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, 2019 – June 30, 2019

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.

PPMFunds Semi-Annual Report June 30, 2019 Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the PPM Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds. Instead, the reports will be made available on PPM America’s website (www.ppmamerica.com/ppmfunds/), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by doing one of the following: Calling 1-844-446-4PPM (1-844-446-4776) Logging into your account online Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. You can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by contacting the Funds at the phone number or e-mail address listed above or by logging into your account online. Your election to receive reports in paper will apply to all PPM Funds that you own.

PPMFunds (Unaudited)

June 30, 2019

PPM Funds including:PPM Core Plus Fixed Income Fund (PKPIX), PPM Credit Fund (PKDIX), PPM Floating Rate Income Fund (PKFIX), PPM High Yield Core Fund (PKHIX), PPM Long Short Credit Fund (PKLIX), PPM Strategic Income Fund (PKSIX), 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	50
Statements of Operations	52
Statements of Changes in Net Assets	54
Financial Highlights	58
Notes to Financial Statements	59
Additional Disclosures	72

PPM Funds Supplements to Prospectus

Privacy Policy

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

PPM Core Plus Fixed Income Fund

Composition as of June 30, 2019:
Government and Agency Obligations	43.2	%
Corporate Bonds and Notes	42.2
Non-US Government Agency ABS	8.0
Senior Loan Interests	1.8
Short Term Investments	4.7
Securities Lending Collateral	0.1
Total Investments	100.0	%

PPM Credit Fund

Composition as of June 30, 2019:
Corporate Bonds and Notes	86.6	%
Government and Agency Obligations	7.8
Non-US Government Agency ABS	3.1
Senior Loan Interests	0.4
Short Term Investments	1.3
Securities Lending Collateral	0.8
Total Investments	100.0	%

PPM Floating Rate Income Fund

Composition as of June 30, 2019:
Senior Loan Interests	91.5	%
Corporate Bonds and Notes	3.1
Warrants	0.0
Common Stocks	0.0
Short Term Investments	5.1
Securities Lending Collateral	0.3
Total Investments	100.0	%

PPM High Yield Core Fund

Composition as of June 30, 2019:
Corporate Bonds and Notes	83.4	%
Senior Loan Interests	5.6
Investment Companies	2.9
Common Stocks	0.4
Warrants	0.1
Short Term Investments	3.5
Securities Lending Collateral	4.1
Total Investments	100.0	%

PPM Long Short Credit Fund

Composition as of June 30, 2019:
Corporate Bonds and Notes	68.3	%
Senior Loan Interests	18.1
Non-US Government Agency ABS	5.2
Investment Companies	2.4
Government and Agency Obligations	0.6
Common Stocks	0.1
Warrants	0.1
Short Term Investments	5.2
Net Long (Short) Investments	100.0	%

PPM Strategic Income Fund

Composition as of June 30, 2019:
Corporate Bonds and Notes	72.1	%
Government and Agency Obligations	8.4
Senior Loan Interests	7.8
Non-US Government Agency ABS	6.4
Investment Companies	1.0
Common Stocks	0.2
Warrants	0.1
Other Equity Interests	-
Short Term Investments	2.5
Securities Lending Collateral	1.5
Total Investments	100.0	%

PPM Large Cap Value Fund

Composition as of June 30, 2019:
Financials	24.1	%
Health Care	16.1
Information Technology	14.0
Consumer Discretionary	9.4
Industrials	8.7
Energy	8.5
Communication Services	7.2
Consumer Staples	4.9
Utilities	3.3
Materials	3.2
Short Term Investments	0.6
Total Investments	100.0	%

PPM Mid Cap Value Fund

Composition as of June 30, 2019:
Financials	23.6	%
Consumer Discretionary	14.5
Information Technology	12.0
Industrials	11.9
Materials	8.6
Health Care	6.9
Utilities	6.2
Energy	5.3
Communication Services	4.5
Consumer Staples	4.4
Real Estate	1.9
Short Term Investments	0.2
Total Investments	100.0	%

PPM Small Cap Value Fund

Composition as of June 30, 2019:
Financials	19.7	%
Industrials	17.7
Information Technology	16.2
Consumer Discretionary	14.6
Energy	7.5
Health Care	6.6
Materials	5.2
Consumer Staples	3.3
Real Estate	3.1
Communication Services	2.4
Utilities	2.4
Securities Lending Collateral	1.0
Short Term Investments	0.3
Total Investments	100.0	%

See accompanying Notes to Financial Statements.

2

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
PPM Core Plus Fixed Income Fund
GOVERNMENT AND AGENCY OBLIGATIONS 44.6%
U.S. Treasury Securities 23.0%
	U.S. Treasury Bond
		3.75%, 08/15/41	461,000		565,517
		3.13%, 11/15/41	372,000		415,943
		2.50%, 02/15/45 - 02/15/46	852,000		846,960
		3.00%, 02/15/48	47,000		51,406
	U.S. Treasury Note
		2.38%, 04/15/21	260,000		262,600
		2.00%, 02/15/22 (a)	945,000		951,202
		1.88%, 04/30/22	678,000		680,542
		1.63%, 08/31/22 - 05/31/23	2,335,000		2,325,394
		2.75%, 02/15/24	900,000		939,375
		2.50%, 02/15/22 - 05/15/24	761,000		784,841
		2.13%, 05/15/25	196,000		199,216
		2.88%, 07/31/25	671,000		710,841
		1.88%, 06/30/26 (a)	310,000		310,000
		1.50%, 08/15/26	878,000		855,090
		2.25%, 11/15/25 - 08/15/27	2,192,000		2,243,375
		3.13%, 11/15/28	285,000		312,431
				12,454,733
Mortgage-Backed Securities 21.6%
	Federal Home Loan Mortgage Corporation
		4.00%, 10/01/45 - 09/01/48	194,978		202,758
		3.00%, 07/01/32 - 11/01/46	178,271		181,720
		3.50%, 01/01/46 - 11/01/48	1,805,808		1,860,415
		4.50%, 11/01/48	72,099		75,492
		REMIC, 2.72%, (1M USD LIBOR + 0.32%), 02/25/20 (b)	225,000		225,086
	Federal National Mortgage Association, Inc.
		TBA, 2.50%, 07/15/33 (a)	205,000		206,334
		TBA, 3.50%, 07/15/33 (a)	332,000		342,615
		3.00%, 09/01/32 - 11/01/48	2,638,290		2,679,643
		4.00%, 07/01/47 - 08/01/48	1,048,997		1,091,913
		4.50%, 05/01/47 - 05/01/48	1,159,365		1,220,247
		3.50%, 12/01/33 - 01/01/48	372,971		385,154
		TBA, 3.00%, 07/15/48 (a)	143,000		144,184
	Government National Mortgage Association
		3.50%, 04/20/46 - 05/20/47	1,378,127		1,426,107
		4.00%, 04/20/47 - 07/20/47	1,063,206		1,110,087
		TBA, 3.50%, 07/15/48 (a)	98,000		101,220
		TBA, 4.50%, 07/15/48 (a)	315,000		328,362
		TBA, 3.00%, 08/15/48 (a)	90,000		91,797
		4.50%, 01/20/49	33,364		34,835
				11,707,969
	Total Government And Agency Obligations (cost $23,327,834)			24,162,702
CORPORATE BONDS AND NOTES 43.6%
Financials 16.9%
	AerCap Ireland Capital Designated Activity Company
		3.50%, 05/26/22	115,000		117,225
	AIA Group Limited
		3.60%, 04/09/29 (c)	200,000		209,231
	American Water Capital Corp.
		3.45%, 06/01/29	175,000		181,860
	Athene Global Funding
		4.00%, 01/25/22 (c)	176,000		182,236
	Bank of America Corporation
		6.25%, (callable at 100 beginning 09/05/24) (d)	75,000		81,134
		4.00%, 01/22/25	86,000		90,450
		4.25%, 10/22/26	240,000		256,857
		3.56%, 04/23/27	130,000		135,406
		3.25%, 10/21/27	27,000		27,658
	Barclays PLC
		5.09%, 06/20/30	100,000		102,336
	Bayer US Finance II LLC
		4.25%, 12/15/25 (c)	39,000		41,222
		4.38%, 12/15/28 (c)	103,000		108,498
	BlackRock, Inc.
		3.25%, 04/30/29	137,000		143,410
	Capital One Financial Corporation
		3.75%, 03/09/27	125,000		128,957
			Shares/Par1		Value ($)
	Citigroup Inc.
		2.10%, 06/12/20	500,000		498,977
		2.75%, 04/25/22	75,000		75,729
		4.45%, 09/29/27	252,000		270,929
		3.89%, 01/10/28 (b)	68,000		71,806
		4.13%, 07/25/28	8,000		8,446
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 12/11/23) (c) (d)	200,000		220,250
		6.50%, 08/08/23 (c)	275,000		302,418
		4.21%, 06/12/24 (c)	250,000		261,920
	Danske Bank A/S
		5.38%, 01/12/24 (c)	225,000		243,047
	Diamond Finance International Limited
		8.35%, 07/15/46 (c)	113,000		142,411
	General Motors Financial Company, Inc.
		4.20%, 03/01/21	75,000		76,553
	Glencore Funding LLC
		3.00%, 10/27/22 (c)	62,000		62,382
		4.88%, 03/12/29 (c)	130,000		136,866
	GLP Financing, LLC
		5.30%, 01/15/29	111,000		119,886
	HSBC Holdings PLC
		6.88%, (callable at 100 beginning 06/01/21) (d) (e)	200,000		210,435
		4.38%, 11/23/26	200,000		211,305
	Icahn Enterprises L.P.
		6.38%, 12/15/25	10,000		10,221
		6.25%, 05/15/26 (c) (f)	230,000		232,411
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (c)	54,000		53,685
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (d)	60,000		60,675
		4.02%, 12/05/24	202,000		214,356
		3.22%, 03/01/25	114,000		117,159
		3.96%, 01/29/27	107,000		114,401
		3.78%, 02/01/28 (b)	47,000		49,741
		3.51%, 01/23/29	68,000		70,719
		4.01%, 04/23/29	62,000		66,759
		4.20%, 07/23/29	36,000		39,320
	Lloyds Banking Group PLC
		6.75%, (callable at 100 beginning 06/27/26) (d)	76,000		77,671
		7.50%, (callable at 100 beginning 09/27/25) (d)	109,000		114,398
	Markel Corporation
		5.00%, 05/20/49	78,000		84,849
	Metropolitan Life Global Funding I
		3.60%, 01/11/24 (c)	235,000		247,842
	Morgan Stanley
		4.88%, 11/01/22	194,000		207,479
		4.10%, 05/22/23	143,000		150,330
		3.88%, 04/29/24	104,000		110,127
		3.63%, 01/20/27	104,000		108,807
	Nordic Aviation Capital DAC
		5.58%, 03/14/24 (g) (h)	135,000		142,015
	PNC Bank, National Association
		2.79%, (3M USD LIBOR + 0.35%), 03/12/21 (b)	500,000		500,476
	Santander UK Group Holdings PLC
		4.80%, 11/15/24	161,000		171,477
	Spirit Realty, L.P.
		4.00%, 07/15/29	135,000		136,178
	The Goldman Sachs Group, Inc.
		2.91%, 07/24/23	63,000		63,573
		4.25%, 10/21/25	90,000		95,314
		3.85%, 01/26/27	29,000		30,290
		4.22%, 05/01/29	75,000		80,329
		6.75%, 10/01/37	80,000		104,580
	The PNC Financial Services Group, Inc.
		3.45%, 04/23/29	130,000		136,601
	UBS AG
		2.45%, 12/01/20 (c)	200,000		200,127
	Volkswagen Group of America, Inc.
		4.63%, 11/13/25 (c)	250,000		270,973
	Wells Fargo & Company
		2.63%, 07/22/22	75,000		75,526

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

3

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
		4.48%, 01/16/24	15,000		16,071
		3.20%, 06/17/27	200,000		203,710
	Ziggo Secured Finance B.V.
		5.50%, 01/15/27 (c)	60,000		60,989
				9,139,019
Energy 4.6%
	Andeavor Logistics LP
		3.50%, 12/01/22	46,000		47,124
		5.20%, 12/01/47	45,000		48,162
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	29,000		32,288
		5.13%, 06/30/27	125,000		135,840
	Columbia Pipeline Group, Inc.
		5.80%, 06/01/45	45,000		52,801
	Continental Resources, Inc.
		4.38%, 01/15/28	81,000		85,283
	Denbury Resources Inc.
		9.00%, 05/15/21 (c)	25,000		24,612
	Diamondback Energy, Inc.
		4.75%, 11/01/24 (c)	187,000		192,018
	Endeavor Energy Resources, L.P.
		5.50%, 01/30/26 (c)	14,000		14,521
		5.75%, 01/30/28 (c)	14,000		14,779
	Energy Transfer LP
		4.25%, 03/15/23	173,000		180,490
		5.25%, 04/15/29	94,000		104,982
		5.80%, 06/15/38	80,000		89,109
		6.13%, 12/15/45	20,000		22,862
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	40,000		47,319
	Enlink Midstream, LLC
		5.38%, 06/01/29	84,000		86,207
	Enterprise Products Operating LLC
		3.35%, 03/15/23	44,000		45,262
		3.13%, 07/31/29	176,000		176,799
		4.80%, 02/01/49	84,000		93,819
		4.20%, 01/31/50	60,000		61,592
	EQM Midstream Partners, LP
		4.13%, 12/01/26	73,000		70,384
	Everest Acquisition, LLC
		8.00%, 11/29/24 (c)	105,000		70,358
		7.75%, 05/15/26 (c)	35,000		31,261
	Marathon Petroleum Corporation
		3.80%, 04/01/28	30,000		30,516
	MPLX LP
		4.00%, 03/15/28	137,000		142,102
	Petroleos Mexicanos
		6.50%, 01/23/29	85,000		82,238
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	278,000		291,683
	Transocean Pontus Limited
		6.13%, 08/01/25 (c)	18,900		19,469
	Transocean Poseidon Limited
		6.88%, 02/01/27 (c)	49,000		51,847
	Transocean Proteus Limited
		6.25%, 12/01/24 (c)	131,250		135,720
				2,481,447
Utilities 3.9%
	Ameren Illinois Company
		4.50%, 03/15/49	104,000		121,516
	AVANGRID, Inc.
		3.15%, 12/01/24	160,000		162,833
	Basin Electric Power Cooperative
		4.75%, 04/26/47 (c)	107,000		118,486
	Commonwealth Edison Company
		3.75%, 08/15/47	89,000		91,906
	DPL Inc.
		4.35%, 04/15/29 (c)	132,000		133,635
	Electricite de France
		4.50%, 09/21/28 (c)	200,000		219,266
	Exelon Corporation
		5.10%, 06/15/45	85,000		98,839
	FirstEnergy Corp.
		3.90%, 07/15/27	93,000		97,548
			Shares/Par1		Value ($)
	Indiana Michigan Power Company
		4.25%, 08/15/48	69,000		75,764
	Nevada Power Company
		3.70%, 05/01/29	159,000		169,955
	Oncor Electric Delivery Company LLC
		2.95%, 04/01/25	180,000		184,535
	Southern California Edison Company
		4.13%, 03/01/48	46,000		46,099
	The AES Corporation
		4.00%, 03/15/21	215,000		218,829
	The Southern Company
		2.95%, 07/01/23	196,000		198,647
	Vistra Operations Company LLC
		3.55%, 07/15/24 (c)	174,000		175,301
				2,113,159
Health Care 3.6%
	Abbott Laboratories
		4.75%, 11/30/36	59,000		69,936
	Bausch Health Companies Inc.
		6.50%, 03/15/22 (c)	15,000		15,548
		5.88%, 05/15/23 (c)	3,000		3,037
		5.50%, 03/01/23 - 11/01/25 (c)	52,000		54,090
		8.50%, 01/31/27 (c)	21,000		23,120
		5.75%, 08/15/27 (c)	33,000		34,669
		7.00%, 03/15/24 - 01/15/28 (c)	47,000		49,759
	Bristol-Myers Squibb Company
		4.13%, 06/15/39 (c)	119,000		128,805
		4.25%, 10/26/49 (c)	151,000		166,269
	Catalent Pharma Solutions, Inc.
		5.00%, 07/15/27 (c)	15,000		15,247
	Centene Corporation
		4.75%, 05/15/22 - 01/15/25	97,000		99,509
	Centene Escrow I Corporation
		5.38%, 06/01/26 (c)	117,000		123,155
	Cigna Corporation
		4.38%, 10/15/28 (c)	248,000		267,281
	CVS Health Corporation
		4.78%, 03/25/38	117,000		121,919
		5.05%, 03/25/48	171,000		182,112
	Express Scripts Holding Company
		3.40%, 03/01/27	114,000		115,586
	HCA Inc.
		4.13%, 06/15/29	133,000		136,661
		5.13%, 06/15/39	55,000		57,139
	Mylan Inc
		5.20%, 04/15/48	23,000		21,336
	Perrigo Finance Unlimited Company
		4.38%, 03/15/26	31,000		31,056
		4.90%, 12/15/44	11,000		9,794
	UnitedHealth Group Incorporated
		3.75%, 07/15/25	45,000		48,020
		3.10%, 03/15/26	43,000		44,482
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	100,000		104,404
		5.38%, 08/15/26 (c)	46,000		48,823
				1,971,757
Communication Services 3.1%
	Altice France
		7.38%, 05/01/26 (c)	95,000		97,376
	AT&T Inc.
		3.62%, (3M USD LIBOR + 1.18%), 06/12/24 (b)	375,000		379,377
		5.25%, 03/01/37	87,000		97,526
	Charter Communications Operating, LLC
		4.91%, 07/23/25	160,000		173,586
		5.38%, 04/01/38	45,000		48,437
		6.83%, 10/23/55	51,000		60,073
	Comcast Corporation
		4.60%, 10/15/38	218,000		249,564
		3.40%, 07/15/46	60,000		57,254
		4.95%, 10/15/58	60,000		73,098
	Hughes Satellite Systems Corporation
		5.25%, 08/01/26	71,000		72,953
	Netflix, Inc.
		5.38%, 11/15/29 (c)	36,000		38,289

