed Income Fund (PKPIX), PPM Floating Rate Income Fund (PKFIX), PPM High Yield Core Fund (PKHIX), PPM Long Short Credit Fund (PKLIX), PPM Large Cap Value Fund (PZLIX), PPM Mid Cap Value Fund (PZMIX) and PPM Small Cap Value Fund (PZSIX)


Schedules of Investments	2
Statements of Assets and Liabilities	37
Statements of Operations	38
Statements of Changes in Net Assets	39
Financial Highlights	41
Notes to Financial Statements	42
Additional Disclosures	54
PPM Funds Liquidity Narrative for Shareholders	55

PPM Funds Supplements to Prospectus

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020

PPM Core Plus Fixed Income Fund


Composition as of June 30, 2020:
Corporate Bonds and Notes	48.4	%
Government and Agency Obligations	36.1
Non-US Government Agency ABS	7.1
Senior Floating Rate Instruments	1.6
Short Term Investments	6.8
Total Investments	100.0	%

PPM Floating Rate Income Fund


Composition as of June 30, 2020:
Senior Floating Rate Instruments	90.1	%
Corporate Bonds and Notes	2.9
Investment Companies	2.5
Warrants	-
Common Stocks	-
Short Term Investments	4.5
Total Investments	100.0	%

PPM High Yield Core Fund


Composition as of June 30, 2020:
Corporate Bonds and Notes	90.1	%
Senior Floating Rate Instruments	3.5
Investment Companies	1.7
Non-US Government Agency ABS	0.1
Common Stocks	0.1
Warrants	0.0
Short Term Investments	4.5
Total Investments	100.0	%

PPM Long Short Credit Fund


Composition as of June 30, 2020:
Corporate Bonds and Notes	70.1	%
Senior Floating Rate Instruments	14.8
Non-US Government Agency ABS	8.1
Investment Companies	2.1
Government and Agency Obligations	0.7
Warrants	0.0
Common Stocks	0.0
Short Term Investments	4.2
Net Long (Short) Investments	100.0	%

PPM Large Cap Value Fund


Composition as of June 30, 2020:
Financials Health Care Information Technology Consumer Discretionary Consumer Staples Utilities Communication Services Industrials Energy Materials Real Estate Other Short Term Investments	19.1 16.8 15.5 9.0 8.7 7.4 6.8 6.3 5.6 3.4 1.0 0.5	%
Total Investments	100.0	%

PPM Mid Cap Value Fund


Composition as of June 30, 2020:
Financials Consumer Discretionary Information Technology Industrials Utilities Materials Health Care Consumer Staples Real Estate Energy Communication Services Other Short Term Investments	19.2 12.9 12.7 11.6 9.0 7.3 7.2 6.8 6.4 3.1 3.0 0.7	%
Total Investments	100.0	%

PPM Small Cap Value Fund


Composition as of June 30, 2020:
Financials Industrials Information Technology Consumer Discretionary Health Care Real Estate Materials Consumer Staples Utilities Energy Communication Services Other Short Term Investments	28.3 16.8 15.0 9.9 7.5 6.9 5.1 4.5 2.3 1.6 1.6 0.5	%
Total Investments	100.0	%

See accompanying Notes to Financial Statements.

PPMFunds

June 30, 2020 (Unaudited)

Important Disclosures and Glossary

Before investing, investors should carefully read the prospectus and/or summary prospectus and consider the investment objectives, risk, charges and expenses. For this and more complete information about the Funds, investors may obtain a prospectus or summary prospectus by calling 1-844-446-4PPM (1-844-446-4776), by writing PPM Funds, P.O. Box 2175, Milwaukee, Wisconsin 53201-2175, or by visiting www.ppmamerica.com/ppmfunds/.

Mutual funds are issued by PPM America, Inc. PPM Funds are distributed by Jackson National Life Distributors LLC, member FINRA.

The discussion of the Funds’ investments and investment strategy (including current investment themes, the portfolio managers’ research and investment process, and portfolio characteristics) represents the Funds’ investments and the views of the portfolio managers and PPM America, Inc., the Funds’ investment adviser, at the time of this report, and are subject to change without notice.

Ratings of securities in PPM Floating Rate Income Fund for attribution purposes are based on the Standard & Poor’s (“S&P”) rating. Securities without an S&P rating are categorized as “Other.” Ratings of securities in PPM High Yield Core Fund and PPM Long Short Credit Fund for attribution purposes are based on the ICE BofA Rating Methodology, which uses credit quality ratings for the underlying securities held by the Fund from three nationally recognized statistical rating organizations (“NRSROs”): S&P, Moody’s Investor Service, and Fitch, Inc. If at least one of the NRSROs has rated the security, the ICE BofA Rating will reflect the average rating among the NRSROs that have rated the security. If no NRSRO ratings are available, the internal rating (Index Rating for the index universe) is used. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Methods for rating securities as applied in the portfolio construction process are described in the Principal Investment Strategies sections of the Prospectus. More information about securities ratings is contained in the Statement of Additional Information.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance shown. All returns reflect the reinvestment of income dividends and capital gains. You cannot invest directly in an index.

Mutual fund investing involves risk. Please see the Notes to the Financial Statements of this semi-annual report, as well as the prospectus, for more information on risks.

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 51.1%
Financials 16.2%
	AerCap Ireland Capital Designated Activity Company
		4.50%, 09/15/23	150,000		150,128
		6.50%, 07/15/25	50,000		52,326
	AIA Group Limited
		3.60%, 04/09/29 (a)	200,000		220,318
	Avolon Holdings Funding Limited
		5.25%, 05/15/24 (a)	158,000		143,901
	Bank of America Corporation
		6.25%, (callable at 100 beginning 09/05/24) (b)	75,000		77,678
		6.30%, (callable at 100 beginning 03/10/26) (b)	45,000		50,037
		4.00%, 01/22/25	86,000		94,745
		4.25%, 10/22/26	215,000		246,320
		3.56%, 04/23/27	115,000		128,436
		3.25%, 10/21/27	27,000		29,837
		3.59%, 07/21/28	150,000		168,574
		4.27%, 07/23/29	322,000		379,057
		2.68%, 06/19/41	109,000		111,466
	Barclays PLC
		1.70%, 05/12/22 (c)	267,000		271,792
	Capital One Financial Corporation
		3.75%, 03/09/27	75,000		82,712
	Citigroup Inc.
		5.00%, (callable at 100 beginning 09/12/24) (b)	108,000		101,376
		4.45%, 09/29/27	76,000		86,657
		3.89%, 01/10/28 (d)	68,000		76,511
		3.52%, 10/27/28	131,000		145,150
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 12/11/23) (a) (b)	200,000		215,500
		6.50%, 08/08/23 (a)	250,000		272,806
		4.21%, 06/12/24 (a)	125,000		134,362
	Diamond Finance International Limited
		8.35%, 07/15/46 (a)	100,000		130,336
	General Motors Financial Company, Inc.
		5.20%, 03/20/23	81,000		86,560
	Glencore Funding LLC
		4.88%, 03/12/29 (a)	115,000		128,854
	HSBC Holdings PLC
		6.88%, (callable at 100 beginning 06/01/21) (b) (c)	200,000		202,000
	Icahn Enterprises L.P.
		4.75%, 09/15/24	50,000		47,267
		6.25%, 05/15/26	69,000		68,988
	Intercontinental Exchange, Inc.
		2.10%, 06/15/30	127,000		129,474
		3.00%, 06/15/50	99,000		102,117
	JPMorgan Chase & Co.
		4.49%, (callable at 100 beginning 11/01/20) (b)	60,000		56,421
		4.60%, (callable at 100 beginning 02/01/25) (b)	163,000		145,273
		5.00%, (callable at 100 beginning 08/01/24) (b)	80,000		77,140
		3.22%, 03/01/25	114,000		122,554
		2.01%, 03/13/26	132,000		136,679
		3.96%, 01/29/27	44,000		50,063
		3.78%, 02/01/28 (d)	55,000		62,232
		3.51%, 01/23/29	68,000		76,951
		4.20%, 07/23/29	28,000		32,816
		2.74%, 10/15/30	110,000		117,929
		2.96%, 05/13/31	107,000		113,394
	Lloyds Banking Group PLC
		7.50%, (callable at 100 beginning 09/27/25) (b)	109,000		113,905
		3.87%, 07/09/25 (c)	200,000		217,482
	Markel Corporation
		6.00%, (callable at 100 beginning 06/01/25) (b)	108,000		109,795
		5.00%, 05/20/49	39,000		48,375
	Metropolitan Life Global Funding I
		3.60%, 01/11/24 (a)	210,000		229,969
	Morgan Stanley
		5.55%, (callable at 100 beginning 07/15/20) (b)	82,000		75,180
		4.88%, 11/01/22	100,000		108,524
		3.62%, 04/01/31	206,000		235,741
	NatWest Markets PLC
		2.38%, 05/21/23 (a)	200,000		204,484
	Nordic Aviation Capital DAC
		5.58%, 03/14/24 (e) (f)	135,000		101,925
	Rassman, Joel H.
		3.80%, 11/01/29	140,000		140,757
	Santander Holdings USA, Inc.
		3.45%, 06/02/25	135,000		140,697
	State Street Corporation
		2.90%, 03/30/26 (a)	87,000		94,342
	The Goldman Sachs Group, Inc.
		3.50%, 04/01/25	82,000		89,925
		4.25%, 10/21/25	90,000		101,362
		3.80%, 03/15/30	241,000		274,876
		6.75%, 10/01/37	70,000		101,359
	The Guardian Life Insurance Company of America
		3.70%, 01/22/70 (a)	57,000		58,699
	The PNC Financial Services Group, Inc.
		3.45%, 04/23/29	115,000		131,797
	The Royal Bank of Scotland Group Public Limited Company
		3.07%, 05/22/28 (c)	200,000		209,968
	The Travelers Companies, Inc.
		2.55%, 04/27/50	26,000		25,564
	Truist Financial Corporation
		4.95%, (callable at 100 beginning 09/01/25) (b)	102,000		104,550
	U.S. Bancorp
		3.00%, 07/30/29	31,000		33,757
	UBS AG
		1.75%, 04/21/22 (a)	200,000		203,729
	Wells Fargo & Company
		2.41%, 10/30/25	253,000		263,334
		3.20%, 06/17/27	203,000		220,027
		3.58%, 05/22/28 (d)	24,000		26,647
		2.88%, 10/30/30	125,000		133,530
				8,927,037
Energy 7.0%
	Aker BP ASA
		3.75%, 01/15/30 (a)	255,000		241,801
	Baker Hughes Holdings LLC
		4.49%, 05/01/30	106,000		121,848
	Canadian Natural Resources Limited
		2.05%, 07/15/25	109,000		109,194
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	54,000		60,609
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29	125,000		121,875
	Chevron Corporation
		2.00%, 05/11/27	133,000		139,055
	Denbury Resources Inc.
		9.00%, 05/15/21 (a)	25,000		9,688
	Diamondback Energy, Inc.
		4.75%, 05/31/25	46,000		49,186
	Endeavor Energy Resources, L.P.
		5.50%, 01/30/26 (a)	14,000		13,433
		5.75%, 01/30/28 (a)	14,000		13,487
	Energy Transfer LP
		6.75%, (callable at 100 beginning 05/15/25) (b)	102,000		86,630
		7.13%, (callable at 100 beginning 05/15/30) (b)	119,000		102,101
		4.25%, 03/15/23	173,000		182,564
		5.25%, 04/15/29	42,000		45,843
		3.75%, 05/15/30	67,000		66,334
		5.80%, 06/15/38	70,000		71,271
		6.13%, 12/15/45	20,000		20,895
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	40,000		42,623
	Enlink Midstream, LLC
		4.15%, 06/01/25	71,000		54,548
	Enterprise Products Operating LLC
		3.13%, 07/31/29	160,000		171,392
		4.20%, 01/31/50	84,000		93,702
	EQM Midstream Partners, LP
		4.13%, 12/01/26	113,000		103,395
	Everest Acquisition, LLC
		0.00%, 05/15/26 (a) (g) (h)	35,000		8,115

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Exxon Mobil Corporation
		3.48%, 03/19/30	195,000		222,281
		2.61%, 10/15/30 (c)	40,000		42,669
	Marathon Petroleum Corporation
		4.50%, 05/01/23	133,000		143,424
	MEG Energy Corp.
		7.13%, 02/01/27 (a)	22,000		18,276
	MPLX LP
		4.00%, 03/15/28	120,000		126,431
		5.20%, 12/01/47	45,000		46,488
	National Oilwell Varco, Inc.
		3.60%, 12/01/29	125,000		121,730
	Occidental Petroleum Corporation
		3.50%, 08/15/29 (i)	140,000		102,424
		4.30%, 08/15/39	20,000		13,794
		4.40%, 08/15/49 (i)	22,000		15,072
	Phillips 66
		3.70%, 04/06/23	128,000		137,114
		3.85%, 04/09/25	128,000		142,111
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	250,000		268,173
		4.50%, 05/15/30 (a) (c)	80,000		88,398
	Targa Resource Corporation
		5.50%, 03/01/30 (a)	140,000		134,751
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	16,700		15,319
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	49,000		43,261
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	113,750		104,540
	WPX Energy, Inc.
		5.88%, 06/15/28	60,000		57,459
		4.50%, 01/15/30	53,000		46,803
				3,820,107
Health Care 5.3%
	AbbVie Inc.
		2.95%, 11/21/26 (a)	170,000		184,674
		4.05%, 11/21/39 (a)	45,000		52,540
	Amgen Inc.
		2.20%, 02/21/27	133,000		139,774
		2.45%, 02/21/30	48,000		50,703
		2.30%, 02/25/31	54,000		56,069
		3.15%, 02/21/40	164,000		175,200
	Ascension Health
		2.53%, 11/15/29	28,000		30,029
	Bausch Health Companies Inc.
		5.50%, 11/01/25 (a)	22,000		22,540
		8.50%, 01/31/27 (a)	21,000		22,379
		5.75%, 08/15/27 (a)	60,000		63,565
	Baxter International Inc.
		3.75%, 10/01/25 (a)	50,000		56,998
		3.95%, 04/01/30 (a)	15,000		17,783
	Bristol-Myers Squibb Company
		3.40%, 07/26/29 (a)	205,000		236,613
		4.13%, 06/15/39 (a)	100,000		127,098
	Centene Corporation
		5.25%, 04/01/25 (a)	100,000		102,970
		5.38%, 08/15/26 (a)	59,000		61,372
		4.25%, 12/15/27	106,000		109,382
		4.63%, 12/15/29	120,000		126,600
		3.38%, 02/15/30	72,000		72,699
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	50,000		52,036
	Cigna Holding Company
		3.40%, 03/01/27 (a)	114,000		125,743
		2.40%, 03/15/30	59,000		61,257
		3.20%, 03/15/40	47,000		49,788
	CVS Health Corporation
		3.25%, 08/15/29	93,000		102,697
		4.78%, 03/25/38	100,000		123,897
		5.05%, 03/25/48	100,000		130,466
	Jaguar Holding Company II
		4.63%, 06/15/25 (a)	17,000		17,285
		5.00%, 06/15/28 (a)	17,000		17,403
	Molina Healthcare, Inc.
		4.38%, 06/15/28 (a)	17,000		17,047
	Mylan Inc
		5.20%, 04/15/48	23,000		28,293
	Mylan N.V.
		3.95%, 06/15/26	10,000		11,176
	Perrigo Finance Unlimited Company
		4.38%, 03/15/26	31,000		33,768
	Providence St. Joseph Health
		2.53%, 10/01/29	67,000		69,746
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (a)	140,000		137,178
	Upjohn Inc.
		2.30%, 06/22/27 (a)	29,000		29,935
		3.85%, 06/22/40 (a)	119,000		127,639
		4.00%, 06/22/50 (a)	86,000		91,966
				2,936,308
Communication Services 4.7%
	AT&T Inc.
		1.50%, (3M USD LIBOR + 1.18%), 06/12/24 (d)	375,000		375,742
		2.30%, 06/01/27	135,000		140,017
		5.25%, 03/01/37	61,000		75,716
		4.90%, 08/15/37	16,000		19,147
		3.50%, 06/01/41	110,000		115,951
	Booking Holdings Inc.
		4.10%, 04/13/25	124,000		139,243
		4.63%, 04/13/30	130,000		153,129
	CCO Holdings, LLC
		4.75%, 03/01/30 (a)	91,000		93,216
	Charter Communications Operating, LLC
		4.91%, 07/23/25	140,000		160,346
		5.38%, 04/01/38	45,000		54,775
		6.83%, 10/23/55	51,000		68,458
	Comcast Corporation
		4.60%, 10/15/38	51,000		64,930
		3.75%, 04/01/40	35,000		41,108
		3.40%, 07/15/46	50,000		55,475
		4.70%, 10/15/48	65,000		86,661
	Hughes Satellite Systems Corporation
		5.25%, 08/01/26	71,000		73,428
	Live Nation Entertainment, Inc.
		6.50%, 05/15/27 (a)	60,000		61,811
	Sirius XM Radio Inc.
		5.50%, 07/01/29 (a)	47,000		49,680
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (a)	62,500		63,300
	TEGNA Inc.
		5.00%, 09/15/29 (a)	70,000		65,552
	The Walt Disney Company
		2.65%, 01/13/31	131,000		139,130
	T-Mobile USA, Inc.
		3.50%, 04/15/25 (a)	65,000		70,893
		1.50%, 02/15/26 (a)	132,000		131,992
	Verizon Communications Inc.
		3.00%, 03/22/27	33,000		36,564
		3.15%, 03/22/30	87,600		98,759
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	120,000		150,391
				2,585,414
Consumer Staples 4.1%
	Altria Group, Inc.
		2.35%, 05/06/25	85,000		89,404
		3.40%, 05/06/30	54,000		58,125
	Anheuser-Busch Companies, LLC
		3.65%, 02/01/26	74,000		82,993
		4.90%, 02/01/46	146,000		177,092
	Archer-Daniels-Midland Company
		2.75%, 03/27/25	18,000		19,542
		3.25%, 03/27/30	70,000		79,287
	BAT Capital Corp.
		4.91%, 04/02/30	151,000		177,079
		4.39%, 08/15/37	74,000		80,677
	Cargill, Incorporated
		2.13%, 04/23/30 (a)	35,000		36,679

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Energizer Holdings, Inc.
		6.38%, 07/15/26 (a)	48,000		49,646
	JBS Investments II GmbH
		7.00%, 01/15/26 (a)	200,000		209,986
	JBS USA Food Company
		5.88%, 07/15/24 (a)	16,000		16,215
		6.50%, 04/15/29 (a)	84,000		89,092
	Kraft Heinz Foods Company
		4.25%, 03/01/31 (a)	68,000		71,960
		4.63%, 10/01/39 (a)	20,000		20,043
	Mars, Incorporated
		3.95%, 04/01/49 (a)	143,000		178,344
	PepsiCo, Inc.
		3.63%, 03/19/50	110,000		133,344
	Reynolds American Inc.
		5.70%, 08/15/35	46,000		56,401
		7.00%, 08/04/41	45,000		55,495
	Safeway Inc.
		3.50%, 02/15/23 (a)	83,000		84,045
	Sysco Corporation
		5.65%, 04/01/25 (j)	47,000		55,021
		5.95%, 04/01/30 (j)	33,000		41,443
	The Procter & Gamble Company
		3.60%, 03/25/50	32,000		40,113
	Walmart Inc.
		2.85%, 07/08/24	174,000		188,538
		3.25%, 07/08/29	100,000		116,244
		2.95%, 09/24/49	50,000		56,427
				2,263,235
Consumer Discretionary 4.0%
	Adient US LLC
		9.00%, 04/15/25 (a)	38,000		40,950
	Amazon.com, Inc.
		2.50%, 06/03/50	50,000		50,687
	Carnival Corporation
		11.50%, 04/01/23 (a)	120,000		129,848
	Cedar Fair, L.P.
		5.50%, 05/01/25 (a)	83,000		83,359
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	134,000		138,355
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	103,000		106,453
	Ford Motor Company
		8.50%, 04/21/23	33,000		34,891
		9.00%, 04/22/25	67,000		72,446
		9.63%, 04/22/30 (i)	33,000		39,117
	General Motors Company
		6.13%, 10/01/25	51,000		57,302
		6.80%, 10/01/27	39,000		45,347
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		16,544
		5.30%, 01/15/29	100,000		108,241
	Hanesbrands Inc.
		5.38%, 05/15/25 (a)	67,000		67,797
	Hilton Domestic Operating Company Inc.
		5.38%, 05/01/25 (a)	33,000		33,000
		5.75%, 05/01/28 (a)	33,000		33,444
	Hyatt Hotels Corporation
		5.38%, 04/23/25 (j)	45,000		47,612
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43	11,000		11,581
	Macy's, Inc.
		8.38%, 06/15/25 (a)	56,000		55,761
	Marriott International, Inc.
		5.75%, 05/01/25 (j)	115,000		125,174
	Mileage Plus Holdings LLC
		6.50%, 06/20/27 (a)	35,026		35,062
	Newell Brands Inc.
		4.88%, 06/01/25	46,000		48,144
	NIKE, Inc.
		3.25%, 03/27/40	74,000		82,829
	Northwestern University
		2.64%, 12/01/50	38,000		39,603
	NVR, Inc.
		3.00%, 05/15/30	134,000		140,085
	Ross Stores, Inc.
		4.60%, 04/15/25	169,000		194,177
		4.80%, 04/15/30	62,000		74,240
	Royal Caribbean Cruises Ltd.
		11.50%, 06/01/25 (a)	22,000		22,935
	Starbucks Corporation
		2.25%, 03/12/30	145,000		150,709
	The Home Depot, Inc.
		3.35%, 04/15/50	74,000		85,079
				2,170,772
Utilities 3.3%
	Ameren Illinois Company
		4.50%, 03/15/49	90,000		117,652
	Commonwealth Edison Company
		3.75%, 08/15/47	79,000		93,106
	Consolidated Edison Company of New York, Inc.
		3.95%, 04/01/50	57,000		68,593
	DPL Inc.
		4.13%, 07/01/25 (a)	102,000		102,042
	Edison International
		4.95%, 04/15/25	21,000		23,118
	Exelon Corporation
		5.10%, 06/15/45	75,000		97,032
	Nevada Power Company
		3.70%, 05/01/29	140,000		162,888
	NextEra Energy Capital Holdings, Inc.
		2.75%, 05/01/25	102,000		110,437
	Oncor Electric Delivery Company LLC
		2.95%, 04/01/25	80,000		86,932
	Pacific Gas And Electric Company
		2.10%, 08/01/27 (i)	46,000		45,431
		5.00%, 07/01/28	27,000		26,852
		2.50%, 02/01/31	180,000		175,983
		3.30%, 08/01/40 (i)	86,000		83,790
	Southern California Edison Company
		4.13%, 03/01/48	46,000		53,705
		3.65%, 02/01/50	62,000		68,381
	The AES Corporation
		3.30%, 07/15/25 (a)	133,000		136,571
	The Narragansett Electric Company
		3.40%, 04/09/30 (a)	37,000		41,669
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a)	71,000		73,438
		3.70%, 01/30/27 (a)	220,000		227,756
				1,795,376
Materials 2.5%
	Anglo American Capital PLC
		5.38%, 04/01/25 (a)	200,000		226,046
		4.88%, 05/14/25 (a)	121,000		134,609
		4.75%, 04/10/27 (a)	180,000		200,299
	CEMEX S.A.B. de C.V.
		5.45%, 11/19/29 (a)	130,000		120,232
	CF Industries, Inc.
		4.50%, 12/01/26 (a)	314,000		345,708
	Ecolab Inc.
		4.80%, 03/24/30	38,000		48,150
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	61,000		61,356
		5.40%, 11/14/34	35,000		35,307
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	130,000		120,964
	Teck Resources Limited
		3.90%, 07/15/30 (a)	105,000		104,636
				1,397,307
Industrials 2.2%
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (a) (i)	128,000		134,349
	General Dynamics Corporation
		4.25%, 04/01/40	100,000		124,433
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (b)	419,000		328,957
		3.45%, 05/01/27	31,000		31,790

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
		3.63%, 05/01/30	73,000		73,274
	Hillenbrand, Inc.
		4.50%, 09/15/26 (j)	20,000		20,086
	Howmet Aerospace Inc.
		6.88%, 05/01/25	36,000		39,105
	IDEX Corporation
		3.00%, 05/01/30	67,000		69,241
	Lockheed Martin Corporation
		1.85%, 06/15/30	35,000		35,878
		2.80%, 06/15/50	32,000		33,736
	Moog Inc.
		4.25%, 12/15/27 (a)	44,000		42,897
	Northrop Grumman Corporation
		4.40%, 05/01/30	46,000		55,690
	Park Aerospace Holdings Limited
		5.25%, 08/15/22 (a)	190,000		178,008
	United Rentals (North America), Inc.
		3.88%, 11/15/27	55,000		54,827
				1,222,271
Information Technology 1.3%
	Broadcom Corporation
		3.88%, 01/15/27	57,000		61,652
	Broadcom Inc.
		4.25%, 04/15/26 (a)	130,000		144,727
	Dell International L.L.C.
		5.85%, 07/15/25 (a)	67,000		76,962
		4.90%, 10/01/26 (a) (j)	50,000		55,062
	Equifax Inc.
		2.60%, 12/01/24 - 12/15/25	106,000		112,285
	Hewlett Packard Enterprise Company
		4.45%, 10/02/23	130,000		142,078
	Microsoft Corporation
		3.95%, 08/08/56	72,000		93,116
		2.68%, 06/01/60	15,000		15,647
				701,529
Real Estate 0.5%
	Boston Properties Limited Partnership
		2.90%, 03/15/30	130,000		135,869
	Simon Property Group, L.P.
		2.45%, 09/13/29	99,000		98,224
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	35,000		33,549
		4.63%, 12/01/29 (a)	16,000		15,685
				283,327
	Total Corporate Bonds And Notes (cost $26,620,795)			28,102,683
GOVERNMENT AND AGENCY OBLIGATIONS 38.1%
Mortgage-Backed Securities 27.0%
	Federal Home Loan Mortgage Corporation
		2.00%, 02/01/35 - 06/01/35	252,761		261,687
		3.50%, 01/01/46 - 08/01/49	2,064,547		2,184,991
		4.00%, 10/01/45 - 06/01/48	93,120		99,916
		4.50%, 11/01/48	42,741		45,913
		3.00%, 07/01/32 - 12/01/49	870,554		917,580
		2.50%, 05/01/50	234,116		244,007
	Federal National Mortgage Association, Inc.
		TBA, 2.50%, 07/15/33 (k)	435,000		455,289
		2.50%, 01/01/33 - 05/01/50	919,298		960,635
		2.00%, 03/01/35	92,522		95,701
		3.00%, 09/01/32 - 03/01/50	2,474,143		2,610,808
		3.50%, 10/01/46 - 01/01/48	436,721		465,630
		4.00%, 01/01/47 - 09/01/49	1,615,472		1,722,272
		4.50%, 05/01/47 - 12/01/48	897,179		967,061
		3.50%, 12/01/47 (k)	149,097		157,306
		TBA, 3.00%, 07/15/48 (k)	454,000		477,959
	Government National Mortgage Association
		3.00%, 10/20/46 - 12/20/46	83,820		89,014
		TBA, 2.50%, 07/15/47 (k)	105,000		110,474
		4.00%, 07/20/47 - 05/20/49	681,658		729,647
		TBA, 3.00%, 07/15/48 (k)	605,000		640,642
		3.50%, 05/20/47 - 01/20/50	1,291,224		1,374,118
		4.50%, 12/20/48 - 02/20/49	239,939		256,835
				14,867,485
U.S. Treasury Note 6.1%
	Treasury, United States Department of
		1.88%, 04/30/22	150,000		154,664
		1.63%, 05/31/23	179,000		186,552
		1.50%, 10/31/24 - 08/15/26	1,083,000		1,147,952
		2.25%, 11/15/25	1,290,000		1,421,217
		2.88%, 08/15/28	375,000		443,906
				3,354,291
U.S. Treasury Bond 4.4%
	Treasury, United States Department of
		3.75%, 08/15/41	461,000		679,039
		3.13%, 11/15/41	292,000		395,204
		2.50%, 02/15/45 - 02/15/46	772,000		953,936
		3.00%, 02/15/48	277,000		378,927
				2,407,106
Sovereign 0.4%
	Abu Dhabi, Government of
		3.13%, 04/16/30 (a)	200,000		220,139
Municipal 0.2%
	Dormitory Authority State of New York
		3.19%, 02/15/43	100,000		108,822
	Total Government And Agency Obligations (cost $19,611,702)			20,957,843
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.5%
	Alaska Airlines Pass Through Trust
		Series 2020-A-1, 4.80%, 08/15/27 (k)	94,000		95,175
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	166,400		156,180
	American Tower Trust #1
		Series 2013-A-2, 3.07%, 03/15/23	265,000		265,595
	AmeriCredit Automobile Receivables Trust
		Series 2018-A3-1, 3.07%, 01/19/21	236,843		239,148
	Ascentium Equipment Receivables Trust
		Series 2017-A3-2A, 2.31%, 12/10/21	74,651		75,002
	Capital One Prime Auto Receivables Trust
		Series 2019-A2-2, 2.06%, 06/15/21	454,904		457,161
		Series 2020-A2-1, 1.64%, 06/15/23	233,000		233,459
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21	23,328		23,415
		Series 2019-A2-2, 2.11%, 03/14/23	100,000		99,564
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23	8,014		7,919
	Citigroup Commercial Mortgage Trust
		Series 2019-A4-C7, REMIC, 3.10%, 12/17/29	275,000		305,560
	COMM Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	49,000		53,159
	CSMC Trust
		Series 2017-A3-HL2, 3.50%, 09/25/24 (d)	53,106		53,954
	DLL LLC
		Series 2018-A3-ST2, 3.46%, 04/20/21	90,110		90,996
		Series 2019-A2-MT3, 2.13%, 01/20/22	175,000		176,068
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22	32,935		33,144
	GLS Auto Receivables Trust
		Series 2019-A-1A, 3.37%, 03/15/21	43,081		43,450
		Series 2018-A-3A, 3.35%, 08/15/22	11,997		12,047
	GreatAmerica Financial Services Corporation
		Series 2019-A2-1, 2.97%, 09/15/20	59,565		59,644
		Series 2018-A3-1, 2.60%, 06/15/21	37,634		37,684
	GS Mortgage Securities Corp Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22	158,000		157,879
	HPEFS Equipment Trust
		Series 2019-A2-1A, 2.19%, 09/20/29	176,818		177,047
		Series 2019-A3-1A, 2.21%, 09/20/29	100,000		101,528
	Hudson Yards Mortgage Trust
		Series 2019-A-30HY, 3.23%, 07/12/29	150,000		167,797
	J.P. Morgan Mortgage Trust
		Series 2017-A6-6, REMIC, 3.00%, 03/25/25 (d)	53,101		53,720
	John Deere Owner Trust
		Series 2019-A2-B, 2.28%, 04/15/21	319,435		321,416
	MVW Owner Trust
		Series 2013-A-1A, 2.15%, 04/22/30	45,441		45,441

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Prestige Auto Receivables Trust
		Series 2019-A2-1A, 2.44%, 12/15/20	105,912		106,074
	PSMC Trust
		Series 2018-A1-3, REMIC, 4.00%, 02/25/41	37,551		38,161
	Sequoia Mortgage Trust
		Series 2019-A4-1, REMIC, 4.00%, 02/25/26	10,693		10,650
	Toyota Auto Receivables Owner Trust
		Series 2018-A3-B, 2.96%, 07/15/21	211,353		214,499
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	49,160		45,719
		Series 2012-A-2, 4.00%, 10/29/24	43,843		39,504
	Verizon Owner Trust
		Series 2017-A-2A, 1.92%, 12/20/21	26,460		26,477
	Volvo Financial Equipment LLC
		Series 2019-A2-1A, 2.90%, 10/15/20	49,846		49,998
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, 3.92%, 06/17/27 (d)	57,000		57,830
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,085,291)			4,132,064
SENIOR FLOATING RATE INSTRUMENTS 1.6%
Communication Services 0.5%
	CenturyLink, Inc.
		Reprice Term Loan, 2.43%, (1M LIBOR + 2.25%), 03/15/27 (d)	99,500		93,586
	CSC Holdings, LLC
		2020 Term Loan B, 2.43%, (1M LIBOR + 2.25%), 07/15/25 (d)	43,759		41,298
	Diamond Sports Group, LLC
		2020 Term Loan, 3.43%, (3M LIBOR + 3.25%), 08/24/26 (d)	33,745		27,376
	Nexstar Broadcasting, Inc.
		2017 Term Loan B3, 2.92%, (1M LIBOR + 2.75%), 07/15/26 (d)	75,458		71,618
	T-Mobile USA, Inc.
		2020 Term Loan, 3.18%, (1M LIBOR + 3.00%), 04/01/27 (d)	67,500		67,354
				301,232
Consumer Discretionary 0.5%
	Caesars Resort Collection, LLC
		Term Loan, 0.00%, (3M LIBOR + 4.50%), 06/19/25 (d) (l)	82,000		76,927
	Golden Nugget, Inc.
		2018 USD Term Loan, 3.25%, (1M LIBOR + 2.50%), 09/07/23 - 10/04/23 (d)	88,474		69,895
	PCI Gaming Authority
		2017 Term Loan B, 2.68%, (1M LIBOR + 2.50%), 05/15/26 (d)	119,036		113,084
				259,906
Consumer Staples 0.2%
	JBS USA Lux S.A.
		2018 Term Loan B, 3.07%, (3M LIBOR + 2.00%), 04/27/26 (d)	94,593		90,139
Utilities 0.1%
	Pacific Gas And Electric Company
		2017 Term Loan B, 2.44%, (1M LIBOR + 2.25%), 12/31/20 (d)	70,000		69,650
	Vistra Operations Company LLC
		1st Lien Term Loan B3, 1.93%, (1M LIBOR + 1.75%), 12/11/25 (d)	8,285		7,983
		1st Lien Term Loan B3, 1.94%, (1M LIBOR + 1.75%), 12/11/25 (d)	1,990		1,917
				79,550
Financials 0.1%
	UFC Holdings, LLC
		2019 Term Loan, 4.25%, (6M LIBOR + 3.25%), 04/25/26 (d)	58,333		55,611
Industrials 0.1%
	Genesee & Wyoming Inc.
		2018 USD Term Loan B2, 2.31%, (3M LIBOR + 2.00%), 10/29/26 (d)	50,872		48,865
Materials 0.1%
	BWAY Holding Company
		Term Loan B, 4.56%, (3M LIBOR + 3.25%), 04/03/24 (d)	48,622		43,537
Energy 0.0%
	Traverse Midstream Partners LLC
		2017 Term Loan, 5.00%, (1M LIBOR + 4.00%), 09/22/24 (d)	32,423		26,870
	Total Senior Floating Rate Instruments (cost $960,190)			905,710
SHORT TERM INVESTMENTS 7.2%
Investment Companies 6.4%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.12% (m)		3,519,657		3,519,657
Securities Lending Collateral 0.8%
	State Street Navigator Securities Lending Government Money Market Portfolio (m)		435,275		435,275
	Total Short Term Investments (cost $3,954,932)			3,954,932
Total Investments 105.5% (cost $55,232,910)					58,053,232
Other Derivative Instruments (0.0)%					(3,484)
Other Assets and Liabilities, Net (5.5)%					(3,030,897)
Total Net Assets 100.0%					55,018,851

(a) The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of June 30, 2020, the value and the percentage of net assets of these liquid securities was $8,961,446 and 16.3% of the Fund.