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

4

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Sirius XM Radio Inc.
		4.63%, 07/15/24 (c)	74,000		75,694
		5.50%, 07/01/29 (c)	95,000		97,405
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (c)	112,500		112,670
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	32,000		34,737
				1,668,039
Consumer Staples 3.0%
	Altria Group, Inc.
		4.40%, 02/14/26	168,000		179,575
	Anheuser-Busch Companies, LLC
		4.90%, 02/01/46	162,000		180,094
	Anheuser-Busch InBev Worldwide Inc.
		4.75%, 01/23/29	49,000		55,558
	BAT Capital Corp.
		4.39%, 08/15/37	165,000		156,792
	JBS Investments II GmbH
		7.00%, 01/15/26 (c)	200,000		216,073
	JBS USA Food Company
		5.88%, 07/15/24 (c)	16,000		16,463
	JBS USA LUX SA
		6.50%, 04/15/29 (c)	84,000		91,241
	Mars, Incorporated
		3.95%, 04/01/49 (c)	197,000		210,889
	Post Holdings, Inc.
		5.63%, 01/15/28 (c)	22,000		22,604
	Reynolds American Inc.
		5.70%, 08/15/35	46,000		50,491
		7.00%, 08/04/41	45,000		53,736
	Walmart Inc.
		2.85%, 07/08/24	260,000		267,946
		3.25%, 07/08/29	116,000		122,187
				1,623,649
Materials 2.6%
	Anglo American Capital PLC
		4.88%, 05/14/25 (c)	121,000		130,278
		4.75%, 04/10/27 (c)	200,000		211,966
	Berry Global Escrow Corporation
		4.88%, 07/15/26 (c)	76,000		77,615
	CF Industries, Inc.
		3.40%, 12/01/21 (c)	165,000		168,196
		4.50%, 12/01/26 (c)	349,000		365,373
	Corning Incorporated
		5.85%, 11/15/68	58,000		68,435
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	170,000		173,856
		5.40%, 11/14/34	70,000		66,885
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (c)	130,000		134,914
	Olin Corporation
		5.00%, 02/01/30	41,000		40,620
				1,438,138
Industrials 2.6%
	Aircastle Limited
		4.40%, 09/25/23	41,000		42,526
		4.13%, 05/01/24	75,000		77,005
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (c)	128,000		134,025
	Aviation Capital Group LLC
		4.38%, 01/30/24 (c)	105,000		110,316
	Avolon Holdings Funding Limited
		5.13%, 10/01/23 (c)	110,000		116,314
		5.25%, 05/15/24 (c)	158,000		168,568
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (d)	419,000		402,156
	General Motors Company
		5.95%, 04/01/49	30,000		31,480
	Park Aerospace Holdings Limited
		5.25%, 08/15/22 (c)	190,000		200,661
	Union Pacific Corporation
		4.38%, 09/10/38	100,000		110,016
				1,393,067
			Shares/Par1		Value ($)
Information Technology 1.6%
	Broadcom Corporation
		3.88%, 01/15/27	57,000		55,868
	Broadcom Inc.
		4.25%, 04/15/26 (c)	130,000		132,756
	International Business Machines Corporation
		4.25%, 05/15/49	117,000		125,484
	Microsoft Corporation
		3.45%, 08/08/36	142,000		149,865
		3.95%, 08/08/56	97,000		107,037
	NXP B.V.
		4.13%, 06/01/21 (c)	200,000		204,542
	Oracle Corporation
		4.00%, 11/15/47	83,000		89,203
				864,755
Consumer Discretionary 0.9%
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	103,000		108,852
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		16,537
	Hilton Worldwide Holdings Inc.
		4.63%, 04/01/25	14,000		14,329
	Nemak, S.A.B. de C.V.
		4.75%, 01/23/25 (c)	126,000		127,097
	The Home Depot, Inc.
		2.95%, 06/15/29	200,000		205,042
				471,857
Real Estate 0.8%
	Boston Properties Limited Partnership
		2.75%, 10/01/26	36,000		35,421
		4.50%, 12/01/28	145,000		160,451
	Crown Castle International Corp.
		2.25%, 09/01/21	50,000		49,765
	HCP, Inc.
		3.25%, 07/15/26	25,000		25,182
		3.50%, 07/15/29	46,000		46,179
	Realty Income Corporation
		3.25%, 06/15/29	113,000		115,029
				432,027
	Total Corporate Bonds And Notes (cost $22,513,123)			23,596,914
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.2%
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	175,400		177,680
	American Tower Trust
		Series 2013-A-2, 3.07%, 03/15/23 (c)	265,000		265,999
	Ascentium Equipment Receivables Trust
		Series 2017-A2-2A, 2.00%, 05/11/20 (c)	12,094		12,084
		Series 2018-A2-1A, 2.92%, 12/10/20 (c)	44,674		44,763
		Series 2017-A3-2A, 2.31%, 12/10/21 (c)	64,000		64,057
	BAMLL Commercial Mortgage Securities Trust
		Series 2015-B-200P, REMIC, 3.49%, 04/16/25 (c)	375,000		388,846
	BCC Funding XIV, LLC
		Series 2018-A2-1A, 2.96%, 06/20/23 (c)	69,710		70,051
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21 (c)	70,367		70,510
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23 (c)	54,044		54,041
	Citibank Credit Card Issuance Trust
		Series 2017-A9-A9, 1.80%, 09/20/19	700,000		699,096
	CSMC Trust
		Series 2017-A3-HL2, 3.50%, 09/25/24 (b) (c)	96,553		98,024
	Dell Equipment Finance Trust
		Series 2018-A2A-1, 2.97%, 10/22/20 (c)	72,669		72,855
		Series 2017-A3-2, 2.19%, 10/24/22 (c)	100,000		99,895
	Engs Commercial Finance Trust
		Series 2018-A1-1A, 2.97%, 02/22/21 (c)	33,664		33,722
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22 (c)	52,347		52,558
	GLS Auto Receivables Trust
		Series 2019-A-1A, 3.37%, 03/15/21 (c)	131,592		132,278
		Series 2018-A-3A, 3.35%, 08/15/22 (c)	51,378		51,650

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

5

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	GM Financial Automobile Leasing Trust
		Series 2017-A3-1, 2.06%, 05/20/20	58,532			58,502
		Series 2018-A3-1, 2.61%, 01/20/21	200,000			200,238
	GreatAmerica Financial Services Corporation
		Series 2017-A3-1, 2.06%, 06/22/20 (c)	36,721			36,686
		Series 2019-A2-1, 2.97%, 09/15/20 (c)	140,000			140,643
		Series 2018-A3-1, 2.60%, 06/15/21 (c)	100,000			100,302
	GS Mortgage Securities Corp Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22 (c)	158,000			163,135
	J.P. Morgan Mortgage Trust
		Series 2017-A6-6, REMIC, 3.00%, 03/25/25 (b) (c)	102,394			102,628
	Kubota Credit Owner Trust
		Series 2016-A3-1A, 1.50%, 07/15/20 (c)	48,752			48,680
		Series 2018-A2-1A, 2.80%, 02/16/21 (c)	92,044			92,224
	MVW Owner Trust
		Series 2013-A-1A, 2.15%, 04/22/30 (c)	76,745			76,446
	PSMC Trust
		Series 2018-A1-3, REMIC, 4.00%, 02/25/41 (c)	90,001			92,082
	Sequoia Mortgage Trust
		Series 2019-A4-1, REMIC, 4.00%, 02/25/26 (c)	45,203			46,237
		Series 2018-A1-8, REMIC, 4.00%, 06/25/40 (b) (c)	116,586			117,852
	United Airlines, Inc.
		Series 2012-B-1, 6.25%, 04/11/20	9,797			9,930
		Series 2012-A-1, 4.15%, 04/11/24	52,852			54,744
		Series 2012-A-2, 4.00%, 10/29/24	47,031			49,072
	United Auto Credit Securitization Trust
		Series 2018-A-2, 2.89%, 03/10/21 (c)	18,318			18,325
	Verizon Owner Trust
		Series 2017-A-2A, 1.92%, 12/20/21 (c)	500,000			499,006
	Volvo Financial Equipment LLC
		Series 2019-A2-1A, 2.90%, 11/15/21 (c)	114,000			114,542
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, 3.92%, 06/17/27 (b)	57,000			59,229
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,395,714)			4,468,612
SENIOR LOAN INTERESTS 1.8%
Consumer Discretionary 0.6%
	Charter Communications Operating, LLC
		2017 Term Loan B, 4.33%, (3M LIBOR + 2.00%), 04/30/25 (b)	64,025			63,929
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 4.64%, (3M LIBOR + 2.25%), 07/15/25 (b)	44,211			43,451
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 5.14%, (3M LIBOR + 2.75%), 09/07/23 (b)	36,189			35,856
		2017 Incremental Term Loan B, 5.15%, (3M LIBOR + 2.75%), 10/04/23 (b)	45,141			44,726
	PCI Gaming Authority
		Term Loan, 5.40%, (3M LIBOR + 3.00%), 05/15/26 (b)	164,000			164,171
				352,133
Communication Services 0.5%
	CenturyLink, Inc.
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 01/15/25 (b)	116,230			113,389
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 0.00%, (3M LIBOR + 2.75%), 06/13/26 (b) (i)	78,551			78,256
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.94%, (3M LIBOR + 2.50%), 02/01/24 (b)	83,505			82,148
				273,793
Financials 0.2%
	Blackstone CQP Holdco LP
		Term Loan B, 5.89%, (3M LIBOR + 3.50%), 05/29/24 (b)	65,586			65,651
	UFC Holdings, LLC
		2019 Term Loan, 5.66%, (3M LIBOR + 3.25%), 04/25/26 (b)	59,091			58,933
				124,584
			Shares/Par1		Value ($)
Consumer Staples 0.2%
	JBS USA Lux S.A.
		2019 Term Loan B, 4.90%, (3M LIBOR + 2.50%), 04/27/26 (b)	95,551			95,312
Energy 0.1%
	TEX Operations Co. LLC
		Exit Term Loan B, 4.40%, (3M LIBOR + 2.00%), 08/04/23 (b)	24,535			24,489
	Traverse Midstream Partners LLC
		Term Loan, 6.59%, (3M LIBOR + 4.00%), 09/22/24 (b)	32,753			32,331
				56,820
Utilities 0.1%
	PG&E Corp
		DIP Term Loan, 4.69%, (3M LIBOR + 2.25%), 12/31/20 (b)	52,500			52,631
Materials 0.1%
	BWAY Holding Company
		2017 Term Loan B, 5.85%, (3M LIBOR + 3.25%), 04/03/24 (b)	49,123			47,383
	Total Senior Loan Interests (cost $1,007,397)			1,002,656
SHORT TERM INVESTMENTS 5.0%
Investment Companies 4.9%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.32% (j)		2,640,352			2,640,352
Securities Lending Collateral 0.1%
	State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (j)		42,640			42,640
	Total Short Term Investments (cost $2,682,992)			2,682,992
Total Investments 103.2% (cost $53,927,060)						55,913,876
Other Derivative Instruments (0.0)%						(3,475)
Other Assets and Liabilities, Net (3.2)%						(1,732,942)
Total Net Assets 100.0%						54,177,459

(a)All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2019, the total payable for investments purchased on a delayed delivery basis was $2,458,499.

(b)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2019. 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.

(c)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 PPM Funds' Board of Trustees. As of June 30, 2019, the value and the percentage of net assets of these liquid securities was $11,529,030 and 21.3% of the fund.

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

(e)Convertible security.

(f)All or a portion of the security was on loan as of June 30, 2019.

(g)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the PPM Funds' 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)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees.

(i)This senior loan will settle after June 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(j)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2019.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

6

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

Unfunded Commitments

	Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
PG&E Corp. – DIP Delayed Draw Term Loan	17,413	131
	17,413	131

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 Ultra Bond	2	September 2019		276,284	63			(34)
United States 2 Year Note	9	October 2019		1,928,279	(329)			8,323
United States 5 Year Note	20	October 2019		2,339,823	—			23,302
United States Long Bond	15	September 2019		2,280,970	(1,875)			52,936
United States Ultra Bond	1	September 2019		176,783	(188)			780
					(2,329)			85,307
Short Contracts
United States 10 Year Note	(28)	September 2019		(3,533,898)	(907)			(49,227)

PPM Core Plus Fixed Income Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate6 (%)	Expiration	Notional1,5		Value4 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
CDX.NA.IG.32 (Q)	1.00	06/20/24		500,000		(10,694)		(239)		(2,123)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

7

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1	Value ($)
PPM Credit Fund
CORPORATE BONDS AND NOTES 87.1%
Financials 32.4%
	ABN AMRO Bank N.V.
		2.65%, 01/19/21 (a)	250,000	250,987
	AerCap Ireland Capital Designated Activity Company
		3.65%, 07/21/27	78,000	77,546
		3.88%, 01/23/28	35,000	35,114
	Ally Financial Inc.
		3.88%, 05/21/24	97,000	99,371
		4.63%, 05/19/22 - 03/30/25	28,000	29,461
	American Honda Finance Corporation
		2.20%, 06/27/22	216,000	215,703
		2.40%, 06/27/24	238,000	237,627
	American International Group, Inc.
		4.50%, 07/16/44	24,000	25,307
		4.80%, 07/10/45	158,000	173,072
		4.75%, 04/01/48	68,000	74,705
	American Water Capital Corp.
		4.15%, 06/01/49	125,000	134,852
	Ameriprise Financial, Inc.
		3.00%, 03/22/22	61,000	62,066
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (a)	200,000	207,349
	Bank of America Corporation
		2.50%, 10/21/22	112,000	112,183
		4.13%, 01/22/24	52,000	55,563
		3.55%, 03/05/24	158,000	163,522
		4.00%, 04/01/24 - 01/22/25	149,000	158,472
		3.95%, 04/21/25	276,000	289,255
		3.37%, 01/23/26	75,000	77,377
		4.45%, 03/03/26	24,000	25,883
		4.25%, 10/22/26	13,000	13,913
		3.56%, 04/23/27	125,000	130,198
		4.18%, 11/25/27	79,000	83,768
		3.42%, 12/20/28	118,000	121,519
		3.97%, 03/05/29	40,000	42,757
		4.33%, 03/15/50	51,000	56,728
	Bank of Montreal
		2.90%, 03/26/22 (b)	100,000	101,510
	Bayer US Finance II LLC
		4.25%, 12/15/25 (a)	67,000	70,817
		4.38%, 12/15/28 (a)	175,000	184,341
	Berkshire Hathaway Finance Corporation
		4.20%, 08/15/48	125,000	139,582
	BlackRock, Inc.
		3.25%, 04/30/29	132,000	138,176
	BMW US Capital, LLC
		2.00%, 04/11/21 (a)	50,000	49,595
		2.95%, 04/14/22 (a) (c)	125,000	126,809
	BNP Paribas
		3.38%, 01/09/25 (a)	200,000	203,287
	Boral Finance Pty Limited
		3.75%, 05/01/28 (a)	146,000	147,041
	Capital One Financial Corporation
		3.30%, 10/30/24	120,000	122,900
		3.75%, 03/09/27	102,000	105,229
		3.80%, 01/31/28	73,000	75,425
	CIT Group Inc.
		4.75%, 02/16/24	149,000	158,306
		5.25%, 03/07/25	16,000	17,543
		6.13%, 03/09/28	17,000	19,407
	Citigroup Inc.
		3.14%, 01/24/23	153,000	155,532
		3.35%, 04/24/25	69,000	71,212
		3.20%, 10/21/26	109,000	111,111
		4.45%, 09/29/27	138,000	148,366
		3.89%, 01/10/28 (d)	239,000	252,376
		3.67%, 07/24/28 (d)	291,000	303,826
		4.13%, 07/25/28	26,000	27,449
	Commonwealth Bank of Australia
		3.45%, 03/16/23 (a)	250,000	259,030
			Shares/Par1	Value ($)
	Credit Suisse Group AG
		6.25%, (callable at 100 beginning 12/18/24) (a) (e)	69,000	71,588
		4.21%, 06/12/24 (a)	250,000	261,920
		3.87%, 01/12/29 (a)	250,000	257,494
	Diamond Finance International Limited
		5.88%, 06/15/21 (a)	41,000	41,652
		7.13%, 06/15/24 (a)	38,000	40,110
		8.35%, 07/15/46 (a)	50,000	63,014
	ERAC USA Finance LLC
		4.50%, 02/15/45 (a)	27,000	28,684
	Five Corners Funding Trust
		4.42%, 11/15/23 (a)	212,000	227,460
	GE Capital International Funding Company Unlimited Company
		4.42%, 11/15/35	157,000	155,278
	General Motors Financial Company, Inc.
		4.00%, 10/06/26	84,000	84,970
	Glencore Funding LLC
		4.88%, 03/12/29 (a)	175,000	184,243
	GLP Financing, LLC
		5.30%, 01/15/29	77,000	83,164
	HSBC Holdings PLC
		3.97%, 05/22/30	300,000	312,994
	HSBC USA Inc.
		4.88%, 08/24/20	62,000	63,646
	Icahn Enterprises L.P.
		6.38%, 12/15/25	9,000	9,199
		6.25%, 05/15/26 (a)	240,000	242,515
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (a)	17,000	16,901
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (e)	79,000	79,889
		2.97%, 01/15/23	218,000	220,962
		3.21%, 04/01/23	250,000	254,929
		4.02%, 12/05/24	162,000	171,909
		3.22%, 03/01/25	237,000	243,567
		3.96%, 01/29/27	219,000	234,148
		3.78%, 02/01/28 (d)	185,000	195,787
		3.51%, 01/23/29	23,000	23,920
		4.01%, 04/23/29	196,000	211,043
		4.20%, 07/23/29	146,000	159,462
		3.70%, 05/06/30 (d)	65,000	68,503
	KKR Group Finance Co. VI LLC
		3.75%, 07/01/29 (a)	125,000	128,033
	LafargeHolcim Finance US LLC
		4.75%, 09/22/46 (a)	200,000	197,026
	Liberty Mutual Group Inc.
		4.25%, 06/15/23 (a)	12,000	12,678
		4.57%, 02/01/29 (a)	39,000	42,844
		4.85%, 08/01/44 (a)	125,000	137,282
	Lincoln National Corporation
		3.80%, 03/01/28	42,000	44,059
		4.35%, 03/01/48	70,000	73,699
	Lloyds Banking Group PLC
		6.75%, (callable at 100 beginning 06/27/26) (e)	90,000	91,979
		7.50%, (callable at 100 beginning 09/27/25) (e)	162,000	170,022
		3.57%, 11/07/28	200,000	200,407
	Markel Corporation
		4.30%, 11/01/47	250,000	244,641
		5.00%, 05/20/49	60,000	65,269
	MassMutual Global Funding II
		2.50%, 04/13/22 - 10/17/22 (a)	154,000	154,828
	MetLife, Inc.
		4.37%, 09/15/23	45,000	48,561
	Metropolitan Life Global Funding I
		3.38%, 01/11/22 (a)	48,000	49,321
	Mitsubishi UFJ Financial Group Inc
		3.22%, 03/07/22	70,000	71,492
		3.46%, 03/02/23	250,000	257,666
	Morgan Stanley
		3.88%, 04/29/24	101,000	106,951
		3.70%, 10/23/24	98,000	103,230
		3.13%, 07/27/26	103,000	104,927