(b) Perpetual security. Next contractual call date presented, if applicable.

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(e) 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 Notes to Financial Statements.

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

(g) Non-income producing security.

(h) As of June 30, 2020, 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.

(i) All or a portion of the security was on loan as of June 30, 2020.

(j) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(k) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2020, the total payable for investments purchased on a delayed delivery basis was $1,934,569.

(l) This senior floating rate interest will settle after June 30, 2020. If a reference rate and spread is presented, it will go into effect upon settlement.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2020.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020

PPM Core Plus Fixed Income Fund — Restricted Securities

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

Nordic Aviation Capital DAC, 5.58%, 03/14/24

02/27/19

135,000

101,925

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	12	September 2020		1,661,893	(1,875)			8,170
United States 2 Year Note	15	October 2020		3,311,606	234			816
United States 5 Year Note	50	October 2020		6,269,609	(1,563)			17,500
United States Long Bond	10	September 2020		1,772,337	(4,687)			13,288
United States Ultra Bond	1	September 2020		217,460	(1,031)			696
					(8,922)			40,470
Short Contracts
United States 10 Year Ultra Bond	(25)	September 2020		(3,921,092)	6,250			(16,017)

PPM Core Plus Fixed Income Fund — Centrally Cleared Credit Default Swap Agreements

Reference Entity²

Fixed

Receive/

Pay Rate

(%)

Expiration

Notional¹

Value ($)

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Credit default swap agreements - purchase protection

CDX.NA.IG.34 (Q)

1.00

06/20/25

500,000

(5,903)

(812)

(15,850)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹	Value ($)
PPM Floating Rate Income Fund
SENIOR FLOATING RATE INSTRUMENTS 91.0%
Information Technology 13.8%
	Almonde, Inc.
		2019 Term Loan B, 4.50%, (3M LIBOR + 3.50%), 04/26/24 (a)	21,757	18,968
		USD 1st Lien Term Loan, 4.50%, (6M LIBOR + 3.50%), 04/26/24 (a)	116,995	101,999
		USD 1st Lien Term Loan, 4.50%, (3M LIBOR + 3.50%), 04/26/24 (a)	23,909	20,844
		USD 2nd Lien Term Loan , 8.25%, (6M LIBOR + 7.25%), 04/27/25 (a)	40,000	34,444
	AppLovin Corporation
		Term Loan B3, 3.68%, (1M LIBOR + 3.50%), 07/13/26 (a)	297,837	288,404
	Avast Software B.V.
		Term Loan B, 3.25%, (3M LIBOR + 2.25%), 09/30/23 (a)	25,059	24,572
	AVSC Holding Corp.
		Term Loan B, 4.25%, (6M LIBOR + 3.25%), 02/23/25 (a)	52,472	37,517
		Term Loan B, 4.25%, (3M LIBOR + 3.25%), 02/23/25 (a)	2,116	1,513
		Term Loan B, 4.25%, (1M LIBOR + 3.25%), 02/23/25 (a)	52,226	37,342
	Banff Merger Sub Inc
		Term Loan B, 4.43%, (1M LIBOR + 4.25%), 06/30/25 (a)	124,918	117,891
	Blackhawk Network Holdings, Inc
		Term Loan B, 3.18%, (1M LIBOR + 3.00%), 05/31/25 (a)	112,700	103,496
	Brave Parent Holdings, Inc.
		Term Loan B, 4.18%, (1M LIBOR + 4.00%), 04/17/25 (a)	68,921	66,336
	Cabot Microelectronics Corporation
		Term Loan B, 2.19%, (1M LIBOR + 2.00%), 11/14/25 (a)	139,394	134,864
	Cardtronics USA, Inc.
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 06/25/27 (a) (b) (c)	56,250	55,125
	Castle US Holding Corporation
		Term Loan, 4.06%, (3M LIBOR + 3.75%), 02/28/27 (a)	32,831	29,877
	CommScope, Inc.
		2020 USD Spinco Term Loan, 3.43%, (1M LIBOR + 3.25%), 02/07/26 (a)	251,181	237,366
	Cornerstone OnDemand, Inc.
		2020 Term Loan B, 5.35%, (3M LIBOR + 4.25%), 04/22/27 (a)	125,000	122,891
	DCert Buyer, Inc.
		2020 Term Loan B, 4.18%, (1M LIBOR + 4.00%), 07/31/26 (a)	130,673	125,936
	Dell International L.L.C.
		2020 Term Loan B, 2.75%, (1M LIBOR + 2.00%), 09/11/25 (a)	397,428	386,642
	Dynatrace LLC
		2020 DIP Term Loan, 2.43%, (1M LIBOR + 2.25%), 08/08/25 (a)	45,530	44,088
	Entegris, Inc.
		2019 Term Loan B1, 2.18%, (3M LIBOR + 2.00%), 11/05/25 (a)	27,563	27,020
	Eta Australia Holdings III Pty Ltd
		2019 Term Loan B, 4.18%, (1M LIBOR + 4.00%), 03/08/26 (a)	59,400	56,381
	EVO Payments International LLC
		2019 Term Loan B, 3.44%, (1M LIBOR + 3.25%), 12/22/23 (a)	92,297	89,644
	Global Tel*Link Corporation
		2018 USD Term Loan B, 4.43%, (1M LIBOR + 4.25%), 11/29/25 (a)	147,082	126,333
	GlobalLogic Holdings Inc.
		2018 USD Term Loan B, 2.93%, (1M LIBOR + 2.75%), 07/27/25 (a)	106,056	100,708
	Go Daddy Operating Company, LLC
		2017 Repriced Term Loan, 1.93%, (1M LIBOR + 1.75%), 02/15/24 (a)	164,811	158,356
	II-VI Incorporated
		2018 Term Loan B, 3.61%, (3M LIBOR + 3.50%), 06/28/26 (a)	165,003	160,053
	IRI Holdings, Inc.
		2018 Term Loan B, 4.61%, (3M LIBOR + 4.25%), 11/06/25 (a)	107,630	101,979
	MA FinanceCo., LLC
		2018 1st Lien Term Loan, 2.68%, (1M LIBOR + 2.50%), 04/19/24 (a)	30,907	28,744
	McAfee, LLC
		2018 1st Lien Term Loan, 3.93%, (1M LIBOR + 3.75%), 09/30/24 (a)	193,566	188,028
	MH Sub I, LLC
		2018 1st Lien Term Loan, 4.57%, (6M LIBOR + 3.75%), 08/09/24 (a)	150,858	144,910
	MKS Instruments, Inc.
		2018 1st Lien Term Loan, 1.93%, (1M LIBOR + 1.75%), 02/01/26 (a)	125,893	120,267
	MLN US HoldCo LLC
		2018 1st Lien Term Loan, 4.68%, (1M LIBOR + 4.50%), 07/13/25 (a)	128,285	104,312
	NCR Corporation
		2017 USD Term Loan B, 2.68%, (1M LIBOR + 2.50%), 04/12/25 (a)	183,198	176,557
	NeuStar, Inc.
		2017 Term Loan B4, 4.50%, (3M LIBOR + 3.50%), 08/08/24 (a)	195,477	178,414
	ON Semiconductor Corporation
		2017 Term Loan B, 2.18%, (1M LIBOR + 2.00%), 09/13/26 (a)	223,313	213,822
	Presidio, Inc.
		2017 Term Loan, 4.27%, (3M LIBOR + 3.50%), 12/19/26 (a)	114,120	109,746
	Rackspace Hosting, Inc.
		2017 Incremental Term Loan B, 4.00%, (3M LIBOR + 3.00%), 11/03/23 (a)	85,283	81,126
	Radiate Holdco, LLC
		2017 Incremental Term Loan B, 3.75%, (1M LIBOR + 3.00%), 12/09/23 (a)	200,790	191,253
	Refinitiv US Holdings Inc.
		2017 2nd Lien Term Loan, 3.43%, (1M LIBOR + 3.25%), 09/12/25 (a)	257,222	250,984
	Rocket Software, Inc.
		2017 1st Lien Term Loan, 4.43%, (1M LIBOR + 4.25%), 11/20/25 (a)	78,901	75,438
	Science Applications International Corporation
		2017 1st Lien Term Loan, 2.43%, (1M LIBOR + 2.25%), 03/05/27 (a)	85,104	82,678
	Seattle Spinco, Inc.
		2016 Term Loan B, 2.68%, (1M LIBOR + 2.50%), 04/19/24 (a)	208,725	194,115
	Severin Acquisition, LLC
		2016 1st Lien Term Loan, 3.43%, (1M LIBOR + 3.25%), 06/15/25 (a)	197,558	189,162
	Sirius Computer Solutions, Inc.
		2015 Term Loan B, 3.68%, (1M LIBOR + 3.50%), 07/01/26 (a)	128,703	124,520
	Solera, LLC
		1st Lien Term Loan, 2.93%, (1M LIBOR + 2.75%), 03/03/23 (a)	166,522	160,410
	Sophia, L.P.
		1st Lien Term Loan, 4.25%, (3M LIBOR + 3.25%), 09/30/22 (a)	184,184	179,580
	SS&C Technologies Holdings Europe S.A.R.L.
		1st Lien Term Loan, 0.00%, (1M LIBOR + 1.75%), 02/27/25 (a) (c)	8,022	7,664
		1st Lien Term Loan, 1.93%, (1M LIBOR + 1.75%), 02/27/25 (a)	77,333	73,877
	SS&C Technologies Inc.
		1st Lien Term Loan, 0.00%, (1M LIBOR + 1.75%), 02/27/25 (a) (c)	11,672	11,150
		1st Lien Term Loan, 1.93%, (1M LIBOR + 1.75%), 02/27/25 (a)	110,072	105,153
	SurveyMonkey Inc.
		2018 Term Loan B, 3.86%, (3M LIBOR + 3.75%), 10/10/25 (a)	72,594	69,691

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Tech Data Corp
		ABL FILO Term Loan, 0.00%, (3M LIBOR + 5.50%), 06/30/25 (a) (c)	67,350		64,656
		ABL Term Loan, 0.00%, (3M LIBOR + 3.50%), 06/30/25 (a) (c)	274,500		271,640
	TriTech Software Systems
		Repriced Term Loan B6, 3.93%, (1M LIBOR + 3.75%), 08/16/25 (a)	88,650		77,384
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 4.38%, (3M LIBOR + 4.00%), 08/09/25 (a)	137,049		113,800
	Vertafore, Inc.
		2018 1st Lien Term Loan, 3.43%, (1M LIBOR + 3.25%), 06/04/25 (a)	55,406		52,117
	Western Digital Corporation
		2018 Term Loan B4, 1.92%, (3M LIBOR + 1.75%), 04/29/23 (a)	233,906		227,109
	WEX Inc.
		Term Loan B3, 2.43%, (1M LIBOR + 2.25%), 05/17/26 (a)	295,989		282,880
	Xperi Corporation
		2020 Term Loan B, 4.17%, (3M LIBOR + 4.00%), 06/01/25 (a)	87,000		82,432
				7,044,208
Consumer Discretionary 12.8%
	1011778 B.C. Unlimited Liability Company
		USD Term Loan N, 1.93%, (1M LIBOR + 1.75%), 11/14/26 (a)	192,970		182,550
	24 Hour Fitness Worldwide, Inc.
		USD Term Loan N, 4.95%, (3M LIBOR + 3.50%), 05/30/25 (a)	192,023		47,725
	Adient US LLC
		USD Term Loan B16, 4.18%, (1M LIBOR + 4.00%), 05/03/24 (a)	88,800		85,063
		USD Term Loan B11, 4.47%, (3M LIBOR + 4.00%), 05/03/24 (a)	30,000		28,738
	Allied Universal Holdco LLC
		USD Incremental Term Loan B, 4.43%, (1M LIBOR + 4.25%), 06/18/26 (a)	154,350		149,687
	Alterra Mountain Company
		USD 2019 Term Loan B, 2.93%, (1M LIBOR + 2.75%), 06/28/24 (a)	127,068		119,444
	American Axle and Manufacturing, Inc.
		Term Loan Y, 3.00%, (1M LIBOR + 2.25%), 03/10/24 (a)	132,343		125,394
	Aramark Services, Inc.
		Term Loan B2B, 1.93%, (1M LIBOR + 1.75%), 12/04/26 (a)	189,525		178,036
	Aristocrat Leisure Limited
		Term Loan B1, 4.75%, (3M LIBOR + 3.75%), 10/19/24 (a)	155,000		153,450
	Bass Pro Group, LLC
		Term Loan B, 6.07%, (1M LIBOR + 5.00%), 11/15/23 (a)	201,955		193,804
	Bombardier Recreational Products, Inc.
		Term Loan B, 2.18%, (1M LIBOR + 2.00%), 05/24/27 (a)	141,564		134,045
	Boyd Gaming Corporation
		Term Loan B, 2.36%, (3M LIBOR + 2.25%), 09/15/23 (a)	238,002		223,201
	Caesars Entertainment Operating Company
		Exit Term Loan, 2.18%, (1M LIBOR + 2.00%), 04/03/24 (a)	147,017		146,236
	Caesars Resort Collection, LLC
		Term Loan B, 2.93%, (1M LIBOR + 2.75%), 12/23/24 (a)	137,148		121,590
	Callaway Golf Company
		Term Loan, 4.68%, (1M LIBOR + 4.50%), 12/31/25 (a)	119,559		117,915
	CityCenter Holdings, LLC
		2020 USD Term Loan B, 3.00%, (1M LIBOR + 2.25%), 04/14/24 (a)	231,035		209,606
	Coinamatic Canada Inc.
		2020 USD Term Loan, 4.25%, (1M LIBOR + 3.25%), 05/13/22 (a)	3,932		3,755
	Core & Main LP
		2020 Term Loan B, 3.75%, (6M LIBOR + 2.75%), 07/19/24 - 08/01/24 (a)	93,059		88,435
		2020 Term Loan B, 3.75%, (3M LIBOR + 2.75%), 07/19/24 (a)	60,362		57,363
	Creative Artists Agency, LLC
		2020 Term Loan B, 3.93%, (1M LIBOR + 3.75%), 11/19/26 (a)	59,700		56,327
	Dana Incorporated
		2020 Term Loan B, 3.25%, (1M LIBOR + 2.25%), 02/27/26 (a)	100,786		97,007
	Delta 2 (LUX) S.a.r.l.
		2018 USD Term Loan, 3.50%, (1M LIBOR + 2.50%), 02/01/24 (a)	165,000		156,648
	DexKo Global Inc.
		2018 USD Term Loan, 4.50%, (1M LIBOR + 3.50%), 07/24/24 (a)	30		28
	Eldorado Resorts LLC
		2019 Term Loan B5, 2.56%, (3M LIBOR + 2.25%), 03/15/24 (a)	15,791		15,663
		2019 Term Loan B6, 2.56%, (3M LIBOR + 2.25%), 03/15/24 (a)	52,662		52,234
	Equinox Holdings, Inc.
		2019 Term Loan B1, 4.07%, (6M LIBOR + 3.00%), 03/08/24 (a)	47,980		36,799
	Fitness International, LLC
		2019 Term Loan B, 4.32%, (6M LIBOR + 3.25%), 04/13/25 (a)	88,438		54,901
	Four Seasons Hotels Limited
		2019 Term Loan, 2.18%, (1M LIBOR + 2.00%), 11/30/23 (a)	187,092		176,802
	Golden Nugget, Inc.
		2018 USD Term Loan, 3.25%, (1M LIBOR + 2.50%), 09/07/23 - 10/04/23 (a)	136,191		107,590
	Hoya Midco, LLC
		2018 Term Loan B, 4.57%, (6M LIBOR + 3.50%), 06/21/24 - 06/27/24 (a)	48,329		40,355
	Inmar Holdings, Inc.
		2018 Term Loan B, 5.07%, (3M LIBOR + 4.00%), 04/25/24 (a)	117,558		106,096
	Interior Logic Group Holdings IV LLC
		2018 Term Loan B, 4.18%, (1M LIBOR + 4.00%), 05/21/25 (a)	98,250		88,671
	International Textile Group, Inc
		2018 Term Loan B, 6.43%, (3M LIBOR + 5.00%), 04/19/24 (a) (b)	95,000		52,250
	IRB Holding Corp
		2018 Term Loan B, 3.75%, (1M LIBOR + 2.75%), 02/05/25 (a)	121,220		111,652
	Janus International Group, LLC
		2018 Term Loan B, 4.06%, (3M LIBOR + 3.75%), 02/07/25 (a)	232		218
		2018 Term Loan B, 4.11%, (6M LIBOR + 3.75%), 02/07/25 (a)	90,910		85,456
	Jo-Ann Stores, Inc.
		2016 Term Loan, 5.39%, (6M LIBOR + 5.00%), 09/29/23 (a)	48,002		28,961
	Lifetime Brands, Inc.
		2018 1st Lien Term Loan B, 3.86%, (1M LIBOR + 3.50%), 03/13/25 (a)	17,755		15,935
		2018 1st Lien Term Loan B, 4.50%, (1M LIBOR + 3.50%), 03/13/25 (a)	44,412		39,860
	Marriott Ownership Resorts, Inc.
		2018 1st Lien Term Loan, 1.93%, (1M LIBOR + 1.75%), 08/29/25 (a)	91,841		85,986
	Michaels Stores, Inc.
		2018 1st Lien Term Loan, 3.50%, (1M LIBOR + 2.50%), 01/01/23 (a)	55,963		51,066
		2018 1st Lien Term Loan, 3.56%, (3M LIBOR + 2.50%), 01/01/23 (a)	33,372		30,452
		2018 1st Lien Term Loan, 3.57%, (3M LIBOR + 2.50%), 01/01/23 (a)	32,459		29,618
	Mileageplus
		2018 1st Lien Term Loan, 0.00%, (3M LIBOR + 5.25%), 12/31/23 (a) (c)	107,600		106,748
	Mohegan Tribal Gaming Authority
		2018 1st Lien Term Loan, 5.38%, (3M LIBOR + 4.38%), 10/30/23 (a)	29,375		23,984

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	New Constellis Borrower LLC
		2017 Term Loan B3, 11.00%, (1M LIBOR + 10.00%), 06/30/21 (a) (b)	8,724		8,550
		2017 Term Loan B3, 8.50%, (1M LIBOR + 7.50%), 03/27/24 (a)	19,194		16,507
		2017 Term Loan B3, 12.00%, (1M LIBOR + 11.00%), 03/27/25 (a)	9,962		1,619
	Panther BF Aggregator 2 LP
		2017 Term Loan B, 3.68%, (1M LIBOR + 3.50%), 03/13/26 (a)	123,885		117,691
	PCI Gaming Authority
		2017 Term Loan B, 2.68%, (1M LIBOR + 2.50%), 05/15/26 (a)	83,836		79,644
	Penn National Gaming, Inc.
		2017 Term Loan B, 3.00%, (3M LIBOR + 2.25%), 08/15/25 (a)	321,576		298,975
	Playa Resorts Holding B.V.
		2017 Term Loan B, 3.75%, (1M LIBOR + 2.75%), 04/07/24 (a)	126,055		105,781
	ProQuest LLC
		2017 Repriced Term Loan, 3.68%, (1M LIBOR + 3.50%), 10/16/26 (a)	109,575		105,637
	Rodan & Fields, LLC
		2017 1st Lien Term Loan, 4.19%, (1M LIBOR + 4.00%), 06/07/25 (a)	49,125		24,378
	Scientific Games International, Inc.
		2016 Term Loan B, 2.93%, (1M LIBOR + 2.75%), 08/14/24 (a)	32,204		28,404
		2016 Term Loan B, 3.06%, (3M LIBOR + 2.75%), 08/14/24 (a)	420		371
		2017 1st Lien Term Loan, 3.61%, (6M LIBOR + 2.75%), 08/14/24 (a)	131,643		116,109
	Serta Simmons Bedding, LLC
		2016 1st Lien Term Loan, 4.52%, (3M LIBOR + 3.50%), 10/21/23 (a)	27,300		6,249
		2016 1st Lien Term Loan, 4.64%, (3M LIBOR + 3.50%), 10/21/23 (a)	95,293		21,811
	ServiceMaster Company, LLC (The)
		2016 1st Lien Term Loan, 1.93%, (1M LIBOR + 1.75%), 10/31/26 (a)	59,700		57,930
	SIWF Holdings Inc.
		2015 Term Loan B, 5.32%, (3M LIBOR + 4.25%), 05/25/25 (a)	112,737		104,845
	Spin Holdco Inc.
		1st Lien Term Loan, 4.25%, (3M LIBOR + 3.25%), 11/14/22 (a)	97,733		93,319
	SRAM, LLC
		1st Lien Term Loan, 3.75%, (6M LIBOR + 2.75%), 03/15/24 (a)	100,458		97,695
		1st Lien Term Loan, 5.00%, (1M LIBOR + 2.75%), 03/15/24 (a)	2,638		2,566
	Staples, Inc.
		1st Lien Term Loan, 5.69%, (3M LIBOR + 5.00%), 04/05/26 (a)	60,158		51,585
	Stars Group Holdings B.V. (The)
		1st Lien Delayed Draw Term Loan, 3.81%, (3M LIBOR + 3.50%), 06/29/25 (a)	146,856		145,822
	Station Casinos LLC
		2020 Term Loan B, 2.50%, (1M LIBOR + 2.25%), 01/30/27 (a)	93,565		84,910
	Tamko Building Products, LLC
		Term Loan B, 3.42%, (1M LIBOR + 3.25%), 05/15/26 (a)	49,874		47,879
	Tenneco, Inc.
		2018 Term Loan B, 3.18%, (1M LIBOR + 3.00%), 10/01/25 (a)	106,082		91,407
	TI Group Automotive Systems, L.L.C.
		2015 USD Term Loan, 3.25%, (1M LIBOR + 2.50%), 06/25/22 (a)	159,212		153,241
	Trader Corporation
		2017 Term Loan B, 4.00%, (1M LIBOR + 3.00%), 09/28/23 (a)	85,000		81,812
	TruGreen Limited Partnership
		2019 Term Loan, 3.93%, (1M LIBOR + 3.75%), 03/19/26 (a)	59,400		57,469
	WASH Multifamily Laundry Systems, LLC
		2015 1st Lien Term Loan, 4.25%, (1M LIBOR + 3.25%), 05/15/22 (a)	25,374		24,232
	WestJet Airlines Ltd.
		Term Loan B, 4.00%, (6M LIBOR + 3.00%), 07/31/26 (a)	47,760		38,168
	WideOpenWest Finance LLC
		2017 Term Loan B, 4.25%, (1M LIBOR + 3.25%), 08/19/23 (a)	156,679		148,911
	WMG Acquisition Corp.
		2018 Term Loan F, 2.30%, (1M LIBOR + 2.13%), 11/01/23 (a)	320,000		310,490
				6,541,351
Industrials 12.7%
	Advanced Disposal Services Inc.
		USD Term Loan B, 3.00%, (3M LIBOR + 2.25%), 11/10/23 (a)	297,344		293,461
	AI Mistral Holdco Limited
		USD Term Loan B, 4.00%, (1M LIBOR + 3.00%), 01/26/24 (a)	72,774		52,579
	Allegiant Travel Company
		USD Term Loan, 3.43%, (3M LIBOR + 3.00%), 02/05/24 (a)	58,951		52,356
	Altra Industrial Motion Corp.
		USD 1st Lien Term Loan, 2.18%, (1M LIBOR + 2.00%), 09/26/25 (a)	306,562		291,234
	American Airlines, Inc.
		USD 1st Lien Term Loan, 0.00%, (3M LIBOR + 2.00%), 04/28/23 (a) (c)	84,124		66,247
	APi Group DE, Inc.
		Term Loan B4, 2.68%, (1M LIBOR + 2.50%), 09/25/26 (a)	99,712		95,931
	Autokiniton US Holdings, Inc.
		Term Loan B, 6.55%, (1M LIBOR + 6.38%), 05/18/25 (a) (b)	98,000		92,120
	Beacon Roofing Supply, Inc.
		Term Loan B, 0.00%, (1M LIBOR + 2.25%), 01/02/25 (a) (c)	50,000		47,473
		Term Loan B, 2.43%, (1M LIBOR + 2.25%), 01/02/25 (a)	59,242		56,248
	Brand Energy & Infrastructure Services, Inc.
		2017 Term Loan, 5.25%, (3M LIBOR + 4.25%), 06/16/24 (a)	370		338
		2017 Term Loan, 5.64%, (3M LIBOR + 4.25%), 06/16/24 (a)	33,197		30,293
		2017 Term Loan, 5.29%, (3M LIBOR + 4.25%), 06/17/24 (a)	21,500		19,619
		Term Loan B, 5.29%, (3M LIBOR + 4.25%), 06/17/24 (a)	16,781		15,312
	BrightView Landscapes, LLC
		Term Loan B, 2.69%, (1M LIBOR + 2.50%), 08/09/25 (a)	55,878		54,201
		Term Loan B, 2.75%, (1M LIBOR + 2.50%), 08/15/25 (a)	68,582		66,525
	Brookfield WEC Holdings Inc.
		Term Loan B, 3.75%, (1M LIBOR + 3.00%), 08/01/25 (a)	221,625		213,545
	Builders FirstSource, Inc.
		Term Loan B, 4.00%, (3M LIBOR + 3.00%), 02/29/24 (a)	11,290		10,850
	Camelot U.S. Acquisition 1 Co.
		Term Loan, 3.18%, (1M LIBOR + 3.00%), 10/31/26 (a)	135,522		131,035
	DG Investment Intermediate Holdings 2, Inc.
		2020 Term Loan, 3.75%, (1M LIBOR + 3.00%), 01/31/25 (a)	131,618		124,832
	Dynasty Acquisition Co., Inc.
		2020 Exit Term Loan A, 3.81%, (3M LIBOR + 3.50%), 04/06/26 (a)	25,402		21,624
		2020 Incremental Term Loan, 3.81%, (3M LIBOR + 3.50%), 04/06/26 (a)	13,657		11,626
	Electrical Components International, Inc.
		2019 Term Loan B5, 4.43%, (1M LIBOR + 4.25%), 06/22/25 (a)	80,998		63,178
	Element Materials Technology Group US Holdings Inc
		2019 Term Loan B5, 4.50%, (3M LIBOR + 3.50%), 06/29/24 (a)	29,902		27,614

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Element Materials Technology Group US Holdings Inc.
		2019 Term Loan B5, 4.50%, (3M LIBOR + 3.50%), 06/28/24 (a)	28,542		26,359
	Encapsys, LLC
		2019 Term Loan B2, 4.25%, (1M LIBOR + 3.25%), 11/07/24 (a) (b)	107,469		102,633
	Engineered Machinery Holdings, Inc.
		2019 Term Loan B10, 4.00%, (3M LIBOR + 3.00%), 07/25/24 (a)	43,427		41,183
	EWT Holdings III Corp.
		2019 Term Loan B, 2.93%, (1M LIBOR + 2.75%), 12/20/24 (a)	109,725		106,205
	Filtration Group Corporation
		2019 Term Loan B, 3.18%, (1M LIBOR + 3.00%), 03/27/25 (a)	164,407		156,186
	Gardner Denver, Inc.
		2019 Incremental Term Loan B, 1.93%, (1M LIBOR + 1.75%), 03/01/27 (a)	177,839		168,837
	Gates Global LLC
		2019 1st Lien Term Loan B3, 3.75%, (1M LIBOR + 2.75%), 04/01/24 (a)	294,192		282,669
	Genesee & Wyoming Inc.
		2018 USD Term Loan B2, 2.31%, (3M LIBOR + 2.00%), 10/29/26 (a)	188,528		181,088
	GFL Environmental Inc.
		2018 USD Term Loan B, 4.00%, (3M LIBOR + 3.00%), 05/11/25 (a)	155,688		151,050
		2018 USD Term Loan B, 4.00%, (1M LIBOR + 3.00%), 05/11/25 (a)	27,858		27,028
	Hamilton Holdco, LLC
		2018 Term Loan B3, 2.31%, (3M LIBOR + 2.00%), 06/01/25 (a)	326,113		313,069
	Harbor Freight Tools USA, Inc.
		2018 Term Loan B3, 3.25%, (1M LIBOR + 2.50%), 08/16/23 (a)	102,869		98,819
	Hillman Group Inc. (The)
		2018 Term Loan B, 5.07%, (6M LIBOR + 4.00%), 05/16/25 (a)	196,992		184,188
	IBC Capital Limited
		2018 Term Loan B, 4.06%, (3M LIBOR + 3.75%), 09/11/23 (a)	140,979		134,283
	Leighton Services
		2018 Term Loan, 0.00%, (3M LIBOR + 3.50%), 05/21/22 (a) (c)	113,557		110,718
	MX Holdings US, Inc.
		2018 1st Lien Term Loan, 3.50%, (1M LIBOR + 2.75%), 06/18/25 (a)	73,498		71,232
	Navistar International Corporation
		2017 USD Term Loan B, 3.70%, (1M LIBOR + 3.50%), 11/01/24 (a)	228,175		215,529
	Pelican Products, Inc.
		2017 Term Loan B, 4.50%, (3M LIBOR + 3.50%), 04/18/25 (a)	98,000		89,506
	PODS, LLC
		2017 Term Loan B, 3.75%, (1M LIBOR + 2.75%), 11/21/24 (a)	125,492		119,767
	Prime Security Services Borrower, LLC
		2017 Term Loan, 4.25%, (1M LIBOR + 3.25%), 12/31/22 (a)	334,783		321,184
	Rexnord LLC
		2017 1st Lien Term Loan, 1.93%, (1M LIBOR + 1.75%), 08/21/24 (a)	120,690		118,534
	Reynolds Group Holdings Inc.
		USD 2017 Term Loan, 2.92%, (1M LIBOR + 2.75%), 02/05/23 (a)	239,153		227,889
	Sabre Industries, Inc.
		2017 1st Lien Term Loan, 4.49%, (6M LIBOR + 3.50%), 04/09/26 (a)	114,000		110,532
	Spectrum Holdings III Corp.
		1st Lien Term Loan, 3.56%, (3M LIBOR + 3.25%), 01/26/25 (a)	88,952		77,945
	Tempo Acquisition LLC
		Term Loan, 2.93%, (1M LIBOR + 2.75%), 04/20/24 (a)	191,792		181,723
	TransDigm, Inc.
		2020 Term Loan G, 2.43%, (1M LIBOR + 2.25%), 08/22/24 (a)	195,509		176,284
		2020 Term Loan E, 2.43%, (1M LIBOR + 2.25%), 05/30/25 (a)	117,605		105,330
	USI, Inc.
		2017 Repriced Term Loan, 3.31%, (3M LIBOR + 3.00%), 05/16/24 (a)	196,731		186,304
	USIC Holdings, Inc.
		2017 Term Loan B, 4.25%, (1M LIBOR + 3.25%), 12/09/23 (a)	52,446		49,889
	VC GB Holdings, Inc.
		2017 1st Lien Term Loan, 4.00%, (3M LIBOR + 3.00%), 02/28/24 (a) (b)	58,979		55,735
	Ventia Deco LLC
		2016 Term Loan B, 3.81%, (3M LIBOR + 3.50%), 05/21/22 (a)	47,144		45,965
	Verra Mobility Corporation
		2020 Term Loan B, 3.56%, (3M LIBOR + 3.25%), 02/28/25 (a) (b)	195,213		185,452
	Vertiv Group Corporation
		Term Loan B, 3.18%, (1M LIBOR + 3.00%), 02/11/27 (a)	166,667		157,084
	XPO Logistics, Inc.
		2019 Term Loan B1, 2.69%, (1M LIBOR + 2.50%), 02/24/25 (a)	95,000		92,685
				6,511,125
Communication Services 11.7%
	Altice Financing SA
		USD 2017 1st Lien Term Loan, 2.93%, (1M LIBOR + 2.75%), 07/31/25 (a)	103,139		97,359
	Altice France S.A.
		USD 1st Lien Term Loan, 4.18%, (1M LIBOR + 4.00%), 07/13/26 (a)	276,550		265,339
	AMC Entertainment Holdings, Inc.
		USD 1st Lien Term Loan, 4.08%, (3M LIBOR + 3.00%), 04/22/26 (a)	71,596		51,773
	CenturyLink, Inc.
		Reprice Term Loan, 2.43%, (1M LIBOR + 2.25%), 03/15/27 (a)	216,437		203,572
	Charter Communications Operating, LLC
		Delayed Draw Term Loan B2, 1.93%, (1M LIBOR + 1.75%), 04/30/25 (a)	308,746		296,995
	Cincinnati Bell, Inc.
		2017 Term Loan, 4.25%, (1M LIBOR + 3.25%), 10/02/24 (a)	98,250		96,969
	Cogeco Communications (USA) II L.P.
		2020 USD Term Loan, 2.18%, (1M LIBOR + 2.00%), 08/11/24 (a)	319,890		305,217
	Connect Finco Sarl
		2020 Term Loan B1, 5.50%, (1M LIBOR + 4.50%), 09/23/26 (a)	28,483		26,721
		2020 Term Loan B6, 5.50%, (1M LIBOR + 4.50%), 09/23/26 (a)	41,167		38,620
	Consolidated Communications, Inc.
		2020 Term Loan B, 4.00%, (1M LIBOR + 3.00%), 09/29/23 (a)	171,396		162,280
	CSC Holdings, LLC
		2020 Term Loan B, 2.43%, (1M LIBOR + 2.25%), 07/15/25 (a)	148,469		140,118
		2020 Term Loan B, 2.68%, (1M LIBOR + 2.50%), 04/15/27 (a)	246,881		233,700
	Diamond Sports Group, LLC
		2020 Term Loan, 3.43%, (3M LIBOR + 3.25%), 08/24/26 (a)	54,588		44,284
	Entercom Media Corp.
		2019 Term Loan B1, 2.68%, (1M LIBOR + 2.50%), 11/18/24 (a)	121,779		113,458
		2019 Term Loan B1, 4.75%, (1M LIBOR + 2.50%), 11/18/24 (a)	221		206
	GoodRx, Inc.
		2018 USD Incremental Term Loan, 2.93%, (1M LIBOR + 2.75%), 10/10/25 (a)	95,302		90,745
		2018 USD Term Loan, 2.93%, (1M LIBOR + 2.75%), 10/10/25 (a)	27,301		25,995
	Gray Television, Inc.
		2018 Term Loan B5, 2.67%, (1M LIBOR + 2.50%), 10/30/25 (a)	277,460		267,957
	Hargray Communications Group, Inc.
		2018 Term Loan B2, 4.00%, (1M LIBOR + 3.00%), 03/23/24 (a)	108,601		103,741