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

8

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
		4.35%, 09/08/26	181,000		193,984
		3.63%, 01/20/27	196,000		205,059
		3.59%, 07/22/28 (d)	50,000		51,935
		4.38%, 01/22/47	30,000		33,371
	Navient Corporation
		7.25%, 09/25/23	13,000		13,886
	New York Life Global Funding
		1.70%, 09/14/21 (a)	120,000		118,597
		2.88%, 04/10/24 (a)	349,000		356,259
	New York Life Insurance Company
		4.45%, 05/15/69 (a)	48,000		52,919
	Nordic Aviation Capital DAC
		5.58%, 03/14/24 (f) (g)	115,000		120,976
	Principal Financial Group, Inc.
		3.70%, 05/15/29	16,000		16,724
	Reckitt Benckiser Treasury Services PLC
		2.75%, 06/26/24 (a)	223,000		224,809
	Reinsurance Group of America, Incorporated
		3.90%, 05/15/29	45,000		46,637
	Royal Bank of Canada
		3.70%, 10/05/23 (b)	125,000		131,682
	Santander UK Group Holdings PLC
		4.80%, 11/15/24	200,000		213,015
	SLM Corporation
		5.50%, 01/25/23	41,000		42,114
	Standard Chartered PLC
		4.31%, 05/21/30 (a)	100,000		103,700
	Sumitomo Mitsui Financial Group, Inc.
		2.85%, 01/11/22	250,000		252,310
	Synchrony Financial
		5.15%, 03/19/29	59,000		63,575
	The Blackstone Group L.P.
		4.00%, 10/02/47 (a)	44,000		42,936
	The Goldman Sachs Group, Inc.
		2.91%, 07/24/23	117,000		118,064
		4.00%, 03/03/24	119,000		126,206
		3.75%, 05/22/25	179,000		186,939
		4.25%, 10/21/25	34,000		36,008
		3.50%, 01/23/25 - 11/16/26	176,000		181,112
		3.85%, 01/26/27	128,000		133,692
		3.69%, 06/05/28 (d)	9,000		9,295
		3.81%, 04/23/29	70,000		72,875
		4.22%, 05/01/29	250,000		267,764
		5.15%, 05/22/45	16,000		18,296
	The Huntington National Bank
		2.38%, 03/10/20	80,000		80,120
	The PNC Financial Services Group, Inc.
		3.45%, 04/23/29	250,000		262,694
	The Toronto-Dominion Bank
		2.65%, 06/12/24	250,000		252,129
	USA Compression Finance Corp.
		6.88%, 04/01/26	38,000		40,216
		6.88%, 09/01/27 (a)	44,000		46,185
	Volkswagen Group of America, Inc.
		4.75%, 11/13/28 (a)	215,000		233,616
	Wells Fargo & Company
		4.10%, 06/03/26	64,000		67,871
		3.20%, 06/17/27	250,000		254,638
		4.40%, 06/14/46	23,000		24,891
	Wells Fargo Bank, National Association
		2.60%, 01/15/21	80,000		80,300
		2.90%, 05/27/22	250,000		252,299
		5.85%, 02/01/37	75,000		96,247
	Westpac Banking Corporation
		2.75%, 01/11/23	125,000		126,515
				17,509,494
Energy 8.7%
	Alta Mesa Holdings, LP
		7.88%, 12/15/24	107,000		41,389
	Anadarko Petroleum Corporation
		7.95%, 06/15/39	51,000		70,091
	Andeavor Logistics LP
		4.25%, 12/01/27	19,000		20,079
		5.20%, 12/01/47	66,000		70,638
			Shares/Par1		Value ($)
	Apache Corporation
		5.35%, 07/01/49	50,000		52,811
	Callon Petroleum Company
		6.38%, 07/01/26	125,000		126,148
	Canadian Natural Resources Limited
		2.95%, 01/15/23	42,000		42,421
		3.85%, 06/01/27	55,000		57,017
	Chaparral Energy, Inc.
		8.75%, 07/15/23 (a) (c)	42,000		25,675
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	23,000		25,608
		5.13%, 06/30/27	42,000		45,642
	Chesapeake Energy Corporation
		7.00%, 10/01/24 (c)	50,000		44,913
	Concho Resources Inc.
		4.88%, 10/01/47	51,000		57,456
	Continental Resources, Inc.
		4.50%, 04/15/23	48,000		50,435
		4.38%, 01/15/28	81,000		85,283
	Diamondback Energy, Inc.
		4.75%, 11/01/24 (a)	123,000		126,300
	Endeavor Energy Resources, L.P.
		5.50%, 01/30/26 (a)	9,000		9,335
		5.75%, 01/30/28 (a)	9,000		9,501
	Energy Transfer LP
		4.25%, 03/15/23	139,000		145,018
		5.50%, 06/01/27	50,000		55,899
		5.25%, 04/15/29	112,000		125,085
		5.80%, 06/15/38	51,000		56,807
		5.15%, 03/15/45	40,000		40,920
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	98,000		115,931
	Enlink Midstream, LLC
		5.38%, 06/01/29	72,000		73,892
	Enterprise Products Operating LLC
		3.35%, 03/15/23	51,000		52,463
		3.13%, 07/31/29	121,000		121,549
		6.13%, 10/15/39	86,000		107,950
		4.80%, 02/01/49	124,000		138,495
		4.20%, 01/31/50	57,000		58,512
	EQM Midstream Partners, LP
		4.13%, 12/01/26	42,000		40,495
	Everest Acquisition, LLC
		8.00%, 11/29/24 (a)	70,000		46,905
	Floatel International Ltd.
		9.00%, 04/11/24 (a)	100,000		88,750
	Halliburton Company
		3.80%, 11/15/25	60,000		62,887
		4.85%, 11/15/35	59,000		63,058
	HollyFrontier Corporation
		5.88%, 04/01/26	110,000		120,358
	Kinder Morgan Energy Partners, L.P.
		7.75%, 03/15/32	87,000		118,991
	Kinder Morgan, Inc.
		4.30%, 03/01/28	90,000		96,291
		5.20%, 03/01/48	50,000		56,429
	Marathon Oil Corporation
		4.40%, 07/15/27	90,000		95,393
	Marathon Petroleum Corporation
		3.80%, 04/01/28	30,000		30,516
		4.50%, 04/01/48	35,000		35,085
	MPLX LP
		4.13%, 03/01/27	14,000		14,646
		4.00%, 03/15/28	96,000		99,575
		4.50%, 04/15/38	40,000		40,364
		4.70%, 04/15/48	25,000		25,422
		5.50%, 02/15/49	55,000		62,190
	Nabors Industries, Inc.
		5.75%, 02/01/25	50,000		44,330
	Petroleos Mexicanos
		6.50%, 03/13/27 - 01/23/29	368,000		361,950
	Sabine Pass Liquefaction, LLC
		5.75%, 05/15/24	165,000		183,263
		4.20%, 03/15/28	461,000		483,690

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

9

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Saudi Arabian Oil Company
		2.88%, 04/16/24 (a)	200,000		201,244
	Sunoco Logistics Partners Operations L.P.
		4.95%, 01/15/43	22,000		21,757
	TransCanada PipeLines Limited
		4.25%, 05/15/28	100,000		107,990
	Transocean Guardian Limited
		5.88%, 01/15/24 (a)	21,735		22,165
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	14,175		14,602
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	90,750		93,841
				4,685,450
Communication Services 7.3%
	Altice Luxembourg Fr SA
		8.13%, 02/01/27 (a)	200,000		210,043
	AT&T Inc.
		2.80%, 02/17/21	123,000		123,802
		3.62%, (3M USD LIBOR + 1.18%), 06/12/24 (d)	70,000		70,817
		5.25%, 03/01/37	93,000		104,252
		4.90%, 08/15/37	54,000		58,319
		4.85%, 03/01/39	135,000		144,801
		4.30%, 02/15/30 - 12/15/42	106,000		109,107
		4.35%, 03/01/29 - 06/15/45	259,000		273,097
		4.75%, 05/15/46	100,000		105,352
		4.50%, 03/09/48	27,000		27,675
	CCO Holdings, LLC
		5.50%, 05/01/26 (a)	36,000		37,718
		5.88%, 05/01/27 (a)	33,000		34,830
		5.38%, 06/01/29 (a)	61,000		62,993
	Charter Communications Operating, LLC
		5.38%, 04/01/38 - 05/01/47	212,000		226,498
	Cincinnati Bell Inc.
		7.00%, 07/15/24 (a)	100,000		88,246
	Comcast Corporation
		4.60%, 10/15/38	205,000		234,682
		4.00%, 08/15/47	100,000		105,299
		4.05%, 11/01/52	50,000		53,110
		4.95%, 10/15/58	170,000		207,111
	Discovery Communications, LLC
		5.20%, 09/20/47	25,000		26,390
	Fox Corporation
		5.48%, 01/25/39 (a)	60,000		70,585
	NBCUniversal Media, LLC
		4.38%, 04/01/21	165,000		171,077
	Netflix, Inc.
		5.38%, 11/15/29 (a)	46,000		48,925
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (a)	30,000		30,751
	Sirius XM Radio Inc.
		4.63%, 07/15/24 (a)	35,000		35,801
		5.38%, 07/15/26 (a)	75,000		77,821
		5.00%, 08/01/27 (a)	95,000		96,772
		5.50%, 07/01/29 (a)	68,000		69,721
	Spectrum Management Holding Company, LLC
		6.75%, 06/15/39	40,000		46,803
	Sprint Capital Corporation
		6.88%, 11/15/28	105,000		108,772
	Telefonica Emisiones, S.A.U.
		4.10%, 03/08/27	150,000		159,454
	Time Warner Cable Enterprises LLC
		8.38%, 03/15/23	55,000		65,172
	TWDC Enterprise 18 Corp.
		6.55%, 03/15/33 (a)	38,000		52,222
		6.90%, 08/15/39 (a)	36,000		53,692
		4.75%, 09/15/44 (a)	29,000		35,327
		3.00%, 07/30/46	32,000		30,225
	Verizon Communications Inc.
		3.50%, 11/01/24	167,000		175,278
		4.02%, 12/03/29 (a)	70,000		75,870
		4.86%, 08/21/46	140,000		162,740
	Vodafone Group Public Limited Company
		4.38%, 05/30/28	88,000		94,993
				3,966,143
			Shares/Par1		Value ($)
Health Care 7.2%
	Abbott Laboratories
		3.75%, 11/30/26	95,000		102,502
		4.75%, 11/30/36	33,000		39,117
	AbbVie Inc.
		4.50%, 05/14/35	91,000		93,346
		4.45%, 05/14/46	17,000		16,731
		4.88%, 11/14/48	75,000		78,831
	Allergan Funding SCS
		4.85%, 06/15/44	29,000		30,084
	Bausch Health Companies Inc.
		6.50%, 03/15/22 (a)	10,000		10,366
		5.50%, 03/01/23 - 11/01/25 (a)	92,000		95,709
		5.88%, 05/15/23 (a)	3,000		3,037
		7.00%, 03/15/24 - 01/15/28 (a)	37,000		39,000
		6.13%, 04/15/25 (a)	32,000		32,639
		8.50%, 01/31/27 (a)	133,000		146,426
		5.75%, 08/15/27 (a)	37,000		38,871
	Becton, Dickinson and Company
		3.73%, 12/15/24	78,000		81,865
	Bristol-Myers Squibb Company
		4.13%, 06/15/39 (a)	114,000		123,393
		4.25%, 10/26/49 (a)	145,000		159,662
	Catalent Pharma Solutions, Inc.
		5.00%, 07/15/27 (a)	16,000		16,263
	Celgene Corporation
		4.63%, 05/15/44	64,000		72,771
		4.35%, 11/15/47	77,000		85,063
	Centene Corporation
		4.75%, 01/15/25	99,000		102,165
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	148,000		155,786
	Cigna Corporation
		3.20%, 09/17/20 (a)	111,000		111,987
		4.38%, 10/15/28 (a)	118,000		127,174
		4.80%, 08/15/38 (a)	60,000		64,591
		4.90%, 12/15/48 (a)	32,000		34,791
	CVS Health Corporation
		2.88%, 06/01/26	15,000		14,723
		4.78%, 03/25/38	146,000		152,139
		5.05%, 03/25/48	222,000		236,427
	Forest Laboratories, LLC
		5.00%, 12/15/21 (a)	118,000		123,757
	Gilead Sciences, Inc.
		3.65%, 03/01/26	38,000		40,209
		4.00%, 09/01/36	17,000		17,923
		4.15%, 03/01/47	69,000		72,384
	GlaxoSmithKline Capital PLC
		2.88%, 06/01/22	125,000		127,180
	HCA Inc.
		5.00%, 03/15/24	7,000		7,623
		5.63%, 09/01/28	20,000		21,624
		5.13%, 06/15/39	52,000		54,022
		5.25%, 06/15/26 - 06/15/49	196,000		208,704
	Humana Inc.
		4.63%, 12/01/42	40,000		42,385
	Legacy Lifepoint Health, Inc.
		9.75%, 12/01/26 (a)	125,000		130,905
	Mylan Inc
		5.20%, 04/15/48	141,000		130,799
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	86,000		84,449
	Pfizer Inc.
		2.80%, 03/11/22	46,000		46,886
		2.75%, 06/03/26	37,000		37,523
	Tenet Healthcare Corporation
		8.13%, 04/01/22	11,000		11,550
		4.63%, 07/15/24	39,000		39,606
	UnitedHealth Group Incorporated
		2.88%, 12/15/21	125,000		126,848
		3.10%, 03/15/26	41,000		42,413
		4.45%, 12/15/48	51,000		58,600
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	96,000		100,228

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

10

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
		5.38%, 08/15/26 (a)	46,000			48,823
	Zimmer Biomet Holdings, Inc.
		3.55%, 04/01/25	39,000			40,192
				3,880,092
Utilities 6.3%
	AEP Transmission Company, LLC
		3.80%, 06/15/49	40,000			41,102
	Alabama Power Company
		3.70%, 12/01/47	150,000			152,172
	Ameren Illinois Company
		4.50%, 03/15/49	52,000			60,758
	Appalachian Power Company
		3.30%, 06/01/27	150,000			152,808
	AVANGRID, Inc.
		3.15%, 12/01/24	199,000			202,524
	Calpine Corporation
		5.25%, 06/01/26 (a)	26,000			26,468
	Dominion Energy, Inc.
		5.20%, 08/15/19	49,000			49,115
	DPL Inc.
		4.35%, 04/15/29 (a)	127,000			128,573
	Duke Energy Corporation
		3.95%, 08/15/47	75,000			75,713
	Duke Energy Florida, LLC
		3.20%, 01/15/27	38,000			39,192
		3.80%, 07/15/28	122,000			132,130
	Duquesne Light Holdings, Inc.
		6.40%, 09/15/20 (a)	121,000			126,088
		5.90%, 12/01/21 (a)	116,000			124,071
	Eversource Energy
		2.80%, 05/01/23	34,000			34,379
	Exelon Corporation
		5.10%, 06/15/45	32,000			37,210
		4.45%, 04/15/46	200,000			215,000
	FirstEnergy Transmission, LLC
		4.35%, 01/15/25 (a)	88,000			94,368
		5.45%, 07/15/44 (a)	67,000			80,228
	Florida Power & Light Company
		3.70%, 12/01/47	150,000			156,529
	Nevada Power Company
		3.70%, 05/01/29	106,000			113,303
		6.65%, 04/01/36	18,000			24,501
	NextEra Energy Capital Holdings, Inc.
		2.90%, 04/01/22	119,000			120,844
	PacifiCorp
		4.15%, 02/15/50	125,000			138,335
	Public Service Company of New Hampshire
		3.60%, 07/01/49	250,000			255,047
	Sempra Energy
		4.00%, 02/01/48	70,000			68,501
	Southern California Edison Company
		4.13%, 03/01/48	37,000			37,079
	Tampa Electric Company
		4.45%, 06/15/49	18,000			20,160
	The AES Corporation
		4.50%, 03/15/23	164,000			168,377
		5.13%, 09/01/27	73,000			77,022
	The Connecticut Light and Power Company
		4.00%, 04/01/48	47,000			51,405
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a)	82,000			82,613
		5.00%, 07/31/27 (a)	28,000			28,963
	WEC Energy Group Inc.
		2.45%, 06/15/20	96,000			95,998
		3.55%, 06/15/25	44,000			46,177
	Xcel Energy Inc.
		4.70%, 05/15/20	107,000			107,901
		6.50%, 07/01/36	22,000			28,881
				3,393,535
Industrials 6.2%
	Aircastle Limited
		4.40%, 09/25/23	41,000			42,526
		4.13%, 05/01/24	135,000			138,610
			Shares/Par1		Value ($)
	Ashtead Capital, Inc.
		4.13%, 08/15/25 (a)	56,000			56,569
		5.25%, 08/01/26 (a)	172,000			180,097
		4.38%, 08/15/27 (a)	26,000			26,033
	Aviation Capital Group LLC
		4.38%, 01/30/24 (a)	104,000			109,265
	Avolon Holdings Funding Limited
		5.13%, 10/01/23 (a)	100,000			105,740
		5.25%, 05/15/24 (a)	277,000			295,528
	Bombardier Inc.
		7.88%, 04/15/27 (a)	53,000			53,061
	Burlington Northern Santa FE, LLC
		4.05%, 06/15/48	63,000			69,405
	CNH Industrial N.V.
		4.50%, 08/15/23	115,000			120,493
	CSX Corporation
		4.75%, 11/15/48	31,000			36,016
	Equifax Inc.
		3.30%, 12/15/22	250,000			255,157
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (e)	188,000			180,442
		4.50%, 03/11/44	50,000			48,452
	General Motors Company
		5.00%, 10/01/28	195,000			205,662
	Hubbell Incorporated
		3.35%, 03/01/26	250,000			251,063
	International Lease Finance Corporation
		8.25%, 12/15/20	45,000			48,545
	Owens Corning
		4.40%, 01/30/48	150,000			127,045
	Park Aerospace Holdings Limited
		4.50%, 03/15/23 (a)	136,000			140,641
		5.50%, 02/15/24 (a)	24,000			25,853
	Siemens Financieringsmaatschappij N.V.
		2.90%, 05/27/22 (a)	73,000			74,229
	Standard Industries Inc.
		5.00%, 02/15/27 (a)	28,000			28,350
		4.75%, 01/15/28 (a)	63,000			62,528
	Union Pacific Corporation
		4.05%, 03/01/46	84,000			87,817
		4.50%, 09/10/48	125,000			141,763
	United Technologies Corporation
		2.65%, 11/01/26	51,000			51,216
	Verisk Analytics, Inc.
		4.00%, 06/15/25 (c)	98,000			104,578
		5.50%, 06/15/45	125,000			147,798
	Waste Connections US, Inc.
		3.50%, 05/01/29	44,000			45,752
	Waste Management, Inc.
		3.20%, 06/15/26	36,000			37,446
		3.45%, 06/15/29	54,000			56,824
				3,354,504
Consumer Staples 4.5%
	Anheuser-Busch Companies, LLC
		4.90%, 02/01/46	371,000			412,437
	BAT Capital Corp.
		4.39%, 08/15/37	130,000			123,533
		4.54%, 08/15/47	106,000			98,724
	Constellation Brands, Inc.
		4.25%, 05/01/23	70,000			74,411
	Energizer Holdings, Inc.
		7.75%, 01/15/27 (a)	15,000			16,215
	General Mills, Inc.
		4.70%, 04/17/48 (c)	37,000			39,904
	JBS Investments GmbH
		7.25%, 04/03/24 (a)	171,000			177,648
	JBS USA Food Company
		5.88%, 07/15/24 (a)	16,000			16,463
	JBS USA LUX SA
		6.50%, 04/15/29 (a)	107,000			116,223
	Keurig Dr Pepper Inc.
		2.55%, 09/15/26	50,000			47,766
		4.99%, 05/25/38	30,000			33,009
		4.42%, 12/15/46	100,000			99,980

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

11

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
		5.09%, 05/25/48	25,000			27,969
	Kraft Heinz Foods Company
		4.38%, 06/01/46	70,000			66,479
	Mars, Incorporated
		3.60%, 04/01/34 (a)	44,000			46,860
		3.95%, 04/01/49 (a)	95,000			101,698
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (a) (c)	121,000			107,086
	Philip Morris International Inc.
		3.38%, 08/15/29	125,000			128,660
		4.25%, 11/10/44	75,000			78,270
	Pilgrim's Pride Corporation
		5.75%, 03/15/25 (a)	55,000			55,854
	Reynolds American Inc.
		5.70%, 08/15/35	86,000			94,396
	The Kroger Co.
		4.65%, 01/15/48	24,000			24,130
	Tyson Foods, Inc.
		4.55%, 06/02/47	12,000			12,537
		5.10%, 09/28/48	100,000			112,746
	Walmart Inc.
		2.85%, 07/08/24	250,000			257,641
	WM. Wrigley Jr. Company
		3.38%, 10/21/20 (a)	86,000			87,167
				2,457,806
Consumer Discretionary 4.3%
	Adient US LLC
		7.00%, 05/15/26 (a)	13,000			13,375
	Amazon.com, Inc.
		3.88%, 08/22/37	90,000			99,058
	Beazer Homes USA, Inc.
		5.88%, 10/15/27	35,000			30,407
	Delphi Technologies PLC
		5.00%, 10/01/25 (a)	60,000			53,400
	Discovery Communications, LLC
		4.13%, 05/15/29	61,000			63,464
		5.30%, 05/15/49	25,000			26,857
	Dollar General Corporation
		3.25%, 04/15/23	112,000			115,087
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	31,000			32,761
	GLP Financing, LLC
		5.38%, 04/15/26	203,000			219,754
		5.75%, 06/01/28	49,000			54,022
	Hilton Worldwide Holdings Inc.
		4.63%, 04/01/25	5,000			5,117
	IHO Verwaltungs GmbH
		5.50%, 09/15/26 (a) (h)	131,000			127,375
	IHOL Verwaltungs GmbH
		6.75%, 05/15/27 (a) (h)	200,000			201,000
	KFC Holding Co.
		5.00%, 06/01/24 (a)	8,000			8,261
	Lowe`s Companies, Inc.
		4.05%, 05/03/47	60,000			59,715
		4.55%, 04/05/49	101,000			108,898
	Marriott Ownership Resorts, Inc.
		6.50%, 09/15/26	119,000			127,628
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (a) (c)	76,000			74,351
	Nemak, S.A.B. de C.V.
		4.75%, 01/23/25 (a)	91,000			91,792
	New Golden Nugget Inc.
		6.75%, 10/15/24 (a)	70,000			72,107
		8.75%, 10/01/25 (a)	59,000			61,959
	Royal Caribbean Cruises Ltd.
		5.25%, 11/15/22	30,000			32,448
	Sands China Ltd.
		5.13%, 08/08/25 (i)	132,000			142,600
		5.40%, 08/08/28 (i)	63,000			68,799
	The Home Depot, Inc.
		2.13%, 09/15/26	81,000			79,257
		3.90%, 12/06/28	41,000			45,160
		2.95%, 06/15/29	125,000			128,151
		4.50%, 12/06/48	49,000			57,831
			Shares/Par1		Value ($)
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	63,000			63,810
	Warner Media, LLC
		7.63%, 04/15/31	59,000			78,553
				2,342,997
Information Technology 4.3%
	Broadcom Corporation
		3.88%, 01/15/27	220,000			215,632
		3.50%, 01/15/28	74,000			69,973
	Broadcom Inc.
		4.25%, 04/15/26 (a)	100,000			102,120
	Dell International L.L.C.
		5.30%, 10/01/29 (a) (i)	125,000			131,554
	Fidelity National Information Services, Inc.
		3.00%, 08/15/26	71,000			71,911
		4.75%, 05/15/48	47,000			52,242
	Fiserv, Inc.
		3.20%, 07/01/26	250,000			255,570
		4.20%, 10/01/28 (i)	80,000			86,617
	International Business Machines Corporation
		2.85%, 05/13/22	234,000			237,949
		3.00%, 05/15/24	100,000			102,680
		4.25%, 05/15/49	100,000			107,251
	Microsoft Corporation
		3.70%, 08/08/46	79,000			85,754
	NXP B.V.
		4.63%, 06/01/23 (a)	147,000			154,965
		5.35%, 03/01/26 (a)	99,000			109,511
		4.30%, 06/18/29 (a)	95,000			97,868
	Oracle Corporation
		3.85%, 07/15/36	59,000			62,838
		3.80%, 11/15/37	39,000			41,285
		4.00%, 11/15/47	83,000			89,203
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (a)	88,000			88,176
	ViaSat, Inc.
		5.63%, 04/15/27 (a)	31,000			32,250
	Visa Inc.
		4.30%, 12/14/45	99,000			116,954
				2,312,303
Materials 3.3%
	Anglo American Capital PLC
		4.88%, 05/14/25 (a)	260,000			279,936
	Berry Global Escrow Corporation
		4.88%, 07/15/26 (a)	94,000			95,998
	CF Industries, Inc.
		4.50%, 12/01/26 (a)	106,000			110,973
		5.38%, 03/15/44	200,000			187,780
	Corning Incorporated
		5.85%, 11/15/68	67,000			79,054
	DuPont de Nemours, Inc
		4.21%, 11/15/23	72,000			76,960
		4.49%, 11/15/25	60,000			66,358
		5.42%, 11/15/48	13,000			15,783
	FMG Resources (August 2006) Pty Ltd
		4.75%, 05/15/22 (a)	31,000			31,775
	Freeport-McMoRan Inc.
		5.45%, 03/15/43	113,000			103,515
	Glencore Finance (Canada) Limited
		5.55%, 10/25/42 (a) (j)	21,000			21,927
	Mauser Packaging Solutions Holding Company
		7.25%, 04/15/25 (a)	40,000			38,593
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	127,000			131,801
	Olin Corporation
		5.13%, 09/15/27	27,000			27,712
		5.00%, 02/01/30	80,000			79,259
	Reynolds Group Holdings Inc.
		5.13%, 07/15/23 (a)	103,000			104,946
	Samarco Mineracao S/A
		0.00%, 09/26/24 (g) (k) (l) (m)	200,000			159,129
	The Dow Chemical Company
		4.25%, 10/01/34	65,000			67,982
		4.80%, 05/15/49 (a)	51,000			54,876

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

12

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

				Shares/Par1		Value ($)
	WRKCo Inc.
		3.90%, 06/01/28		39,000			39,971
					1,774,328
Real Estate 2.6%
	American Tower Corporation
		3.80%, 08/15/29		176,000			182,159
	AvalonBay Communities, Inc.
		3.20%, 01/15/28		84,000			86,793
	Boston Properties Limited Partnership
		2.75%, 10/01/26		18,000			17,710
		4.50%, 12/01/28		72,000			79,672
	Crown Castle International Corp.
		2.25%, 09/01/21		55,000			54,741
		3.80%, 02/15/28		89,000			92,168
		5.20%, 02/15/49		31,000			35,412
	Equinix, Inc.
		5.75%, 01/01/25		46,000			47,892
		5.38%, 05/15/27		63,000			67,620
	ERP Operating Limited Partnership
		3.50%, 03/01/28		54,000			56,897
		3.00%, 07/01/29		125,000			126,538
	HCP, Inc.
		3.25%, 07/15/26		18,000			18,131
		3.50%, 07/15/29		32,000			32,124
	Host Hotels & Resorts, L.P.
		3.75%, 10/15/23		86,000			88,135
	Realty Income Corporation
		3.00%, 01/15/27		29,000			29,186
		3.65%, 01/15/28		68,000			71,451
		3.25%, 06/15/29		104,000			105,868
	Regency Centers, L.P.
		3.60%, 02/01/27		43,000			44,336
	Simon Property Group, L.P.
		3.38%, 06/15/27 (c)		154,000			159,993
		3.38%, 12/01/27		12,000			12,463
					1,409,289
	Total Corporate Bonds And Notes (cost $44,749,242)				47,085,941
GOVERNMENT AND AGENCY OBLIGATIONS 7.8%
U.S. Treasury Securities 7.8%
	U.S. Treasury Bond
		2.50%, 02/15/45		870,000			865,786
	U.S. Treasury Note
		1.13%, 08/31/21		50,000			49,320
		2.38%, 02/29/24		2,050,000			2,107,016
		2.25%, 02/15/27		1,170,000			1,198,336
	Total Government And Agency Obligations (cost $4,025,417)				4,220,458
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 3.1%
	Citibank Credit Card Issuance Trust
		Series 2017-A9-A9, 1.80%, 09/20/19		600,000			599,226
	Dell Equipment Finance Trust
		Series 2018-A2-2, 3.16%, 08/24/20 (a)		95,400			95,943
	GreatAmerica Financial Services Corporation
		Series 2017-A3-1, 2.06%, 06/22/20 (a)		36,721			36,686
		Series 2018-A3-1, 2.60%, 06/15/21 (a)		100,000			100,302
	Kubota Credit Owner Trust
		Series 2016-A3-1A, 1.50%, 07/15/20 (a)		48,752			48,680
	United Airlines Pass Through Certificates
		Series 2018-A-1, 3.70%, 03/01/30		147,389			148,524
	United Airlines Pass-Through Trust
		Series 2018-B-1, 4.60%, 03/01/26		27,062			28,004
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24		129,663			134,304
	Verizon Owner Trust
		Series 2017-A1A-3A, 2.06%, 04/20/22 (a)		512,000			511,425
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,684,887)				1,703,094
SENIOR LOAN INTERESTS 0.4%
Communication Services 0.1%
	Nexstar Media Group, Inc.
		Bridge Term Loan, 0.00%, 11/30/19 (d) (n)		67,000			66,079
			Shares/Par1			Value ($)
Materials 0.1%
	BWAY Holding Company
		2017 Term Loan B, 5.85%, (3M LIBOR + 3.25%), 04/03/24 (d)		59,695			57,581
Utilities 0.1%
	PG&E Corp
		DIP Term Loan, 4.69%, (3M LIBOR + 2.25%), 12/31/20 (d)		52,500			52,631
Financials 0.1%
	Blackstone CQP Holdco LP
		Term Loan B, 5.89%, (3M LIBOR + 3.50%), 05/29/24 (d)		18,919			18,938
	Total Senior Loan Interests (cost $196,778)				195,229
SHORT TERM INVESTMENTS 2.2%
Investment Companies 1.2%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.32% (o)			626,180			626,180
Securities Lending Collateral 0.8%
	State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (o)			437,060			437,060
U.S. Treasury Securities 0.2%
	U.S. Treasury Bill
		2.27%, 09/12/19 (p)		100,000			99,580
	Total Short Term Investments (cost $1,162,803)				1,162,820
Total Investments 100.6% (cost $51,819,127)							54,367,542
Other Derivative Instruments (0.0)%							(2,289)
Other Assets and Liabilities, Net (0.6)%							(307,500)
Total Net Assets 100.0%							54,057,753

(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 PPM Funds' Board of Trustees. As of June 30, 2019, the value and the percentage of net assets of these liquid securities was $13,825,349 and 25.6% of the fund.

(b)Convertible security.

(c)All or a portion of the security was on loan as of June 30, 2019.

(d)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2019. 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)Perpetual security. Next contractual call date presented, if applicable.

(f)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the PPM Funds' 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)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees.

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

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

(j)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2019.

(k)Non-income producing security.

(l)As of June 30, 2019, 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.

(m)Security is restricted to resale to institutional investors. See the table of Restricted

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

13

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

Securities below.

(n)This senior loan will settle after June 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(o)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2019.