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	iHeartCommunications, Inc.
		2018 Term Loan B, 3.18%, (1M LIBOR + 3.00%), 05/01/26 (a)	119,649		109,978
	Intelsat Jackson Holdings S.A.
		2018 Term Loan B, 0.00%, (3M LIBOR + 5.50%), 07/28/21 (a) (c)	7,894		7,998
		2018 Term Loan B, 6.50%, (3M LIBOR + 5.50%), 07/28/21 (a)	7,894		7,998
		2018 Term Loan B, 8.00%, (PRIME + 4.75%), 11/27/23 (a)	105,000		104,279
	Iridium Satellite LLC
		2018 Term Loan B, 4.75%, (1M LIBOR + 3.75%), 10/08/27 (a)	191,520		187,498
	Level 3 Financing Inc.
		2018 Incremental Term Loan, 1.93%, (1M LIBOR + 1.75%), 03/01/27 (a)	229,383		216,521
	Maxar Technologies Ltd.
		2018 1st Lien Term Loan, 2.93%, (1M LIBOR + 2.75%), 07/07/24 (a)	104,716		97,451
	MTN Infrastructure TopCo Inc
		2018 1st Lien Term Loan, 4.00%, (1M LIBOR + 3.00%), 10/27/24 (a)	202,169		193,261
	NASCAR Holdings, Inc
		2018 1st Lien Term Loan, 2.93%, (3M LIBOR + 2.75%), 07/26/26 (a)	7,058		6,739
	Nexstar Broadcasting, Inc.
		2017 Term Loan B3, 2.92%, (1M LIBOR + 2.75%), 07/15/26 (a)	184,191		174,818
	PUG LLC
		2017 Incremental Term Loan B, 3.68%, (1M LIBOR + 3.50%), 01/31/27 (a)	129,350		112,049
	SBA Senior Finance II LLC
		2017 1st Lien Term Loan, 1.93%, (1M LIBOR + 1.75%), 03/26/25 (a)	336,380		323,066
	Securus Technologies Holdings, Inc.
		2016 Term Loan B, 5.50%, (6M LIBOR + 4.50%), 06/20/24 (a)	99,024		81,695
	Sinclair Television Group Inc.
		2015 Term Loan B, 2.43%, (1M LIBOR + 2.25%), 01/06/24 (a)	296,863		282,266
	Telenet Financing USD LLC
		2020 USD Term Loan AR, 2.18%, (1M LIBOR + 2.00%), 04/21/29 (a)	250,000		235,312
	Telesat Canada
		Term Loan B5, 2.93%, (1M LIBOR + 2.75%), 11/22/26 (a)	147,435		141,415
	Terrier Media Buyer, Inc.
		Term Loan B, 4.43%, (1M LIBOR + 4.25%), 10/04/26 (a)	181,227		172,468
	T-Mobile USA, Inc.
		2020 Term Loan, 3.18%, (1M LIBOR + 3.00%), 04/01/27 (a)	99,338		99,123
	Univision Communications Inc.
		Term Loan C5, 2.93%, (1M LIBOR + 2.75%), 03/15/24 (a)	112,662		103,931
	Vestcom Parent Holdings, Inc.
		2016 1st Lien Term Loan, 5.07%, (3M LIBOR + 4.00%), 12/15/23 (a) (b)	73,395		67,891
		2016 1st Lien Term Loan, 6.25%, (PRIME + 3.00%), 12/16/23 (a) (b)	13		12
	Virgin Media Bristol LLC
		USD Term Loan N, 2.68%, (1M LIBOR + 2.50%), 10/03/27 (a)	260,000		247,715
	Windstream Holdings Inc.
		DIP Term Loan, 2.68%, (1M LIBOR + 2.50%), 03/08/21 (a)	155,000		152,094
	Zayo Group Holdings, Inc.
		USD Term Loan, 3.18%, (1M LIBOR + 3.00%), 02/20/27 (a)	143,824		136,190
	Ziggo Financing Partnership
		USD Term Loan I, 2.68%, (1M LIBOR + 2.50%), 04/17/28 (a)	184,000		173,229
				6,000,046
Health Care 10.9%
	Accelerated Health Systems, LLC
		USD Term Loan B3, 3.68%, (1M LIBOR + 3.50%), 11/02/25 (a) (b)	109,072		103,073
	ADMI Corp.
		USD Term Loan B1, 2.93%, (1M LIBOR + 2.75%), 04/06/24 (a)	147,539		136,797
	Agiliti Health, Inc
		USD Term Loan B, 4.44%, (1M LIBOR + 3.00%), 10/18/25 (a)	62,213		60,035
	Air Methods Corporation
		USD Term Loan, 4.50%, (3M LIBOR + 3.50%), 04/12/24 (a)	134,009		109,859
	Aldevron, L.L.C.
		USD Term Loan, 4.43%, (1M LIBOR + 4.25%), 09/20/26 (a)	129,675		127,568
	Alliance Healthcare Services, Inc.
		USD Term Loan, 5.50%, (1M LIBOR + 4.50%), 10/20/23 (a)	121,006		78,428
	Alphabet Holding Company, Inc.
		USD 2nd Lien Term Loan, 3.68%, (1M LIBOR + 3.50%), 08/15/24 (a)	63,690		59,809
	Amneal Pharmaceuticals LLC
		Term Loan B9, 3.69%, (1M LIBOR + 3.50%), 03/26/25 (a)	90,449		82,422
	Athenahealth, Inc.
		Term Loan B, 4.82%, (3M LIBOR + 4.50%), 01/25/26 (a)	138,623		134,003
	ATI Holdings Acquisition, Inc.
		2016 Term Loan, 4.57%, (3M LIBOR + 3.50%), 05/10/23 (a)	159,853		136,775
	Auris Luxembourg III S.a.r.l.
		Term Loan B, 3.93%, (1M LIBOR + 3.75%), 07/23/25 (a)	68,922		59,962
	Bausch Health Companies Inc.
		Term Loan B, 3.19%, (1M LIBOR + 3.00%), 05/19/25 (a)	198,189		192,319
	Catalent Pharma Solutions Inc.
		Term Loan, 3.25%, (1M LIBOR + 2.25%), 05/10/26 (a)	99,747		98,418
	Change Healthcare Holdings LLC
		DIP Term Loan, 3.50%, (1M LIBOR + 2.50%), 02/02/24 (a)	84,317		80,815
		Exit Term Loan, 3.50%, (3M LIBOR + 2.50%), 02/02/24 (a)	44,685		42,829
		Exit Term Loan B, 3.50%, (3M LIBOR + 2.50%), 02/02/24 (a)	54,852		52,574
		New 1st Lien Term Loan, 3.50%, (3M LIBOR + 2.50%), 02/03/24 (a)	83,050		79,601
	CHG Healthcare Services Inc.
		2nd Lien Term Loan, 4.07%, (3M LIBOR + 3.00%), 06/07/23 (a)	176,658		169,908
	Da Vinci Purchaser Corp.
		2020 Term Loan B, 5.24%, (6M LIBOR + 4.00%), 12/10/26 (a)	113,000		109,751
	DaVita, Inc.
		2020 Term Loan B, 1.93%, (1M LIBOR + 1.75%), 07/30/26 (a)	248,925		240,429
	Elanco Animal Health Inc
		2019 Term Loan D, 0.00%, (3M LIBOR + 1.75%), 02/04/27 (a) (c)	140,000		133,234
	Endo Luxembourg Finance Company I S.a r.l.
		2019 Term Loan B2, 5.00%, (1M LIBOR + 4.25%), 04/12/24 (a)	151,622		142,904
	Envision Healthcare Corporation
		2019 Term Loan B1, 3.93%, (1M LIBOR + 3.75%), 09/27/25 (a)	102,532		66,902
	ExamWorks Group, Inc.
		2017 Term Loan, 4.32%, (3M LIBOR + 3.25%), 07/27/23 (a)	166,132		161,979
	Gentiva Health Services, Inc.
		2018 USD Term Loan B, 3.44%, (1M LIBOR + 3.25%), 07/02/25 (a)	139,313		134,612
	Global Medical Response, Inc.
		2018 USD Term Loan B, 4.25%, (3M LIBOR + 3.25%), 04/28/22 (a)	131,835		126,546
	Grifols Worldwide Operations USA, Inc.
		2018 Term Loan B5, 2.11%, (3M LIBOR + 2.00%), 11/15/27 (a)	216,164		207,762
	Jaguar Holding Company II
		2018 Term Loan , 3.50%, (1M LIBOR + 2.50%), 08/18/22 (a)	175,798		173,435

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Kindred Healthcare LLC
		2018 Term Loan B, 5.19%, (1M LIBOR + 5.00%), 06/21/25 (a)	93,338		89,137
	MPH Acquisition Holdings LLC
		2018 1st Lien Term Loan, 3.75%, (3M LIBOR + 2.75%), 06/07/23 (a)	134,916		128,002
	National Mentor Holdings, Inc.
		2017 USD Term Loan B1, 4.43%, (1M LIBOR + 4.25%), 03/09/26 (a)	116,148		111,744
		2017 USD Term Loan B3, 4.43%, (3M LIBOR + 4.25%), 03/09/26 (a)	5,288		5,088
	Ortho-Clinical Diagnostics SA
		2017 Term Loan B, 3.43%, (1M LIBOR + 3.25%), 06/01/25 (a)	194,531		181,522
	Parexel International Corporation
		2017 Term Loan B, 2.93%, (1M LIBOR + 2.75%), 08/06/24 (a)	87,455		82,700
	Phoenix Guarantor Inc
		2017 Term Loan B, 3.43%, (1M LIBOR + 3.25%), 03/05/26 (a)	135,853		130,419
	Prestige Brands, Inc.
		2017 Term Loan, 2.18%, (1M LIBOR + 2.00%), 01/20/24 (a)	106,219		104,201
	Radiology Partners Inc
		2017 Incremental 1st Lien Term Loan, 5.29%, (1Y LIBOR + 4.25%), 06/28/25 (a)	51,800		48,008
		2017 2nd Lien Term Loan, 5.99%, (3M LIBOR + 4.25%), 06/28/25 (a)	60,415		55,992
	RadNet, Inc.
		2017 2nd Lien Term Loan, 4.75%, (6M LIBOR + 3.75%), 06/30/23 (a)	130,209		123,536
	RegionalCare Hospital Partners Holdings, Inc.
		2017 1st Lien Term Loan B, 3.93%, (1M LIBOR + 3.75%), 11/09/25 (a)	146,513		136,971
	Select Medical Corporation
		2016 Term Loan, 2.68%, (1M LIBOR + 2.50%), 03/06/25 (a)	164,786		156,204
	Sound Inpatient Physicians
		1st Lien Term Loan, 2.93%, (1M LIBOR + 2.75%), 06/19/25 (a)	134,750		129,090
	Surgery Center Holdings, Inc.
		2017 Term Loan B, 4.25%, (1M LIBOR + 3.25%), 06/18/24 (a)	136,765		119,620
	Team Health Holdings, Inc.
		1st Lien Term Loan, 3.75%, (1M LIBOR + 2.75%), 01/12/24 (a)	136,420		103,936
	U.S. Anesthesia Partners, Inc.
		2017 Term Loan, 4.00%, (6M LIBOR + 3.00%), 06/16/24 (a)	102,056		89,846
	U.S. Renal Care, Inc.
		2019 Term Loan B, 5.18%, (1M LIBOR + 5.00%), 06/12/26 (a)	129,025		123,846
	Upstream Newco, Inc.
		2019 Term Loan, 4.68%, (1M LIBOR + 4.50%), 10/21/26 (a) (b)	59,850		55,062
	Valeant Pharmaceuticals International Inc.
		2018 Term Loan B, 0.00%, (1M LIBOR + 3.00%), 05/17/25 (a) (c)	27,067		26,266
	Vizient, Inc.
		2020 Term Loan B6, 2.18%, (1M LIBOR + 2.00%), 05/06/26 (a)	39,500		37,846
	Wellpath Holdings, Inc.
		2018 1st Lien Term Loan, 6.26%, (3M LIBOR + 5.50%), 09/25/25 (a)	37,000		33,917
		2018 1st Lien Term Loan, 6.57%, (6M LIBOR + 5.50%), 09/25/25 (a)	61,500		56,375
	Zelis Healthcare Corporation
		Term Loan B, 4.93%, (1M LIBOR + 4.75%), 09/26/26 (a)	129,350		126,601
				5,558,678
Financials 10.6%
	Acrisure, LLC
		USD Term Loan B3, 3.68%, (1M LIBOR + 3.50%), 01/30/27 (a)	240,274		226,459
	Advisor Group, Inc.
		USD Term Loan B, 5.18%, (1M LIBOR + 5.00%), 07/31/26 (a)	133,131		122,913
	AlixPartners, LLP
		USD Term Loan, 3.50%, (1M LIBOR + 2.50%), 03/28/24 (a)	200,310		193,215
	Alliant Holdings Intermediate, LLC
		USD Term Loan, 2.93%, (1M LIBOR + 2.75%), 05/07/25 (a)	197,347		186,629
	AmWINS Group, Inc.
		Term Loan B5, 3.75%, (1M LIBOR + 2.75%), 01/19/24 (a)	130,815		126,850
		Term Loan B9, 3.75%, (1M LIBOR + 2.75%), 01/19/24 (a)	26,289		25,492
	Aretec Group, Inc.
		Term Loan B12, 4.43%, (1M LIBOR + 4.25%), 08/15/25 (a)	122,338		111,939
	AssuredPartners, Inc.
		Term Loan B, 3.68%, (1M LIBOR + 3.50%), 08/07/20 (a)	220,065		210,006
	Asurion LLC
		Term Loan B, 3.18%, (1M LIBOR + 3.00%), 08/04/22 (a)	269,414		261,781
	Avolon TLB Borrower 1 (US) LLC
		Term Loan B, 2.50%, (1M LIBOR + 1.75%), 01/15/25 (a)	59,627		55,348
	BCP Renaissance Parent LLC
		Term Loan B, 4.50%, (3M LIBOR + 3.50%), 09/20/24 (a)	57,409		47,813
	Belron Finance US LLC
		Term Loan B, 2.93%, (3M LIBOR + 2.50%), 11/19/25 (a)	93,575		90,183
	Blackstone CQP Holdco LP
		Term Loan B, 3.81%, (3M LIBOR + 3.50%), 05/29/24 (a)	78,803		75,257
	Crown Finance US, Inc.
		2018 USD Term Loan, 3.32%, (3M LIBOR + 2.25%), 02/05/25 (a)	125,302		93,800
	Deerfield Dakota Holding, LLC
		2020 Term Loan B, 4.75%, (1M LIBOR + 3.75%), 03/05/27 (a)	40,000		38,800
	Duff & Phelps, LLC
		2020 Incremental Term Loan B, 0.00%, (1M LIBOR + 3.75%), 03/05/27 (a) (c)	22,500		21,825
	Edelman Financial Center, LLC
		2020 DIP Delayed Draw Term Loan, 3.18%, (1M LIBOR + 3.00%), 06/26/25 (a)	289,601		275,845
	First American Payment Systems, L.P.
		2019 Term Loan B, 6.37%, (3M LIBOR + 5.00%), 02/24/27 (a) (b)	35,000		32,550
	First Eagle Holdings, Inc.
		2019 Term Loan B, 2.81%, (3M LIBOR + 2.50%), 02/02/27 (a)	117,995		113,545
	Garrett LX III S.a r.l.
		2019 Extended Term Loan B, 3.54%, (3M LIBOR + 3.25%), 09/22/25 (a)	177,904		165,006
	Hub International Limited
		2018 Term Loan B, 4.02%, (3M LIBOR + 3.00%), 04/25/25 (a)	142,176		134,949
	INEOS Enterprises Holdings US Finco LLC
		2018 Term Loan B, 4.50%, (3M LIBOR + 3.50%), 07/29/26 (a)	111,735		106,894
	INEOS US Finance LLC
		2018 Term Loan B, 2.18%, (1M LIBOR + 2.00%), 03/31/24 (a)	314,894		297,871
	ION Trading Technologies S.a.r.l.
		2018 Term Loan B, 5.07%, (3M LIBOR + 4.00%), 11/21/24 (a)	124,927		119,572
	iStar, Inc.
		2016 Term Loan B, 2.93%, (1M LIBOR + 2.75%), 06/28/23 (a)	247,613		248,145
	Jane Street Group, LLC
		2018 Term Loan B, 3.18%, (1M LIBOR + 3.00%), 01/31/25 (a)	299,279		290,582
	Lions Gate Capital Holdings LLC
		2018 1st Lien Term Loan B, 2.43%, (1M LIBOR + 2.25%), 03/20/25 (a)	203,185		191,630
	LPL Holdings, Inc.
		2018 1st Lien Term Loan, 1.93%, (1M LIBOR + 1.75%), 11/07/26 (a)	141,571		135,201

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	NAB Holdings LLC
		2017 Repriced Term Loan, 4.00%, (3M LIBOR + 3.00%), 01/15/25 (a) (b)	148,137		142,582
	Nielsen Finance LLC
		2017 Term Loan B, 0.00%, (1M LIBOR + 3.75%), 06/06/25 (a) (c)	114,182		112,897
		2017 Term Loan B1, 5.75%, (1M LIBOR + 3.75%), 06/06/25 (a)	11,000		10,876
	Nuvei Technologies Corp.
		2017 Term Loan B, 6.00%, (1M LIBOR + 5.00%), 07/22/20 (a) (b)	63,186		62,238
	Sedgwick Claims Management Services, Inc.
		2016 Term Loan B, 3.43%, (1M LIBOR + 3.25%), 11/06/25 (a)	206,850		194,809
	SolarWinds Holdings, Inc.
		1st Lien Term Loan B3, 2.93%, (1M LIBOR + 2.75%), 02/06/24 (a)	195,861		189,570
	TKC Holdings, Inc.
		2017 1st Lien Term Loan, 4.75%, (3M LIBOR + 3.75%), 02/08/23 (a)	95,101		88,815
	Trans Union, LLC
		2019 Term Loan B5, 1.93%, (1M LIBOR + 1.75%), 11/13/26 (a)	214,555		204,834
	Travelport Finance (Luxembourg) S.a.r.l.
		2019 Term Loan, 6.07%, (3M LIBOR + 5.00%), 03/18/26 (a)	89,325		58,417
	UFC Holdings, LLC
		2019 Term Loan, 4.25%, (6M LIBOR + 3.25%), 04/25/26 (a)	126,480		120,577
	VFH Parent LLC
		2019 Term Loan B, 3.19%, (1M LIBOR + 3.00%), 03/02/26 (a)	172,222		167,558
	Victory Capital Holdings, Inc.
		2020 Term Loan B, 3.94%, (3M LIBOR + 2.50%), 07/01/26 (a)	74,570		72,194
				5,425,467
Materials 9.4%
	American Builders & Contractors Supply Co., Inc.
		Term Loan W, 2.18%, (1M LIBOR + 2.00%), 01/15/27 (a)	168,974		160,864
	Avantor Funding, Inc.
		Term Loan B, 3.25%, (1M LIBOR + 2.25%), 09/22/24 (a)	144,012		140,051
	Ball Metalpack, LLC
		Term Loan B, 4.86%, (3M LIBOR + 4.50%), 07/25/25 (a)	98,250		89,899
	Berry Global, Inc.
		Term Loan B, 2.18%, (1M LIBOR + 2.00%), 10/01/22 - 07/01/26 (a)	261,038		250,128
	BWAY Holding Company
		Term Loan B, 4.56%, (3M LIBOR + 3.25%), 04/03/24 (a)	214,125		191,732
	Charter NEX US, Inc.
		Canadian 1st Lien Term Loan, 3.43%, (1M LIBOR + 3.25%), 05/16/24 (a)	136,646		130,429
	Composite Resins Holding B.V.
		2020 Term Loan E, 5.47%, (6M LIBOR + 4.25%), 06/27/25 (a) (b)	100,171		95,163
		2020 Term Loan F, 5.47%, (6M LIBOR + 4.25%), 06/27/25 (a) (b)	13,024		12,373
	Consolidated Container Company LLC
		2020 Term Loan B, 3.75%, (1M LIBOR + 2.75%), 05/10/24 - 05/22/24 (a)	127,067		123,612
	Diamond (BC) B.V.
		USD Term Loan , 3.76%, (3M LIBOR + 3.00%), 07/24/24 (a)	132,141		121,130
	Element Solutions Inc.
		2019 Term Loan B5, 2.18%, (1M LIBOR + 2.00%), 01/31/26 (a)	128,305		121,996
	Ferro Corporation
		2019 Term Loan B, 2.56%, (3M LIBOR + 2.25%), 02/14/24 (a)	202,425		195,711
	Flex Acquisition Company, Inc.
		2019 Term Loan B, 4.43%, (3M LIBOR + 3.00%), 12/15/23 (a)	214,727		204,718
	Gemini HDPE LLC
		2018 USD Term Loan B2, 3.27%, (3M LIBOR + 2.50%), 08/04/24 (a)	42,462		40,516
	GYP Holdings III Corp.
		2018 Term Loan B4, 2.93%, (1M LIBOR + 2.75%), 05/15/25 (a)	169,436		163,294
	Hexion Inc
		2018 Term Loan B, 4.93%, (3M LIBOR + 3.50%), 06/27/26 (a)	125,638		122,183
	Klockner-Pentaplast of America, Inc.
		2018 Term Loan B, 5.25%, (3M LIBOR + 4.25%), 06/30/22 (a)	195,980		182,961
	LTI Holdings, Inc.
		2018 1st Lien Term Loan, 3.68%, (1M LIBOR + 3.50%), 08/15/25 (a)	117,900		99,878
	Messer Industries GmbH
		2018 1st Lien Term Loan, 2.81%, (3M LIBOR + 2.50%), 10/10/25 (a)	317,731		302,242
	Momentive Performance Materials Inc.
		2018 1st Lien Term Loan, 3.43%, (1M LIBOR + 3.25%), 04/18/24 (a)	45,153		42,161
	Onex TSG Intermediate Corp.
		2017 Term Loan B, 5.00%, (3M LIBOR + 4.00%), 07/31/22 (a)	99,947		92,284
	Perstorp Holding AB
		2017 Term Loan B, 5.82%, (6M LIBOR + 4.75%), 04/03/26 (a)	94,050		81,118
	Plaze, Inc.
		2017 Term Loan B, 4.57%, (3M LIBOR + 3.50%), 08/01/26 (a)	129,675		121,894
	PMHC II, Inc.
		2017 Term Loan B, 4.50%, (3M LIBOR + 3.50%), 03/20/25 (a)	88,719		75,322
	Polar US Borrower, LLC
		2017 Term Loan B, 4.93%, (1M LIBOR + 4.75%), 08/21/25 (a)	57,453		54,006
	Polymer Additives, Inc.
		2017 Term Loan B, 6.76%, (3M LIBOR + 6.00%), 07/25/25 (a)	250		182
		2017 Term Loan B, 6.86%, (6M LIBOR + 6.00%), 07/25/25 (a)	98,250		71,477
	PQ Corporation
		2017 Term Loan B, 2.43%, (1M LIBOR + 2.25%), 02/08/25 (a)	117,007		112,522
	Pro Mach Group, Inc.
		2017 Term Loan, 2.93%, (1M LIBOR + 2.75%), 03/07/25 (a)	47,222		44,020
	Proampac PG Borrower LLC
		2017 Repriced Term Loan, 4.50%, (1M LIBOR + 3.50%), 11/18/23 (a)	46,349		44,090
		2017 Term Loan, 4.50%, (3M LIBOR + 3.50%), 11/18/23 (a)	79,172		75,312
		2017 Repriced Term Loan, 5.75%, (3M LIBOR + 3.50%), 11/18/23 (a)	325		309
	Quikrete Holdings, Inc.
		2017 Incremental Term Loan B, 2.68%, (1M LIBOR + 2.50%), 11/03/23 (a)	189,013		181,335
	Solenis Holdings LLC
		1st Lien Term Loan B3, 4.36%, (3M LIBOR + 4.00%), 06/26/25 - 12/18/25 (a)	100,846		96,456
	Starfruit Finco B.V
		1st Lien Term Loan, 3.19%, (1M LIBOR + 3.00%), 09/20/25 (a)	235,085		219,999
	TricorBraun Holdings, Inc.
		2016 1st Lien Term Loan, 4.75%, (3M LIBOR + 3.75%), 11/29/23 (a)	208,383		199,839
	Trident TPI Holdings, Inc.
		2017 USD Term Loan B1, 4.07%, (3M LIBOR + 3.00%), 10/05/24 (a)	118,540		112,910
	Tronox Finance LLC
		Term Loan B, 2.93%, (1M LIBOR + 2.75%), 09/11/24 (a)	56,568		54,180
		Term Loan B, 3.06%, (3M LIBOR + 2.75%), 09/11/24 (a)	39,915		38,230
	Univar Solutions Inc.
		2017 USD Term Loan B3, 2.43%, (1M LIBOR + 2.25%), 07/01/24 (a)	284,503		273,302

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Wilsonart LLC
		2017 Term Loan B, 4.25%, (3M LIBOR + 3.25%), 12/19/23 (a)	91,956		88,479
				4,828,307
Consumer Staples 5.6%
	8th Avenue Food & Provisions, Inc.
		USD Term Loan I, 3.68%, (1M LIBOR + 3.50%), 09/19/25 (a)	118,823		114,987
	American Seafoods Group LLC
		Term Loan W, 3.75%, (3M LIBOR + 2.75%), 07/27/23 (a)	2,838		2,739
		Term Loan C5, 4.13%, (3M LIBOR + 2.75%), 07/27/23 (a)	89,399		86,270
	BellRing Brands, LLC
		Term Loan B, 6.00%, (1M LIBOR + 5.00%), 10/10/24 (a)	58,500		58,098
	BJ's Wholesale Club, Inc.
		Term Loan B, 2.43%, (1M LIBOR + 2.25%), 01/26/24 (a)	169,301		163,496
	CHG PPC Parent LLC
		2nd Lien Term Loan, 2.93%, (1M LIBOR + 2.75%), 03/16/25 (a)	128,438		122,016
	Dole Food Company Inc.
		2020 Incremental Term Loan B, 3.75%, (1M LIBOR + 2.75%), 03/22/24 (a)	100,953		97,925
		2020 Incremental Term Loan B1, 3.75%, (1M LIBOR + 2.75%), 03/22/24 (a)	52,330		50,760
	Froneri International Ltd.
		2019 Term Loan, 2.43%, (1M LIBOR + 2.25%), 01/29/27 (a)	159,600		149,725
	Hearthside Food Solutions, LLC
		2018 Term Loan B1, 3.87%, (1M LIBOR + 3.69%), 05/17/25 (a)	109,283		103,682
	Hostess Brands, Inc.
		2018 Term Loan B, 3.00%, (1M LIBOR + 2.25%), 08/03/25 (a)	87,071		83,849
		2018 Term Loan B, 3.01%, (3M LIBOR + 2.25%), 08/03/25 (a)	234,612		225,931
	JBS USA Lux S.A.
		2018 Term Loan B, 3.07%, (3M LIBOR + 2.00%), 04/27/26 (a)	323,598		308,363
	Portillo's Holdings, LLC
		2017 Term Loan B, 6.50%, (3M LIBOR + 5.50%), 08/02/24 (a)	99,250		90,938
	Reynolds Consumer Products LLC
		2017 1st Lien Term Loan, 1.93%, (1M LIBOR + 1.75%), 01/30/27 (a)	251,370		241,808
	Sigma Bidco B.V.
		2015 USD Term Loan, 4.45%, (3M LIBOR + 3.00%), 03/07/25 (a)	177,468		169,608
	United Natural Foods, Inc.
		Term Loan B, 4.43%, (1M LIBOR + 4.25%), 10/22/25 (a)	181,700		172,868
	US Foods, Inc.
		2016 Term Loan B, 1.93%, (1M LIBOR + 1.75%), 06/27/23 (a)	195,516		183,332
		2019 Term Loan B, 3.07%, (3M LIBOR + 2.00%), 08/14/26 (a)	99,500		92,431
	UTZ Quality Foods, LLC
		1st Lien Term Loan, 3.68%, (1M LIBOR + 3.50%), 11/14/24 (a)	127,908		125,403
	Verscend Holding Corp.
		2018 Term Loan B, 4.68%, (1M LIBOR + 4.50%), 08/08/25 (a)	221,585		213,663
				2,857,892
Utilities 1.8%
	Calpine Corporation
		Term Loan, 2.43%, (1M LIBOR + 2.25%), 05/23/22 - 03/22/26 (a)	324,396		312,430
	Helix Gen Funding, LLC
		2018 Term Loan B, 4.75%, (1M LIBOR + 3.75%), 03/02/24 (a)	130,211		125,104
	Pacific Gas And Electric Company
		2017 Term Loan B, 2.44%, (1M LIBOR + 2.25%), 12/31/20 (a)	170,000		169,150
		2017 Term Loan B, 5.50%, (3M LIBOR + 4.50%), 06/18/25 (a)	102,041		100,128
	Vistra Operations Company LLC
		1st Lien Term Loan B3, 1.93%, (1M LIBOR + 1.75%), 12/11/25 (a)	171,747		165,490
		1st Lien Term Loan B3, 1.94%, (1M LIBOR + 1.75%), 12/11/25 (a)	41,247		39,744
				912,046
Energy 0.9%
	EG America LLC
		2018 USD Term Loan, 5.07%, (3M LIBOR + 4.00%), 06/30/25 (a)	172,548		161,621
		2019 USD Term Loan B5, 5.07%, (3M LIBOR + 4.00%), 06/30/25 (a)	22,954		21,500
	EG Group Limited
		2019 USD Term Loan B2, 5.07%, (6M LIBOR + 4.00%), 02/01/25 (a)	19,848		18,591
	Lower Cadence Holdings LLC
		2018 1st Lien Term Loan, 4.18%, (1M LIBOR + 4.00%), 05/10/26 (a)	89,100		78,853
	Natgasoline LLC
		2018 1st Lien Term Loan, 4.31%, (3M LIBOR + 3.50%), 10/31/25 (a)	143,436		137,698
	Summit Midstream Partners Holdings, LLC
		Term Loan B, 7.00%, (3M LIBOR + 6.00%), 05/15/22 (a)	27,690		6,203
	Traverse Midstream Partners LLC
		2017 Term Loan, 5.00%, (1M LIBOR + 4.00%), 09/22/24 (a)	70,780		58,659
				483,125
Real Estate 0.8%
	ESH Hospitality, Inc.
		2019 Term Loan B, 2.18%, (1M LIBOR + 2.00%), 09/18/26 (a)	90,480		85,592
	VICI Properties 1 LLC
		Replacement Term Loan B, 1.94%, (1M LIBOR + 1.75%), 12/13/24 (a)	320,000		297,562
				383,154
	Total Senior Floating Rate Instruments (cost $49,424,495)			46,545,399
CORPORATE BONDS AND NOTES 2.9%
Communication Services 0.7%
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (d)	20,000		14,603
	iHeartCommunications, Inc.
		8.38%, 05/01/27	8,172		7,497
	Lamar Media Corp.
		4.88%, 01/15/29 (d)	38,000		38,408
	Level 3 Financing, Inc.
		5.38%, 01/15/24	30,000		30,239
	Live Nation Entertainment, Inc.
		4.88%, 11/01/24 (d)	30,000		27,015
	Neptune Finco Corp.
		10.88%, 10/15/25 (d)	157,000		168,804
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (d)	8,000		7,990
	Sirius XM Radio Inc.
		5.50%, 07/01/29 (d)	65,000		68,707
				363,263
Health Care 0.6%
	Bausch Health Companies Inc.
		6.13%, 04/15/25 (d)	13,000		13,172
		5.50%, 11/01/25 (d)	9,000		9,221
		8.50%, 01/31/27 (d)	67,000		71,399
		5.75%, 08/15/27 (d)	20,000		21,188
		6.25%, 02/15/29 (d)	74,000		74,413
	Community Health Systems, Inc.
		8.63%, 01/15/24 (d)	30,000		29,355
	Tenet Healthcare Corporation
		5.13%, 05/01/25	30,000		29,030
		4.63%, 06/15/28 (d)	46,000		45,085
				292,863
Financials 0.3%
	Icahn Enterprises L.P.
		4.75%, 09/15/24	13,000		12,289
		6.25%, 05/15/26	18,000		17,997

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (d)	10,000		10,291
	Springleaf Finance Corporation
		8.88%, 06/01/25	49,000		52,446
		7.13%, 03/15/26	65,000		67,249
				160,272
Energy 0.3%
	Cheniere Energy Partners, L.P.
		5.63%, 10/01/26	54,000		53,595
	Regency Energy Partners LP
		5.88%, 03/01/22	30,000		31,671
	Transocean Proteus Limited
		6.25%, 12/01/24 (d)	54,600		50,179
				135,445
Industrials 0.2%
	Aircastle Limited
		5.00%, 04/01/23	30,000		29,344
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (d)	93,000		97,613
				126,957
Consumer Staples 0.2%
	Energizer Holdings, Inc.
		7.75%, 01/15/27 (d)	65,000		69,467
	JBS USA Food Company
		5.50%, 01/15/30 (d)	35,000		35,854
				105,321
Materials 0.2%
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (d)	16,000		16,382
	FMG Resources (August 2006) Pty Ltd
		5.13%, 03/15/23 - 05/15/24 (d)	57,000		58,941
	FXI Holdings, Inc.
		7.88%, 11/01/24 (d)	31,000		26,986
				102,309
Utilities 0.2%
	Calpine Corporation
		5.25%, 06/01/26 (d)	50,000		50,528
	The AES Corporation
		5.50%, 04/15/25	30,000		30,774
				81,302
Information Technology 0.1%
	Dell International L.L.C.
		5.30%, 10/01/29 (d) (e)	50,000		55,245
Real Estate 0.1%
	MGM Growth Properties Operating Partnership LP
		4.63%, 06/15/25 (d)	45,000		44,292
Consumer Discretionary 0.0%
	Eldorado Resorts, Inc.
		6.00%, 09/15/26	10,000		10,829
	Total Corporate Bonds And Notes (cost $1,478,780)			1,478,098
INVESTMENT COMPANIES 2.5%
	Invesco Senior Loan ETF (f)		18,000		384,300
	SPDR Blackstone/ GSO Senior Loan ETF		20,600		893,628
	Total Investment Companies (cost $1,254,458)			1,277,928
WARRANTS 0.0%
	iHeartMedia, Inc. (g) (h)		703		5,283
	Total Warrants (cost $13,203)			5,283
COMMON STOCKS 0.0%
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (g)		1,875		1,950
	iHeartMedia, Inc. - Class A (f) (g)		94		785
				2,735
Consumer Discretionary 0.0%
	Constellis Holdings, Inc. (b) (g)		628		157
	Total Common Stocks (cost $11,179)			2,892
SHORT TERM INVESTMENTS 4.5%
Investment Companies 4.5%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.12% (i)		2,331,144		2,331,144
	Total Short Term Investments (cost $2,331,144)			2,331,144
Total Investments 100.9% (cost $54,513,259)					51,640,744
Other Derivative Instruments 0.0%					250
Other Assets and Liabilities, Net (0.9)%					(471,542)
Total Net Assets 100.0%					51,169,452

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2020. 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.

(b) 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 Notes to Financial Statements.

(c) This senior floating rate interest will settle after June 30, 2020. If a reference rate and spread is presented, it will go into effect upon settlement.

(d) The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of June 30, 2020, the value and the percentage of net assets of these liquid securities was $1,105,138 and 2.2% of the Fund.

(e) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(f) All or a portion of the security was on loan as of June 30, 2020.

(g) Non-income producing security.

(h) Security fair valued in good faith as a Level 2 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 Notes to Financial Statements.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2020.


PPM Floating Rate Income Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
United States 10 Year Note	(1)	September 2020		(138,675)	156			(497)
United States 5 Year Note	(3)	October 2020		(376,394)	94			(833)
					250			(1,330)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 92.0%
Communication Services 19.5%
	Altice Financing S.A.
		5.00%, 01/15/28 (a)	102,000		101,338
	Altice France
		7.38%, 05/01/26 (a)	460,000		479,024
	Altice France S.A.
		6.00%, 02/15/28 (a)	84,000		79,408
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	220,000		228,950
	CCO Holdings, LLC
		5.50%, 05/01/26 (a)	78,000		80,857
		5.13%, 05/01/27 (a)	108,000		111,728
		5.88%, 04/01/24 - 05/01/27 (a)	490,000		510,062
		5.00%, 02/01/28 (a)	203,000		209,645
		5.38%, 06/01/29 (a)	351,000		370,280
	CenturyLink, Inc.
		5.63%, 04/01/25	176,000		182,035
		5.13%, 12/15/26 (a)	112,000		111,845
		4.00%, 02/15/27 (a)	62,000		60,218
		7.60%, 09/15/39	24,000		25,832
	Clear Channel Worldwide Holdings, Inc.
		9.25%, 02/15/24	78,000		72,358
	Connect Finco SARL
		6.75%, 10/01/26 (a)	136,000		128,496
	Consolidated Communications, Inc.
		6.50%, 10/01/22 (b)	275,000		254,019
	CSC Holdings, LLC
		5.50%, 04/15/27 (a)	478,000		496,729
		7.50%, 04/01/28 (a)	300,000		327,300
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (a)	93,000		67,905
		6.63%, 08/15/27 (a)	113,000		60,481
	DISH DBS Corporation
		5.00%, 03/15/23	122,000		121,898
		5.88%, 11/15/24	210,000		208,940
		7.75%, 07/01/26 (b)	15,000		15,898
	Embarq Corporation
		8.00%, 06/01/36	77,000		86,517
	Frontier Communications Corporation
		8.50%, 04/01/26	173,000		163,781
		8.00%, 04/01/27 (a)	102,000		103,601
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26	299,000		311,895
	iHeartCommunications, Inc.
		6.38%, 05/01/26	38,565		38,419
		8.38%, 05/01/27	251,651		230,851
		5.25%, 08/15/27 (a)	25,000		23,946
		4.75%, 01/15/28 (a)	25,000		23,101
	Intelsat Jackson Holdings S.A.
		8.00%, 02/15/24 (a)	125,000		126,752
	Lamar Media Corp.
		3.75%, 02/15/28 (a)	22,000		20,845
		4.88%, 01/15/29 (a)	63,000		63,676
		4.00%, 02/15/30 (a)	11,000		10,560
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	164,000		167,585
	Level 3 Financing, Inc.
		5.38%, 01/15/24	160,000		161,273
		4.63%, 09/15/27 (a)	194,000		195,494
	Liberty Media Corporation
		8.25%, 02/01/30	155,000		151,714
	Live Nation Entertainment, Inc.
		4.88%, 11/01/24 (a)	86,000		77,442
		6.50%, 05/15/27 (a)	34,000		35,026
	MDC Partners Inc.
		6.50%, 05/01/24 (a)	237,000		220,114
	Neptune Finco Corp.
		10.88%, 10/15/25 (a)	47,000		50,534
	Netflix, Inc.
		4.38%, 11/15/26	169,000		175,841
		4.88%, 04/15/28	125,000		133,376
		5.88%, 11/15/28	226,000		257,168
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (a)	110,000		109,867
	Sirius XM Radio Inc.
		4.63%, 05/15/23 (a)	52,000		52,400
		5.00%, 08/01/27 (a)	333,000		340,911
		5.50%, 07/01/29 (a)	51,000		53,908
	Sprint Capital Corporation
		6.88%, 11/15/28	159,000		193,921
	Sprint Communications, Inc.
		6.00%, 11/15/22	167,000		176,184
	Sprint Corporation
		7.88%, 09/15/23	25,000		28,185
		7.13%, 06/15/24	424,000		478,180
		7.63%, 03/01/26	25,000		29,527
	SSL Robotics LLC
		9.75%, 12/31/23 (a)	55,000		58,912
	TEGNA Inc.
		5.00%, 09/15/29 (a)	186,000		174,180
	Telecom Italia Capital
		6.00%, 09/30/34	166,000		180,578
	Telesat Canada
		6.50%, 10/15/27 (a)	152,000		149,720
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (a)	213,000		204,812
	T-Mobile USA, Inc.
		6.00%, 03/01/23	152,000		152,914
		4.75%, 02/01/28	46,000		48,586
	Uber Technologies, Inc.
		7.50%, 05/15/25 - 09/15/27 (a)	241,000		241,883
	Univision Communications Inc.
		5.13%, 05/15/23 (a)	139,000		140,243
		6.63%, 06/01/27 (a)	184,000		175,666
	Virgin Media Secured Finance PLC
		5.50%, 05/15/29 (a)	51,000		53,411
	Zayo Group Holdings, Inc.
		4.00%, 03/01/27 (a)	16,000		15,186
		6.13%, 03/01/28 (a)	92,000		89,416
				10,283,347
Consumer Discretionary 13.1%
	Adient Global Holdings Ltd
		4.88%, 08/15/26 (a) (b)	182,000		150,820
	Adient US LLC
		9.00%, 04/15/25 (a)	36,000		38,794
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (a)	71,000		74,510
		9.75%, 07/15/27 (a)	79,000		83,229
	Aramark Services, Inc.
		6.38%, 05/01/25 (a)	30,000		30,976
		4.75%, 06/01/26	152,000		147,631
	Asbury Automotive Group, Inc.
		4.50%, 03/01/28 (a)	17,000		16,493
		4.75%, 03/01/30 (a)	17,000		16,577
	Beazer Homes USA, Inc.
		6.75%, 03/15/25	75,000		73,766
		5.88%, 10/15/27	43,000		41,071
		7.25%, 10/15/29	47,000		45,462
	Boyd Gaming Corporation
		8.63%, 06/01/25 (a)	70,000		73,182
		6.38%, 04/01/26	191,000		181,516
	Carnival Corporation
		11.50%, 04/01/23 (a)	102,000		110,370
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a)	45,000		43,162
	Colt Merger Sub, Inc.
		5.75%, 07/01/25 (a)	46,000		46,260
	Dana Corporation
		5.38%, 11/15/27	35,000		34,765
		5.63%, 06/15/28	23,000		22,816
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	164,000		169,330
	Eldorado Resorts, Inc.
		8.13%, 07/01/27 (a)	176,000		171,160

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	94,000		97,151
	Ford Motor Company
		8.50%, 04/21/23	64,000		67,667
		9.00%, 04/22/25	64,000		69,202
		4.35%, 12/08/26 (b)	72,000		67,140
		6.63%, 10/01/28	83,000		83,159
		9.63%, 04/22/30 (b)	64,000		75,863
		7.45%, 07/16/31	79,000		83,196
	General Motors Company
		6.13%, 10/01/25	25,000		28,089
		6.80%, 10/01/27	36,000		41,859
	Hilton Domestic Operating Company Inc.
		4.25%, 09/01/24	56,000		54,187
		5.38%, 05/01/25 (a)	32,000		32,000
		5.75%, 05/01/28 (a)	32,000		32,430
	Hyatt Hotels Corporation
		5.38%, 04/23/25 (c)	16,000		16,929
	IHOL Verwaltungs GmbH
		6.38%, 05/15/29 (a) (d)	41,000		41,682
	IRB Holding Corp.
		7.00%, 06/15/25 (a)	90,000		92,685
	Jaguar Land Rover Automotive PLC
		5.63%, 02/01/23 (a) (b)	28,000		25,892
	KB Home
		7.63%, 05/15/23	201,000		219,062
		4.80%, 11/15/29	181,000		177,762
	L Brands, Inc.
		6.88%, 07/01/25 (a)	46,000		47,474
		9.38%, 07/01/25 (a)	36,000		36,159
		7.50%, 06/15/29	305,000		268,065
	M.D.C. Holdings, Inc.
		3.85%, 01/15/30	140,000		134,566
		6.00%, 01/15/43	80,000		84,223
	Macy's, Inc.
		8.38%, 06/15/25 (a)	130,000		129,445
	Marriott International, Inc.
		5.75%, 05/01/25 (c)	109,000		118,643
	Marriott Ownership Resorts, Inc.
		6.13%, 09/15/25 (a)	51,000		52,094
		6.50%, 09/15/26	90,000		90,956
		4.75%, 01/15/28 (a)	64,000		58,357
	Mattel, Inc.
		6.75%, 12/31/25 (a)	52,000		53,934
		5.88%, 12/15/27 (a)	164,000		169,012
	MCE Finance Limited
		5.38%, 12/04/29 (a)	79,000		78,817
	MGM Resorts International
		5.75%, 06/15/25	82,000		81,455
		5.50%, 04/15/27	82,000		79,122
	Mileage Plus Holdings LLC
		6.50%, 06/20/27 (a)	34,053		34,088
	New Golden Nugget Inc.
		8.75%, 10/01/25 (a)	70,000		41,173
	Newell Brands Inc.
		4.88%, 06/01/25	44,000		46,050
		4.70%, 04/01/26 (c)	131,000		137,473
	PetSmart, Inc.
		5.88%, 06/01/25 (a)	217,000		217,763
	Picasso Finance Sub, Inc.
		6.13%, 06/15/25 (a)	53,000		53,974
	QVC, Inc.
		4.75%, 02/15/27	37,000		35,779
	Restaurant Brands International Limited Partnership
		5.00%, 10/15/25 (a)	250,000		248,689
	Royal Caribbean Cruises Ltd.
		10.88%, 06/01/23 (a)	76,000		77,648
	Sally Holdings, LLC
		5.63%, 12/01/25	77,000		74,781
	Scientific Games International, Inc.
		5.00%, 10/15/25 (a)	107,000		99,280
		8.25%, 03/15/26 (a)	246,000		218,305
		7.00%, 05/15/28 (a)	38,000		30,339
	Shea Homes Limited Partnership, A California Limited Partnership
		4.75%, 02/15/28 (a)	140,000		132,453
	Staples, Inc.
		7.50%, 04/15/26 (a)	122,000		95,978
		10.75%, 04/15/27 (a)	209,000		127,268
	Stars Group Holdings B.V.
		7.00%, 07/15/26 (a)	136,000		143,443
	Station Casinos LLC
		4.50%, 02/15/28 (a)	108,000		90,692
	Stena International S.A R.L.
		6.13%, 02/01/25 (a)	142,000		132,530
	Taylor Morrison Communities, Inc.
		5.88%, 06/15/27 (a)	73,000		75,809
	Viking Cruises Limited
		5.88%, 09/15/27 (a)	36,000		21,474
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	187,000		140,817
	Williams Scotsman International, Inc.
		6.88%, 08/15/23 (a)	119,000		122,692
	Wyndham Destinations, Inc.
		5.40%, 04/01/24 (e)	100,000		96,442
		5.75%, 04/01/27 (c)	65,000		63,226
				6,918,333
Financials 11.7%
	Advisor Group Holdings, Inc.
		10.75%, 08/01/27 (a)	38,000		37,800
	AerCap Ireland Capital Designated Activity Company
		2.88%, 08/14/24	76,000		71,807
	Avolon Holdings Funding Limited
		3.25%, 02/15/27 (a)	138,000		112,373
	CIT Group Inc.
		4.75%, 02/16/24	186,000		188,500
		5.25%, 03/07/25	19,000		19,708
	Citigroup Inc.
		5.00%, (callable at 100 beginning 09/12/24) (f)	166,000		155,818
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	95,000		97,342
		8.25%, 03/01/27 (a)	93,000		95,527
	Credit Suisse Group AG
		6.25%, (callable at 100 beginning 12/18/24) (a) (f)	250,000		261,563
	Diamond Finance International Limited
		5.88%, 06/15/21 (a)	94,000		94,019
		7.13%, 06/15/24 (a)	87,000		90,254
		6.02%, 06/15/26 (a)	164,000		187,616
	eG Global Finance PLC
		8.50%, 10/30/25 (a)	86,000		88,392
	Ford Motor Credit Company LLC
		3.20%, 01/15/21	66,000		65,093
		5.60%, 01/07/22	63,000		63,355
		3.09%, 01/09/23	200,000		190,500
		3.10%, 05/04/23	136,000		128,887
		3.66%, 09/08/24	66,000		62,203
		4.06%, 11/01/24	68,000		64,835
		5.13%, 06/16/25	132,000		131,868
	General Motors Financial Company, Inc.
		5.20%, 03/20/23	75,000		80,148
	HUB International Limited
		7.00%, 05/01/26 (a)	129,000		128,974
	Icahn Enterprises L.P.
		4.75%, 09/15/24	187,000		176,777
		6.25%, 05/15/26	259,000		258,956
		5.25%, 05/15/27	35,000		33,773
	IHS Luxembourg S.A R.L.
		5.75%, 04/15/25 (a)	35,000		35,533
		6.50%, 06/01/26 (a) (b)	125,000		129,508
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (a)	78,000		80,273
	JPMorgan Chase & Co.
		4.49%, (callable at 100 beginning 11/01/20) (f)	282,000		265,179
		4.60%, (callable at 100 beginning 02/01/25) (f)	44,000		39,215
		5.00%, (callable at 100 beginning 08/01/24) (f)	80,000		77,140

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Lions Gate Capital Holdings LLC
		6.38%, 02/01/24 (a)	28,000		27,284
		5.88%, 11/01/24 (a)	56,000		53,756
	Lloyds Banking Group PLC
		7.50%, (callable at 100 beginning 09/27/25) (f)	81,000		84,645
	LPL Holdings, Inc.
		4.63%, 11/15/27 (a)	93,000		92,225
	Markel Corporation
		6.00%, (callable at 100 beginning 06/01/25) (f)	129,000		131,144
	Morgan Stanley
		5.55%, (callable at 100 beginning 07/15/20) (f)	88,000		80,682
	Navient Corporation
		7.25%, 09/25/23	140,000		136,795
		5.88%, 10/25/24	82,000		77,043
		6.75%, 06/15/26	84,000		78,120
	Nesco Holdings, Inc.
		10.00%, 08/01/24 (a)	19,000		18,958
	Nordic Aviation Capital DAC
		3.79%, 02/27/23 (g) (h)	80,000		60,400
		5.83%, 03/14/26 (g) (h)	125,000		89,375
	Rassman, Joel H.
		3.80%, 11/01/29	239,000		240,292
	Resideo Funding Inc.
		6.13%, 11/01/26 (a)	44,000		42,964
	Springleaf Finance Corporation
		6.13%, 03/15/24	73,000		74,097
		8.88%, 06/01/25	51,000		54,587
		7.13%, 03/15/26	155,000		160,363
		6.63%, 01/15/28	63,000		62,258
	Syngenta Finance N.V.
		3.93%, 04/23/21 (a)	53,000		53,344
		4.44%, 04/24/23 (a)	28,000		29,353
	Telenet Finance Luxembourg Notes S.A R.L.
		5.50%, 03/01/28 (a)	200,000		208,500
	The Goldman Sachs Group, Inc.
		3.50%, 04/01/25	112,000		122,825
	USA Compression Finance Corp.
		6.88%, 04/01/26 - 09/01/27	231,000		220,375
	ZF North America Capital, Inc.
		4.50%, 04/29/22 (a)	125,000		128,483
	Ziggo B.V.
		4.88%, 01/15/30 (a)	200,000		199,000
	Ziggo Bond Finance B.V.
		6.00%, 01/15/27 (a)	103,000		104,374
				6,144,178
Energy 11.5%
	Antero Midstream Partners LP
		5.38%, 09/15/24	65,000		55,430
		5.75%, 03/01/27 - 01/15/28 (a)	127,000		101,764
	Antero Resources Corp.
		5.00%, 03/01/25 (b)	83,000		49,276
	Archrock Partners, L.P.
		6.25%, 04/01/28 (a)	60,000		55,248
	Ascent Resources - Utica, LLC
		10.00%, 04/01/22 (a)	126,000		108,321
		7.00%, 11/01/26 (a)	70,000		45,418
	Baytex Energy Corp.
		8.75%, 04/01/27 (a)	62,000		30,840
	Buckeye Partners, L.P.
		4.50%, 03/01/28 (a)	97,000		91,180
		5.85%, 11/15/43	24,000		20,858
		5.60%, 10/15/44	19,000		15,645
	Callon Petroleum Company
		6.38%, 07/01/26	162,000		55,023
	Cenovus Energy Inc.
		6.75%, 11/15/39	78,000		76,301
		5.40%, 06/15/47	76,000		65,383
	Chaparral Energy, Inc.
		8.75%, 07/15/23 (a)	124,000		11,517
	Cheniere Corpus Christi Holdings, LLC
		5.13%, 06/30/27	76,000		83,395
	Cheniere Energy Partners, L.P.
		5.25%, 10/01/25	119,000		118,579
		5.63%, 10/01/26	248,000		246,139
		4.50%, 10/01/29	55,000		53,625
	CNX Resources Corporation
		7.25%, 03/14/27 (a) (b)	85,000		78,214
	Comstock Resources, Inc.
		9.75%, 08/15/26	96,000		89,578
	Continental Resources, Inc.
		4.50%, 04/15/23	120,000		114,661
		3.80%, 06/01/24	211,000		199,131
	Diamondback Energy, Inc.
		4.75%, 05/31/25	22,000		23,524
	Endeavor Energy Resources, L.P.
		6.63%, 07/15/25 (a)	5,000		5,039
		5.50%, 01/30/26 (a)	81,000		77,721
		5.75%, 01/30/28 (a)	93,000		89,594
	Energy Transfer LP
		6.63%, (callable at 100 beginning 02/15/28) (f)	42,000		33,180
		6.75%, (callable at 100 beginning 05/15/25) (f)	139,000		118,055
		7.13%, (callable at 100 beginning 05/15/30) (f)	62,000		53,196
		5.25%, 04/15/29	94,000		102,600
	Enlink Midstream, LLC
		5.38%, 06/01/29	52,000		39,014
	EQM Midstream Partners, LP
		4.13%, 12/01/26	163,000		149,145
		6.50%, 07/01/27 (a)	77,000		78,830
	EQT Corporation
		6.13%, 02/01/25 (b) (c)	115,000		114,600
		7.00%, 02/01/30 (c)	55,000		56,628
	Everest Acquisition, LLC
		0.00%, 11/29/24 (a) (i) (j)	55,000		955
	Hess Midstream Operations LP
		5.13%, 06/15/28 (a)	46,000		44,245
	MEG Energy Corp.
		6.50%, 01/15/25 (a)	81,000		75,515
		7.13%, 02/01/27 (a)	143,000		118,791
	Murphy Oil Corporation
		5.75%, 08/15/25	90,000		81,272
	Newfield Exploration Co.
		5.63%, 07/01/24	149,000		141,552
	Noble Corporation
		7.88%, 02/01/26 (a)	106,000		25,290
	NuStar Logistics, L.P.
		6.75%, 02/01/21	133,000		132,335
	Occidental Petroleum Corporation
		2.70%, 02/15/23	96,000		87,240
		6.95%, 07/01/24	198,000		193,889
		2.90%, 08/15/24	108,000		92,340
		3.20%, 08/15/26	139,000		112,353
		8.88%, 07/15/30	80,000		80,056
		7.50%, 05/01/31	100,000		92,991
		6.45%, 09/15/36	234,000		201,600
		4.30%, 08/15/39	168,000		115,871
	Parsley Energy, LLC
		5.25%, 08/15/25 (a)	74,000		71,049
	PBF Holding Company LLC
		6.00%, 02/15/28 (a)	85,000		71,159
	SM Energy Company
		6.63%, 01/15/27	246,000		121,496
	Southwestern Energy Company
		7.50%, 04/01/26 (b)	98,000		85,850
		7.75%, 10/01/27	90,000		78,693
	Targa Resource Corporation
		5.13%, 02/01/25	165,000		158,643
		5.00%, 01/15/28	167,000		156,976
		5.50%, 03/01/30 (a)	228,000		219,452
	Transocean Inc
		7.50%, 01/15/26 (a)	203,000		110,642
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	126,000		111,243
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	182,000		167,264
	Valaris PLC
		7.75%, 02/01/26	91,000		6,790
	Viper Energy Partners LP
		5.38%, 11/01/27 (a) (b)	44,000		43,065

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Western Midstream Operating, LP
		5.25%, 02/01/50 (c)	168,000		145,480
	WPX Energy, Inc.
		5.25%, 09/15/24	54,000		53,372
		5.88%, 06/15/28	57,000		54,586
		4.50%, 01/15/30	101,000		89,191
				6,047,898
Health Care 10.4%
	Bausch Health Companies Inc.
		6.13%, 04/15/25 (a)	255,000		258,364
		5.50%, 11/01/25 (a)	69,000		70,694
		8.50%, 01/31/27 (a)	552,000		588,242
		5.75%, 08/15/27 (a)	166,000		175,864
		7.00%, 01/15/28 (a)	51,000		52,589
		5.00%, 01/30/28 (a)	40,000		37,692
		6.25%, 02/15/29 (a)	50,000		50,279
	Catalent Pharma Solutions, Inc.
		5.00%, 07/15/27 (a)	15,000		15,581
	Centene Corporation
		5.25%, 04/01/25 (a)	389,000		400,553
		5.38%, 08/15/26 (a)	48,000		49,930
		4.25%, 12/15/27	130,000		134,148
		4.63%, 12/15/29	128,000		135,040
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	181,000		188,369
	Community Health Systems, Inc.
		6.25%, 03/31/23	27,000		25,434
		8.63%, 01/15/24 (a)	100,000		97,851
		6.63%, 02/15/25 (a)	130,000		123,971
		8.00%, 03/15/26 (a)	132,000		124,791
	Endo Designated Activity Company
		9.50%, 07/31/27 (a)	118,000		124,373
		6.00%, 06/30/28 (a)	118,000		76,110
	HCA Inc.
		5.25%, 06/15/26	182,000		209,452
		5.38%, 09/01/26	47,000		51,116
		4.50%, 02/15/27	267,000		297,188
		3.50%, 09/01/30	329,000		315,375
		5.13%, 06/15/39	54,000		62,840
	IQVIA Inc.
		5.00%, 05/15/27 (a)	125,000		127,503
	Mednax, Inc.
		6.25%, 01/15/27 (a)	117,000		117,000
	Molina Healthcare, Inc.
		4.38%, 06/15/28 (a)	21,000		21,058
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (a)	149,000		138,555
	Ortho-Clinical Diagnostics, Inc.
		7.38%, 06/01/25 (a)	58,000		59,029
		7.25%, 02/01/28 (a)	45,000		45,692
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	89,000		91,257
	Polaris Intermediate School
		8.50%, 12/01/22 (a) (d)	160,000		140,947
	Tenet Healthcare Corporation
		8.13%, 04/01/22	204,000		213,697
		6.75%, 06/15/23	131,000		129,999
		4.63%, 07/15/24	104,000		101,868
		7.50%, 04/01/25 (a)	118,000		125,269
		7.00%, 08/01/25 (b)	53,000		52,061
		4.88%, 01/01/26 (a)	254,000		248,881
		5.13%, 11/01/27 (a)	183,000		181,030
		4.63%, 06/15/28 (a)	47,000		46,065
				5,505,757
Industrials 7.7%
	Aircastle Limited
		4.25%, 06/15/26	313,000		287,093
	American Airlines, Inc.
		11.75%, 07/15/25 (a)	135,000		126,794
	Ashtead Capital, Inc.
		4.13%, 08/15/25 (a)	33,000		33,660
		5.25%, 08/01/26 (a)	139,000		145,895
		4.00%, 05/01/28 (a)	9,000		9,000
	Bombardier Inc.
		7.50%, 03/15/25 (a)	182,000		118,593
	Builders FirstSource, Inc.
		6.75%, 06/01/27 (a)	53,000		54,249
	Cargo Aircraft Management, Inc.
		4.75%, 02/01/28 (a)	192,000		190,675
	Foxtrot Escrow Issuer LLC
		12.25%, 11/15/26 (a)	148,000		143,624
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (f)	53,000		41,610
		3.45%, 05/01/27	22,000		22,561
	Howmet Aerospace Inc.
		6.88%, 05/01/25	108,000		117,316
	Masonite International Corporation
		5.38%, 02/01/28 (a)	60,000		61,421
	Meritor, Inc.
		6.25%, 06/01/25 (a)	46,000		46,620
	Navistar International Corporation
		6.63%, 11/01/25 (a)	200,000		189,629
	Park Aerospace Holdings Limited
		5.25%, 08/15/22 (a)	55,000		51,529
		4.50%, 03/15/23 (a)	45,000		41,100
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (a)	52,000		53,252
		5.75%, 04/15/26 (a)	278,000		288,163
	Reynolds Group Holdings Inc.
		5.13%, 07/15/23 (a)	276,000		277,622
		7.00%, 07/15/24 (a)	50,000		50,218
	Sensata Technologies B.V.
		5.00%, 10/01/25 (a)	125,000		133,115
	Standard Industries Inc.
		4.75%, 01/15/28 (a)	170,000		172,338
	Tempo Acquisition, LLC
		5.75%, 06/01/25 (a)	75,000		76,837
		6.75%, 06/01/25 (a)	119,000		120,692
	TransDigm Inc.
		8.00%, 12/15/25 (a)	34,000		35,710
		6.25%, 03/15/26 (a)	389,000		389,140
		5.50%, 11/15/27	110,000		95,987
	TransDigm UK Holdings PLC
		6.88%, 05/15/26	51,000		47,506
	United Rentals (North America), Inc.
		3.88%, 11/15/27	356,000		354,877
	Univar Solutions USA Inc.
		5.13%, 12/01/27 (a)	35,000		35,361
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (a)	128,000		131,131
	WESCO Distribution, Inc.
		7.13%, 06/15/25 (a)	68,000		71,703
		7.25%, 06/15/28 (a)	54,000		56,916
				4,071,937
Materials 6.3%
	ARD Finance S.A.
		6.50%, 06/30/27 (a) (d)	137,000		135,662
	Ardagh Packaging Finance Public Limited Company
		5.25%, 08/15/27 (a)	270,000		265,099
	Berry Global Escrow Corporation
		4.88%, 07/15/26 (a)	195,000		197,803
	Berry Global, Inc.
		5.13%, 07/15/23	125,000		125,824
	Cascades Inc.
		5.13%, 01/15/26 (a)	23,000		23,422
		5.38%, 01/15/28 (a)	31,000		31,607
	CEMEX S.A.B. de C.V.
		5.70%, 01/11/25 (a)	30,000		29,109
		5.45%, 11/19/29 (a)	338,000		312,603
	CF Industries, Inc.
		5.38%, 03/15/44	50,000		54,124
	Cleveland-Cliffs Inc.
		6.75%, 03/15/26 (a)	36,000		34,885
		5.88%, 06/01/27 (b)	69,000		56,924
	Flex Acquisition Company, Inc.
		7.88%, 07/15/26 (a)	80,000		77,536