(p)The coupon rate represents the yield to maturity.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Samarco Mineracao S/A, 0.00%, 09/26/24	07/16/18	142,215	159,129	0.3

Unfunded Commitments

	Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
PG&E Corp. – DIP Delayed Draw Term Loan	17,413	131
	17,413	131

PPM Credit Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 2 Year Note	14	October 2019		2,996,222	(571)			16,270
United States Long Bond	33	September 2019		5,007,279	(4,125)			127,315
					(4,696)			143,585
Short Contracts
United States 10 Year Note	(21)	September 2019		(2,651,091)	(656)			(36,253)
United States 10 Year Ultra Bond	(16)	September 2019		(2,179,981)	(500)			(30,019)
United States 5 Year Note	(7)	October 2019		(825,303)	—			(1,791)
United States Ultra Bond	(19)	September 2019		(3,295,876)	3,563			(77,811)
					2,407			(145,874)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1	Value ($)
PPM Floating Rate Income Fund
SENIOR LOAN INTERESTS 93.2%
Consumer Discretionary 20.3%
	1011778 B.C. Unlimited Liability Company
		Term Loan B3, 4.65%, (3M LIBOR + 2.25%), 02/15/24 (a)	212,050	210,284
	24 Hour Fitness Worldwide, Inc.
		2018 Term Loan B, 5.94%, (3M LIBOR + 3.50%), 05/30/25 (a)	93,489	93,038
	Adient US LLC
		Term Loan B, 6.82%, (3M LIBOR + 4.25%), 05/03/24 (a)	30,000	29,194
		Term Loan B, 6.89%, (3M LIBOR + 4.25%), 05/03/24 (a)	90,000	87,582
	Allied Universal Holdco LLC
		Term Loan, 6.15%, (3M LIBOR + 3.75%), 07/28/22 (a)	133,517	133,212
		2019 Delayed Draw Term Loan, 0.00%, (3M LIBOR + 4.25%), 06/18/26 (a) (b)	4,054	4,034
		2019 Term Loan B, 0.00%, (3M LIBOR + 4.25%), 06/18/26 (a) (b)	40,946	40,741
	Alterra Mountain Company
		Term Loan B1, 5.40%, (3M LIBOR + 3.00%), 06/28/24 (a)	128,371	127,729
	Altra Industrial Motion Corp.
		2018 Term Loan B, 4.40%, (3M LIBOR + 2.00%), 09/26/25 (a)	95,644	93,792
	American Axle and Manufacturing, Inc.
		Term Loan B, 4.66%, (3M LIBOR + 2.25%), 03/10/24 (a)	101,986	99,660
		Term Loan B, 4.84%, (3M LIBOR + 2.25%), 03/10/24 (a)	51,745	50,565
	Bass Pro Group, LLC
		Term Loan B, 7.40%, (3M LIBOR + 5.00%), 11/15/23 (a)	93,228	88,897
	Boing US Holdco Inc.
		2017 1st Lien Term Loan, 5.67%, (3M LIBOR + 3.25%), 09/20/24 (a)	39,600	39,435
	Bombardier Recreational Products, Inc.
		2016 Term Loan B, 4.40%, (3M LIBOR + 2.00%), 06/30/23 (a)	168,725	166,194
		2019 Incremental Term Loan B2, 0.00%, (3M LIBOR + 2.50%), 05/23/25 (a) (b)	5,000	4,952
	Boyd Gaming Corporation
		Term Loan B3, 4.61%, (3M LIBOR + 2.25%), 09/15/23 (a)	111,707	110,997
	Burlington Coat Factory Warehouse Corporation
		2017 Term Loan B5, 4.40%, (3M LIBOR + 2.00%), 11/17/24 (a)	95,000	95,179
	Caesars Entertainment Operating Company
		Exit Term Loan, 0.00%, (3M LIBOR + 2.00%), 04/03/24 (a) (b)	34,911	34,595
		Term Loan, 4.40%, (3M LIBOR + 2.00%), 04/03/24 (a)	167,870	166,349
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 5.15%, (3M LIBOR + 2.75%), 12/23/24 (a)	365,088	358,622
	Callaway Golf Company
		Term Loan B, 6.92%, (3M LIBOR + 4.50%), 12/31/25 (a)	42,893	43,250
	Camelot UK Holdco Limited
		Term Loan, 5.68%, (1M LIBOR + 3.25%), 10/03/23 (a)	82,612	82,760
	Champ Acquisition Corporation
		Term Loan, 7.83%, (3M LIBOR + 5.50%), 12/17/25 (a)	54,725	54,041
	Charter Communications Operating, LLC
		2017 Term Loan B, 4.33%, (3M LIBOR + 2.00%), 04/30/25 (a)	311,913	311,445
	CityCenter Holdings, LLC
		2017 Term Loan B, 4.65%, (1M LIBOR + 2.25%), 04/14/24 (a)	242,668	241,542
	Coinamatic Canada Inc.
		Canadian 1st Lien Term Loan, 5.65%, (3M LIBOR + 3.25%), 05/13/22 (a)	3,973	3,894
			Shares/Par1	Value ($)
	Constellis Holdings, LLC
		2017 1st Lien Term Loan, 7.58%, (1M LIBOR + 5.00%), 04/17/24 (a)	69,293	51,970
	Core & Main LP
		2017 Term Loan B, 0.00%, (3M LIBOR + 3.00%), 07/19/24 (a) (b)	56,000	55,807
		2017 Term Loan B, 5.52%, (3M LIBOR + 3.00%), 07/19/24 (a)	98,995	98,655
	Creative Artists Agency, LLC
		2018 Term Loan B, 5.40%, (1M LIBOR + 3.00%), 02/15/24 (a)	94,270	93,893
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 4.64%, (3M LIBOR + 2.25%), 07/15/25 (a)	150,000	147,421
		2018 Term Loan B, 4.89%, (3M LIBOR + 2.50%), 01/12/26 (a)	198,000	195,171
	Dana Incorporated
		Term Loan B, 0.00%, (3M LIBOR + 2.25%), 02/27/26 (a) (b)	35,000	34,898
		Term Loan B, 4.65%, (3M LIBOR + 2.25%), 02/27/26 (a)	94,763	94,486
	Delta 2 (LUX) S.a.r.l.
		Term Loan, 4.90%, (3M LIBOR + 2.50%), 02/01/24 (a)	145,000	141,447
	DexKo Global Inc.
		Term Loan, 5.90%, (3M LIBOR + 3.50%), 07/24/24 (a)	49,590	49,342
	Dynacast International LLC
		Term Loan B2, 5.58%, (3M LIBOR + 3.25%), 01/28/22 (a)	98,711	95,010
	Eldorado Resorts LLC
		2017 Term Loan B, 4.69%, (1M LIBOR + 2.25%), 03/15/24 (a)	93,999	93,560
	Equinox Holdings, Inc.
		2017 1st Lien Term Loan, 5.40%, (1M LIBOR + 3.00%), 03/08/24 (a)	89,093	88,797
	ESH Hospitality, Inc.
		2018 Term Loan B, 4.40%, (3M LIBOR + 2.00%), 08/30/23 (a)	157,489	157,195
	Fitness International, LLC
		2018 Term Loan B, 5.65%, (1M LIBOR + 3.25%), 04/13/25 (a)	121,834	120,819
	Four Seasons Hotels Limited
		New 1st Lien Term Loan, 4.40%, (3M LIBOR + 2.00%), 11/30/23 (a)	189,031	188,532
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 5.14%, (3M LIBOR + 2.75%), 09/07/23 (a)	78,859	78,133
		2017 Incremental Term Loan B, 5.15%, (3M LIBOR + 2.75%), 10/04/23 (a)	98,366	97,461
	Hayward Industries, Inc.
		1st Lien Term Loan, 5.90%, (3M LIBOR + 3.50%), 08/04/24 (a)	98,992	96,796
	Helix Gen Funding, LLC
		Term Loan B, 6.15%, (3M LIBOR + 3.75%), 03/02/24 (a)	57,305	53,836
	Hoffmaster Group, Inc.
		2018 1st Lien Term Loan, 6.33%, (1M LIBOR + 4.00%), 11/11/23 (a)	37,025	36,840
	Hoya Midco, LLC
		2017 1st Lien Term Loan, 5.90%, (3M LIBOR + 3.50%), 06/21/24 - 06/27/24 (a)	73,663	72,835
	Inmar Holdings, Inc.
		2017 1st Lien Term Loan, 6.33%, (3M LIBOR + 4.00%), 04/25/24 (a)	129,039	121,749
	Interior Logic Group Holdings IV LLC
		2018 Term Loan B, 6.33%, (1M LIBOR + 4.00%), 05/21/25 (a)	99,250	97,637
	International Textile Group, Inc
		1st Lien Term Loan, 7.33%, (3M LIBOR + 5.00%), 04/19/24 (a) (c)	625	575
		1st Lien Term Loan, 7.44%, (3M LIBOR + 5.00%), 04/19/24 (a) (c)	97,500	89,700
	IRB Holding Corp
		1st Lien Term Loan, 5.64%, (3M LIBOR + 3.25%), 01/18/25 (a)	222,460	219,437

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Jo-Ann Stores, Inc.
		Term Loan, 7.59%, (3M LIBOR + 5.00%), 09/29/23 (a)	48,519		43,505
	Las Vegas Sands LLC
		2018 Term Loan B, 4.15%, (3M LIBOR + 1.75%), 03/27/25 (a)	218,145		216,335
	Liberty Cablevision of Puerto Rico LLC
		1st Lien Term Loan, 5.89%, (3M LIBOR + 3.50%), 12/24/21 (a)	50,000		49,750
	Life Time Fitness Inc
		2017 Term Loan B, 5.27%, (3M LIBOR + 2.75%), 06/22/22 (a)	167,864		167,025
	Lifetime Brands, Inc.
		Term Loan B, 5.90%, (3M LIBOR + 3.50%), 03/13/25 (a)	23,696		23,518
		Term Loan B, 5.94%, (3M LIBOR + 3.50%), 03/13/25 (a)	40,653		40,348
	Lions Gate Capital Holdings LLC
		2018 Term Loan B, 4.65%, (3M LIBOR + 2.25%), 03/20/25 (a)	177,200		175,797
	MA FinanceCo., LLC
		2017 Term Loan B2, 4.65%, (3M LIBOR + 2.25%), 11/19/21 (a)	50,000		49,396
	Marriott Ownership Resorts, Inc.
		2018 Term Loan B, 4.65%, (3M LIBOR + 2.25%), 08/09/25 (a)	92,535		92,458
	Mavis Tire Express Services Corp.
		2018 1st Lien Term Loan, 5.65%, (3M LIBOR + 3.25%), 03/15/25 (a)	202,037		197,744
	Michaels Stores, Inc.
		2018 Term Loan B, 4.90%, (3M LIBOR + 2.50%), 01/01/23 (a)	208,570		201,663
	Mohegan Tribal Gaming Authority
		2016 Term Loan B, 6.40%, (3M LIBOR + 4.00%), 10/30/23 (a)	29,687		27,604
	NPC International, Inc.
		1st Lien Term Loan, 5.94%, (3M LIBOR + 3.50%), 04/05/24 (a)	49,621		39,821
	Numericable Group SA
		USD Term Loan B11, 5.15%, (3M LIBOR + 2.75%), 07/31/25 (a)	197,980		188,152
	NVA Holdings, Inc.
		Term Loan B3, 5.15%, (3M LIBOR + 2.75%), 01/31/25 (a)	167,881		167,601
	Party City Holdings Inc.
		2018 Term Loan B, 4.91%, (3M LIBOR + 2.50%), 08/19/22 (a)	82,239		81,607
	PCI Gaming Authority
		Term Loan, 5.40%, (3M LIBOR + 3.00%), 05/15/26 (a)	141,000		141,147
	Penn National Gaming, Inc.
		2018 1st Lien Term Loan B, 4.65%, (3M LIBOR + 2.25%), 08/15/25 (a)	149,400		148,723
	PetSmart, Inc.
		Consenting Term Loan, 6.67%, (3M LIBOR + 4.25%), 03/11/22 (a)	8,031		7,807
	Playa Resorts Holding B.V.
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 04/07/24 (a)	177,737		169,872
	ProQuest LLC
		New Term Loan B, 5.65%, (3M LIBOR + 3.25%), 10/24/21 (a)	79,155		78,858
	Rodan & Fields, LLC
		2018 Term Loan B, 6.39%, (3M LIBOR + 4.00%), 06/07/25 (a)	49,375		44,273
		2018 Term Loan B, 8.50%, (3M PRIME + 4.00%), 06/07/25 (a)	125		112
	Scientific Games International, Inc.
		2018 Term Loan B5, 5.15%, (3M LIBOR + 2.75%), 08/14/24 (a)	44,883		44,166
		2018 Term Loan B5, 5.23%, (3M LIBOR + 2.75%), 08/14/24 (a)	186,396		183,420
	Serta Simmons Bedding, LLC
		1st Lien Term Loan, 5.89%, (3M LIBOR + 3.50%), 10/21/23 (a)	27,300		17,574
		1st Lien Term Loan, 5.91%, (3M LIBOR + 3.50%), 10/21/23 (a)	96,560		62,161
			Shares/Par1		Value ($)
	ServiceMaster Company
		2016 Term Loan B, 4.90%, (3M LIBOR + 2.50%), 11/08/23 (a)	26,297		26,258
	Shutterfly, Inc.
		Term Loan B2, 0.00%, (3M LIBOR + 2.50%), 08/17/24 (a) (b)	20,000		19,985
		Term Loan B2, 4.91%, (3M LIBOR + 2.50%), 08/17/24 (a)	74,882		74,826
	Sinclair Television Group Inc.
		Term Loan B2, 4.66%, (3M LIBOR + 2.25%), 01/06/24 (a)	94,515		93,216
	SIWF Holdings Inc.
		1st Lien Term Loan, 6.65%, (3M LIBOR + 4.25%), 05/25/25 (a)	113,887		112,748
	Six Flags Theme Parks, Inc.
		2019 Term Loan B, 4.41%, (3M LIBOR + 2.00%), 04/09/26 (a)	90,000		90,028
	Spin Holdco Inc.
		2017 Term Loan B, 5.85%, (3M LIBOR + 3.25%), 11/14/22 (a)	98,992		96,907
	SRAM, LLC
		2018 Term Loan B, 0.00%, (3M LIBOR + 2.75%), 03/15/24 (a) (b)	25,000		24,937
		2018 Term Loan B, 5.23%, (3M LIBOR + 2.75%), 03/15/24 (a)	36,735		36,643
		2018 Term Loan B, 5.29%, (3M LIBOR + 2.75%), 03/15/24 (a)	39,592		39,493
		2018 Term Loan B, 7.25%, (3M LIBOR + 2.75%), 03/15/24 (a)	1,633		1,629
	Staples, Inc.
		7 Year Term Loan, 7.60%, (3M LIBOR + 5.00%), 04/05/26 (a)	125,000		119,824
	Stars Group Holdings B.V. (The)
		2018 USD Incremental Term Loan, 5.83%, (3M LIBOR + 3.50%), 06/29/25 (a)	265,845		265,707
	Station Casinos LLC
		2016 Term Loan B, 4.91%, (3M LIBOR + 2.50%), 05/24/23 (a)	167,818		166,949
		2016 Term Loan B, 0.00%, (3M LIBOR + 2.50%), 06/08/23 (a) (b)	125,000		124,352
	Tenneco, Inc.
		2018 Term Loan B, 5.40%, (3M LIBOR + 3.00%), 10/01/25 (a)	186,563		171,964
	TI Group Automotive Systems, L.L.C.
		Term Loan, 4.90%, (3M LIBOR + 2.50%), 06/25/22 (a)	159,212		157,487
	Trader Corporation
		2017 Term Loan B, 5.40%, (3M LIBOR + 3.00%), 09/28/23 (a)	45,000		44,775
	TruGreen Limited Partnership
		2019 Term Loan, 6.16%, (3M LIBOR + 3.75%), 03/19/26 (a)	60,000		60,038
	Univision Communications Inc.
		Term Loan C5, 5.15%, (3M LIBOR + 2.75%), 03/15/24 (a)	122,313		116,312
	WASH Multifamily Laundry Systems, LLC
		2015 1st Lien Term Loan, 5.65%, (3M LIBOR + 3.25%), 05/15/22 (a)	25,641		25,129
	WideOpenWest Finance LLC
		2017 Term Loan B, 5.65%, (3M LIBOR + 3.25%), 08/19/23 (a)	158,290		154,412
	William Morris Endeavor Entertainment, LLC
		2018 1st Lien Term Loan, 5.36%, (3M LIBOR + 2.75%), 05/11/25 (a)	258,785		249,295
	WMG Acquisition Corp.
		2018 Term Loan F, 4.53%, (3M LIBOR + 2.13%), 11/01/23 (a)	170,000		167,535
				10,544,871
Information Technology 13.6%
	24 Hour Fitness Worldwide, Inc.
		2018 Term Loan B, 0.00%, (3M LIBOR + 1.75%), 03/31/23 (a) (b)	65,000		64,043
	Almonde, Inc.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (a)	164,383		159,954
		USD 1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (a)	25,367		24,683