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	FMG Resources (August 2006) Pty Ltd
		5.13%, 03/15/23 (a)	174,000		179,394
		5.13%, 05/15/24 (a) (b)	141,000		146,281
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	74,000		75,248
		5.00%, 09/01/27	117,000		117,683
		5.40%, 11/14/34	217,000		218,904
		5.45%, 03/15/43	44,000		43,251
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	51,000		44,396
	Mauser Packaging Solutions Holding Company
		7.25%, 04/15/25 (a)	139,000		125,855
	Mercer International Inc.
		7.38%, 01/15/25	132,000		131,932
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	128,000		119,103
		5.25%, 08/01/23 - 06/01/27 (a)	186,000		168,491
	Novelis Corporation
		4.75%, 01/30/30 (a)	85,000		81,204
	PolyOne Corporation
		5.75%, 05/15/25 (a)	92,000		94,679
	Sealed Air Corporation
		4.00%, 12/01/27 (a)	116,000		115,991
	Silgan Holdings Inc.
		4.13%, 02/01/28 (a)	101,000		100,323
	The Chemours Company
		6.63%, 05/15/23	96,000		91,888
		5.38%, 05/15/27	88,000		79,740
	United States Steel Corporation
		12.00%, 06/01/25 (a)	60,000		61,481
				3,340,442
Consumer Staples 5.1%
	Albertsons Companies, Inc.
		6.63%, 06/15/24	125,000		129,049
		5.75%, 03/15/25	50,000		51,070
	Cott Holdings Inc.
		5.50%, 04/01/25 (a)	161,000		162,119
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	47,000		48,379
	Energizer Holdings, Inc.
		6.38%, 07/15/26 (a)	88,000		91,017
	JBS Investments II GmbH
		5.75%, 01/15/28 (a)	297,000		300,063
	JBS USA Food Company
		6.50%, 04/15/29 (a)	96,000		101,820
	Kraft Foods Group, Inc.
		5.00%, 06/04/42	122,000		126,630
	Kraft Heinz Foods Company
		3.88%, 05/15/27 (a)	89,000		93,007
		4.25%, 03/01/31 (a)	89,000		94,183
		4.63%, 10/01/39 (a)	218,000		218,466
		4.88%, 10/01/49 (a)	153,000		157,068
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (a)	72,000		67,459
	Performance Food Group, Inc.
		6.88%, 05/01/25 (a)	12,000		12,519
	Pilgrim's Pride Corporation
		5.75%, 03/15/25 (a)	159,000		158,518
		5.88%, 09/30/27 (a)	104,000		104,057
	Post Holdings, Inc.
		5.63%, 01/15/28 (a)	142,000		146,633
		4.63%, 04/15/30 (a)	77,000		75,636
	Safeway Inc.
		5.88%, 02/15/28 (a)	157,000		161,954
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a)	181,000		180,075
	Spectrum Brands, Inc.
		5.75%, 07/15/25	49,000		50,268
	Verscend Holding Corp.
		9.75%, 08/15/26 (a)	147,000		158,378
				2,688,368
Information Technology 3.5%
	ams AG
		7.00%, 07/31/25 (a)	80,000		79,800
	Banff Merger Sub Inc.
		9.75%, 09/01/26 (a)	51,000		51,376
	Boxer Parent Company Inc.
		7.13%, 10/02/25 (a)	46,000		48,252
	CommScope Holding Company, Inc.
		6.00%, 06/15/25 (a)	34,000		32,801
	Commscope, Inc.
		7.13%, 07/01/28 (a)	135,000		134,933
	Dell Inc.
		6.50%, 04/15/38	51,000		54,774
	Entegris, Inc.
		4.38%, 04/15/28 (a)	82,000		83,584
	Gartner, Inc.
		4.50%, 07/01/28 (a)	39,000		39,395
	Microchip Technology Incorporated
		4.25%, 09/01/25 (a)	49,000		49,306
	NCR Corporation
		8.13%, 04/15/25 (a)	65,000		68,923
		5.75%, 09/01/27 (a)	105,000		104,870
	Open Text Corporation
		3.88%, 02/15/28 (a)	112,000		107,829
		4.13%, 02/15/30 (a)	145,000		142,372
	Presidio Holdings, Inc.
		4.88%, 02/01/27 (a)	68,000		66,438
		8.25%, 02/01/28 (a)	72,000		72,121
	Radiate HoldCo, LLC
		6.63%, 02/15/25 (a)	165,000		165,043
	SS&C Technologies, Inc.
		5.50%, 09/30/27 (a)	126,000		128,913
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (a)	230,000		228,488
		6.50%, 07/15/28 (a)	91,000		91,042
	Western Digital Corporation
		4.75%, 02/15/26 (b)	92,000		95,234
				1,845,494
Utilities 2.0%
	Calpine Corporation
		5.25%, 06/01/26 (a)	239,000		241,524
		4.50%, 02/15/28 (a)	67,000		65,787
	Pacific Gas And Electric Company
		5.00%, 07/01/28	39,000		38,786
		5.25%, 07/01/30	65,000		65,315
	The AES Corporation
		5.50%, 04/15/25	369,000		378,523
		3.30%, 07/15/25 (a)	78,000		80,094
		5.13%, 09/01/27	160,000		166,069
		3.95%, 07/15/30 (a)	25,000		25,528
				1,061,626
Real Estate 1.2%
	CSL Capital, LLC
		6.00%, 04/15/23 (a)	60,000		58,725
	Cushman & Wakefield PLC
		6.75%, 05/15/28 (a)	93,000		97,502
	ESH Hospitality, Inc.
		5.25%, 05/01/25 (a)	156,000		150,917
	MGM Growth Properties Operating Partnership LP
		4.63%, 06/15/25 (a)	46,000		45,276
		5.75%, 02/01/27	76,000		78,805
		4.50%, 01/15/28	6,000		5,856
	Uniti Group Inc.
		7.88%, 02/15/25 (a)	55,000		55,855
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	51,000		48,885
		3.75%, 02/15/27 (a)	59,000		55,382
		4.63%, 12/01/29 (a)	15,000		14,705
				611,908
	Total Corporate Bonds And Notes (cost $49,056,418)			48,519,288
SENIOR FLOATING RATE INSTRUMENTS 3.5%
Consumer Discretionary 0.8%
	Adient US LLC
		USD Term Loan B16, 4.18%, (1M LIBOR + 4.00%), 05/03/24 (k)	55,639		53,298

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
		USD Term Loan B11, 4.47%, (3M LIBOR + 4.00%), 05/03/24 (k)	18,797		18,006
	Bass Pro Group, LLC
		Term Loan B, 6.07%, (1M LIBOR + 5.00%), 11/15/23 (k)	171,992		165,051
	Caesars Resort Collection, LLC
		Term Loan, 0.00%, (3M LIBOR + 4.50%), 06/19/25 (k) (l)	50,000		46,907
	Mileageplus
		2018 1st Lien Term Loan, 0.00%, (3M LIBOR + 5.25%), 12/31/23 (k) (l)	49,200		48,810
	Mohegan Tribal Gaming Authority
		2018 1st Lien Term Loan, 5.38%, (3M LIBOR + 4.38%), 10/30/23 (k)	39,473		32,229
	Panther BF Aggregator 2 LP
		2017 Term Loan B, 3.68%, (1M LIBOR + 3.50%), 03/13/26 (k)	69,177		65,718
				430,019
Health Care 0.7%
	Alphabet Holding Company, Inc.
		USD 2nd Lien Term Loan, 3.68%, (1M LIBOR + 3.50%), 08/15/24 (k)	243,125		228,309
	MPH Acquisition Holdings LLC
		2018 1st Lien Term Loan, 3.75%, (3M LIBOR + 2.75%), 06/07/23 (k)	75,000		71,156
	RegionalCare Hospital Partners Holdings, Inc.
		2017 1st Lien Term Loan B, 3.93%, (1M LIBOR + 3.75%), 11/09/25 (k)	69,390		64,871
				364,336
Communication Services 0.5%
	Frontier Communications Corporation
		2019 Term Loan, 5.21%, (PRIME + 2.75%), 05/31/24 (k)	325		316
		2019 Term Loan, 5.35%, (1M LIBOR + 3.75%), 05/31/24 (k)	97,169		94,444
	iHeartCommunications, Inc.
		2018 Term Loan B, 3.18%, (1M LIBOR + 3.00%), 05/01/26 (k)	52,735		48,472
	Windstream Holdings Inc.
		DIP Term Loan, 2.68%, (1M LIBOR + 2.50%), 03/08/21 (k)	77,000		75,556
	Zayo Group Holdings, Inc.
		USD Term Loan, 3.18%, (1M LIBOR + 3.00%), 02/20/27 (k)	67,830		64,230
				283,018
Information Technology 0.5%
	Almonde, Inc.
		2019 Term Loan B, 4.50%, (3M LIBOR + 3.50%), 04/26/24 (k)	8,897		7,756
		USD 1st Lien Term Loan, 4.50%, (6M LIBOR + 3.50%), 04/26/24 (k)	47,840		41,708
		USD 1st Lien Term Loan, 4.50%, (3M LIBOR + 3.50%), 04/26/24 (k)	9,776		8,523
	Banff Merger Sub Inc
		Term Loan B, 4.43%, (1M LIBOR + 4.25%), 06/30/25 (k)	79,196		74,741
	Cornerstone OnDemand, Inc.
		2020 Term Loan B, 5.35%, (3M LIBOR + 4.25%), 04/22/27 (k)	75,000		73,735
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 4.38%, (3M LIBOR + 4.00%), 08/09/25 (k)	63,445		52,683
				259,146
Financials 0.4%
	Acrisure, LLC
		USD Term Loan B3, 3.68%, (1M LIBOR + 3.50%), 01/30/27 (k)	97,506		91,899
	UFC Holdings, LLC
		2019 Term Loan, 4.25%, (6M LIBOR + 3.25%), 04/25/26 (k)	98,465		93,870
				185,769
Materials 0.3%
	BWAY Holding Company
		Term Loan B, 4.56%, (3M LIBOR + 3.25%), 04/03/24 (k)	89,650		80,274
	Flex Acquisition Company, Inc.
		2019 Term Loan B, 4.43%, (3M LIBOR + 3.00%), 12/15/23 (k)	55,956		53,348
	Proampac PG Borrower LLC
		2017 Repriced Term Loan, 4.50%, (1M LIBOR + 3.50%), 11/18/23 (k)	8,214		7,813
		2017 Term Loan, 4.50%, (3M LIBOR + 3.50%), 11/18/23 (k)	14,030		13,346
		2017 Repriced Term Loan, 5.75%, (3M LIBOR + 3.50%), 11/18/23 (k)	58		55
				154,836
Energy 0.2%
	Chesapeake Energy Corporation
		7 Year Term Loan, 0.00%, 06/09/24 (i) (j)	125,000		71,696
	Lower Cadence Holdings LLC
		2018 1st Lien Term Loan, 4.18%, (1M LIBOR + 4.00%), 05/10/26 (k)	64,317		56,920
				128,616
Industrials 0.1%
	Dynasty Acquisition Co., Inc.
		2020 Exit Term Loan A, 3.81%, (3M LIBOR + 3.50%), 04/06/26 (k)	44,538		37,913
		2020 Incremental Term Loan, 3.81%, (3M LIBOR + 3.50%), 04/06/26 (k)	23,945		20,383
				58,296
	Total Senior Floating Rate Instruments (cost $2,013,031)			1,864,036
INVESTMENT COMPANIES 1.8%
	Eaton Vance Senior Floating-Rate Trust		3,750		42,450
	SPDR Bloomberg Barclays High Yield Bond ETF		8,677		877,764
	Total Investment Companies (cost $928,802)			920,214
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%
	Alaska Airlines Pass Through Trust
		Series 2020-A-1, 4.80%, 08/15/27 (m)	50,000		50,625
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $50,000)			50,625
COMMON STOCKS 0.1%
Energy 0.1%
	MPLX LP		2,200		38,016
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (i)		8,143		8,469
	iHeartMedia, Inc. - Class A (b) (i)		386		3,223
				11,692
	Total Common Stocks (cost $121,632)			49,708
WARRANTS 0.1%
	iHeartMedia, Inc. (i) (n)		2,897		21,771
	Total Warrants (cost $53,585)			21,771
SHORT TERM INVESTMENTS 4.6%
Investment Companies 2.6%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.12% (o)		1,381,385		1,381,385
Securities Lending Collateral 2.0%
	State Street Navigator Securities Lending Government Money Market Portfolio (o)		1,063,848		1,063,848
	Total Short Term Investments (cost $2,445,233)			2,445,233
Total Investments 102.2% (cost $54,668,701)					53,870,875
Other Derivative Instruments 0.0%					469
Other Assets and Liabilities, Net (2.2)%					(1,149,187)
Total Net Assets 100.0%					52,722,157

(b) All or a portion of the security was on loan as of June 30, 2020.

(c) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

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

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2020.

(f) Perpetual security. Next contractual call date presented, if applicable.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020

(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 Notes to Financial Statements.

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

(i) Non-income producing security.

(j) As of June 30, 2020, 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.

(k) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2020. 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.

(l) This senior floating rate interest will settle after June 30, 2020. If a reference rate and spread is presented, it will go into effect upon settlement.

(m) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2020, the total payable for investments purchased on a delayed delivery basis was $50,000.

(n) Security fair valued in good faith as a Level 2 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 Notes to Financial Statements.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2020.


PPM High Yield Core Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Nordic Aviation Capital DAC, 3.79%, 02/27/23	02/06/20	80,000	60,400	0.1
	Nordic Aviation Capital DAC, 5.83%, 03/14/26	02/27/19	125,000	89,375	0.2
			205,000	149,775	0.3

PPM High Yield Core Fund – Unfunded Commitments


PPM High Yield Core Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
United States 10 Year Note	(2)	September 2020		(277,350)	313			(994)
United States 5 Year Note	(5)	October 2020		(627,310)	156			(1,401)
					469			(2,395)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
PPM Long Short Credit Fund
CORPORATE BONDS AND NOTES 79.2%
Financials 24.0%
	Acrisure, LLC
		7.00%, 11/15/25 (a)	80,000		76,422
	AerCap Ireland Capital Designated Activity Company
		4.50%, 09/15/23	150,000		150,127
		6.50%, 07/15/25	40,000		41,861
	Avolon Holdings Funding Limited
		3.63%, 05/01/22 (a)	125,000		117,812
		5.25%, 05/15/24 (a)	342,000		311,483
	Bank of America Corporation
		6.30%, (callable at 100 beginning 03/10/26) (b)	40,000		44,477
		2.02%, (3M USD LIBOR + 1.00%), 04/24/23 (c)	166,000		166,966
		4.00%, 01/22/25	209,000		230,252
		4.25%, 10/22/26	105,000		120,296
		3.59%, 07/21/28	41,000		46,077
		4.27%, 07/23/29	170,000		200,123
		2.68%, 06/19/41	81,000		82,833
		4.33%, 03/15/50 (d)	1,199,000		1,535,290
	Barclays PLC
		1.70%, 05/12/22 (e)	200,000		203,590
	Capital One Financial Corporation
		3.75%, 03/09/27	40,000		44,113
	CIT Group Inc.
		3.93%, 06/19/24	202,000		197,400
	Citigroup Inc.
		5.00%, (callable at 100 beginning 09/12/24) (b)	52,000		48,811
		1.95%, (3M USD LIBOR + 0.96%), 04/25/22 (c) (d)	249,000		250,267
		4.45%, 09/29/27	41,000		46,749
		3.89%, 01/10/28 (c)	67,000		75,386
		4.13%, 07/25/28	10,000		11,305
		3.52%, 10/27/28	91,000		100,830
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 07/17/23) (a) (b)	200,000		206,107
		6.50%, 08/08/23 (a)	175,000		190,964
	Diamond Finance International Limited
		8.35%, 07/15/46 (a)	99,000		129,033
	Ford Motor Credit Company LLC
		4.53%, (3M USD LIBOR + 3.14%), 01/07/22 (c)	250,000		242,421
	General Motors Financial Company, Inc.
		5.20%, 03/20/23	60,000		64,119
	Glencore Funding LLC
		4.88%, 03/12/29 (a)	125,000		140,058
	HSBC Holdings PLC
		1.39%, (3M USD LIBOR + 1.00%), 05/18/24 (c)	150,000		149,402
	Icahn Enterprises L.P.
		4.75%, 09/15/24	37,000		34,977
		6.25%, 05/15/26	52,000		51,991
	Intercontinental Exchange, Inc.
		2.10%, 06/15/30	92,000		93,792
		3.00%, 06/15/50	72,000		74,267
	JPMorgan Chase & Co.
		4.49%, (callable at 100 beginning 11/01/20) (b)	150,000		141,052
		4.60%, (callable at 100 beginning 02/01/25) (b)	132,000		117,645
		5.00%, (callable at 100 beginning 08/01/24) (b)	70,000		67,497
		3.54%, 05/01/28	9,000		10,055
		3.51%, 01/23/29	66,000		74,687
		2.74%, 10/15/30	116,000		124,362
		2.96%, 05/13/31	77,000		81,601
	Lloyds Banking Group PLC
		3.87%, 07/09/25 (d) (e)	200,000		217,482
	Markel Corporation
		6.00%, (callable at 100 beginning 06/01/25) (b)	78,000		79,296
	Metropolitan Life Global Funding I
		3.60%, 01/11/24 (a)	160,000		175,215
	Morgan Stanley
		5.55%, (callable at 100 beginning 07/15/20) (b)	60,000		55,010
		2.03%, (3M USD LIBOR + 0.93%), 07/22/22 (c)	125,000		125,766
		4.10%, 05/22/23	225,000		242,213
		3.62%, 04/01/31	143,000		163,646
	NatWest Markets PLC
		2.38%, 05/21/23 (a)	200,000		204,484
	Nordic Aviation Capital DAC
		5.58%, 03/14/24 (f) (g)	135,000		101,925
	Rassman, Joel H.
		3.80%, 11/01/29	138,000		138,746
	Santander Holdings USA, Inc.
		3.45%, 06/02/25	99,000		103,178
	Springleaf Finance Corporation
		5.38%, 11/15/29	34,000		31,961
	The Goldman Sachs Group, Inc.
		3.50%, 04/01/25	57,000		62,509
		3.80%, 03/15/30	176,000		200,739
	The Guardian Life Insurance Company of America
		3.70%, 01/22/70 (a)	46,000		47,371
	The Royal Bank of Scotland Group Public Limited Company
		3.07%, 05/22/28 (e)	200,000		209,968
	The Travelers Companies, Inc.
		2.55%, 04/27/50	19,000		18,681
	Truist Financial Corporation
		4.95%, (callable at 100 beginning 09/01/25) (b)	75,000		76,875
	U.S. Bancorp
		3.00%, 07/30/29	30,000		32,668
	UBS AG
		1.75%, 04/21/22 (a)	200,000		203,729
	USA Compression Finance Corp.
		6.88%, 09/01/27	67,000		63,659
	Wells Fargo & Company
		2.41%, 10/30/25	189,000		196,720
		3.20%, 06/17/27	25,000		27,097
		3.58%, 05/22/28 (c)	26,000		28,868
		2.88%, 10/30/30	124,000		132,461
	Wells Fargo Bank, National Association
		2.08%, 09/09/22 (d)	750,000		762,017
				9,798,784
Communication Services 12.1%
	AT&T Inc.
		1.50%, (3M USD LIBOR + 1.18%), 06/12/24 (c)	350,000		350,693
		2.30%, 06/01/27	100,000		103,716
		5.25%, 03/01/37	64,000		79,440
		4.90%, 08/15/37	16,000		19,147
		3.50%, 06/01/41	80,000		84,328
	Booking Holdings Inc.
		4.10%, 04/13/25	88,000		98,817
		4.63%, 04/13/30	90,000		106,013
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	95,000		98,865
	CCO Holdings, LLC
		4.75%, 03/01/30 (a)	84,000		86,046
	CenturyLink, Inc.
		4.00%, 02/15/27 (a)	47,000		45,649
	Charter Communications Operating, LLC
		4.91%, 07/23/25	250,000		286,332
		6.83%, 10/23/55	40,000		53,692
	Comcast Corporation
		4.60%, 10/15/38	32,000		40,741
		3.75%, 04/01/40	25,000		29,363
		4.70%, 10/15/48	55,000		73,329
	Connect Finco SARL					��
		6.75%, 10/01/26 (a)	50,000		47,241
	DISH DBS Corporation
		7.75%, 07/01/26	66,000		69,951
	Hughes Satellite Systems Corporation
		5.25%, 08/01/26	83,000		85,839
	iHeartCommunications, Inc.
		6.38%, 05/01/26	14,918		14,861
		8.38%, 05/01/27	27,038		24,803
		5.25%, 08/15/27 (a)	25,000		23,946
		4.75%, 01/15/28 (a)	24,000		22,177
	Live Nation Entertainment, Inc.
		6.50%, 05/15/27 (a)	43,000		44,298
	Sirius XM Radio Inc.
		5.50%, 07/01/29 (a)	46,000		48,623

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Sprint Corporation
		7.13%, 06/15/24	58,000		65,411
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (a)	62,500		63,300
	TEGNA Inc.
		5.00%, 09/15/29 (a)	64,000		59,933
	Telesat Canada
		6.50%, 10/15/27 (a)	40,000		39,400
	The Walt Disney Company
		0.60%, (3M USD LIBOR + 0.25%), 09/01/21 (c) (d)	500,000		499,510
		2.65%, 01/13/31	97,000		103,020
	T-Mobile USA, Inc.
		3.50%, 04/15/25 (a)	45,000		49,080
		1.50%, 02/15/26 (a)	103,000		102,994
	Verizon Communications Inc.
		3.00%, 03/22/27	24,000		26,592
		4.02%, 12/03/29 (d)	1,510,000		1,805,936
		3.15%, 03/22/30	62,500		70,462
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	90,000		112,793
				4,936,341
Energy 11.9%
	Aker BP ASA
		3.75%, 01/15/30 (a)	210,000		199,130
	Baker Hughes Holdings LLC
		4.49%, 05/01/30	77,000		88,512
	Callon Petroleum Company
		6.38%, 07/01/26	125,000		42,456
	Canadian Natural Resources Limited
		2.05%, 07/15/25	81,000		81,144
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	41,000		46,018
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29	110,000		107,250
	Chevron Corporation
		2.00%, 05/11/27	97,000		101,416
	Denbury Resources Inc.
		9.25%, 03/31/22 (a) (d)	14,000		5,463
		7.75%, 02/15/24 (a)	80,000		30,211
	Diamondback Energy, Inc.
		4.75%, 05/31/25	33,000		35,286
	Endeavor Energy Resources, L.P.
		6.63%, 07/15/25 (a)	4,000		4,031
		5.75%, 01/30/28 (a)	69,000		66,473
	Energy Transfer LP
		6.75%, (callable at 100 beginning 05/15/25) (b)	83,000		70,493
		7.13%, (callable at 100 beginning 05/15/30) (b)	96,000		82,368
		4.25%, 03/15/23	192,000		202,614
		3.75%, 05/15/30	57,000		56,434
		5.80%, 06/15/38	95,000		96,724
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	40,000		42,622
	Enlink Midstream, LLC
		4.15%, 06/01/25	69,000		53,011
	Enterprise Products Operating LLC
		3.35%, 03/15/23	43,000		45,547
		3.13%, 07/31/29	123,000		131,758
		4.20%, 01/31/50	84,000		93,702
	EQM Midstream Partners, LP
		4.13%, 12/01/26	108,000		98,820
	Everest Acquisition, LLC
		0.00%, 11/29/24 (a) (d) (h) (i)	85,000		1,476
		0.00%, 05/15/26 (a) (h) (i)	35,000		8,115
	Exxon Mobil Corporation
		3.48%, 03/19/30	141,000		160,726
	Marathon Petroleum Corporation
		4.50%, 05/01/23	96,000		103,524
	MEG Energy Corp.
		7.13%, 02/01/27 (a)	17,000		14,122
	MPLX LP
		1.21%, (3M USD LIBOR + 0.90%), 09/09/21 (c) (d)	500,000		494,933
		4.00%, 03/15/28	97,000		102,199
		5.20%, 12/01/47	44,000		45,455
	Murphy Oil Corporation
		5.88%, 12/01/27	44,000		39,087
	National Oilwell Varco, Inc.
		3.60%, 12/01/29	100,000		97,384
	NGPL PipeCo LLC
		4.88%, 08/15/27 (a)	23,000		25,797
	Occidental Petroleum Corporation
		1.68%, (3M USD LIBOR + 1.25%), 08/13/21 (c) (d)	300,000		286,304
		3.50%, 08/15/29	103,000		75,355
		4.30%, 08/15/39	19,000		13,104
		4.40%, 08/15/49	21,000		14,386
	Parsley Energy, LLC
		5.38%, 01/15/25 (a)	91,000		88,698
	Patterson-UTI Energy, Inc.
		5.15%, 11/15/29	130,000		97,068
	Phillips 66
		3.70%, 04/06/23	90,000		96,408
		3.85%, 04/09/25	90,000		99,922
	Sabine Pass Liquefaction, LLC
		5.63%, 03/01/25	88,000		100,426
		4.20%, 03/15/28	165,000		176,994
		4.50%, 05/15/30 (a) (e)	60,000		66,299
	SM Energy Company
		1.50%, 07/01/21 (e)	48,000		44,021
	Southwestern Energy Company
		7.75%, 10/01/27 (d)	500,000		437,185
	Summit Midstream Partners, LP
		9.50%, (callable at 104 beginning 12/15/22) (b)	125,000		16,244
	Targa Resource Corporation
		5.50%, 03/01/30 (a)	108,000		103,951
	Transocean Pontus Limited
		6.13%, 08/01/25 (a) (d)	16,700		15,319
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	49,000		43,261
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	144,950		133,214
	WPX Energy, Inc.
		5.88%, 06/15/28	44,000		42,137
		4.50%, 01/15/30	43,000		37,972
				4,862,569
Health Care 7.9%
	AbbVie Inc.
		3.25%, 10/01/22 (a)	233,000		243,969
		2.95%, 11/21/26 (a)	121,000		131,445
	Amgen Inc.
		2.20%, 02/21/27	96,000		100,890
		2.45%, 02/21/30	39,000		41,196
		2.30%, 02/25/31	43,000		44,648
		3.15%, 02/21/40	131,000		139,947
	Ascension Health
		2.53%, 11/15/29	20,000		21,449
	Bausch Health Companies Inc.
		8.50%, 01/31/27 (a)	63,000		67,136
		5.75%, 08/15/27 (a)	82,000		86,872
		7.00%, 01/15/28 (a)	24,000		24,748
		5.00%, 01/30/28 (a)	32,000		30,153
		6.25%, 02/15/29 (a)	58,000		58,324
	Baxter International Inc.
		3.75%, 10/01/25 (a)	35,000		39,899
		3.95%, 04/01/30 (a)	11,000		13,041
	Becton, Dickinson and Company
		1.18%, (3M USD LIBOR + 0.88%), 12/29/20 (c) (d)	300,000		300,003
	Bristol-Myers Squibb Company
		3.40%, 07/26/29 (a)	218,000		251,617
		4.13%, 06/15/39 (a)	55,000		69,904
	Centene Corporation
		5.25%, 04/01/25 (a)	61,000		62,812
		5.38%, 08/15/26 (a)	64,000		66,573
		4.25%, 12/15/27	28,000		28,893
		4.63%, 12/15/29	123,000		129,765
		3.38%, 02/15/30	57,000		57,553
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	65,000		67,646

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Cigna Holding Company
		3.40%, 03/01/27 (a)	50,000		55,150
		4.38%, 10/15/28	120,000		141,993
		2.40%, 03/15/30	45,000		46,722
		3.20%, 03/15/40	36,000		38,136
	Community Health Systems, Inc.
		8.63%, 01/15/24 (a)	50,000		48,925
		8.00%, 03/15/26 (a)	85,000		80,358
	CVS Health Corporation
		4.78%, 03/25/38	62,000		76,816
		5.05%, 03/25/48	109,000		142,207
	Jaguar Holding Company II
		4.63%, 06/15/25 (a)	12,000		12,201
		5.00%, 06/15/28 (a)	12,000		12,284
	Molina Healthcare, Inc.
		4.38%, 06/15/28 (a)	12,000		12,033
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a) (d)	89,000		91,257
	Providence St. Joseph Health
		2.53%, 10/01/29	62,000		64,541
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (a)	130,000		127,380
	Upjohn Inc.
		2.30%, 06/22/27 (a)	22,000		22,710
		3.85%, 06/22/40 (a)	89,000		95,461
		4.00%, 06/22/50 (a)	64,000		68,440
				3,215,097
Consumer Discretionary 4.6%
	Adient US LLC
		9.00%, 04/15/25 (a)	27,000		29,096
		7.00%, 05/15/26 (a)	13,000		13,444
	Amazon.com, Inc.
		2.50%, 06/03/50	37,000		37,508
	Aramark Services, Inc.
		6.38%, 05/01/25 (a)	35,000		36,139
	Carnival Corporation
		11.50%, 04/01/23 (a)	87,000		94,139
	Cedar Fair, L.P.
		5.50%, 05/01/25 (a)	60,000		60,260
	Colt Merger Sub, Inc.
		5.75%, 07/01/25 (a)	35,000		35,198
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	94,000		97,055
	Eldorado Resorts, Inc.
		8.13%, 07/01/27 (a)	61,000		59,322
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	103,000		106,453
	Ford Motor Company
		9.63%, 04/22/30	24,000		28,449
	General Motors Company
		6.13%, 10/01/25	37,000		41,572
		6.80%, 10/01/27	27,000		31,394
	GLP Financing, LLC
		5.75%, 06/01/28	14,000		15,441
		5.30%, 01/15/29	110,000		119,065
	Hanesbrands Inc.
		5.38%, 05/15/25 (a)	48,000		48,571
	Hilton Domestic Operating Company Inc.
		5.38%, 05/01/25 (a)	24,000		24,000
		5.75%, 05/01/28 (a)	24,000		24,323
	Hyatt Hotels Corporation
		5.38%, 04/23/25 (j)	32,000		33,857
	KB Home
		7.63%, 05/15/23	67,000		73,021
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43	14,000		14,739
	Macy's, Inc.
		8.38%, 06/15/25 (a)	45,000		44,808
	Marriott International, Inc.
		5.75%, 05/01/25 (j)	83,000		90,343
	NCL Corporation Ltd.
		3.63%, 12/15/24 (a)	75,000		45,873
	Newell Brands Inc.
		4.88%, 06/01/25	33,000		34,538
	NIKE, Inc.
		3.25%, 03/27/40	51,000		57,085
	Northwestern University
		2.64%, 12/01/50	28,000		29,181
	NVR, Inc.
		3.00%, 05/15/30	97,000		101,405
	Ross Stores, Inc.
		4.60%, 04/15/25	119,000		136,729
	Royal Caribbean Cruises Ltd.
		11.50%, 06/01/25 (a)	16,000		16,680
	Scientific Games International, Inc.
		7.25%, 11/15/29 (a)	70,000		56,166
	Starbucks Corporation
		2.25%, 03/12/30	107,000		111,213
	The Home Depot, Inc.
		3.35%, 04/15/50	51,000		58,636
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	70,000		52,712
				1,858,415
Consumer Staples 4.5%
	Altria Group, Inc.
		2.35%, 05/06/25	61,000		64,160
		3.40%, 05/06/30	39,000		41,979
	Anheuser-Busch Companies, LLC
		3.65%, 02/01/26	71,000		79,628
		4.90%, 02/01/46	102,000		123,722
	Archer-Daniels-Midland Company
		2.75%, 03/27/25	13,000		14,114
		3.25%, 03/27/30	48,000		54,368
	BAT Capital Corp.
		4.91%, 04/02/30	107,000		125,480
		4.39%, 08/15/37	50,000		54,512
	Cargill, Incorporated
		2.13%, 04/23/30 (a)	25,000		26,199
	Energizer Holdings, Inc.
		6.38%, 07/15/26 (a)	35,000		36,200
	JBS USA Finance, Inc.
		6.75%, 02/15/28 (a)	100,000		105,806
	JBS USA Food Company
		5.88%, 07/15/24 (a)	15,000		15,202
		6.50%, 04/15/29 (a)	74,000		78,486
	Kraft Heinz Foods Company
		4.25%, 03/01/31 (a)	69,000		73,018
	Mars, Incorporated
		3.95%, 04/01/49 (a)	117,000		145,918
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (a)	100,000		93,693
	PepsiCo, Inc.
		3.63%, 03/19/50	80,000		96,977
	Post Holdings, Inc.
		5.63%, 01/15/28 (a)	82,000		84,675
	Reynolds American Inc.
		4.45%, 06/12/25	119,000		133,923
	Safeway Inc.
		3.50%, 02/15/23 (a)	67,000		67,844
	Spectrum Brands, Inc.
		5.00%, 10/01/29 (a)	63,000		62,217
	Sysco Corporation
		5.65%, 04/01/25 (j)	33,000		38,632
		5.95%, 04/01/30 (j)	23,000		28,885
	The Procter & Gamble Company
		3.60%, 03/25/50	23,000		28,831
	Walmart Inc.
		2.85%, 07/08/24	75,000		81,266
		2.95%, 09/24/49	56,000		63,198
				1,818,933
Materials 4.0%
	Anglo American Capital PLC
		5.38%, 04/01/25 (a)	200,000		226,046
		4.88%, 05/14/25 (a)	121,000		134,609
		4.75%, 04/10/27 (a)	135,000		150,225
	ARD Finance S.A.
		6.50%, 06/30/27 (a) (k)	130,000		128,730