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

16

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

		Shares/Par1	Value ($)
	2nd Lien Term Loan, 9.65%, (3M LIBOR + 7.25%), 04/27/25 (a)	50,000	49,510
Ancestry.com Operations Inc.
	2017 1st Lien Term Loan, 5.66%, (1M LIBOR + 3.25%), 10/19/23 (a)	172,579	171,932
AppLovin Corporation
	2018 Term Loan B, 5.90%, (3M LIBOR + 3.50%), 07/13/26 (a)	135,445	135,022
Avast Software B.V.
	2018 USD Term Loan B, 4.58%, (3M LIBOR + 2.25%), 09/30/23 (a)	49,845	49,689
Avaya, Inc.
	2018 Term Loan B, 6.65%, (3M LIBOR + 4.25%), 12/14/24 (a)	252,313	240,959
Banff Merger Sub Inc
	2018 USD Term Loan B, 6.58%, (3M LIBOR + 4.25%), 06/30/25 (a)	216,413	204,577
Blackhawk Network Holdings, Inc
	2018 1st Lien Term Loan, 5.40%, (3M LIBOR + 3.00%), 05/31/25 (a)	113,850	112,878
Brave Parent Holdings, Inc.
	1st Lien Term Loan, 6.58%, (3M LIBOR + 4.00%), 04/17/25 (a)	49,624	49,097
Cabot Microelectronics Corporation
	Term Loan B, 4.69%, (3M LIBOR + 2.25%), 11/01/25 (a)	40,550	40,474
Camelot UK Holdco Limited
	2017 Repriced Term Loan, 5.68%, (1M LIBOR + 3.25%), 10/03/23 (a)	11,616	11,637
CommScope, Inc.
	2019 Term Loan B, 5.65%, (3M LIBOR + 3.25%), 02/07/26 (a)	97,300	96,911
Cvent, Inc.
	1st Lien Term Loan, 6.15%, (3M LIBOR + 3.75%), 11/30/24 (a)	—	—
Cypress Intermediate Holdings III, Inc.
	2017 1st Lien Term Loan, 5.16%, (1M LIBOR + 2.75%), 03/30/24 (a)	167,859	165,383
Dell International LLC
	2017 Term Loan B, 4.41%, (3M LIBOR + 2.00%), 09/07/23 (a)	417,286	414,958
DigiCert, Inc.
	2017 Term Loan B1, 6.40%, (3M LIBOR + 4.00%), 09/19/24 (a)	168,303	167,462
DTI Holdco, Inc.
	2018 Term Loan B, 7.33%, (1M LIBOR + 4.75%), 09/29/23 (a)	98,730	90,296
Dynatrace LLC
	2018 1st Lien Term Loan, 5.40%, (3M LIBOR + 3.00%), 08/08/25 (a)	81,133	80,909
Entegris, Inc.
	2018 Term Loan B, 4.40%, (3M LIBOR + 2.00%), 11/05/25 (a)	44,775	44,747
Eta Australia Holdings III Pty Ltd
	Term Loan, 6.40%, (3M LIBOR + 4.00%), 03/08/26 (a)	60,000	59,963
EVO Payments International LLC
	2018 1st Lien Term Loan, 5.66%, (3M LIBOR + 3.25%), 12/22/23 (a)	93,241	92,863
Financial & Risk US Holdings, Inc.
	2018 USD Term Loan, 6.15%, (3M LIBOR + 3.75%), 09/12/25 (a)	169,150	163,916
First Data Corporation
	Term Loan, 4.40%, (1M LIBOR + 2.00%), 04/26/24 (a)	400,000	399,504
Global Tel*Link Corporation
	2018 1st Lien Term Loan, 6.65%, (1M LIBOR + 4.25%), 11/29/25 (a)	148,670	141,918
GlobalLogic Holdings Inc.
	2018 Add On 1st Lien Term Loan, 5.65%, (3M LIBOR + 3.25%), 07/27/25 (a)	86,844	86,518
Go Daddy Operating Company, LLC
	Term Loan, 4.40%, (3M LIBOR + 2.00%), 02/15/24 (a)	126,663	126,631
II-VI Incorporated
	Term Loan B, 0.00%, (3M LIBOR + 3.50%), 06/28/26 (a) (b)	116,250	114,434
		Shares/Par1	Value ($)
Infor (US), Inc.
	Term Loan B6, 5.08%, (3M LIBOR + 2.75%), 02/07/22 (a)	82,339	82,075
IRI Holdings, Inc.
	2018 1st Lien Term Loan, 7.02%, (3M LIBOR + 4.50%), 11/06/25 (a)	208,950	208,166
Lumentum Holdings
	2018 1st Lien Term Loan, 4.90%, (3M LIBOR + 2.50%), 08/08/25 (a)	96,515	95,912
MA FinanceCo., LLC
	USD Term Loan B3, 4.90%, (3M LIBOR + 2.50%), 04/19/24 (a)	30,907	30,251
McAfee, LLC
	2018 USD Term Loan B, 6.16%, (3M LIBOR + 3.75%), 09/29/24 (a)	18,558	18,520
	2018 USD Term Loan B, 6.18%, (3M LIBOR + 3.75%), 09/30/24 (a)	176,978	176,619
MH Sub I, LLC
	2017 1st Lien Term Loan, 6.15%, (3M LIBOR + 3.75%), 08/09/24 (a)	152,019	149,168
MKS Instruments, Inc.
	2018 Term Loan B5, 4.65%, (3M LIBOR + 2.25%), 01/18/26 (a)	44,888	44,901
MLN US HoldCo LLC
	2018 1st Lien Term Loan, 6.94%, (3M LIBOR + 4.50%), 07/13/25 (a)	89,587	85,388
NaviHealth, Inc.
	2018 Term Loan B, 7.41%, (3M LIBOR + 5.00%), 08/01/25 (a) (c)	89,325	88,432
NeuStar, Inc.
	2018 Term Loan B4, 5.90%, (3M LIBOR + 3.50%), 08/08/24 (a)	197,487	191,069
Nuvei Technologies Corp.
	2019 Term Loan, 0.00%, (3M LIBOR + 5.00%), 06/21/26 (a) (b)	45,000	44,325
ON Semiconductor Corporation
	2018 1st Lien Term Loan B, 4.15%, (3M LIBOR + 1.75%), 03/31/23 (a)	80,000	78,822
Presidio, Inc.
	2017 Refinanced Term Loan B, 5.15%, (3M LIBOR + 2.75%), 02/02/24 (a)	1,524	1,517
	2017 Refinanced Term Loan B, 5.34%, (3M LIBOR + 2.75%), 02/02/24 (a)	112,292	111,777
PSAV Holdings LLC
	2018 1st Lien Term Loan, 5.58%, (3M LIBOR + 3.25%), 02/23/25 (a)	3,061	2,971
	2018 1st Lien Term Loan, 5.66%, (3M LIBOR + 3.25%), 02/23/25 (a)	50,065	48,579
	2018 1st Lien Term Loan, 5.69%, (3M LIBOR + 3.25%), 02/23/25 (a)	49,831	48,351
Rackspace Hosting, Inc.
	2017 Incremental 1st Lien Term Loan, 5.58%, (1M LIBOR + 3.00%), 11/03/23 (a)	165,941	152,915
Radiate Holdco, LLC
	1st Lien Term Loan, 5.40%, (3M LIBOR + 3.00%), 12/09/23 (a)	202,863	197,930
Rocket Software, Inc.
	2018 Term Loan, 6.65%, (3M LIBOR + 4.25%), 11/20/25 (a)	119,700	116,857
Seattle Spinco, Inc.
	USD Term Loan B3, 4.90%, (3M LIBOR + 2.50%), 04/19/24 (a)	208,725	204,290
Sirius Computer Solutions, Inc.
	Term Loan, 6.65%, (3M LIBOR + 4.25%), 10/30/22 (a)	107,337	107,740
	2019 Term Loan B, 0.00%, (3M LIBOR + 4.25%), 05/22/26 (a) (b)	90,000	89,737
Sophia, L.P.
	2017 Term Loan B, 5.58%, (1M LIBOR + 3.25%), 09/30/22 (a)	163,263	162,733
SS&C Technologies Holdings Europe S.A.R.L.
	2018 Term Loan B4, 0.00%, (3M LIBOR + 2.25%), 02/27/25 (a) (b)	12,368	12,312
	2018 Term Loan B4, 4.65%, (3M LIBOR + 2.25%), 02/27/25 (a)	77,430	77,082
SS&C Technologies Inc.
	2018 Term Loan B3, 0.00%, (3M LIBOR + 2.25%), 02/27/25 (a) (b)	17,632	17,553

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

17

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
		2018 Term Loan B3, 4.65%, (3M LIBOR + 2.25%), 02/27/25 (a)	112,907			112,399
	SurveyMonkey Inc.
		2018 Term Loan B, 6.14%, (3M LIBOR + 3.75%), 10/10/25 (a) (c)	73,333			73,333
	TriTech Software Systems
		2018 Term Loan B, 6.15%, (3M LIBOR + 3.75%), 08/16/25 (a)	89,550			88,356
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 6.52%, (3M LIBOR + 4.00%), 08/09/25 (a)	204,100			197,467
	Vertafore, Inc.
		2018 1st Lien Term Loan, 5.65%, (3M LIBOR + 3.25%), 06/04/25 (a)	55,969			53,706
	Western Digital Corporation
		2018 Term Loan B4, 4.15%, (3M LIBOR + 1.75%), 04/29/23 (a)	198,992			194,680
	WEX Inc.
		2017 Term Loan B2, 0.00%, 07/01/23 (a) (b)	50,000			49,509
		Term Loan B3, 4.65%, (3M LIBOR + 2.25%), 05/17/26 (a)	98,735			97,765
				7,074,075
Industrials 11.5%
	1199169 B.C. Unlimited Liability Company
		2019 Term Loan B2, 6.33%, (3M LIBOR + 4.00%), 01/25/26 (a)	24,126			24,212
	Advanced Disposal Services Inc.
		Term Loan B3, 4.64%, (3M LIBOR + 2.25%), 11/10/23 (a)	174,526			174,220
	AI Mistral Holdco Limited
		2017 Term Loan B, 5.40%, (3M LIBOR + 3.00%), 01/26/24 (a)	113,835			99,179
	Allegiant Travel Company
		Term Loan B, 7.07%, (3M LIBOR + 4.50%), 01/29/24 (a)	89,775			89,719
	Altran Technologies
		2018 USD Term Loan B, 4.89%, (3M LIBOR + 2.50%), 01/31/25 (a)	59,398			59,287
	American Airlines, Inc.
		Repriced Term Loan B, 4.40%, (3M LIBOR + 2.00%), 04/28/23 (a)	232,602			229,171
	Avolon TLB Borrower 1 (US) LLC
		Term Loan B3, 4.13%, (3M LIBOR + 1.75%), 01/15/25 (a)	107,519			107,318
	Beacon Roofing Supply, Inc.
		2017 Term Loan B, 0.00%, (3M LIBOR + 2.25%), 01/02/25 (a) (b)	60,000			59,220
	Brand Energy & Infrastructure Services, Inc.
		Term Loan, 6.73%, (3M LIBOR + 4.25%), 06/16/24 (a)	76,143			73,510
		Term Loan, 6.84%, (3M LIBOR + 4.25%), 06/16/24 - 06/17/24 (a)	49,068			47,371
		2017 Term Loan, 6.84%, (3M LIBOR + 4.25%), 06/17/24 (a)	37,649			36,347
	BrightView Landscapes, LLC
		2018 1st Lien Term Loan B, 4.94%, (3M LIBOR + 2.50%), 08/09/25 - 08/15/25 (a)	125,730			125,416
	Brookfield WEC Holdings Inc.
		2018 1st Lien Term Loan, 5.90%, (3M LIBOR + 3.50%), 07/26/25 (a)	223,875			223,315
	Builders FirstSource, Inc.
		2017 Term Loan B, 5.33%, (3M LIBOR + 3.00%), 02/29/24 (a)	34,102			33,953
	Cortes NP Acquisition Corporation
		2017 Term Loan B, 6.33%, (3M LIBOR + 4.00%), 11/30/23 (a)	250,000			237,500
	DG Investment Intermediate Holdings 2, Inc.
		2018 1st Lien Term Loan, 5.40%, (3M LIBOR + 3.00%), 01/31/25 (a)	98,791			95,334
	Dynasty Acquisition Co., Inc.
		2019 Term Loan B1, 6.33%, (3M LIBOR + 4.00%), 01/25/26 (a)	44,874			45,034
	Electrical Components International, Inc.
		2018 1st Lien Term Loan, 6.58%, (3M LIBOR + 4.25%), 06/22/25 (a)	81,825			74,460
			Shares/Par1		Value ($)
	Element Materials Technology Group US Holdings Inc.
		2017 USD Term Loan B, 6.15%, (1M LIBOR + 3.50%), 06/28/24 - 06/29/24 (a)	79,196			78,899
	Engineered Machinery Holdings, Inc.
		USD 1st Lien Term Loan, 5.58%, (3M LIBOR + 3.25%), 07/25/24 (a)	59,397			57,764
	EWT Holdings III Corp.
		Term Loan, 5.40%, (1M LIBOR + 3.00%), 12/13/24 (a)	64,345			64,023
	Filtration Group Corporation
		2018 1st Lien Term Loan, 5.40%, (3M LIBOR + 3.00%), 03/27/25 (a)	167,875			167,365
	Gardner Denver, Inc.
		2017 USD Term Loan B, 5.15%, (1M LIBOR + 2.75%), 07/30/24 (a)	123,285			123,363
	Gates Global LLC
		2017 USD Repriced Term Loan B, 5.15%, (3M LIBOR + 2.75%), 04/01/24 (a)	196,962			195,574
	GFL Environmental Inc.
		2018 USD Term Loan B, 5.40%, (3M LIBOR + 3.00%), 05/11/25 (a)	168,347			165,461
	Hamilton Holdco, LLC
		2018 Term Loan B, 4.33%, (3M LIBOR + 2.00%), 06/01/25 (a)	149,061			147,943
	Harbor Freight Tools USA, Inc.
		2018 Term Loan B, 4.90%, (3M LIBOR + 2.50%), 08/16/23 (a)	168,660			163,995
	Hillman Group Inc. (The)
		2018 Term Loan B, 6.40%, (1M LIBOR + 4.00%), 05/16/25 (a)	118,800			114,196
	IBC Capital Limited
		2018 1st Lien Term Loan, 6.15%, (3M LIBOR + 3.75%), 09/11/23 (a)	66,880			66,657
	Janus International Group, LLC
		2018 1st Lien Term Loan, 5.40%, (3M LIBOR + 3.00%), 02/07/25 (a) (c)	91,741			90,824
	L&W, Inc.
		2018 Term Loan B, 6.40%, (1M LIBOR + 4.00%), 05/18/25 (a) (c)	99,000			96,525
	MX Holdings US, Inc.
		2018 USD Term Loan B1C, 5.40%, (3M LIBOR + 3.00%), 06/18/25 (a)	74,249			74,064
	Navistar International Corporation
		2017 1st Lien Term Loan B, 5.91%, (3M LIBOR + 3.50%), 11/01/24 (a)	130,000			129,553
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.90%, (3M LIBOR + 3.50%), 03/13/26 (a)	177,300			175,860
	Pelican Products, Inc.
		2018 1st Lien Term Loan, 5.91%, (3M LIBOR + 3.50%), 04/18/25 (a)	99,000			97,144
	Pike Corporation
		2018 Term Loan B, 5.91%, (3M LIBOR + 3.50%), 03/13/25 (a)	91,855			91,905
	PODS, LLC
		2018 1st Lien Term Loan, 5.16%, (3M LIBOR + 2.75%), 11/21/24 (a)	98,995			97,428
	Prime Security Services Borrower, LLC
		2016 1st Lien Term Loan, 5.15%, (3M LIBOR + 2.75%), 05/02/22 (a)	237,312			235,554
	Rexnord LLC
		2017 Term Loan B, 4.40%, (3M LIBOR + 2.00%), 08/21/24 (a)	140,000			139,790
	Robertshaw US Holding Corp
		2018 1st Lien Term Loan, 5.94%, (3M LIBOR + 3.50%), 02/14/25 (a) (c)	98,750			90,850
	Sabre Industries, Inc.
		2019 Term Loan B, 6.89%, (3M LIBOR + 4.50%), 04/09/26 (a) (d)	95,000			94,822
	Spectrum Holdings III Corp.
		1st Lien Term Loan, 5.65%, (3M LIBOR + 3.25%), 01/26/25 (a)	89,863			84,695
	Tempo Acquisition LLC
		Term Loan, 5.40%, (3M LIBOR + 3.00%), 04/20/24 (a)	193,769			192,841