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	CEMEX S.A.B. de C.V.
		5.45%, 11/19/29 (a)	150,000		138,729
	CF Industries, Inc.
		4.50%, 12/01/26 (a)	287,000		315,982
	Ecolab Inc.
		4.80%, 03/24/30	27,000		34,212
	FMG Resources (August 2006) Pty Ltd
		4.75%, 05/15/22 (a)	105,000		106,947
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	47,000		47,274
		5.40%, 11/14/34	60,000		60,526
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	74,000		64,417
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	175,000		162,837
	Teck Resources Limited
		3.90%, 07/15/30 (a)	76,000		75,737
				1,646,271
Utilities 3.8%
	Ameren Illinois Company
		4.50%, 03/15/49	104,000		135,953
	Consolidated Edison Company of New York, Inc.
		3.95%, 04/01/50	40,000		48,135
	DPL Inc.
		4.13%, 07/01/25 (a)	98,000		98,040
	Edison International
		4.95%, 04/15/25	15,000		16,513
	Exelon Corporation
		5.10%, 06/15/45	112,000		144,901
	Nevada Power Company
		3.70%, 05/01/29	119,000		138,455
	Pacific Gas And Electric Company
		1.75%, 06/16/22	202,000		202,312
		2.10%, 08/01/27	51,000		50,369
		5.00%, 07/01/28	20,000		19,890
	Sempra Energy
		1.72%, (3M USD LIBOR + 0.50%), 01/15/21 (c)	333,000		333,122
	Southern California Edison Company
		4.13%, 03/01/48	46,000		53,705
		3.65%, 02/01/50	50,000		55,146
	The AES Corporation
		3.30%, 07/15/25 (a)	96,000		98,578
	The Narragansett Electric Company
		3.40%, 04/09/30 (a)	26,000		29,281
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a) (d)	69,000		71,369
		4.30%, 07/15/29 (a)	60,000		63,053
				1,558,822
Industrials 3.7%
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (a)	124,000		130,151
	Foxtrot Escrow Issuer LLC
		12.25%, 11/15/26 (a)	74,000		71,812
	General Dynamics Corporation
		4.25%, 04/01/40	70,000		87,103
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (b) (d)	379,000		297,553
		3.45%, 05/01/27	22,000		22,561
		3.63%, 05/01/30	52,000		52,195
	Hillenbrand, Inc.
		4.50%, 09/15/26 (j)	18,000		18,078
	Howmet Aerospace Inc.
		6.88%, 05/01/25	25,000		27,156
	IDEX Corporation
		3.00%, 05/01/30	49,000		50,639
	Lockheed Martin Corporation
		1.85%, 06/15/30	25,000		25,627
		2.80%, 06/15/50	24,000		25,302
	Northrop Grumman Corporation
		4.40%, 05/01/30	33,000		39,951
	Reynolds Group Holdings Inc.
		4.72%, (3M USD LIBOR + 3.50%), 07/15/21 (a) (c)	161,000		159,884
	United Rentals (North America), Inc.
		3.88%, 11/15/27	51,000		50,839
	WESCO Distribution, Inc.
		7.13%, 06/15/25 (a)	52,000		54,831
		7.25%, 06/15/28 (a)	30,000		31,620
	Westinghouse Air Brake Technologies Corporation
		1.61%, (3M USD LIBOR + 1.30%), 09/15/21 (c) (d)	375,000		374,512
				1,519,814
Information Technology 2.1%
	Broadcom Corporation
		3.88%, 01/15/27	100,000		108,161
	Broadcom Inc.
		4.25%, 04/15/26 (a)	75,000		83,496
	Dell International L.L.C.
		5.85%, 07/15/25 (a)	48,000		55,137
		4.90%, 10/01/26 (a) (j)	30,000		33,037
	Equifax Inc.
		2.60%, 12/01/24 - 12/15/25	93,000		98,495
	Hewlett Packard Enterprise Company
		4.45%, 10/02/23	91,000		99,455
	Microsoft Corporation
		3.95%, 08/08/56	42,000		54,318
		2.68%, 06/01/60	8,000		8,345
	NXP B.V.
		4.13%, 06/01/21 (a)	200,000		205,306
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (a)	85,000		86,288
				832,038
Real Estate 0.6%
	Boston Properties Limited Partnership
		2.90%, 03/15/30	110,000		114,966
	Simon Property Group, L.P.
		2.45%, 09/13/29	75,000		74,412
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	65,000		62,304
				251,682
	Total Corporate Bonds And Notes (cost $31,214,155)			32,298,766
SENIOR FLOATING RATE INSTRUMENTS 16.7%
Consumer Discretionary 5.0%
	1011778 B.C. Unlimited Liability Company
		USD Term Loan N, 1.93%, (1M LIBOR + 1.75%), 11/14/26 (c)	203,109		192,141
	Adient US LLC
		USD Term Loan B16, 4.18%, (1M LIBOR + 4.00%), 05/03/24 (c)	55,639		53,298
		USD Term Loan B11, 4.47%, (3M LIBOR + 4.00%), 05/03/24 (c)	18,797		18,006
	American Axle and Manufacturing, Inc.
		Term Loan Y, 3.00%, (1M LIBOR + 2.25%), 03/10/24 (c)	145,834		138,177
	Aramark Services, Inc.
		2018 Term Loan B3, 1.93%, (1M LIBOR + 1.75%), 03/01/25 (c)	187,000		176,247
	Caesars Entertainment Operating Company
		Exit Term Loan, 2.18%, (1M LIBOR + 2.00%), 04/03/24 (c)	182,789		181,818
	Caesars Resort Collection, LLC
		Term Loan B, 2.93%, (1M LIBOR + 2.75%), 12/23/24 (c)	76,095		67,463
		Term Loan, 0.00%, (3M LIBOR + 4.50%), 06/19/25 (c) (l)	118,000		110,699
	CityCenter Holdings, LLC
		2020 USD Term Loan B, 3.00%, (1M LIBOR + 2.25%), 04/14/24 (c)	96,727		87,755
	Four Seasons Hotels Limited
		2019 Term Loan, 2.18%, (1M LIBOR + 2.00%), 11/30/23 (c)	122,462		115,727
	Golden Nugget, Inc.
		2018 USD Term Loan, 3.25%, (1M LIBOR + 2.50%), 09/07/23 - 10/04/23 (c)	191,814		151,533
	Marriott Ownership Resorts, Inc.
		2018 1st Lien Term Loan, 1.93%, (1M LIBOR + 1.75%), 08/29/25 (c)	244,163		228,598

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	Mileageplus
		2018 1st Lien Term Loan, 0.00%, (3M LIBOR + 5.25%), 12/31/23 (c) (l)	122,900		121,927
	Mohegan Tribal Gaming Authority
		2018 1st Lien Term Loan, 5.38%, (3M LIBOR + 4.38%), 10/30/23 (c)	131,005		106,965
	Numericable Group SA
		2017 Term Loan B, 2.92%, (1M LIBOR + 2.75%), 07/31/25 (c)	194,452		183,750
	PCI Gaming Authority
		2017 Term Loan B, 2.68%, (1M LIBOR + 2.50%), 05/15/26 (c)	125,393		119,124
				2,053,228
Communication Services 3.9%
	Ancestry.com Operations Inc.
		Term Loan B4, 5.25%, (1M LIBOR + 4.25%), 08/15/26 (c)	112,512		106,465
	CenturyLink, Inc.
		Reprice Term Loan, 2.43%, (1M LIBOR + 2.25%), 03/15/27 (c)	134,325		126,341
	CSC Holdings, LLC
		2020 Term Loan B, 2.43%, (1M LIBOR + 2.25%), 07/15/25 (c)	157,165		148,324
	Diamond Sports Group, LLC
		2020 Term Loan, 3.43%, (3M LIBOR + 3.25%), 08/24/26 (c)	89,325		72,465
	Frontier Communications Corporation
		2019 Term Loan, 5.21%, (PRIME + 2.75%), 05/31/24 (c)	407		395
		2019 Term Loan, 5.35%, (1M LIBOR + 3.75%), 05/31/24 (c)	121,760		118,346
	Level 3 Financing Inc.
		2018 Incremental Term Loan, 1.93%, (1M LIBOR + 1.75%), 03/01/27 (c)	168,664		159,207
	Nexstar Broadcasting, Inc.
		2017 Term Loan B3, 2.92%, (1M LIBOR + 2.75%), 07/15/26 (c)	239,342		227,161
	Terrier Media Buyer, Inc.
		Term Loan B, 4.43%, (1M LIBOR + 4.25%), 10/04/26 (c)	38,805		36,930
	T-Mobile USA, Inc.
		2020 Term Loan, 3.18%, (1M LIBOR + 3.00%), 04/01/27 (c)	62,500		62,365
	Univision Communications Inc.
		Term Loan C5, 2.93%, (1M LIBOR + 2.75%), 03/15/24 (c)	112,851		104,105
	Virgin Media Bristol LLC
		USD Term Loan N, 2.68%, (1M LIBOR + 2.50%), 10/03/27 (c)	150,000		142,912
	Windstream Services, LLC
		Repriced Term Loan B6, 8.25%, (PRIME + 5.00%), 03/29/21 (c)	149,237		89,840
	Zayo Group Holdings, Inc.
		USD Term Loan, 3.18%, (1M LIBOR + 3.00%), 02/20/27 (c)	222,063		210,275
				1,605,131
Materials 2.5%
	Berry Global, Inc.
		Term Loan B, 2.18%, (1M LIBOR + 2.00%), 07/01/26 (c)	194,906		185,892
	BWAY Holding Company
		Term Loan B, 4.56%, (3M LIBOR + 3.25%), 04/03/24 (c)	285,050		255,239
	Diamond (BC) B.V.
		USD Term Loan , 3.76%, (3M LIBOR + 3.00%), 07/24/24 (c)	166,583		152,702
	Flex Acquisition Company, Inc.
		2019 Term Loan B, 4.43%, (3M LIBOR + 3.00%), 12/15/23 (c)	69,269		66,041
	Hexion Inc
		2018 Term Loan B, 4.93%, (3M LIBOR + 3.50%), 06/27/26 (c)	120,936		117,610
	Klockner-Pentaplast of America, Inc.
		2018 Term Loan B, 5.25%, (3M LIBOR + 4.25%), 06/30/22 (c)	147,355		137,566
	Messer Industries GmbH
		2018 1st Lien Term Loan, 2.81%, (3M LIBOR + 2.50%), 10/10/25 (c)	119,488		113,662
				1,028,712
Health Care 1.4%
	Air Methods Corporation
		USD Term Loan, 4.50%, (3M LIBOR + 3.50%), 04/12/24 (c)	88,770		72,773
	Alphabet Holding Company, Inc.
		USD 2nd Lien Term Loan, 3.68%, (1M LIBOR + 3.50%), 08/15/24 (c)	88,186		82,812
	Endo Luxembourg Finance Company I S.a r.l.
		2019 Term Loan B2, 5.00%, (1M LIBOR + 4.25%), 04/12/24 (c)	132,273		124,667
	Phoenix Guarantor Inc
		2017 Term Loan B, 3.43%, (1M LIBOR + 3.25%), 03/05/26 (c)	165,004		158,404
	RegionalCare Hospital Partners Holdings, Inc.
		2017 1st Lien Term Loan B, 3.93%, (1M LIBOR + 3.75%), 11/09/25 (c)	130,936		122,408
				561,064
Energy 1.3%
	Buckeye Partners, L.P.
		Term Loan B, 2.92%, (1M LIBOR + 2.75%), 10/10/26 (c)	250,000		239,125
	California Resources Corporation
		Term Loan, 5.75%, (3M LIBOR + 4.75%), 11/08/22 (c)	125,000		42,656
	Lower Cadence Holdings LLC
		2018 1st Lien Term Loan, 4.18%, (1M LIBOR + 4.00%), 05/10/26 (c)	192,740		170,575
	Traverse Midstream Partners LLC
		2017 Term Loan, 5.00%, (1M LIBOR + 4.00%), 09/22/24 (c)	98,250		81,425
				533,781
Utilities 0.7%
	Calpine Corporation
		Term Loan, 2.43%, (1M LIBOR + 2.25%), 05/23/22 (c)	195,876		188,721
	Pacific Gas And Electric Company
		2017 Term Loan B, 2.44%, (1M LIBOR + 2.25%), 12/31/20 (c)	100,000		99,500
				288,221
Industrials 0.7%
	Genesee & Wyoming Inc.
		2018 USD Term Loan B2, 2.31%, (3M LIBOR + 2.00%), 10/29/26 (c)	75,810		72,819
	Tempo Acquisition LLC
		Term Loan, 2.93%, (1M LIBOR + 2.75%), 04/20/24 (c)	225,354		213,522
				286,341
Consumer Staples 0.6%
	BJ's Wholesale Club, Inc.
		Term Loan B, 2.43%, (1M LIBOR + 2.25%), 01/26/24 (c)	99,878		96,453
	JBS USA Lux S.A.
		2018 Term Loan B, 3.07%, (3M LIBOR + 2.00%), 04/27/26 (c)	145,528		138,676
				235,129
Information Technology 0.4%
	Radiate Holdco, LLC
		2017 Incremental Term Loan B, 3.75%, (1M LIBOR + 3.00%), 12/09/23 (c)	151,862		144,649
Financials 0.2%
	BCP Renaissance Parent LLC
		Term Loan B, 4.50%, (3M LIBOR + 3.50%), 09/20/24 (c)	100,062		83,338
	Total Senior Floating Rate Instruments (cost $7,374,242)			6,819,594
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.1%
	Alaska Airlines Pass Through Trust
		Series 2020-A-1, 4.80%, 08/15/27 (m)	62,000		62,775
	American Airlines, Inc.
		Series 2013-B-2, 5.60%, 07/15/20	43,548		43,156

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
	AmeriCredit Automobile Receivables Trust
		Series 2018-A3-1, 3.07%, 01/19/21 (d)	444,080		448,403
	Ascentium Equipment Receivables Trust
		Series 2017-A3-2A, 2.31%, 12/10/21	44,435		44,644
	BX Commercial Mortgage Trust
		Series 2018-A-IND, 0.93%, (1M USD LIBOR + 0.75%), 10/15/20 (c) (d)	401,157		397,854
		Series 2020-A-BXLP, REMIC, 0.98%, (1M USD LIBOR + 0.80%), 12/15/21 (c) (d)	800,000		794,243
	Capital One Prime Auto Receivables Trust
		Series 2020-A2-1, 1.64%, 06/15/23	186,000		186,366
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21	21,016		21,095
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23	3,230		3,192
	DLL LLC
		Series 2018-A3-ST2, 3.46%, 04/20/21	71,678		72,383
		Series 2019-A2-MT3, 2.13%, 01/20/22	250,000		251,525
	GLS Auto Receivables Trust
		Series 2019-A-1A, 3.37%, 03/15/21	41,735		42,092
		Series 2018-A-3A, 3.35%, 08/15/22	11,997		12,047
	GreatAmerica Financial Services Corporation
		Series 2019-A2-1, 2.97%, 09/15/20	57,863		57,940
	GS Mortgage Securities Corp Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22	175,000		174,866
	HPEFS Equipment Trust
		Series 2019-A2-1A, 2.19%, 09/20/29	88,409		88,523
	John Deere Owner Trust
		Series 2019-A2-B, 2.28%, 04/15/21 (d)	256,065		257,653
	Prestige Auto Receivables Trust
		Series 2019-A2-1A, 2.44%, 12/15/20 (d)	359,757		360,309
	Verizon Owner Trust
		Series 2018-A1A-1A, 2.82%, 03/22/21 (d)	350,677		353,744
	Volvo Financial Equipment LLC
		Series 2019-A2-1A, 2.90%, 10/15/20	48,097		48,244
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,719,548)			3,721,054
INVESTMENT COMPANIES 2.3%
	Kayne Anderson MLP Investment Co.		2,582		13,633
	SPDR Bloomberg Barclays High Yield Bond ETF (d)		9,300		940,787
	Total Investment Companies (cost $1,040,179)			954,420
GOVERNMENT AND AGENCY OBLIGATIONS 0.8%
Sovereign 0.6%
	Abu Dhabi, Government of
		3.13%, 04/16/30 (a)	200,000		220,139
Municipal 0.2%
	Dormitory Authority State of New York
		3.19%, 02/15/43	80,000		87,058
	Total Government And Agency Obligations (cost $279,214)			307,197
WARRANTS 0.1%
	iHeartMedia, Inc. (h) (n)		2,328		17,495
	Total Warrants (cost $42,970)			17,495
COMMON STOCKS 0.0%
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (h)		6,438		6,696
	iHeartMedia, Inc. - Class A (h)		310		2,588
	Total Common Stocks (cost $37,234)			9,284
SHORT TERM INVESTMENTS 4.7%
Investment Companies 4.7%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.12% (o)		1,921,904		1,921,904
	Total Short Term Investments (cost $1,921,904)			1,921,904
Total Investments 112.9% (cost $45,629,446)					46,049,714
Total Securities Sold Short (13.2)% (proceeds $4,561,017)					(5,399,794)
Other Derivative Instruments 0.0%					14,464
Other Assets and Liabilities, Net 0.3%					118,154
Total Net Assets 100.0%					40,782,538

(b) Perpetual security. Next contractual call date presented, if applicable.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(d) All or a portion of the security is pledged or segregated as collateral.

(e) Convertible security.

(f) 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 Notes to Financial Statements.

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

(h) Non-income producing security.

(i) As of June 30, 2020, 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.

(j) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(k) 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.

(l) This senior floating rate interest will settle after June 30, 2020. If a reference rate and spread is presented, it will go into effect upon settlement.

(m) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2020, the total payable for investments purchased on a delayed delivery basis was $62,000.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2020.


			Shares/Par¹	Value ($)
SECURITIES SOLD SHORT (13.2%)
CORPORATE BONDS AND NOTES (11.5%)
Financials (3.7%)
	Bank of America Corporation
		3.95%, 01/23/49	(1,250,000)	(1,529,201)
Communication Services (3.7%)
	Verizon Communications Inc.
		4.52%, 09/15/48	(1,123,000)	(1,498,126)
Materials (1.3%)
	International Paper Company
		3.00%, 02/15/27	(500,000)	(540,313)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
Consumer Discretionary (1.0%)
	Harley-Davidson, Inc.
		3.50%, 07/28/25	(400,000)		(414,799)
Energy (0.9%)
	Southwestern Energy Company
		6.20%, 01/23/25 (a)	(432,000)		(373,966)
Information Technology (0.9%)
	Intel Corporation
		4.10%, 05/11/47	(275,000)		(350,389)
	Total Corporate Bonds And Notes (proceeds $3,906,711)			(4,706,794)
GOVERNMENT AND AGENCY OBLIGATIONS (1.7%)
Sovereign (1.7%)
	El Gobierno De La República Oriental Del Uruguay
		4.38%, 10/27/27	(600,000)		(693,000)
	Total Government And Agency Obligations (proceeds $654,306)			(693,000)
	Total Securities Sold Short (13.2%) (proceeds $4,561,017)				(5,399,794)

(a) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2020.

PPM Long Short Credit Fund — Restricted Securities

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

Nordic Aviation Capital DAC, 5.58%, 03/14/24

02/27/19

135,000

101,925

0.2


PPM Long Short Credit Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
United States 10 Year Note	(16)	September 2020		(2,218,854)	2,500			(7,897)
United States 10 Year Ultra Bond	(32)	September 2020		(5,020,058)	8,000			(19,442)
United States 2 Year Note	(5)	October 2020		(1,103,683)	(78)			(457)
United States 5 Year Note	(38)	October 2020		(4,767,618)	1,187			(10,585)
United States Long Bond	(9)	September 2020		(1,596,434)	4,219			(10,629)
United States Ultra Bond	(4)	September 2020		(865,425)	4,125			(7,200)
					19,953			(56,210)

PPM Long Short Credit Fund — Centrally Cleared Credit Default Swap Agreements

Reference Entity²

Fixed

Receive/

Pay Rate

(%)

Expiration

Notional¹

Value ($)

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Credit default swap agreements - purchase protection

CDX.NA.IG.34 (Q)

1.00

06/20/25

3,380,000

(39,904)

(5,489)

(107,148)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


		Shares/Par¹		Value ($)
PPM Large Cap Value Fund
COMMON STOCKS 99.6%
Financials 19.1%
	Bank of America Corporation	3,600		85,500
	Berkshire Hathaway Inc. - Class B (a)	800		142,808
	Citigroup Inc.	3,800		194,180
	Huntington Bancshares Incorporated	12,200		110,227
	JPMorgan Chase & Co.	1,800		169,308
	Morgan Stanley	3,900		188,370
	Synovus Financial Corp.	6,500		133,445
	The Allstate Corporation	2,000		193,980
	The Hartford Financial Services Group, Inc.	5,000		192,750
	The PNC Financial Services Group, Inc.	900		94,689
			1,505,257
Health Care 16.9%
	AbbVie Inc.	2,200		215,996
	Cigna Holding Company	1,000		187,650
	CVS Health Corporation	3,000		194,910
	Johnson & Johnson	1,300		182,819
	McKesson Corporation	1,400		214,788
	Merck & Co., Inc.	2,000		154,660
	Pfizer Inc.	5,500		179,850
			1,330,673
Information Technology 15.5%
	ADS Alliance Data Systems, Inc.	2,000		90,240
	Apple Inc.	600		218,880
	Avnet, Inc.	2,000		55,770
	Cisco Systems, Inc.	3,000		139,920
	Cognizant Technology Solutions Corp. - Class A	1,300		73,866
	Intel Corporation	1,400		83,762
	Leidos Holdings Inc.	1,900		177,973
	Microsoft Corporation	800		162,808
	Nuance Communications, Inc. (a)	3,400		86,037
	Qualcomm Incorporated	1,500		136,815
			1,226,071
Consumer Discretionary 9.0%
	Best Buy Co., Inc.	1,400		122,178
	Delta Air Lines, Inc.	5,800		162,690
	Foot Locker, Inc.	3,400		99,144
	General Motors Company	6,000		151,800
	Newell Brands Inc.	6,100		96,868
	Royal Caribbean Cruises Ltd.	1,500		75,450
			708,130
Consumer Staples 8.7%
	Altria Group, Inc.	5,000		196,250
	Archer-Daniels-Midland Company	3,900		155,610
	Campbell Soup Company	2,900		143,927
	The Kroger Co.	5,700		192,945
			688,732
Utilities 7.4%
	Exelon Corporation	4,700		170,563
	The AES Corporation	15,100		218,799
	Vistra Energy Corp.	10,300		191,786
			581,148
Communication Services 6.8%
	AT&T Inc.	6,500		196,495
	Comcast Corporation - Class A	4,800		187,104
	ViacomCBS Inc. - Class B	6,600		153,912
			537,511
Industrials 6.3%
	Caterpillar Inc.	1,200		151,800
	Robert Half International Inc.	2,600		137,358
	Spirit Aerosystems Holdings Inc. - Class A	3,300		79,002
	Textron Inc.	3,900		128,349
			496,509
Energy 5.6%
	Chevron Corporation	2,100		187,383
	Exxon Mobil Corporation	3,000		134,160
	Halliburton Company	9,000		116,820
			438,363
Materials 3.4%
	Berry Global Group, Inc. (a)	3,500		155,120
	Nucor Corporation	2,700		111,807
			266,927
Real Estate 0.9%
	Simon Property Group, Inc.	1,100		75,218
	Total Common Stocks (cost $8,693,430)		7,854,539
SHORT TERM INVESTMENTS 0.5%
Investment Companies 0.5%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.12% (b)	42,838		42,838
	Total Short Term Investments (cost $42,838)		42,838
Total Investments 100.1% (cost $8,736,268)				7,897,377
Other Assets and Liabilities, Net (0.1)%				(10,078)
Total Net Assets 100.0%				7,887,299

(a) Non-income producing security.

(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2020.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


			Shares/Par¹		Value ($)
PPM Mid Cap Value Fund
COMMON STOCKS 99.6%
Financials 19.3%
	American Financial Group, Inc.		1,400		88,844
	Home BancShares, Inc.		5,500		84,590
	Huntington Bancshares Incorporated		7,600		68,666
	Janus Henderson Group PLC		6,000		126,960
	Reinsurance Group of America, Incorporated		950		74,518
	Sterling Bancorp		4,100		48,052
	Synovus Financial Corp.		5,900		121,127
	TCF Financial Corporation		4,100		120,622
	The Allstate Corporation		1,200		116,388
	The Hartford Financial Services Group, Inc.		2,700		104,085
				953,852
Consumer Discretionary 12.9%
	Best Buy Co., Inc.		1,000		87,270
	Delta Air Lines, Inc.		3,800		106,590
	Foot Locker, Inc.		2,900		84,564
	Helen of Troy Ltd (a)		700		131,992
	Newell Brands Inc.		5,500		87,340
	Penske Automotive Group, Inc.		2,100		81,291
	Royal Caribbean Cruises Ltd.		1,200		60,360
				639,407
Information Technology 12.7%
	Avnet, Inc.		1,800		50,193
	Belden Inc.		2,200		71,610
	CACI International Inc. - Class A (a)		300		65,064
	Cognizant Technology Solutions Corp. - Class A		900		51,138
	Leidos Holdings Inc.		800		74,936
	Nuance Communications, Inc. (a)		3,500		88,567
	Semtech Corp. (a)		1,900		99,218
	Teradyne Inc.		1,000		84,510
	Western Digital Corporation		1,000		44,150
				629,386
Industrials 11.6%
	Kennametal Inc.		4,300		123,453
	MasTec Inc. (a)		2,400		107,688
	Robert Half International Inc.		1,400		73,962
	Spirit Aerosystems Holdings Inc. - Class A		3,000		71,820
	Terex Corp.		3,450		64,757
	Textron Inc.		4,000		131,640
				573,320
Utilities 9.0%
	Exelon Corporation		2,100		76,209
	PNM Resources, Inc.		2,500		96,100
	Sempra Energy		400		46,892
	The AES Corporation		7,500		108,675
	Vistra Energy Corp.		6,400		119,168
				447,044
Materials 7.3%
	Berry Global Group, Inc. (a)		1,800		79,776
	Huntsman Corp.		5,700		102,429
	Reliance Steel & Aluminum Co.		1,100		104,423
	Steel Dynamics Inc.		2,800		73,052
				359,680
Health Care 7.3%
	Cigna Holding Company		600		112,590
	Magellan Health Services Inc. (a)		1,700		124,066
	McKesson Corporation		800		122,736
				359,392
Consumer Staples 6.8%
	Campbell Soup Company		2,100		104,223
	Ingredion Inc.		1,500		124,500
	The Kroger Co.		3,200		108,320
				337,043
Real Estate 6.5%
	Healthpeak Properties, Inc.		3,500		96,460
	Physicians Realty Trust		7,500		131,400
	Regency Centers Corp.		2,000		91,780
				319,640
Energy 3.1%
	Halliburton Company		4,000		51,920
	National Oilwell Varco, Inc.		3,700		45,325
	PBF Energy Inc. - Class A		5,500		56,320
				153,565
Communication Services 3.1%
	Meredith Corporation		3,000		43,650
	ViacomCBS Inc. - Class B		4,600		107,272
				150,922
	Total Common Stocks (cost $5,825,904)			4,923,251
SHORT TERM INVESTMENTS 0.7%
Investment Companies 0.7%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.12% (b)	��	35,939		35,939
	Total Short Term Investments (cost $35,939)			35,939
Total Investments 100.3% (cost $5,861,843)					4,959,190
Other Assets and Liabilities, Net (0.3)%					(15,998)
Total Net Assets 100.0%					4,943,192

(a) Non-income producing security.

(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2020.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020


		Shares/Par¹		Value ($)
PPM Small Cap Value Fund
COMMON STOCKS 99.6%
Financials 28.3%
	Ameris Bancorp	6,950		163,950
	Axos Financial, Inc. (a)	12,800		282,624
	Banc of California, Inc.	14,600		158,118
	First Horizon National Corporation	16,700		166,332
	Home BancShares, Inc.	16,400		252,232
	Houlihan Lokey Inc. - Class A	4,500		250,380
	Independent Bank Corp.	4,000		268,360
	Janus Henderson Group PLC	9,600		203,136
	National General Holdings Corp.	12,900		278,769
	Renasant Corporation	11,000		273,900
	Sterling Bancorp	22,600		264,872
	TCF Financial Corporation	9,000		264,780
	Western Alliance Bancorp	5,000		189,350
			3,016,803
Industrials 16.8%
	Aerojet Rocketdyne Holdings, Inc. (a)	3,500		138,740
	Apogee Enterprises, Inc.	11,500		264,960
	GATX Corporation	3,400		207,332
	Kennametal Inc.	10,000		287,100
	MasTec Inc. (a)	3,600		161,532
	SkyWest Inc.	7,900		257,698
	Spirit Aerosystems Holdings Inc. - Class A	4,300		102,942
	Steelcase Inc. - Class A	13,500		162,810
	Terex Corp.	10,800		202,716
			1,785,830
Information Technology 15.0%
	Avaya Holdings Corp. (a)	13,000		160,680
	Belden Inc.	4,500		146,475
	Benchmark Electronics, Inc.	6,700		144,720
	CACI International Inc. - Class A (a)	1,100		238,568
	CSG Systems International, Inc.	2,800		115,892
	KBR, Inc.	6,600		148,830
	Photronics Inc. (a)	8,000		89,040
	Semtech Corp. (a)	4,500		234,990
	SYNNEX Corporation	1,200		143,724
	Teradata Corporation (a)	4,000		83,200
	Verint Systems Inc. (a)	2,000		90,360
			1,596,479
Consumer Discretionary 9.9%
	American Axle & Manufacturing Holdings, Inc. (a)	16,000		121,600
	Foot Locker, Inc.	4,000		116,640
	Helen of Troy Ltd (a)	1,500		282,840
	Penske Automotive Group, Inc.	7,400		286,454
	Skechers U.S.A. Inc. - Class A (a)	7,900		247,902
			1,055,436
Health Care 7.6%
	Integer Holdings Corporation (a)	3,100		226,455
	Magellan Health Services Inc. (a)	4,200		306,516
	Premier Healthcare Solutions, Inc. - Class A (a)	7,900		270,812
			803,783
Real Estate 6.9%
	Brandywine Realty Trust	16,000		174,240
	DiamondRock Hospitality Co.	27,400		151,522
	Kite Realty Naperville, LLC	15,600		180,024
	Physicians Realty Trust	13,000		227,760
			733,546
Materials 5.1%
	Allegheny Technologies Incorporated (a)	12,400		126,356
	Huntsman Corp.	9,700		174,309
	Olin Corporation	9,300		106,857
	Reliance Steel & Aluminum Co.	1,400		132,902
			540,424
Consumer Staples 4.5%
	Ingredion Inc.	1,600		132,800
	Primo Water Corporation	19,100		262,625
	Sanderson Farms Inc.	700		81,123
			476,548
Utilities 2.3%
	PNM Resources, Inc.	6,500		249,860
Energy 1.6%
	PBF Energy Inc. - Class A	17,100		175,104
Communication Services 1.6%
	Meredith Corporation	11,500		167,325
	Total Common Stocks (cost $11,539,561)		10,601,138
SHORT TERM INVESTMENTS 0.5%
Investment Companies 0.5%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.12% (b)	56,067		56,067
	Total Short Term Investments (cost $56,067)		56,067
Total Investments 100.1% (cost $11,595,628)				10,657,205
Other Assets and Liabilities, Net (0.1)%				(13,260)
Total Net Assets 100.0%				10,643,945

(a) Non-income producing security.

(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2020.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2020

Currency Abbreviations:

USD - United States Dollar

Abbreviations:


CDX.NA.IG - Credit Derivatives Index - North American - Investment Grade
DIP - Debtor-in-Possession
ETF - Exchange Traded Fund
LIBOR - London Interbank Offered Rate
PRIME - Wall Street Journal Prime Rate
REMIC - Real Estate Mortgage Investment Conduit
SPDR - Standard & Poor Depositary Receipt
U.S. or US - United States

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

²For Funds with derivatives that received or paid periodic payments, the frequency of periodic payments are defined as follows: (A) - Annually; (E) - Expiration Date; (M) - Monthly; (Q) - Quarterly; (S) - Semi-Annually.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 36

PPMFunds

Statements of Assets and Liabilities (Unaudited)

June 30, 2020


		PPM Core Plus Fixed Income Fund		PPM Floating Rate Income Fund			PPM High Yield Core Fund			PPM Long Short Credit Fund			PPM Large Cap Value Fund			PPM Mid Cap Value Fund			PPM Small Cap Value Fund
Assets
Investments, at value		$	58,053,232	$	51,640,744		$	53,870,875		$	46,049,714		$	7,897,377		$	4,959,190		$	10,657,205
Variation margin on futures			6,484		250			469			20,031			—			—			—
Cash			—		144,830			—			—			4			2			—
Receivable from:
	Investment securities sold		281,351		422,664			17,544			128,350			50,062			76,429			8,013
	Fund shares sold		130,933		115,923			209,282			95,896			—			—			—
	Dividends and interest		341,426		96,815			747,453			309,634			16,778			8,881			10,016
	Adviser		11,316		9,582			11,569			5,993			1,866			1,297			1,916
	Deposits with brokers and counterparties		87,784		4,180			7,590			328,582			—			—			—
Other assets			4,134		4,306			4,478			3,384			651			472			886
Total assets			58,916,660		52,439,294			54,869,260			46,941,584			7,966,738			5,046,271			10,678,036
Liabilities
Cash overdraft			122,335		—			231,997			63,308			—			—			4
Securities sold short, at value			—		—			—			5,399,794			—			—			—
Variation margin on futures			9,156		—			—			78			—			—			—
Variation margin on swap agreements			812		—			—			5,489			—			—			—
Payable for:
	Investment securities purchased		3,275,868		1,209,819			788,680			572,041			69,011			95,229			18,063
	Return of securities loaned		435,275		—			1,063,848			—			—			—			—
	Dividends/interest on securities sold short		—		—			—			66,190			—			—			—
	Interest expense and brokerage charges		—		—			—			4,373			—			—			—
	Advisory fees		17,967		23,268			24,061			16,785			3,956			2,902			7,376
	Administrative fees		4,491		4,230			4,374			3,357			659			414			922
	Board of Trustees fees		8,621		8,962			9,323			7,025			1,358			987			1,881
	Chief Compliance Officer fees		3,623		3,788			3,946			2,917			577			414			766
	Other expenses		19,661		19,775			20,874			17,689			3,878			3,133			5,079
Total liabilities			3,897,809		1,269,842			2,147,103			6,159,046			79,439			103,079			34,091
Net assets		$	55,018,851	$	51,169,452		$	52,722,157		$	40,782,538		$	7,887,299		$	4,943,192		$	10,643,945
Net assets consist of:
Paid-in capital		$	50,479,149	$	55,834,068		$	56,769,366		$	43,492,400		$	9,184,005		$	6,550,093		$	13,658,087
Total distributable earnings (loss)			4,539,702		(4,664,616	)		(4,047,209	)		(2,709,862	)		(1,296,706	)		(1,606,901	)		(3,014,142	)
Net assets		$	55,018,851	$	51,169,452		$	52,722,157		$	40,782,538		$	7,887,299		$	4,943,192		$	10,643,945
Net assets - Institutional Class		$	55,018,851	$	51,169,452		$	52,722,157		$	40,782,538		$	7,887,299		$	4,943,192		$	10,643,945
Shares outstanding - Institutional Class			5,058,317		5,633,040			5,702,045			4,355,512			968,441			684,508			1,506,751
Net asset value per share - Institutional Class		$	10.88	$	9.08		$	9.25		$	9.36		$	8.14		$	7.22		$	7.06
Investments, at cost		$	55,232,910	$	54,513,259		$	54,668,701		$	45,629,446		$	8,736,268		$	5,861,843		$	11,595,628
Proceeds from securities sold short			—		—			—			4,561,017			—			—			—
Securities on loan included in
	Investments, at value		426,288		385,085			1,044,253			—			—			—			—

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Operations (Unaudited)

For the Six Months Ended June 30, 2020


		PPM Core Plus Fixed Income Fund			PPM Floating Rate Income Fund			PPM High Yield Core Fund			PPM Long Short Credit Fund			PPM Large Cap Value Fund			PPM Mid Cap Value Fund			PPM Small Cap Value Fund
Investment income
Dividends		$	3,771		$	29,235		$	35,848		$	27,391		$	113,280		$	61,273		$	93,016
Interest			834,083			1,119,471			1,520,647			861,430			—			—			—
Securities lending			796			3,596			9,166			268			9			36			114
Total investment income			838,650			1,152,302			1,565,661			889,089			113,289			61,309			93,130

Expenses
Advisory fees			104,940			139,123			144,723			99,465			21,770			16,923			38,340
Administrative fees			26,235			25,295			26,313			19,893			3,628			2,417			4,793
Legal fees			15,695			16,798			17,502			12,273			2,563			1,846			3,410
Transfer agent fees			14,266			13,864			14,300			12,902			4,245			3,792			4,844
Board of Trustees fees			16,884			17,554			18,288			13,747			2,679			1,917			3,514
Chief Compliance Officer fees			11,245			11,782			12,274			9,059			1,796			1,289			2,375
Registration and filing fees			6,596			6,909			7,136			5,671			1,309			1,030			1,736
Dividends/interest on securities sold short			—			—			—			103,256			—			—			—
Net short holdings borrowing fees			—			—			—			31,352			—			—			—
Other expenses			4,162			4,327			4,503			3,391			657			475			894
Total expenses			200,023			235,652			245,039			311,009			38,647			29,689			59,906
Expense waiver			(68,815	)		(58,656	)		(62,568	)		(37,194	)		(11,467	)		(7,965	)		(12,056	)
Net expenses			131,208			176,996			182,471			273,815			27,180			21,724			47,850
Net investment income (loss)			707,442			975,306			1,383,190			615,274			86,109			39,585			45,280

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments		1,039,057			(1,138,981	)		(1,840,888	)		(37,291	)		(281,682	)		(228,290	)		(1,434,077	)
	Securities sold short		—			—			—			83,616			—			—			—
	Futures contracts		330,775			(29,331	)		(192,067	)		(1,203,832	)		—			—			—
	Swap agreements		15,150			—			—			101,974			—			—			—
Net change in unrealized appreciation
	(depreciation) on:
	Investments		998,809			(2,458,336	)		(2,560,998	)		(597,795	)		(1,322,502	)		(1,175,949	)		(1,221,026	)
	Investment securities sold short		—			—			—			(307,781	)		—			—			—
	Futures contracts		69,294			(4,022	)		(18,869	)		(195,506	)		—			—			—
	Swap agreements		(12,896	)		—			—			(86,739	)		—			—			—
Net realized and unrealized gain (loss)			2,440,189			(3,630,670	)		(4,612,822	)		(2,243,354	)		(1,604,184	)		(1,404,239	)		(2,655,103	)
Change in net assets from operations		$	3,147,631		$	(2,655,364	)	$	(3,229,632	)	$	(1,628,080	)	$	(1,518,075	)	$	(1,364,654	)	$	(2,609,823	)

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Six Months Ended June 30, 2020


		PPM Core Plus Fixed Income Fund			PPM Floating Rate Income Fund			PPM High Yield Core Fund			PPM Long Short Credit Fund			PPM Large Cap Value Fund			PPM Mid Cap Value Fund			PPM Small Cap Value Fund
Operations
Net investment income (loss)		$	707,442		$	975,306		$	1,383,190		$	615,274		$	86,109		$	39,585		$	45,280
Net realized gain (loss)			1,384,982			(1,168,312	)		(2,032,955	)		(1,055,533	)		(281,682	)		(228,290	)		(1,434,077	)
Net change in unrealized appreciation
	(depreciation)		1,055,207			(2,462,358	)		(2,579,867	)		(1,187,821	)		(1,322,502	)		(1,175,949	)		(1,221,026	)
Change in net assets from operations			3,147,631			(2,655,364	)		(3,229,632	)		(1,628,080	)		(1,518,075	)		(1,364,654	)		(2,609,823	)
Distributions to shareholders
From distributable earnings
	Institutional Class		(751,367	)		(971,744	)		(1,383,784	)		(604,214	)		—			—			—
Total distributions to shareholders			(751,367	)		(971,744	)		(1,383,784	)		(604,214	)		—			—			—
Share transactions¹
Proceeds from the sale of shares
	Institutional Class		539,194			539,195			539,197			539,194			1,294,069			431,356			2,756,635
Reinvestment of distributions
	Institutional Class		750,796			829,747			1,181,555			604,214			—			—			—
Cost of shares redeemed
	Institutional Class		—			—			—			—			—			—			(531,772	)
Change in net assets from
	share transactions		1,289,990			1,368,942			1,720,752			1,143,408			1,294,069			431,356			2,224,863
Change in net assets			3,686,254			(2,258,166	)		(2,892,664	)		(1,088,886	)		(224,006	)		(933,298	)		(384,960	)
Net assets beginning of period			51,332,597			53,427,618			55,614,821			41,871,424			8,111,305			5,876,490			11,028,905
Net assets end of period		$	55,018,851		$	51,169,452		$	52,722,157		$	40,782,538		$	7,887,299		$	4,943,192		$	10,643,945




¹Share transactions
Shares sold
	Institutional Class		51,060			61,064			60,585			60,517			172,313			64,963			448,856
Reinvestment of distributions
	Institutional Class		70,462			90,983			127,117			65,048			—			—			—
Shares redeemed
	Institutional Class		—			—			—			—			—			—			(72,548	)
Change in shares
	Institutional Class		121,522			152,047			187,702			125,565			172,313			64,963			376,308
Purchases and sales of long term
	investments
Purchase of securities		$	22,059,001		$	11,460,414		$	25,891,864		$	18,008,497		$	2,310,771		$	896,355		$	4,133,413
Purchase of U.S. government securities			8,703,674			—			—			—			—			—			—
Total purchases		$	30,762,675		$	11,460,414		$	25,891,864		$	18,008,497		$	2,310,771		$	896,355		$	4,133,413
Proceeds from sales of securities		$	17,159,254		$	13,369,675		$	25,130,169		$	19,282,249		$	903,682		$	413,296		$	1,837,476
Proceeds from sales of U.S. government
	securities		12,462,917			—			—			—			—			—			—
Total proceeds from sales		$	29,622,171		$	13,369,675		$	25,130,169		$	19,282,249		$	903,682		$	413,296		$	1,837,476
Securities sold short covers		$	—		$	—		$	—		$	517,704		$	—		$	—		$	—
Securities sold short proceeds		$	—		$	—		$	—		$	601,386		$	—		$	—		$	—

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Year Ended December 31, 2019


		PPM Core Plus Fixed Income Fund			PPM Floating Rate Income Fund			PPM High Yield Core Fund			PPM Long Short Credit Fund			PPM Large Cap Value Fund			PPM Mid Cap Value Fund			PPM Small Cap Value Fund
Operations
Net investment income (loss)		$	1,624,298		$	2,440,853		$	2,901,012		$	1,854,219		$	151,110		$	76,183		$	60,570
Net realized gain (loss)			1,354,692			(527,883	)		(1,171,922	)		(915,020	)		(260,412	)		(464,882	)		(651,372	)
Net change in unrealized appreciation
	(depreciation)		2,334,045			2,248,222			5,506,839			2,976,255			1,433,975			1,307,674			2,507,193
Change in net assets from operations			5,313,035			4,161,192			7,235,929			3,915,454			1,324,673			918,975			1,916,391
Distributions to shareholders
From distributable earnings
	Institutional Class		(2,415,331	)		(2,466,640	)		(2,870,699	)		(1,803,726	)		(149,362	)		(70,838	)		(47,781	)
Total distributions to shareholders			(2,415,331	)		(2,466,640	)		(2,870,699	)		(1,803,726	)		(149,362	)		(70,838	)		(47,781	)
Share transactions¹
Proceeds from the sale of shares
	Institutional Class		54,782,875			767,031			748,325			746,884			1,319,628			439,877			989,377
Reinvestment of distributions
	Institutional Class		2,286,024			2,102,417			2,446,852			1,803,726			148,884			70,838			41,505
Cost of shares redeemed
	Institutional Class		(58,832,116	)		(65,539	)		(66,235	)		(11,365,169	)		(225,247	)		(72,773	)		(73,796	)
Change in net assets from
	share transactions		(1,763,217	)		2,803,909			3,128,942			(8,814,559	)		1,243,265			437,942			957,086
Change in net assets			1,134,487			4,498,461			7,494,172			(6,702,831	)		2,418,576			1,286,079			2,825,696
Net assets beginning of year			50,198,110			48,929,157			48,120,649			48,574,255			5,692,729			4,590,411			8,203,209
Net assets end of year		$	51,332,597		$	53,427,618		$	55,614,821		$	41,871,424		$	8,111,305		$	5,876,490		$	11,028,905




¹Share transactions
Shares sold
	Institutional Class		5,263,340			78,849			75,573			76,165			137,625			47,867			108,498
Reinvestment of distributions
	Institutional Class		220,167			216,499			247,208			184,263			14,654			7,488			4,266
Shares redeemed
	Institutional Class		(5,644,279	)		(6,727	)		(6,712	)		(1,151,536	)		(23,439	)		(7,922	)		(7,890	)
Change in shares
	Institutional Class		(160,772	)		288,621			316,069			(891,108	)		128,840			47,433			104,874

See accompanying Notes to Financial Statements.

PPMFunds

Financial Highlights (Unaudited)

For a Share Outstanding


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

PPM Core Plus Fixed Income Fund

Institutional Class
06/30/20		10.40	0.14	0.49	0.63	(0.15)	—	10.88	6.10	55,019	57		0.50		0.76		2.70
12/31/19		9.85	0.31	0.71	1.02	(0.31)	(0.16)	10.40	10.51	51,333	108	(e)	0.50		0.70		3.02
12/31/18	*	10.00	0.15	(0.14)	0.01	(0.16)	—	9.85	0.07	50,198	25	(e)	0.50		0.78		3.30


PPM Floating Rate Income Fund

Institutional Class
06/30/20		9.75	0.18	(0.70)	(0.52)	(0.15)	—	9.08	(5.07)	51,169	23		0.70		0.93		3.86
12/31/19		9.42	0.46	0.33	0.79	(0.46)	—	9.75	8.55	53,428	56		0.70		0.85		4.71
12/31/18	*	10.00	0.29	(0.57)	(0.28)	(0.30)	—	9.42	(3.05)	48,929	34		0.70		0.95		4.41


PPM High Yield Core Fund

Institutional Class
06/30/20		10.09	0.25	(0.88)	(0.63)	(0.21)	—	9.25	(5.86)	52,722	49		0.70		0.94		5.31
12/31/19		9.26	0.54	0.83	1.37	(0.54)	—	10.09	15.02	55,615	78		0.70		0.85		5.50
12/31/18	*	10.00	0.25	(0.71)	(0.46)	(0.26)	(0.02)	9.26	(4.74)	48,121	18		0.70		0.92		5.53


PPM Long Short Credit Fund

Institutional Class
06/30/20		9.90	0.14	(0.54)	(0.40)	(0.14)	—	9.36	(4.01)	40,783	37		1.38	(f)	1.56	(f)	3.09
12/31/19		9.49	0.36	0.40	0.76	(0.35)	—	9.90	8.08	41,871	74		1.18	(f)	1.29	(f)	3.65
12/31/18	*	10.00	0.17	(0.47)	(0.30)	(0.17)	(0.04)	9.49	(3.08)	48,574	38		0.97	(f)	1.14	(f)	3.64


PPM Large Cap Value Fund

Institutional Class
06/30/20		10.19	0.10	(2.15)	(2.05)	—	—	8.14	(20.12)	7,887	12		0.75		1.07		2.37
12/31/19		8.53	0.20	1.65	1.85	(0.19)	—	10.19	21.71	8,111	29		0.75		0.95		2.11
12/31/18	*	10.00	0.13	(1.37)	(1.24)	(0.13)	(0.10)	8.53	(12.45)	5,693	17		0.75		1.04		1.88


PPM Mid Cap Value Fund

Institutional Class
06/30/20		9.49	0.06	(2.33)	(2.27)	—	—	7.22	(23.92)	4,943	8		0.90		1.23		1.64
12/31/19		8.02	0.13	1.46	1.59	(0.12)	—	9.49	19.78	5,876	38		0.90		1.08		1.41
12/31/18	*	10.00	0.09	(1.79)	(1.70)	(0.09)	(0.19)	8.02	(16.96)	4,590	24		0.90		1.18		1.34


PPM Small Cap Value Fund

Institutional Class
06/30/20		9.76	0.03	(2.73)	(2.70)	—	—	7.06	(27.66)	10,644	19		1.00		1.25		0.94
12/31/19		8.00	0.06	1.74	1.80	(0.04)	—	9.76	22.53	11,029	40		1.00		1.14		0.62
12/31/18	*	10.00	0.04	(1.77)	(1.73)	(0.04)	(0.23)	8.00	(17.29)	8,203	22		1.00		1.21		0.64

Commencement of operations was as follows: May 1, 2018 - PPM Floating Rate Income Fund, PPM Large Cap Value Fund, PPM Mid Cap Value Fund and PPM Small Cap Value Fund; July 16, 2018 - PPM Core Plus Fixed Income Fund, PPM High Yield Core Fund and PPM Long Short Credit Fund.

(a)

Annualized for periods less than one year.

(b)

Calculated using the average shares method.

(c)

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

(d)

Portfolio turnover is not annualized for periods of less than one year. Dollar roll transactions are excluded for purposes of calculating portfolio turnover.

(e)

Portfolio turnover including dollar roll transactions for PPM Core Plus Fixed Income Fund was 31% in 2018 and 113% in 2019.

(f)

The net and total expense ratios to average net assets without dividend expenses, net borrowing fees on securities sold short or interest expense for the following Funds were as follows:

June 30,

2020 (%)

December 31,

2019 (%)

December 31,

2018 (%)

PPM Long Short Credit Fund

Institutional Class – Net expenses / Total expenses ¹

0.70/0.88

0.70/0.81

0.70/0.87

¹ Fund contractually waives a portion of advisory fees.

See accompanying Notes to Financial Statements.

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2020

NOTE 1. ORGANIZATION

PPM Funds (the “Trust”) is an open-ended management investment company, organized under the laws of the Commonwealth of Massachusetts, by a Declaration of Trust, dated November 9, 2017, as amended and restated March 12, 2018. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended ("the 1940 Act"), and its shares are registered under the Securities Act of 1933, as amended ("the 1933 Act"). The Trust consists of nine series, seven of which are available for purchase by investors (collectively, the “Funds” and each individually a “Fund”): PPM Core Plus Fixed Income Fund, PPM Floating Rate Income Fund, PPM High Yield Core Fund, PPM Long Short Credit Fund, PPM Large Cap Value Fund, PPM Mid Cap Value Fund and PPM Small Cap Value Fund. PPM Core Fixed Income Fund and PPM Investment Grade Credit Fund have not yet commenced operations. The Funds offer only Institutional Class shares. Each Fund represents shares of beneficial interest in a separate portfolio of securities and other assets, each with its own investment objective, policies and strategies. The Funds are classified as diversified under the 1940 Act, except PPM Floating Rate Income Fund, which is classified as a non-diversified fund.

PPM America, Inc. (“PPM” or “Adviser”) serves as the investment adviser of the Funds, with responsibility for the professional investment supervision and management of the Funds. The Adviser is an indirect, wholly-owned subsidiary of Jackson Financial, Inc., which is a subsidiary of Prudential plc (the “UK Parent”), a publicly traded company incorporated in the United Kingdom. Jackson National Asset Management LLC (“JNAM” or “Administrator”), an affiliate of PPM, serves as the administrator. JNAM is a wholly owned subsidiary of Jackson National Life Insurance Company^® (“Jackson”). Jackson is a wholly owned subsidiary of Jackson Financial Inc. The UK Parent is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America, or with The Prudential Assurance Company Ltd., a subsidiary of M&G plc, a company incorporated in the United Kingdom. Effective July 17, 2020, Athene Co-Invest Reinsurance Affiliate 1A Ltd., a Bermuda Class C insurer under the Bermuda Insurance Act 1978, owns a minority interest in Jackson Financial Inc.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in conformity with US generally accepted accounting principles (“GAAP”).

Security Valuation. Under the Trust’s valuation policy and procedures, the Board of Trustees (“Board” or “Trustees”) has delegated the daily operational oversight of the securities valuation function to the JNAM 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. For fair valuation determinations that are deemed material, the Board is promptly notified of the fair valuation.

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. 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 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 market 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 market 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. Centrally cleared swap agreements, listed on a multilateral or trade facility platform, such as a registered exchange, are valued by the respective exchange. The exchange determines a daily settlement price via pricing models which use, as appropriate, its members’ actionable levels across complete term structures along with information obtained from external third-party price providers.

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

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2020

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 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.

Distributions to Shareholders. The amount and timing of distributions are determined in accordance with federal income tax regulations which may differ from GAAP. Dividends from net investment income are declared daily and paid monthly for PPM Core Plus Fixed Income Fund, PPM Floating Rate Income Fund, PPM High Yield Core Fund and PPM Long Short Credit Fund. PPM Large Cap Value Fund, PPM Mid Cap Value Fund and PPM Small Cap Value Fund declare and pay dividends from net investment income, if any, annually. Distributions of net realized capital gains, if any, are declared and distributed at least annually for all the Funds only to the extent they exceeded available capital loss carryovers.

Other Service Providers. State Street Bank and Trust Company (“State Street” or "Custodian") acts as custodian and securities lending agent for the Funds. The Custodian has custody of all securities and cash of the Trust maintained in the United States and attends to the collection of principal and income and payment for and collection of proceeds of securities bought and sold by the Trust.

The Trust has entered into a Transfer Agency Agreement with UMB Fund Services, Inc. UMB Fund Services, Inc. is the transfer agent and dividend disbursing agent of all shares.

Security Transactions and Investment Income. Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses are determined on the specific identification basis. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date. Corporate actions involving foreign securities, including dividends, are recorded when the information becomes available. Income received in lieu of dividends for securities loaned is included in Dividends in the Statements of Operations. Interest income, including level-yield amortization of discounts and premiums on debt securities and convertible bonds, is accrued daily. A Fund may place a debt obligation on non-accrual status and reduce related interest income by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses are recorded on an accrual basis. Expenses of the Trust that are directly attributable to a specific Fund are charged to that Fund. Other Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund.

Foreign Taxes. The Funds may be subject to foreign taxes on income, gains on investments or foreign currency purchases and repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretations of tax rules and regulations that exist in the markets in which the Funds invest.

Guarantees and Indemnifications. In the normal course of business, the Trust may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. However, since their commencement of operations, the Funds have not had claims or losses pursuant to their contracts and expect the risk of loss to be remote. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements. In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU modify the disclosure requirements on fair value measurements. Among the requirements, entities are required to make additional disclosures about significant unobservable inputs in developing Level 3 fair value measurements and are permitted to remove disclosure of the amount and reason for transfers between Level 1 and Level 2. This ASU became effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Funds have fully adopted the amendments and the Topic 820 disclosures have been modified to conform to the amendments.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued due to reference rate reform. The amendments in this update are elective and may be applied through December 31, 2022. Management is currently evaluating the potential impacts of reference rate reform and the adoption of this ASU on the Funds’ financial statements.

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2020

NOTE 3. FASB ASC TOPIC 820, “FAIR VALUE MEASUREMENT”

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.

To assess the continuing appropriateness of security valuation, the Administrator regularly compares current day prices with prior day prices, transaction prices and alternative vendor prices. When the comparison results exceed pre-defined thresholds, the Administrator challenges the prices exceeding tolerance levels with the pricing service or broker. To verify Level 3 unobservable inputs, the Administrator uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes each Fund’s investments in securities and other financial instruments as of June 30, 2020, by valuation level.


	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		28,000,758		101,925	28,102,683
Government And Agency Obligations	—		20,957,843		—	20,957,843
Non-U.S. Government Agency Asset-Backed Securities	—		4,132,064		—	4,132,064
Senior Floating Rate Instruments	—		905,710		—	905,710
Short Term Investments	3,954,932		—		—	3,954,932
	3,954,932		53,996,375		101,925	58,053,232
Assets - Investments in Other Financial Instruments¹
Futures Contracts	40,470		—		—	40,470
	40,470		—		—	40,470
Liabilities - Investments in Other Financial Instruments¹
Futures Contracts	(16,017	)	—		—	(16,017	)
Centrally Cleared Credit Default Swap Agreements	—		(15,850	)	—	(15,850	)
	(16,017	)	(15,850	)	—	(31,867	)
PPM Floating Rate Income Fund
Assets - Securities
Senior Floating Rate Instruments	—		45,422,590		1,122,809	46,545,399
Corporate Bonds And Notes	—		1,478,098		—	1,478,098
Investment Companies	1,277,928		—		—	1,277,928
Warrants	—		5,283		—	5,283
Common Stocks	2,735		—		157	2,892
Short Term Investments	2,331,144		—		—	2,331,144
	3,611,807		46,905,971		1,122,966	51,640,744
Liabilities - Investments in Other Financial Instruments¹
Futures Contracts	(1,330	)	—		—	(1,330	)
	(1,330	)	—		—	(1,330	)

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2020


	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		48,369,513		149,775	48,519,288
Senior Floating Rate Instruments²	—		1,864,159		—	1,864,159
Investment Companies	920,214		—		—	920,214
Non-U.S. Government Agency Asset-Backed Securities	—		50,625		—	50,625
Common Stocks	49,708		—		—	49,708
Warrants	—		21,771		—	21,771
Short Term Investments	2,445,233		—		—	2,445,233
	3,415,155		50,306,068		149,775	53,870,998
Liabilities - Investments in Other Financial Instruments¹
Futures Contracts	(2,395	)	—		—	(2,395	)
	(2,395	)	—		—	(2,395	)
PPM Long Short Credit Fund
Assets - Securities
Corporate Bonds And Notes	—		32,196,841		101,925	32,298,766
Senior Floating Rate Instruments	—		6,819,594		—	6,819,594
Non-U.S. Government Agency Asset-Backed Securities	—		3,721,054		—	3,721,054
Investment Companies	954,420		—		—	954,420
Government And Agency Obligations	—		307,197		—	307,197
Warrants	—		17,495		—	17,495
Common Stocks	9,284		—		—	9,284
Short Term Investments	1,921,904		—		—	1,921,904
	2,885,608		43,062,181		101,925	46,049,714
Liabilities - Securities
Corporate Bonds And Notes	—		(4,706,794	)	—	(4,706,794	)
Government And Agency Obligations	—		(693,000	)	—	(693,000	)
	—		(5,399,794	)	—	(5,399,794	)
Liabilities - Investments in Other Financial Instruments¹
Futures Contracts	(56,210	)	—		—	(56,210	)
Centrally Cleared Credit Default Swap Agreements	—		(107,148	)	—	(107,148	)
	(56,210	)	(107,148	)	—	(163,358	)
PPM Large Cap Value Fund
Assets - Securities
Common Stocks	7,854,539		—		—	7,854,539
Short Term Investments	42,838		—		—	42,838
	7,897,377		—		—	7,897,377
PPM Mid Cap Value Fund
Assets - Securities
Common Stocks	4,923,251		—		—	4,923,251
Short Term Investments	35,939		—		—	35,939
	4,959,190		—		—	4,959,190
PPM Small Cap Value Fund
Assets - Securities
Common Stocks	10,601,138		—		—	10,601,138
Short Term Investments	56,067		—		—	56,067
	10,657,205		—		—	10,657,205

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

² Unfunded commitments are not reflected in Total Investments in the Schedules of Investments. Net unrealized appreciation (depreciation) is reflected as an asset or liability in the table. See Unfunded Commitments table following the Schedules of Investments.

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. The Funds recognize transfers between levels as of the beginning of the year for financial reporting purposes. There were no significant transfers into or out of Level 3 for the period. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at June 30, 2020.

NOTE 4. SECURITIES AND OTHER INVESTMENTS

Securities Lending and Securities Lending Collateral. All Funds are approved to participate in agency based securities lending with State Street. Per the securities lending agreements, State Street is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Generally, cash and non-cash collateral received for the following types of securities on loan are as follows: US equities – 102%; US corporate fixed income – 102%; US government fixed income – 102%; international equities – 105%; international corporate fixed income – 105%; sovereign fixed income – 102%; and asset backed investments – 102%. Collateral requirements are evaluated at the close of each business day; any additional collateral required is typically delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. State Street has agreed to indemnify the Funds in the event of default by a third-party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, 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

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Notes to Financial Statements (Unaudited)

June 30, 2020

securities. Certain Funds receive non-cash collateral in the form of securities received, which the Funds may not sell or re-pledge and accordingly are not reflected in the Statements of Assets and Liabilities. For non-cash collateral, the Funds receive lending fees negotiated with the borrower. State Street has agreed to indemnify the Funds with respect to the market risk related to the non-cash collateral investments.

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

Cash collateral received from the borrower is recorded in the Statements of Assets and Liabilities as Payable for Return of securities loaned. Investments acquired with such cash collateral are included in Investments, at value on the Statements of Assets and Liabilities. The value of securities on loan is included in Investments, at value on the Statements of Assets and Liabilities. Each Fund’s net exposure to a borrower is determined by the amount of any excess or shortfall in cash collateral received compared to the value of securities on loan.

US Government Securities. Certain Funds may invest in securities issued or guaranteed by the US Government or its agents or instrumentalities. Some US government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the US government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the US Department of the Treasury (“US Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the US government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. US government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest paying securities of similar maturities.

Government-related guarantors (i.e., guarantors that are not backed by the full faith and credit of the US government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers, which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the US government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the US government.

FNMA and FHMLC were placed into conservatorship by the Federal Housing Finance Agency (“FHFA”). As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and each enterprise’s assets. In connection with the conservatorship, the US Treasury entered into a Senior Preferred Stock Purchase Agreement with FNMA and FHLMC. This agreement contains various covenants that severely limit each enterprise’s operations. In exchange for entering into these agreements, the US Treasury received senior preferred stock in each enterprise and warrants to purchase each enterprise’s common stock. The US Treasury created a new secured lending facility, which is available to FNMA and FHLMC as a liquidity backstop and created a temporary program to purchase mortgage-backed securities issued by FNMA and FHLMC. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities.

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

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

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

NOTE 5. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL

Under various agreements, certain investment transactions require collateral to be pledged to or from a Fund and a counterparty or segregated at the Custodian and is managed pursuant to the terms of the agreement. US Treasury Bills and US dollars are generally the preferred forms of collateral, although other forms of high quality or sovereign securities may be used. Securities held by a Fund that are used as collateral are identified as such within the Schedules of Investments. Collateral for OTC financial derivative transactions paid to or received from brokers and counterparties is included in Receivable for Deposits with brokers and counterparties or Payable for Deposits from counterparties in the Statements of Assets and Liabilities.

Counterparty Agreements. Certain Funds enter into various types of agreements with counterparties, which govern the terms of certain transactions and mitigate the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. A Fund may net exposure and collateralize multiple transaction types governed by the same agreement with the same

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Notes to Financial Statements (Unaudited)

June 30, 2020

counterparty and may close out and net its total exposure to a counterparty in the event of a default and/or termination event with respect to all the transactions governed under a single agreement with a counterparty. Each agreement defines whether the Fund is contractually able to net settle daily payments. Additionally, certain circumstances, such as laws of a particular jurisdiction or settlement of amounts due in different currencies, may prohibit or restrict the right of offset as defined in the agreements.

These agreements also help limit credit and counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral) governed under the relevant agreement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of agreement. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant agreement. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds’ Adviser attempts to limit counterparty risk by only entering into agreements with counterparties that the Adviser believes to have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For swap agreements executed with a Derivatives Clearing Organization (“DCO”) in a multilateral or other trade facility platform (“centrally cleared swaps”), counterparty risk is reduced by shifting exposure from the counterparty to the DCO. Additionally, the DCO has broad powers to provide an orderly liquidation in the event of a default.

Customer Account Agreements. Customer Account Agreements and related addendums govern exchange traded or centrally cleared derivative transactions such as futures, options on futures and centrally cleared derivatives. If a Fund transacts in exchange traded or centrally cleared derivatives, the Adviser is a party to agreements with (1) a Futures Commissions Merchant (“FCM”) in which the FCM facilitates the execution of the exchange traded and centrally cleared derivative with the DCO and (2) with an executing broker/swap dealer to agree to the terms of the swap and resolution process in the event the centrally cleared swap is not accepted for clearing by the designated DCO. Exchange traded and centrally cleared derivatives transactions require posting an amount of cash or cash equivalents equal to a certain percentage of the contract amount known as the “initial margin” as determined by each relevant clearing agency and is segregated at an FCM which is registered with the Commodity Futures Trading Commission (“CFTC”) or the applicable regulator. The Fund receives from, or pays to, the counterparty an amount of cash equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as the “variation margin”. Variation margin on the Statements of Assets and Liabilities may include variation margin on closed unsettled derivative transactions. Variation margin received may not be netted between exchange traded and centrally cleared derivatives. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to the Fund’s assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk.

International Swaps and Derivatives Association Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”). ISDA Master Agreements govern OTC financial derivative transactions entered into by PPM and select counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, events of default, termination and maintenance of collateral. Termination includes conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election of early termination could be material to the financial statements. In the event of default, the total financial derivative value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. The amount of collateral exchanged is based on provisions within the ISDA Master Agreements and is determined by the net exposure with the counterparty and is not identified for a specific OTC derivative instrument.