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

18

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Titan Acquisition Limited
		2018 Term Loan B, 5.40%, (3M LIBOR + 3.00%), 03/16/25 (a)	202,524			193,129
	Trans Union, LLC
		Term Loan B3, 4.40%, (3M LIBOR + 2.00%), 04/09/23 (a)	154,102			153,745
	TransDigm, Inc.
		2018 Term Loan G, 4.83%, (3M LIBOR + 2.50%), 08/22/24 (a)	197,494			193,214
		2018 Term Loan E, 4.83%, (3M LIBOR + 2.50%), 05/14/25 (a)	118,797			115,926
	USI, Inc.
		Term Loan, 5.33%, (3M LIBOR + 3.00%), 05/16/24 (a)	98,242			95,664
	USIC Holdings, Inc.
		2017 Term Loan B, 5.40%, (3M LIBOR + 3.00%), 12/09/23 (a)	88,849			88,109
	VC GB Holdings, Inc.
		2017 1st Lien Term Loan, 5.40%, (3M LIBOR + 3.00%), 02/28/24 (a)	59,417			58,080
	West Corporation
		Term Loan, 6.44%, (3M LIBOR + 4.00%), 10/03/24 (a)	112,568			104,876
	XPO Logistics, Inc.
		2019 Term Loan B1, 4.88%, (3M LIBOR + 2.50%), 02/24/25 (a)	95,000			95,034
				5,969,438
Health Care 11.1%
	Accelerated Health Systems, LLC
		Term Loan B, 5.92%, (3M LIBOR + 3.50%), 11/02/25 (a)	19,900			19,925
	ADMI Corp.
		2018 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 04/06/24 (a)	149,024			146,490
	Agiliti Health, Inc
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 10/18/25 (a)	63,000			62,764
	Air Methods Corporation
		2017 Term Loan B, 5.83%, (3M LIBOR + 3.50%), 04/12/24 (a)	34,878			28,178
	Alliance Healthcare Services, Inc.
		2017 Term Loan B, 6.90%, (3M LIBOR + 4.50%), 10/20/23 (a) (c)	125,912			120,246
	Alphabet Holding Company, Inc.
		2017 1st Lien Term Loan, 5.90%, (3M LIBOR + 3.50%), 08/15/24 (a)	64,345			60,613
	Amneal Pharmaceuticals LLC
		2018 Term Loan B, 5.94%, (3M LIBOR + 3.50%), 03/26/25 (a)	282,372			279,961
	Athenahealth, Inc.
		2019 Term Loan B, 6.83%, (3M LIBOR + 4.50%), 01/25/26 (a)	225			224
		2019 Term Loan B, 7.05%, (3M LIBOR + 4.50%), 01/25/26 (a)	89,775			89,476
	ATI Holdings Acquisition, Inc.
		2016 Term Loan, 0.00%, (3M LIBOR + 3.50%), 05/10/23 (a) (b)	40,000			39,383
		2016 Term Loan, 5.90%, (3M LIBOR + 3.50%), 05/10/23 (a)	6,431			6,332
		Term Loan, 5.90%, (3M LIBOR + 3.50%), 05/10/23 - 05/15/23 (a)	121,914			120,035
	Auris Luxembourg III S.a.r.l.
		2019 USD Term Loan B2, 6.15%, (3M LIBOR + 3.75%), 07/23/25 (a)	150,000			150,075
	Change Healthcare Holdings LLC
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (a)	226,840			224,940
	CHG Healthcare Services, Inc
		2017 1st Lien Term Loan B, 5.44%, (3M LIBOR + 3.00%), 06/07/23 (a)	167,638			166,500
	Concentra Inc.
		2018 1st Lien Term Loan, 5.21%, (3M LIBOR + 2.75%), 06/01/22 (a)	100,619			100,493
	DaVita, Inc.
		Term Loan B, 5.14%, (1M LIBOR + 2.75%), 06/20/21 (a)	167,792			167,478
			Shares/Par1		Value ($)
	Endo Luxembourg Finance Company I S.a r.l.
		2017 Term Loan B, 6.65%, (3M LIBOR + 4.25%), 04/12/24 (a)	153,185			143,484
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 6.15%, (3M LIBOR + 3.75%), 09/27/25 (a)	13,346			11,762
	Equian LLC
		Add on Term Loan B, 5.65%, (3M LIBOR + 3.25%), 05/20/24 (a)	116,663			116,488
	ExamWorks Group, Inc.
		Term Loan, 5.65%, (1M LIBOR + 3.25%), 07/27/23 (a)	167,853			167,399
	Gentiva Health Services, Inc.
		2018 1st Lien Term Loan, 6.19%, (3M LIBOR + 3.75%), 06/20/25 (a)	140,282			140,282
	GHX Ultimate Parent Corporation
		2017 1st Lien Term Loan, 5.58%, (3M LIBOR + 3.25%), 06/24/24 (a)	128,363			125,795
	Global Medical Response, Inc.
		2018 Term Loan B1, 5.64%, (3M LIBOR + 3.25%), 04/28/22 (a)	102,743			96,597
	Jaguar Holding Company II
		Term Loan, 4.90%, (3M LIBOR + 2.50%), 08/18/22 (a)	127,255			126,446
	Kindred Healthcare LLC
		2018 1st Lien Term Loan, 7.44%, (3M LIBOR + 5.00%), 06/21/25 (a)	94,288			92,873
	Kinetic Concepts, Inc.
		2017 USD Term Loan B, 5.58%, (3M LIBOR + 3.25%), 01/30/24 (a)	58,844			58,832
	MPH Acquisition Holdings LLC
		2016 Term Loan B, 5.08%, (3M LIBOR + 2.75%), 06/07/23 (a)	284,916			271,992
	National Mentor Holdings, Inc.
		2019 Term Loan B, 6.66%, (3M LIBOR + 4.25%), 03/09/26 (a)	115,417			115,754
		2019 Term Loan C, 6.66%, (3M LIBOR + 4.25%), 03/09/26 (a)	7,187			7,208
	Ortho-Clinical Diagnostics SA
		2018 Term Loan B, 5.68%, (3M LIBOR + 3.25%), 06/01/25 (a)	183,764			176,492
	Parexel International Corporation
		Term Loan B, 5.15%, (3M LIBOR + 2.75%), 08/06/24 (a)	187,682			179,538
	Phoenix Guarantor Inc
		Term Loan B, 6.92%, (3M LIBOR + 4.50%), 02/12/26 (a)	137,222			136,502
	Prestige Brands, Inc.
		Term Loan B4, 0.00%, (3M LIBOR + 2.00%), 01/20/24 (a) (b)	35,000			34,807
		Term Loan B4, 4.40%, (3M LIBOR + 2.00%), 01/20/24 (a)	88,643			88,155
	Prospect Medical Holdings, Inc.
		2018 Term Loan B, 7.94%, (3M LIBOR + 5.50%), 02/12/24 (a)	71,364			67,141
	Radiology Partners Holdings, LLC
		2018 1st Lien Term Loan B, 0.00%, (3M LIBOR + 4.75%), 06/28/25 (a) (b)	10,000			9,969
		2018 1st Lien Term Loan B, 7.34%, (3M LIBOR + 4.75%), 06/28/25 (a)	46,590			46,445
		2018 1st Lien Term Loan B, 7.39%, (3M LIBOR + 4.75%), 06/28/25 (a)	30,622			30,527
	RadNet, Inc.
		Reprice Term Loan, 6.11%, (3M LIBOR + 3.50%), 06/30/23 (a)	70,252			70,252
		Reprice Term Loan, 8.00%, (3M PRIME + 2.50%), 06/30/23 (a)	1,018			1,018
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 6.90%, (3M LIBOR + 4.50%), 11/09/25 (a)	165,748			164,652
		2018 Term Loan B, 9.00%, (3M LIBOR + 4.50%), 11/09/25 (a)	418			415
	Select Medical Corporation
		2017 Term Loan B, 4.85%, (3M LIBOR + 2.50%), 03/06/25 (a)	153,852			152,988
	Sound Inpatient Physicians
		2018 1st Lien Term Loan, 5.15%, (3M LIBOR + 2.75%), 06/19/25 (a)	136,125			135,785

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

19

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

				Shares/Par1		Value ($)
	Surgery Center Holdings, Inc.
		2017 Term Loan B, 5.66%, (3M LIBOR + 3.25%), 06/18/24 (a)		167,864			161,709
	Team Health Holdings, Inc.
		1st Lien Term Loan, 5.15%, (3M LIBOR + 2.75%), 01/12/24 (a)		187,624			165,813
	Tivity Health Inc
		Term Loan A, 6.65%, (3M LIBOR + 4.25%), 03/08/24 (a)		26,250			26,053
		Term Loan B, 7.65%, (3M LIBOR + 5.25%), 03/08/26 (a)		28,690			28,654
	U.S. Anesthesia Partners, Inc.
		2017 Term Loan, 0.00%, (3M LIBOR + 3.00%), 06/16/24 (a) (b)		50,000			48,875
		Term Loan, 5.40%, (3M LIBOR + 3.00%), 06/16/24 (a)		148,235			144,900
	U.S. Renal Care, Inc.
		2019 Term Loan B, 0.00%, (3M LIBOR + 5.00%), 06/11/26 (a) (b)		60,000			58,810
	Valeant Pharmaceuticals International, Inc.
		2018 Term Loan B, 5.41%, (3M LIBOR + 3.00%), 05/19/25 (a)		234,649			234,504
	Verscend Holding Corp.
		2018 Term Loan B, 6.90%, (3M LIBOR + 4.50%), 08/08/25 (a)		188,575			188,458
	Vizient, Inc.
		2019 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 04/17/26 (a)		39,900			39,829
	Wellpath Holdings, Inc.
		2018 1st Lien Term Loan, 7.90%, (3M LIBOR + 5.50%), 09/25/25 (a)		99,500			97,759
					5,748,075
Financials 10.7%
	Acrisure, LLC
		2017 Term Loan B, 6.77%, (3M LIBOR + 4.25%), 11/22/23 (a)		242,725			241,310
	Advisor Group, Inc.
		2018 Term Loan, 6.15%, (3M LIBOR + 3.75%), 08/13/25 (a)		109,175			109,039
	AlixPartners, LLP
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 03/28/24 (a)		101,607			101,255
	Alliant Holdings Intermediate, LLC
		2018 Term Loan B, 5.40%, (3M LIBOR + 3.00%), 05/07/25 (a)		118,651			115,104
	Altice Financing SA
		2017 USD Term Loan B, 5.14%, (3M LIBOR + 2.75%), 07/31/25 (a)		104,203			98,634
	Altice France S.A.
		2018 Term Loan B13, 6.39%, (3M LIBOR + 4.00%), 07/13/26 (a)		228,850			223,701
	AmWINS Group, Inc.
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 01/19/24 (a)		76,137			75,534
		2017 Term Loan B, 5.17%, (3M LIBOR + 2.75%), 01/19/24 (a)		22,597			22,418
	Aretec Group, Inc.
		2018 Term Loan, 6.65%, (3M LIBOR + 4.25%), 08/15/25 (a)		83,580			81,386
	AssuredPartners, Inc.
		2017 1st Lien Add-On Term Loan, 5.90%, (3M LIBOR + 3.50%), 10/22/24 (a)		192,422			190,257
	Asurion LLC
		2017 Term Loan B4, 5.40%, (3M LIBOR + 3.00%), 08/04/22 (a)		177,526			177,018
	BCP Renaissance Parent LLC
		2017 Term Loan B, 6.08%, (3M LIBOR + 3.50%), 09/20/24 (a)		198,000			197,293
	Belron Finance US LLC
		2018 Term Loan B, 5.04%, (3M LIBOR + 2.50%), 11/19/25 (a)		94,763			94,644
	Blackstone CQP Holdco LP
		Term Loan B, 5.89%, (3M LIBOR + 3.50%), 05/29/24 (a)		24,599			24,624
	Canyon Valor Companies, Inc.
		USD 2017 Term Loan B1, 5.08%, (3M LIBOR + 2.75%), 06/30/23 (a)		78,351			77,802
			Shares/Par1			Value ($)
	Crown Finance US, Inc.
		Term Loan, 4.65%, (3M LIBOR + 2.25%), 02/05/25 (a)		207,919			204,345
	Deerfield Dakota Holding, LLC
		2018 Term Loan B, 5.65%, (1M LIBOR + 3.25%), 12/04/24 (a)		88,974			86,098
	Edelman Financial Center, LLC
		2018 1st Lien Term Loan, 5.64%, (3M LIBOR + 3.25%), 06/26/25 (a)		92,038			91,659
	Encapsys, LLC
		1st Lien Term Loan, 5.65%, (3M LIBOR + 3.25%), 10/27/24 (a)		48,586			48,323
	Garrett LX III S.a r.l.
		2018 USD Term Loan B, 4.82%, (3M LIBOR + 2.50%), 09/22/25 (a)		124,437			122,103
	Hub International Limited
		2018 Term Loan B, 5.59%, (3M LIBOR + 3.00%), 04/25/25 (a)		108,627			105,824
	Ineos US Finance LLC
		2017 USD Term Loan B, 4.40%, (3M LIBOR + 2.00%), 03/31/24 (a)		167,870			165,486
	ION Trading Technologies S.a.r.l.
		USD Incremental Term Loan B, 6.33%, (1M LIBOR + 4.00%), 11/21/24 (a)		125,964			121,848
	iStar, Inc.
		2016 Term Loan B, 5.13%, (3M LIBOR + 2.75%), 06/30/20 (a)		75,000			74,812
		2016 Term Loan B, 5.17%, (3M LIBOR + 2.75%), 06/30/20 (a)		73,875			73,690
	Jane Street Group, LLC
		2018 Term Loan B, 5.40%, (3M LIBOR + 3.00%), 08/25/22 (a)		146,991			145,950
	Level 3 Financing Inc.
		2017 Term Loan B, 4.65%, (3M LIBOR + 2.25%), 02/16/24 (a)		340,000			337,110
	LPL Holdings, Inc.
		2017 1st Lien Term Loan B, 4.65%, (3M LIBOR + 2.25%), 09/23/24 (a)		168,291			167,713
	NAB Holdings LLC
		Term Loan, 5.33%, (3M LIBOR + 3.00%), 01/15/25 (a)		59,398			58,557
	NFP Corp.
		Term Loan B, 5.40%, (3M LIBOR + 3.00%), 01/06/24 (a)		167,848			162,996
	PMHC II, Inc.
		2018 1st Lien Term Loan, 5.90%, (3M LIBOR + 3.50%), 03/20/25 (a)		19,216			17,422
		2018 1st Lien Term Loan, 6.41%, (3M LIBOR + 3.50%), 03/20/25 (a)		14,600			13,237
	Sedgwick Claims Management Services, Inc.
		2018 Term Loan B, 5.65%, (3M LIBOR + 3.25%), 11/06/25 (a)		208,950			205,778
	SolarWinds Holdings, Inc.
		2018 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 02/06/24 (a)		167,870			166,936
	Solera, LLC
		USD Term Loan B, 5.15%, (3M LIBOR + 2.75%), 03/03/23 (a)		168,261			166,947
	Telenet Financing USD LLC
		USD Term Loan AN, 4.64%, (3M LIBOR + 2.25%), 08/31/26 (a)		170,000			168,057
	TKC Holdings, Inc.
		2017 1st Lien Term Loan, 6.16%, (3M LIBOR + 3.75%), 02/08/23 (a)		96,095			93,963
	Travelport Finance (Luxembourg) S.a.r.l.
		2019 Term Loan, 7.54%, (3M LIBOR + 5.00%), 03/18/26 (a)		90,000			84,473
	UFC Holdings, LLC
		2019 Term Loan, 5.66%, (3M LIBOR + 3.25%), 04/25/26 (a)		128,123			127,779
	Unitymedia Finance LLC
		2018 Term Loan E, 4.39%, (3M LIBOR + 2.00%), 05/24/23 (a)		100,000			99,716
		Term Loan B, 4.64%, (3M LIBOR + 2.25%), 09/30/25 (a)		85,000			84,717
	UPC Financing Partnership
		USD Term Loan AR, 4.89%, (3M LIBOR + 2.50%), 01/15/26 (a)		170,000			169,753

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

20

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1			Value ($)
	Ventia Deco LLC
		2019 Term Loan, 0.00%, 05/21/26 (a) (b)		47,500			47,411
	Veritas Bermuda Ltd.
		USD Repriced Term Loan B, 6.94%, (3M LIBOR + 4.50%), 01/27/23 (a)		38,626			35,077
		USD Repriced Term Loan B, 7.10%, (3M LIBOR + 4.50%), 01/27/23 (a)		10,868			9,870
	VFH Parent LLC
		2019 Term Loan B, 6.04%, (3M LIBOR + 3.50%), 03/02/26 (a)		145,000			145,181
	Victory Capital Holdings, Inc.
		2019 Term Loan B, 0.00%, (3M LIBOR + 3.25%), 05/30/26 (a) (b)		90,000			90,038
					5,522,888
Materials 9.8%
	American Builders & Contractors Supply Co., Inc.
		2018 Term Loan B, 4.40%, (3M LIBOR + 2.00%), 10/31/23 (a)		178,231			175,483
	Avantor, Inc.
		2017 1st Lien Term Loan, 5.40%, (3M LIBOR + 3.00%), 09/22/24 (a)		76,478			76,764
	Ball Metalpack, LLC
		2018 1st Lien Term Loan B, 7.02%, (3M LIBOR + 4.50%), 07/25/25 (a)		99,250			97,637
	Berry Global, Inc.
		2018 Term Loan S, 4.16%, (3M LIBOR + 1.75%), 02/02/20 (a)		73,125			73,020
		USD Term Loan U, 0.00%, (3M LIBOR + 2.50%), 05/17/26 (a) (b)		54,094			53,694
	BWAY Holding Company
		2017 Term Loan B, 5.85%, (3M LIBOR + 3.25%), 04/03/24 (a)		211,461			203,971
	Charter NEX US, Inc.
		Incremental Term Loan, 5.90%, (3M LIBOR + 3.50%), 05/16/24 (a)		69,667			69,353
	Composite Resins Holding B.V.
		2018 Term Loan B, 6.82%, (3M LIBOR + 4.25%), 06/27/25 (a) (c)		64,512			63,705
	Consolidated Container Company LLC
		2017 1st Lien Term Loan, 5.15%, (1M LIBOR + 2.75%), 05/10/24 - 05/22/24 (a)		128,371			126,093
	Emerald Performance Materials, LLC
		New 1st Lien Term Loan, 5.90%, (1M LIBOR + 3.50%), 07/23/21 (a)		49,413			49,187
	Ferro Corporation
		2018 USD Term Loan B1, 4.58%, (3M LIBOR + 2.25%), 02/14/24 (a)		59,848			59,325
		2018 USD Term Loan B2, 4.58%, (3M LIBOR + 2.25%), 02/14/24 (a)		47,832			47,414
		2018 USD Term Loan B3, 4.58%, (3M LIBOR + 2.25%), 02/14/24 (a)		46,815			46,405
	Flex Acquisition Company, Inc.
		1st Lien Term Loan, 5.44%, (3M LIBOR + 3.00%), 12/15/23 (a)		166,821			158,271
	Gemini HDPE LLC
		Term Loan B, 0.00%, (3M LIBOR + 2.50%), 08/04/24 (a) (b)		100,000			99,625
	GYP Holdings III Corp.
		2018 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 05/15/25 (a)		128,962			125,442
	Hexion Inc
		DIP Term Loan, 5.35%, (3M LIBOR + 2.75%), 10/01/20 (a)		106,000			105,934
		USD Exit Term Loan, 0.00%, (3M LIBOR + 3.50%), 06/27/26 (a) (b)		126,587			126,429
	Houghton International, Inc.
		USD Term Loan B, 0.00%, (1M LIBOR + 3.25%), 12/13/19 (a) (b)		50,000			49,875
		USD Term Loan B, 5.65%, (1M LIBOR + 3.25%), 12/13/19 (a)		59,365			59,217
	Invictus U.S., LLC
		1st Lien Term Loan, 5.52%, (3M LIBOR + 3.00%), 02/14/25 (a)		21,190			20,951
	Klockner-Pentaplast of America, Inc.
		USD 2017 Term Loan B2, 6.65%, (3M LIBOR + 4.25%), 06/30/22 (a)		197,487			174,480
			Shares/Par1			Value ($)
	Kraton Polymers, LLC
		Term Loan, 4.90%, (3M LIBOR + 2.50%), 03/03/25 (a)		148,513			147,919
	LTI Holdings, Inc.
		2018 Add On 1st Lien Term Loan, 5.90%, (3M LIBOR + 3.50%), 08/15/25 (a)		119,100			112,476
	Messer Industries GmbH
		2018 USD Term Loan, 4.83%, (3M LIBOR + 2.50%), 10/10/25 (a)		121,000			119,261
	Momentive Performance Materials Inc.
		Term Loan B, 5.59%, (3M LIBOR + 3.25%), 04/18/24 (a)		76,000			75,240
	OCI Beaumont LLC
		Term Loan, 6.33%, (3M LIBOR + 4.00%), 02/14/25 (a) (c)		49,499			49,437
	Onex TSG Intermediate Corp.
		1st Lien Term Loan, 6.40%, (3M LIBOR + 4.00%), 07/31/22 (a)		50,000			49,750
	Perstorp Holding AB
		USD Term Loan B, 7.27%, (3M LIBOR + 4.75%), 04/03/26 (a)		94,763			92,867
	Platform Specialty Products Corporation
		Term Loan, 4.65%, (3M LIBOR + 2.25%), 11/14/25 (a)		79,600			79,277
	PMHC II, Inc.
		2018 1st Lien Term Loan, 0.00%, (3M LIBOR + 3.50%), 03/20/25 (a) (b)		40,000			36,267
		2018 1st Lien Term Loan, 6.15%, (3M LIBOR + 3.50%), 03/20/25 (a)		15,684			14,220
	Polar US Borrower, LLC
		2018 1st Lien Term Loan, 7.08%, (3M LIBOR + 4.75%), 08/21/25 (a)		4,657			4,593
		2018 1st Lien Term Loan, 7.35%, (3M LIBOR + 4.75%), 08/21/25 (a)		174,669			172,267
	Polymer Additives, Inc.
		2018 1st Lien Term Loan, 8.40%, (3M LIBOR + 6.00%), 07/25/25 (a)		99,500			94,525
	PQ Corporation
		2018 Term Loan B, 5.08%, (3M LIBOR + 2.50%), 02/08/25 (a)		155,697			154,896
	Pro Mach Group, Inc.
		2018 Term Loan B, 5.14%, (3M LIBOR + 2.75%), 03/07/25 (a)		128,700			123,767
	Proampac PG Borrower LLC
		2016 1st Lien Term Loan, 5.88%, (3M LIBOR + 3.50%), 11/18/23 (a)		75,281			72,129
		2016 1st Lien Term Loan, 6.02%, (3M LIBOR + 3.50%), 11/18/23 (a)		45,389			43,489
		2016 1st Lien Term Loan, 6.07%, (3M LIBOR + 3.50%), 11/18/23 (a)		52,123			49,941
		2016 1st Lien Term Loan, 6.08%, (3M LIBOR + 3.50%), 11/18/23 (a)		34,116			32,688
		2016 1st Lien Term Loan, 8.00%, (3M LIBOR + 3.50%), 11/18/23 (a)		532			510
	Quikrete Holdings, Inc.
		2016 1st Lien Term Loan, 5.15%, (3M LIBOR + 2.75%), 11/03/23 (a)		205,000			201,185
	Reynolds Group Holdings Inc.
		Term Loan, 5.15%, (3M LIBOR + 2.75%), 02/05/23 (a)		130,783			129,696
	Solenis Holdings LLC
		2018 1st Lien Term Loan, 6.52%, (3M LIBOR + 4.00%), 06/26/25 (a)		61,875			61,024
		2018 1st Lien Term Loan, 6.40%, (3M LIBOR + 4.00%), 12/18/25 (a)		156			154
	Starfruit Finco B.V
		2018 USD Term Loan B, 5.67%, (3M LIBOR + 3.25%), 09/20/25 (a)		192,000			188,721
	TricorBraun Holdings, Inc.
		2016 1st Lien Term Loan, 6.14%, (3M LIBOR + 3.75%), 11/29/23 (a)		17,462			17,161
		2016 1st Lien Term Loan, 6.35%, (3M LIBOR + 3.75%), 11/29/23 (a)		196,327			192,941
	Trident TPI Holdings, Inc.
		2017 USD Term Loan B1, 5.65%, (3M LIBOR + 3.25%), 10/05/24 (a)		49,373			46,627