Prime Brokerage Arrangements and Other Securities Borrowing Agreements. Certain Funds may enter into Prime Brokerage Arrangements or Securities Borrowing Agreements to facilitate execution and/or clearing of listed equity option transactions or short sales of securities between the Fund and select counterparties. The arrangements provide general guidelines surrounding the rights, obligations and other events, including but not limited to, margin, execution and settlement. These arrangements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Cash margin and securities delivered as collateral are typically in the possession of the prime broker or lending agent and offset any obligations due to the prime broker or lending agent. Cash collateral held at the prime broker is reflected in Cash collateral segregated for short sales in the Statements of Assets and Liabilities. In the event of default, the value of securities sold short will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

NOTE 6. FINANCIAL DERIVATIVE INSTRUMENTS

Futures Contracts. A Fund may buy and sell futures on, among other things, financial instruments, individual equity securities, securities indices, interest rates, currencies and inflation indices. A futures contract is a standardized contract obligating two parties to exchange a specified asset at an agreed upon price and date. Variation margin is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Futures contracts involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the securities held by the Fund or the change in the value of an underlying entity and the prices of the futures contracts and the possibility the Fund may not be able to enter into a closing transaction because of an illiquid market. With futures, counterparty risk to the Fund is reduced because futures contracts are exchange traded and the exchange’s clearinghouse, acting as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Swap Agreements. Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the OTC market or executed and centrally cleared with a DCO.

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June 30, 2020

A Fund enters into a swap agreement in an attempt to obtain a particular return when it is considered desirable to do so, possibly at a lower cost to the Fund than if the Fund had invested directly in an instrument that yield the desired return. In addition, the Fund may enter into swap agreements to manage certain risks and to implement investment strategies in a more efficient manner.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the unrealized gain or loss recorded by a Fund. Such risks include that there is no liquid market for OTC swaps, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreement and that there may be unfavorable changes in interest rates or value of underlying securities. Centrally cleared swaps involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

Credit Default Swap Agreements. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. If an event of default occurs, the seller must pay the buyer the full notional value of the reference obligation in exchange for the reference obligation. A Fund may be either the buyer or the seller in a credit default swap transaction. If a Fund is a buyer and no event of default occurs, the Fund will lose its investment and recover nothing. However, if an event of default occurs and the counterparty fulfills its payment obligation under the swap agreement, the Fund will receive the full notional value of the reference obligation that may have little or no value. As a seller, a Fund receives a fixed rate of income throughout the term of the contract, which typically is between six months and three years. If an event of default occurs, the Fund (if the seller) must pay the buyer the full notional value of the reference obligation as disclosed in the Schedules of Investments. Credit default swap transactions involve greater risks than if a Fund had invested in the reference obligation directly.

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is limited to the total notional amount which is defined under the terms of each swap agreement. If the Fund is a buyer of protection, the Fund pays the fixed rate. If the Fund is a seller of protection, the Fund receives the fixed rate.

FASB ASC Topic 815, “Derivatives and Hedging” and Financial Instruments Eligible for Offset. FASB ASC Topic 815 includes the requirement for enhanced qualitative disclosures about objectives and strategies for using derivative instruments and disclosures regarding credit related contingent features in derivative instruments, as well as quantitative disclosures in the semi-annual and annual financial statements about fair value, gains and losses, and volume of activity for derivative instruments. Information about these instruments is disclosed in the context of each instrument’s primary underlying risk exposure which is categorized as credit, commodity, equity price, interest rate and foreign currency exchange rate risk. The following disclosures include: (1) Objectives and strategies for each Fund’s derivative investments during the period; (2) A summary table of the fair valuations of each Fund’s derivative instruments categorized by risk exposure, which references the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations for each derivative instrument as of June 30, 2020. Funds which held only one type of derivative during the period are not included in the tables as the location on the Statements of Assets and Liabilities and the realized and unrealized gain loss on the Statements of Operations can be referenced directly on each Fund’s respective statements; (3) A summary table of derivative instruments and certain investments of each Fund, which are subject to master netting agreements or a similar agreement and are eligible for offset in the Statements of Assets and Liabilities as of June 30, 2020.For Funds which held only one type of derivative during the period, amounts eligible for offset are presented gross in the Statements of Assets and Liabilities. Net exposure can be referenced in the assets and liabilities on the Statements of Assets and Liabilities and, if collateral exists, the net exposure is offset by collateral identified in the segregated or pledged collateral table; and (4) A table reflecting each Fund’s average monthly derivative volume for the period ended June 30, 2020.

PPM Core Plus Fixed Income Fund Derivative Strategies - The Fund entered into futures contracts to hedge duration and to increase the Fund’s exposure to interest rate or yield curve risk. The Fund entered into credit default swap agreements to increase or decrease the Fund’s exposure to credit risk or hedge credit risk in a particular name, industry or sector.


PPM Core Plus Fixed Income Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)		Equity($)	Foreign Exchange($)	Interest Rate($)	Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2020
Derivative instruments assets:
²	Variation margin on futures	—	—		—	—	6,484	6,484
Total derivative instruments assets		—	—		—	—	6,484	6,484
Derivative instruments liabilities:
²	Variation margin on futures	—	—		—	—	9,156	9,156
²	Variation margin on swap agreements	—	812		—	—	—	812
Total derivative instruments liabilities		—	812		—	—	9,156	9,968
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2020
Net realized gain (loss) on:
	Futures	—	—		—	—	330,775	330,775
	Swap agreements	—	15,150		—	—	—	15,150
Net change in unrealized appreciation (depreciation) on:
	Futures	—	—		—	—	69,294	69,294
	Swap agreements	—	(12,896	)	—	—	—	(12,896	)

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Notes to Financial Statements (Unaudited)

June 30, 2020

PPM Core Plus Fixed Income Fund – Average Derivative Volume¹


	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Total Return Swap Agreements ($)
Average monthly volume	—	14,530,565	—	—	—	500,000	—

PPM Long Short Credit Fund Derivative Strategies - The Fund entered into futures contracts to manage or adjust the risk profile of the Fund, establish net short positions for individual markets, currencies and securities and adjust the Fund’s portfolio duration. The Fund entered into credit default swap agreements to manage or adjust the risk profile of the Fund and replace more traditional direct investments or to obtain exposure to certain markets.


PPM Long Short Credit Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)		Equity($)	Foreign Exchange($)	Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2020
Derivative instruments assets:
²	Variation margin on futures	—	—		—	—	20,031		20,031
Total derivative instruments assets		—	—		—	—	20,031		20,031
Derivative instruments liabilities:
²	Variation margin on futures	—	—		—	—	78		78
²	Variation margin on swap agreements	—	5,489		—	—	—		5,489
Total derivative instruments liabilities		—	5,489		—	—	78		5,567
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2020
Net realized gain (loss) on:
	Futures	—	—		—	—	(1,203,832	)	(1,203,832	)
	Swap agreements	—	101,974		—	—	—		101,974
Net change in unrealized appreciation (depreciation) on:
	Futures	—	—		—	—	(195,506	)	(195,506	)
	Swap agreements	—	(86,739	)	—	—	—		(86,739	)

PPM Long Short Credit Fund – Average Derivative Volume¹


	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Total Return Swap Agreements ($)
Average monthly volume	—	15,514,817	—	—	—	3,380,000	—

¹ The derivative instruments outstanding as of June 30, 2020, as disclosed in the Schedules of Investments, and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period ended June 30, 2020, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds.

2 Derivative asset or liability is not eligible for offset, and a Derivative and Financial Instruments Eligible for Offset table is not presented for the asset or liability, as applicable.

The derivative strategy for Funds which had significant derivative exposure during the period is as follows: PPM Floating Rate Income Fund entered into futures contracts to hedge against fluctuations in interest rates on the Fund’s investments in non-floating rate securities. PPM High Yield Core Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates.

The derivative instruments outstanding as of June 30, 2020, as disclosed in the Schedules of Investments, and the amounts of realized gains and losses and change in unrealized gains and losses on derivative instruments during the period ended June 30, 2020, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds. For Funds which had significant derivative exposure during the period, the average monthly derivative volume is as follows:



		Notional Value at Purchase of Futures Contracts ($)
PPM Floating Rate Income Fund		540,202
PPM High Yield Core Fund		2,135,839

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Notes to Financial Statements (Unaudited)

June 30, 2020

Pledged Collateral. The following table summarizes cash and securities collateral pledged for the Funds at June 30, 2020:



		Futures Contracts	Swap Agreements
	Counterparties	Pledged or Segregated Cash($)	Pledged or Segregated Cash($)
PPM Core Plus Fixed Income Fund	MLP	78,100	9,684
PPM Floating Rate Income Fund	MLP	4,180	—
PPM High Yield Core Fund	MLP	7,590	—
PPM Long Short Credit Fund	MLP	263,120	65,462




	Lending Agent/Prime Broker	Securities Sold Short Segregated Securities($)
PPM Long Short Credit Fund	SSB	9,468,485

None of the futures contracts held by the Funds are subject to master netting agreements or a similar agreement and are not eligible for offset in the Statements of Assets and Liabilities as of June 30, 2020. Net exposure to the Funds for futures contracts is the variation margin in addition to any collateral pledged for the initial margin on the futures contracts.

NOTE 7. INVESTMENT RISKS AND REGULATORY MATTERS

The Funds' risks include, but are not limited to, the following:

Credit Risk. Credit risk is the actual or perceived risk that the issuer of a bond, borrower, guarantor, counterparty, or other entity responsible for payment will not pay interest and principal payments when due. The price of a debt instrument can decline in response to changes in the financial condition of the issuer, borrower, guarantor, counterparty, or other entity responsible for payment. A Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations.

Corporate, Sovereign Entity, and Bank Loan Risk. Commercial banks, sovereign entities, and other financial institutions or institutional investors make corporate loans to companies or sovereign entities that need capital to grow, restructure, or for infrastructure projects. These instruments are commonly referred to as loans or bank loans. Borrowers generally pay interest on corporate loans at floating rates that change in response to changes in market interest rates such as the LIBOR, the prime rates of US banks or another relevant index. As a result, the value of such loan investments is generally less exposed to the adverse effects of interest rate fluctuations than investments that pay a fixed rate of interest. However, the market for certain loans may not be sufficiently liquid, and a Fund may have difficulty selling them. It may take longer than seven days for transactions in loans to settle. Certain loans may be classified as illiquid securities. Additionally, because a loan may not be considered a security, a Fund may not be afforded the same legal protections afforded securities under federal securities laws. Thus, a Fund generally must rely on contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

Equity Securities Risk. Common and preferred stocks represent equity ownership in a company. Stock markets are volatile, and equity securities generally have greater price volatility than fixed-income securities. As a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions, the price of equity or equity-related securities will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities. A Fund could lose money if a company in which it invests becomes financially distressed. Generally preferred stocks rank before common stocks in their claim on income for dividend payments and on assets should the company be liquidated. The rights of common stockholders are subordinate to all other claims on a company’s assets including, debt holders and preferred stockholders.

High-Yield Bonds, Lower-Rated Bonds, and Unrated Securities Risk. High-yield bonds, lower-rated bonds, and certain unrated securities are broadly referred to as junk bonds, and are considered below investment-grade by a nationally recognized statistical rating organization (“NRSRO”). Junk bonds are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. As a result, an investment in junk bonds is considered speculative. High-yield bonds may be subject to liquidity risk, and a Fund may not be able to sell a high-yield bond at the price at which it is currently valued.

LIBOR Replacement Risk. In addition to other interbank offered rates, the most common benchmark rate for floating rate securities is LIBOR, which is the rate of interest offered on short-term interbank deposits, as determined by trading between major international banks. The UK Financial Conduct Authority has announced that LIBOR rates will no longer be published after the end of 2021. The elimination of LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate (SOFR) that is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new reference rates. However, questions around the rate transition’s effect on the liquidity of securities and how to appropriately adjust

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Notes to Financial Statements (Unaudited)

June 30, 2020

these rates at the time of transition remain undetermined for the Funds. The effects of discontinuation of LIBOR on the Funds will vary, and it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted and market practices become more settled.

Issuer Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. A security’s value may decline for reasons that directly relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer’s goods or services.

Interest Rate Risk. When interest rates increase, fixed-income securities generally will decline in value. Long-term fixed-income securities normally have more price volatility than short-term fixed-income securities.

Investment Style Risk. The returns from a certain investment style may be lower than the returns from the overall stock market. Value stocks may not increase in price if other investors fail to recognize the company’s value or the factors that are expected to increase the price of the security do not occur. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).

Senior Loans Risk. The senior loans in which a Fund invests are usually rated below investment grade. The amount of public information with respect to loans may be less extensive than that available for registered or exchange listed securities. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. A secured senior loan may not be adequately collateralized. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value.

Market Risk. Portfolio securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates, adverse investor sentiment, regional and global health epidemics, war, terrorism or natural disasters, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

Liquidity Risk. Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if a Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions of trading. To meet redemption requests, a Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.

Leverage Risk. Certain transactions, such as reverse repurchase agreements, futures, forwards, swaps, or other derivative instruments, include the use of leverage and may cause a Fund to liquidate portfolio positions at disadvantageous times to satisfy its obligations or to meet asset segregation requirements. The effect of using leverage is to increase a Fund’s potential gains and losses in comparison to the amount of a Fund’s assets (that is, assets other than borrowed assets) at risk, which may cause a Fund’s portfolio to be more volatile. If a Fund uses leverage, the Fund has the risk of capital losses that exceed the net assets of the Fund.

NOTE 8. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES

Advisory and Administrative Fees. The Trust has entered into an Investment Advisory and Management Agreement (the "Investment Advisory Agreement") with PPM. Subject to the oversight of the Trust’s Board of Trustees, PPM is responsible for managing the affairs of the Trust including, but not limited to, continuously providing the Trust with investment advice and business management to the Funds. Pursuant to the Investment Advisory Agreement, PPM receives an annual fee accrued daily and payable monthly, at an annual rate of 0.40% of the average daily net assets of the PPM Core Plus Fixed Income Fund, 0.55% of the average daily net assets of the PPM Floating Rate Income Fund, 0.55% of the average daily net assets of the PPM High Yield Core Fund, 0.50% of the average daily net assets of the PPM Long Short Credit Fund, 0.60% of the average daily net assets of the PPM Large Cap Value Fund, 0.70% of the average daily net assets of the PPM Mid Cap Value Fund and 0.80% of the average daily net assets of the PPM Small Cap Value Fund.

The Trust has entered into an Administration Agreement with JNAM, an affiliate of PPM. Pursuant to the Administration Agreement, JNAM receives an annual fee accrued daily and payable monthly, at an annual rate of 0.10% of the average daily net assets of each Fund. In return for the fees paid under the Administration Agreement, JNAM provides or procures all necessary administrative functions and services for the operation of the Funds. This includes, among other things, fund accounting; calculation of the daily NAV of each Fund; monitoring the Funds’ expense accruals; calculating monthly total return; prospectus and statement of additional information compliance monitoring; preparing certain financial statements of the Trust; and preparing the Trust’s regulatory filings. In addition, JNAM, at its own expense, arranges for legal, audit, custody (except overdraft and interest expense), printing and mailing of financial statements and prospectuses, a portion of the Chief Compliance Officer costs, and other services necessary for the operation of the Funds. Each Fund is responsible for investment advisory services; transfer agency services; trading expenses including brokerage commissions; interest expenses; taxes; costs and expenses associated with short sales; nonrecurring and extraordinary expenses; registration fees; license fees; directors’ and officers’ insurance; the fees and expenses of the independent Trustees; independent legal counsel to the independent Trustees; and a portion of the costs associated with the Chief Compliance Officer.

Advisory Fee Waivers. The Trust and the Adviser have entered into an Expense Limitation Agreement whereby PPM has contractually agreed to waive a portion of its management fee and/or reimburse expenses for each of the Funds to the extent necessary to limit the annualized ordinary operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, dividend and interest expenses related to short sales, indirect expenses of investing in other investment companies, and extraordinary expenses) to 0.50% for the PPM Core Plus Fixed Income Fund, 0.70% for the PPM Floating Rate Income Fund, 0.70% for the PPM High Yield Core Fund, 0.70% for the PPM Long Short

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2020

Credit Fund, 0.75% for the PPM Large Cap Value Fund, 0.90% for the PPM Mid Cap Value Fund and 1.00% for the PPM Small Cap Value Fund through April 30, 2021. Any waived amounts are not subject to future recoupment by the Adviser.

Security Transactions. Security transactions can occur in the Funds where both the buyer and seller of the security are portfolios or accounts for which PPM serves as the Adviser. Such transactions occur to eliminate transaction costs normally associated with security trading activity. Such transactions are subject to compliance with Rule 17a-7 under the 1940 Act (“Rule 17a-7 transactions”) and are reviewed by the Chief Compliance Officer. Rule 17a-7 trades are executed at current market price at the time of the transaction. There were no 17a-7 transactions that were deemed significant by the Administrator during the period ended June 30, 2020.

NOTE 9. INCOME TAX MATTERS

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

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

At December 31, 2019, the following Funds had capital loss carryforwards available for US federal income tax purposes to offset future net realized capital gains. The amount and character of the capital loss carryforwards are listed in the table below.


	Capital Loss Carryforwards with No Expiration
	Short Term ($)	Long Term ($)	Total ($)
PPM Floating Rate Income Fund	321,613	239,511	561,124
PPM High Yield Core Fund	985,047	223,861	1,208,908
PPM Long Short Credit Fund	304,063	656,042	960,105
PPM Large Cap Value Fund	105,509	129,881	235,390
PPM Mid Cap Value Fund	218,091	277,228	495,319
PPM Small Cap Value Fund	329,304	134,502	463,806

At December 31, 2019, the Funds’ last fiscal year end, the following Funds had capital, currency and/or PFIC mark-to-market losses realized after October 31, 2019 (“Post-October losses”), which were deferred for tax purposes to the first day of the following fiscal year, January 1, 2020:


	Amount($)
PPM Floating Rate Income Fund	53,975
PPM Large Cap Value Fund	10,684
PPM Mid Cap Value Fund	2,943
PPM Small Cap Value Fund	152,261

As of June 30, 2020, the cost of investments and the components of net unrealized appreciation (depreciation) for the Funds were as follows:


		Tax Cost of Investments($)	Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
PPM Core Plus Fixed Income Fund		55,245,115	3,303,201	(495,084	)	2,808,117
PPM Floating Rate Income Fund		54,521,675	92,604	(2,973,535	)	(2,880,931	)
PPM High Yield Core Fund		54,677,469	1,353,902	(2,160,496	)	(806,594	)
PPM Long Short Credit Fund
	Long Investments	45,631,010	2,064,610	(1,645,906	)	418,704
	Short Investments	4,561,017	54,025	(892,802	)	(838,777	)
PPM Large Cap Value Fund		8,754,185	687,982	(1,544,790	)	(856,808	)
PPM Mid Cap Value Fund		5,885,057	439,405	(1,365,272	)	(925,867	)
PPM Small Cap Value Fund		11,684,545	1,003,425	(2,030,765	)	(1,027,340	)

As of June 30, 2020, the components of net unrealized appreciation (depreciation) for derivatives were as follows:


		Tax Cost/Premiums/Adjustment($)		Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
PPM Core Plus Fixed Income Fund
	Futures/Futures Options Contracts	24,453		—	—		—
	Swap Agreements	9,947		—	(15,850	)	(15,850	)
PPM Floating Rate Income Fund
	Futures/Futures Options Contracts	(1,330	)	—	—		—

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2020


		Tax Cost/Premiums/Adjustment($)		Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
PPM High Yield Core Fund
	Futures/Futures Options Contracts	(2,395	)	—	—		—
PPM Long Short Credit Fund
	Futures/Futures Options Contracts	(56,210	)	—	—		—
	Swap Agreements	67,244		—	(107,148	)	(107,148	)

The tax character of distributions paid during the Funds’ fiscal year ended December 31, 2019 was as follows:


	Net Ordinary Income*($)	Long-term Capital Gain($)	Return of Capital($)
PPM Core Plus Fixed Income Fund	2,167,704	247,627	—
PPM Floating Rate Income Fund	2,466,640	—	—
PPM High Yield Core Fund	2,870,699	—	—
PPM Long Short Credit Fund	1,803,726	—	—
PPM Large Cap Value Fund	149,362	—	—
PPM Mid Cap Value Fund	70,838	—	—
PPM Small Cap Value Fund	47,781	—	—

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

FASB ASC Topic 740 “Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would result in the Funds recording a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns for 2018 and 2019, which remain subject to examination by the Internal Revenue Service and certain other jurisdictions. Management completed an evaluation of the Funds’ tax positions and based on that evaluation, determined that no provision for federal income tax was required in the Funds’ financial statements during the period ended June 30, 2020.

PPMFunds

Additional Disclosures (Unaudited)

June 30, 2020

Disclosure of Fund Expenses. Shareholders incur ongoing costs, which include costs for portfolio management, administrative services and other operating expenses. Operating expenses such as these are deducted from each Fund’s gross income and directly reduce the final investment return. These expenses are expressed as a percentage of the Fund’s average net assets; this percentage is known as the Fund’s expense ratio. The examples below use the expense ratio and are intended to help the investor understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

Expenses Using Actual Fund Return. This section provides information about the actual account values and actual expenses incurred by the Fund. Use the information in this section, together with the amount invested, to estimate the expenses paid over the period. Simply divide the account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses paid during this period.

Expenses Using Hypothetical 5% Return. This section provides information that can be used to compare each Fund’s costs with those of other mutual funds. It assumes that the Fund’s expense ratio for the period is unchanged and assumes an annual 5% return before expenses, which is not the Fund’s actual return. This example is useful in making comparisons because the SEC requires all mutual funds to make the 5% calculation.


			Expenses Using Actual Fund Return			Expenses Using Hypothetical 5% Return
		Annualized Expense Ratios(%)	Beginning Account Value 01/01/20($)	Ending Account Value 06/30/20($)	Expenses Paid During Period($)†	Beginning Account Value 01/01/20($)	Ending Account Value 06/30/20($)	Expenses Paid During Period($)†
PPM Core Plus Fixed Income Fund
	Institutional Class	0.50	1,000.00	1,061.00	2.56	1,000.00	1,022.38	2.51
PPM Floating Rate Income Fund
	Institutional Class	0.70	1,000.00	949.30	3.39	1,000.00	1,021.38	3.52
PPM High Yield Core Fund
	Institutional Class	0.70	1,000.00	941.40	3.38	1,000.00	1,021.38	3.52
PPM Long Short Credit Fund
	Institutional Class	1.38	1,000.00	959.90	6.72	1,000.00	1,018.00	6.92
PPM Large Cap Value Fund
	Institutional Class	0.75	1,000.00	798.80	3.35	1,000.00	1,021.13	3.77
PPM Mid Cap Value Fund
	Institutional Class	0.90	1,000.00	760.80	3.94	1,000.00	1,020.39	4.52
PPM Small Cap Value Fund
	Institutional Class	1.00	1,000.00	723.40	4.28	1,000.00	1,019.89	5.02

† Expenses paid during the period are equal to the annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 182/366 (to reflect the most recent 6-month period).

Quarterly Portfolio Holdings. The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information on Form N-PORT is also available upon request from the Transfer Agent by calling the Funds toll-free at 1-844-446-4PPM (1-844-446-4776).

Proxy Voting Policies and Procedures and Proxy Voting Record. A description of the Policy that the Funds’ Adviser used to vote proxies relating to portfolio securities and additional information on how the Funds voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2020, are available (1) without charge, upon request by calling 1-844-446-4PPM (1-844-446-4776), (2) by writing PPM Funds, P.O. Box 2175, Milwaukee, Wisconsin 53201-2175, (3) online at www.ppmamerica.com/ppmfunds, and (4) by visiting the SEC’s website at www.sec.gov.

The Statement of Additional Information includes additional information about Fund Trustees and may be obtained at no charge by calling 1-844-446-4PPM (1-844-446-4776) or by writing PPM Funds, P.O. Box 2175, Milwaukee, Wisconsin 53201-2175, or visiting www.ppmamerica.com/ppmfunds.

PPM Funds

PPM Liquidity Narrative for Shareholders

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, PPM Funds (the “Trust”), on behalf of each of its series (each a “Fund” and, collectively, the “Funds”), has established a liquidity risk management program to govern the Funds’ approach to managing liquidity risk (the “Program”). The Program is overseen by the Liquidity Committee, a committee comprised of representatives of the Trust’s investment adviser, PPM America, Inc. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Liquidity Committee to oversee the Program.

The Program’s principal objectives include supporting the Funds’ compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund’s liquidity and the periodic classification and re-classification of a Fund’s investments into groupings that reflect the Liquidity Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 12, 2020, the Trustees received a report from the Liquidity Committee regarding the design and operational effectiveness of the Program since its implementation on June 1, 2019. The Liquidity Committee determined, and reported to the Board, that the Program, including the operation of the highly liquid investment minimum for PPM Floating Rate Income Fund, is reasonably designed to assess and manage the Funds’ liquidity risk and has operated adequately and effectively to manage the Funds’ liquidity risk since implementation. The Liquidity Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Board further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding each Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

PPM FUNDS

SUPPLEMENT DATED MAY 14, 2020 TO

THE PROSPECTUS DATED APRIL 29, 2020

PPM Core Fixed Income Fund

PPM Core Plus Fixed Income Fund

PPM Floating Rate Income Fund

PPM High Yield Core Fund

PPM Investment Grade Credit Fund

PPM Long Short Credit Fund

PPM Large Cap Value Fund

PPM Mid Cap Value Fund

PPM Small Cap Value Fund

(each, a “Fund,” and collectively, the “Funds”)

PKOIX

PKPIX

PKFIX

PKHIX

PKIIX

PKLIX

PZLIX

PZMIX

PZSIX

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

In the Summary Prospectus for the PPM Floating Rate Income Fund under the section entitled “Performance”, the date “July 16, 2018” shall be deleted in the “Life of Fund” column in the table and replaced with “May 1, 2018” (the Fund’s inception date).

The “Share Price” section of the Prospectus is deleted in its entirety and replaced with the following:

Share Price

The price of each Fund’s shares is based on its NAV. The NAV of a Fund’s shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open (a “Business Day”) at the close of the regular trading session of the NYSE (normally 4:00 p.m. 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. The NAV per share of each Fund is determined by adding the value of all securities and other assets of a Fund, deducting its liabilities, and dividing by the number of shares outstanding. Generally, the value of exchange-listed or exchange-traded securities is based on their respective market prices, and fixed income securities are valued based on prices provided by an independent pricing service.

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

The Board has adopted procedures pursuant to which the Administrator may determine, subject to Board oversight, the “fair value” of a security for which a current market price is not available or the current market price is considered unreliable or inaccurate. Under these procedures, the “fair value” of a security generally will be the amount, determined by the Administrator in good faith, that the owner of such security might reasonably expect to receive upon its current sale.

The Board has established a valuation committee to review fair value determinations pursuant to the Trust’s “Valuation Guidelines.” The valuation committee will also review the value of restricted securities, securities and assets for which a current market price is not readily available, and securities and assets for which there is reason to believe that the most recent market price does not accurately reflect current value (e.g. disorderly market transactions). In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the valuation committee will evaluate if trading activity on other U.S. exchanges and markets for equity securities is otherwise reflective of normal market activity. To the extent an NYSE closure is determined to be accompanied by a disruption of normal market activity, the valuation committee may utilize the time the NYSE closed for purposes of measuring and calculating the Funds’ NAVs. To the extent 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.

A Fund may invest in securities that principally trade on foreign exchanges that may be open on days when the Fund does not price its shares or where several hours may pass between the time when trading on such foreign exchanges closes and the time as of which the Fund calculates its NAV. As a result, a Fund’s NAV may be affected on days when shareholders are not able to purchase or redeem the Fund’s shares.

All investments in the Trust are credited to the shareholder’s account in the form of full and fractional shares of the designated Fund (rounded to the nearest 1/1000 of a share). The Trust does not issue share certificates.

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

PERSONAL INFORMATION COLLECTED WITHIN THE PAST 12 MONTHS

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


Category	Examples	Collected
Identifiers	Name, email address, postal address, government issued ID, or other similar identifiers	Yes
Personal Information (as listed in Cal. Civ. Code § 1798.80)	Signature, social security number, financial information or other similar personal information	Yes
Protected classification characteristics	Age, race, national origin, citizenship, gender	Yes
Commercial Information	Property records, business or other financial related commercial information	Yes
Biometric Information	Genetic, physiological, behavioral, and biological characteristics, such as fingerprints	Yes
Internet/Network Activity	Information on interactions with firm marketing emails	Yes
Geolocation Data	Physical location or movements	No
Sensory Data	Audio or visual information	Yes
Professional or employment-related information	Current or past job history or performance evaluations	Yes
Non-public education information	Transcripts, class lists	Yes
Inferences drawn from other personal information	Profile reflecting psychological trends, predispositions, behavior, attitudes,	No

HOW WE COLLECT PERSONAL INFORMATION

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

Information you provide to PPM. In the course of serving you as someone associated with a corporate or institutional client, PPM obtains personal information about you principally through requests by email or telephone. Obtaining this information is important to our ability to fulfill your requests and deliver the highest level of service.

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

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

HOW WE USE YOUR INFORMATION

Use of your personal information depends on your relationship to PPM. We did not necessarily collect all the specific pieces of personal information listed above for any one specific business purpose, but rather, we used personal information, generally, in the following circumstances, including:

· Servicing clients. For example, personal information may be needed to maintain or service accounts, process or fulfill orders and transactions, or process payments.

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

· Employment with PPM. For example, we collect information throughout our hiring process, talent evaluation, inquiries, benefits enrollment, compensation and termination.

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

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

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

· Respond to your requests or questions. For example, we might use the information you provided us to respond to your questions or feedback.

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

· Provide relevant news and information. For example, we might use your information to customize your experience with us and help us better understand your interests and needs so that we can improve your experience with our online content.

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

SHARING PERSONAL INFORMATION

PPM does not share your personal information with “third parties” as defined by the California Consumer Privacy Act.

We may share your information with affiliates and non-affiliated third-parties that perform support services for PPM. These parties are subject to agreements that require them to maintain the confidentiality of your information and to use it only in the course of providing such services. We will also share information if you so direct or with your consent, if we are compelled by law or regulation, as part of a corporate transaction with a successor or affiliate or in connected with any acquisition, merger or sale of assets, or in other circumstances as permitted by law (for example, to protect your account from fraud).

SPECIFIC PRIVACY RIGHTS

California-specific privacy rights. The California Consumer Privacy Act (“CCPA”) provides residents of California enhanced privacy rights, including the following:

· Right to know about your personal information PPM collects and discloses

· Right to access information PPM has collected about you

· Right to request PPM delete your personal information

· Right to non-discrimination for exercising your privacy rights

We do not discriminate against you, for example, by offering a different level of service, for exercising any of these rights. While the CCPA also provides California residents with the right to opt-out of sales of personal information to third parties, it is important to know we do not sell your personal information. Additionally, we do not knowingly collect or sell the personal information of minors (individuals under 16 years of age) without affirmative authorization.

Should you wish to exercise any of the above rights, please use this link to submit a request, or if you are unable to complete the form, please call (866) 352-4564. To protect your privacy, you will be required to provide information to help verify your identity. Only you, or someone legally authorized to act on your behalf, may make a verifiable consumer request related to your personal information. We will make good faith efforts to provide you with access to your information when you request it, but we cannot grant your request if we cannot verify your identity or authority to make the request and confirm that the personal information relates to you. Further, there may be other circumstances in which we may not grant access. In all cases, we will provide you with an explanation of our determination and a point of contact for further enquiries.

Additionally, under California Civil law, Californians are entitled to request information relating to whether a business has disclosed personal data to any third parties for the third parties’ direct marketing purposes. Californians who wish to request further information about our compliance with this statute or who have questions, more generally, about our Privacy Policy and our privacy commitments and our website should contact us at privacy@ppmamerica.com or at PPM America, 225 West Wacker Dr., Suite 1200, Chicago, Illinois 60606.

USE OF COOKIES

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

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

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

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

LINKS TO THIRD-PARTY SITES

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

SAFEGUARDING INFORMATION

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

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

CHANGES TO POLICY

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

This policy was last updated on February 20, 2020.

Item 2. Code of Ethics.

Not applicable to the semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to the semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to the semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Included as a part of the report to shareholders filed under Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes have been made.

Item 11. Controls and Procedures.

(a)	The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed,

summarized, and reported within the periods specified in the rules and forms of the U.S. Securities and Exchange Commission. Such information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

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

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits.


(a)		(1) Not applicable to the semi-annual filing.
		(2) The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
		(3) Not applicable.
		(4) Not applicable.

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

SIGNATURES

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


		PPM Funds

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

Date:		September 2, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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

Date:		September 2, 2020

By:		/s/ Daniel W. Koors
		Daniel W. Koors
		Principal Financial Officer

Date:		September 2, 2020

EXHIBIT LIST


Exhibit 13(a)(2)		Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.

		Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.

Exhibit 13(b)		Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.

Unfunded Commitment ($)

Appreciation/ (Depreciation) ($)

Intelsat Jackson Holdings S.A. – 2018 Term Loan B