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

21

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1			Value ($)
	Trinseo Materials Operating S.C.A.
		Term Loan, 4.40%, (3M LIBOR + 2.00%), 09/06/24 (a)		98,744			97,551
	Tronox Finance LLC
		Term Loan B, 5.44%, (3M LIBOR + 3.00%), 09/11/24 (a)		187,315			185,275
	Univar Inc.
		2017 USD Term Loan B, 4.65%, (3M LIBOR + 2.25%), 07/01/24 (a)		198,632			197,949
	Wilsonart LLC
		2017 Term Loan B, 5.58%, (3M LIBOR + 3.25%), 12/19/23 (a)		158,135			154,221
					5,060,299
Communication Services 6.7%
	AMC Entertainment Holdings, Inc.
		2019 Term Loan B, 5.23%, (3M LIBOR + 3.00%), 04/22/26 (a)		167,858			167,354
	CenturyLink, Inc.
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 01/15/25 (a)		168,570			164,450
	Cincinnati Bell, Inc.
		Term Loan, 5.65%, (3M LIBOR + 3.25%), 10/02/24 (a)		99,250			98,485
	Cogeco Communications (USA) II L.P.
		2017 1st Lien Term Loan, 4.65%, (1M LIBOR + 2.25%), 08/11/24 (a)		198,000			195,913
	Consolidated Communications, Inc.
		2016 Term Loan B, 5.41%, (1M LIBOR + 3.00%), 09/29/23 (a)		173,167			165,347
	Entercom Media Corp.
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 11/18/24 (a)		139,789			139,498
	Frontier Communications Corp.
		2017 Term Loan B1, 6.16%, (3M LIBOR + 3.75%), 05/31/24 (a)		84,017			82,267
	GoodRx, Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 2.75%), 09/28/25 (a) (b)		30,000			29,728
		1st Lien Term Loan, 5.14%, (3M LIBOR + 2.75%), 10/10/25 (a)		98,399			97,508
	Gray Television, Inc.
		2018 Term Loan C, 0.00%, (3M LIBOR + 2.50%), 10/30/25 (a) (b)		60,000			59,910
		2018 Term Loan C, 4.93%, (3M LIBOR + 2.50%), 10/30/25 (a)		94,650			94,508
	Hargray Communications Group, Inc.
		2017 Term Loan B, 0.00%, (3M LIBOR + 2.75%), 03/23/24 (a) (b)		60,000			59,588
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 03/23/24 (a)		49,873			49,530
	iHeartCommunications, Inc.
		Exit Term Loan, 6.58%, (3M LIBOR + 4.00%), 05/04/26 (a)		19,726			19,745
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 6.15%, (3M LIBOR + 3.75%), 11/27/23 (a)		105,000			103,819
	Maxar Technologies Ltd.
		Term Loan B, 5.16%, (3M LIBOR + 2.75%), 07/07/24 (a)		142,873			128,764
	MTN Infrastructure TopCo Inc
		1st Lien Term Loan B, 5.40%, (3M LIBOR + 3.00%), 10/27/24 (a)		99,249			98,504
		1st Lien Term Loan B, 0.00%, (3M LIBOR + 3.00%), 11/17/24 (a) (b)		55,000			54,587
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 0.00%, (3M LIBOR + 2.75%), 06/13/26 (a) (b)		141,741			141,210
	SBA Senior Finance II LLC
		2018 Term Loan B, 4.41%, (3M LIBOR + 2.00%), 03/26/25 (a)		174,559			172,238
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 6.83%, (3M LIBOR + 4.50%), 06/20/24 (a)		100,039			92,453
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.94%, (3M LIBOR + 2.50%), 02/01/24 (a)		335,707			330,252
		2018 Term Loan B, 5.50%, (3M LIBOR + 3.00%), 02/05/24 (a)		69,650			68,932
			Shares/Par1			Value ($)
	Telesat Canada
		Term Loan B4, 4.83%, (3M LIBOR + 2.50%), 11/17/23 (a)		186,881			184,623
	Tribune Media Company
		Term Loan C, 5.40%, (3M LIBOR + 3.00%), 01/20/24 (a)		125,000			124,714
	Vestcom Parent Holdings, Inc.
		2016 1st Lien Term Loan, 6.40%, (3M LIBOR + 4.00%), 12/15/23 (a) (c) (d)		73,395			69,726
		2016 1st Lien Term Loan, 8.50%, (3M PRIME + 3.00%), 12/16/23 (a) (c) (d)		13			12
	Virgin Media Bristol LLC
		USD Term Loan K, 4.89%, (3M LIBOR + 2.50%), 02/10/26 (a)		210,000			209,091
	Windstream Holdings Inc.
		DIP Term Loan, 4.90%, (3M LIBOR + 2.50%), 03/08/21 (a)		55,000			55,000
	Ziggo Secured Finance Partnership
		USD Term Loan E, 4.89%, (3M LIBOR + 2.50%), 04/15/25 (a)		200,000			195,772
					3,453,528
Consumer Staples 4.9%
	8th Avenue Food & Provisions, Inc.
		2018 1st Lien Term Loan, 6.17%, (3M LIBOR + 3.75%), 09/19/25 (a)		69,650			69,585
	Albertsons, LLC
		USD 2017 Term Loan B6, 5.40%, (3M LIBOR + 3.00%), 06/22/23 (a)		158,384			158,146
	American Seafoods Group LLC
		2017 1st Lien Term Loan, 5.16%, (3M LIBOR + 2.75%), 07/27/23 (a)		1,494			1,487
		2017 1st Lien Term Loan, 5.18%, (3M LIBOR + 2.75%), 07/27/23 (a)		97,465			97,039
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 5.16%, (3M LIBOR + 2.75%), 01/26/24 (a)		255,620			255,646
	CHG PPC Parent LLC
		2018 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 03/16/25 (a)		99,748			98,813
	Coty Inc.
		2018 USD Term Loan B, 4.67%, (3M LIBOR + 2.25%), 03/29/25 (a)		168,300			164,092
	Del Monte Foods, Inc.
		1st Lien Term Loan, 5.77%, (6M LIBOR + 3.25%), 01/26/21 (a)		34,543			24,257
		1st Lien Term Loan, 7.75%, (6M PRIME + 2.25%), 01/26/21 (a)		91			64
	Diamond (BC) B.V.
		Term Loan, 5.58%, (1M LIBOR + 3.00%), 07/24/24 (a)		84,146			73,838
	Dole Food Company Inc.
		2017 Term Loan B, 5.15%, (1M LIBOR + 2.75%), 03/22/24 (a)		52,330			51,038
		2017 Term Loan B, 5.19%, (1M LIBOR + 2.75%), 03/22/24 (a)		52,330			51,038
		2017 Term Loan B, 5.29%, (1M LIBOR + 2.75%), 03/22/24 (a)		52,766			51,463
		2017 Term Loan B, 7.25%, (1M PRIME + 1.75%), 03/22/24 (a)		76			74
	Hearthside Food Solutions, LLC
		2018 Term Loan B, 0.00%, (3M LIBOR + 3.69%), 05/17/25 (a) (b)		30,000			29,255
		2018 Term Loan B, 6.09%, (3M LIBOR + 3.69%), 05/17/25 (a)		168,300			164,123
	Hostess Brands, LLC
		Term Loan, 4.69%, (3M LIBOR + 2.25%), 08/03/23 (a)		50,951			50,579
		2017 Repriced Term Loan, 4.83%, (3M LIBOR + 2.25%), 08/03/23 (a)		73,733			73,195
	JBS USA Lux S.A.
		2019 Term Loan B, 4.90%, (3M LIBOR + 2.50%), 04/27/26 (a)		156,448			156,057
	Portillo's Holdings, LLC
		1st Lien Term Loan, 6.83%, (3M LIBOR + 4.50%), 08/01/21 (a)		88,629			88,518
	Post Holdings Inc.
		2017 Series A Incremental Term Loan, 4.40%, (3M LIBOR + 2.00%), 05/24/24 (a)		129,973			129,250

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

22

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1			Value ($)
	Sigma Bidco B.V.
		2018 USD Term Loan B2, 5.60%, (3M LIBOR + 3.00%), 03/07/25 (a)		99,250			97,927
	United Natural Foods, Inc.
		Term Loan B, 6.65%, (3M LIBOR + 4.25%), 10/22/25 (a)		183,080			152,963
	US Foods, Inc.
		2016 Term Loan B, 4.40%, (3M LIBOR + 2.00%), 06/27/23 (a)		217,709			216,052
	UTZ Quality Foods, LLC
		1st Lien Term Loan, 5.90%, (3M LIBOR + 3.50%), 11/14/24 (a)		129,220			127,766
	Verra Mobility Corporation
		2018 1st Lien Term Loan, 6.15%, (3M LIBOR + 3.75%), 02/23/25 (a)		136,338			136,622
					2,518,887
Energy 2.1%
	Arctic LNG Carriers Ltd
		Term Loan, 6.83%, (3M LIBOR + 4.50%), 04/21/23 (a) (c)		89,269			87,483
	EG America LLC
		2018 USD Term Loan, 6.33%, (3M LIBOR + 4.00%), 06/30/25 (a)		23,188			22,772
		Term Loan, 6.33%, (3M LIBOR + 4.00%), 06/30/25 (a)		174,313			171,190
	Encino Acquisition Partners Holdings, LLC
		2018 2nd Lien Term Loan, 9.15%, (3M LIBOR + 6.75%), 09/26/25 (a) (c)		41,008			37,522
	Equitrans Midstream Corporation
		Term Loan B, 6.90%, (3M LIBOR + 4.50%), 12/13/23 (a)		103,740			104,194
	HFOTCO LLC
		2018 Term Loan B, 5.16%, (3M LIBOR + 2.75%), 06/19/25 (a)		94,199			94,081
	Lower Cadence Holdings LLC
		Term Loan B, 6.44%, (3M LIBOR + 4.00%), 05/10/26 (a)		90,000			89,437
	Medallion Midland Acquisition, LLC
		1st Lien Term Loan, 5.65%, (3M LIBOR + 3.25%), 10/31/24 (a)		98,747			96,031
	Natgasoline LLC
		Term Loan B, 5.94%, (3M LIBOR + 3.50%), 10/31/25 (a)		94,525			94,289
	Summit Midstream Partners Holdings, LLC
		Term Loan B, 8.40%, (3M LIBOR + 6.00%), 05/15/22 (a)		30,866			30,403
	TEX Operations Co. LLC
		Exit Term Loan B, 4.40%, (3M LIBOR + 2.00%), 08/04/23 (a)		68,080			67,953
	Traverse Midstream Partners LLC
		Term Loan, 6.59%, (3M LIBOR + 4.00%), 09/22/24 (a)		198,500			195,947
					1,091,302
Utilities 1.5%
	Calpine Corporation
		Term Loan B5, 4.83%, (3M LIBOR + 2.50%), 05/23/22 (a)		157,739			156,796
		Term Loan B9, 5.08%, (3M LIBOR + 2.75%), 03/22/26 (a)		170,000			169,655
	NEP/NCP Holdco, Inc.
		2018 1st Lien Term Loan, 5.65%, (3M LIBOR + 3.25%), 10/05/25 (a)		119,400			119,027
	PG&E Corp
		DIP Term Loan, 4.69%, (3M LIBOR + 2.25%), 12/31/20 (a)		127,500			127,819
	Vistra Operations Company LLC
		1st Lien Term Loan B3, 4.39%, (3M LIBOR + 2.00%), 12/11/25 (a)		133,342			133,126
		1st Lien Term Loan B3, 4.44%, (3M LIBOR + 2.00%), 12/11/25 (a)		52,159			52,074
					758,497
Real Estate 1.0%
	Capital Automotive L.P.
		2017 1st Lien Term Loan, 4.91%, (1M LIBOR + 2.50%), 03/21/24 (a)		93,513			92,210
		2017 2nd Lien Term Loan, 8.41%, (3M LIBOR + 6.00%), 03/21/25 (a)		123,522			123,600
			Shares/Par1			Value ($)
	MGM Growth Properties Operating Partnership LP
		2016 Term Loan B, 4.40%, (3M LIBOR + 2.00%), 04/20/23 (a)		173,531			172,311
	VICI Properties 1 LLC
		Replacement Term Loan B, 4.40%, (3M LIBOR + 2.00%), 12/13/24 (a)		155,000			153,062
					541,183
	Total Senior Loan Interests (cost $49,204,983)				48,283,043
CORPORATE BONDS AND NOTES 3.1%
Energy 0.6%
	Cheniere Energy Partners, L.P.
		5.63%, 10/01/26 (e)		54,000			56,975
	Continental Resources, Inc.
		4.50%, 04/15/23		30,000			31,522
	Enlink Midstream, LLC
		5.38%, 06/01/29		65,000			66,708
	Everest Acquisition, LLC
		7.75%, 05/15/26 (e)		60,000			53,591
	Regency Energy Partners LP
		5.88%, 03/01/22		30,000			32,157
	Transocean Proteus Limited
		6.25%, 12/01/24 (e)		63,000			65,146
					306,099
Financials 0.4%
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (e)		58,000			60,131
	Diamond Finance International Limited
		7.13%, 06/15/24 (e)		30,000			31,666
	Icahn Enterprises L.P.
		6.25%, 05/15/26 (e) (f)		31,000			31,325
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (e)		10,000			9,942
	Level 3 Financing, Inc.
		5.38%, 01/15/24		30,000			30,630
	Springleaf Finance Corporation
		7.13%, 03/15/26		65,000			70,949
					234,643
Health Care 0.4%
	Bausch Health Companies Inc.
		6.13%, 04/15/25 (e)		13,000			13,260
		5.50%, 11/01/25 (e)		21,000			21,886
		8.50%, 01/31/27 (e)		67,000			73,763
		5.75%, 08/15/27 (e)		8,000			8,405
	Community Health Systems, Inc.
		8.63%, 01/15/24 (e)		30,000			30,072
	Tenet Healthcare Corporation
		6.75%, 06/15/23		36,000			36,192
		5.13%, 05/01/25		30,000			30,300
					213,878
Materials 0.4%
	FMG Resources (August 2006) Pty Ltd
		5.13%, 03/15/23 - 05/15/24 (e) (f)		57,000			59,018
	FXI Holdings, Inc.
		7.88%, 11/01/24 (e)		66,000			61,488
	Koppers Inc.
		6.00%, 02/15/25 (e)		30,000			28,187
	Olin Corporation
		5.13%, 09/15/27		39,000			40,028
		5.00%, 02/01/30		17,000			16,843
					205,564
Communication Services 0.4%
	AMC Entertainment Holdings, Inc.
		6.13%, 05/15/27 (f)		50,000			44,708
	Iheartcommunications, Inc.
		6.38%, 05/01/26		4,509			4,784
		8.38%, 05/01/27		8,172			8,553
	Live Nation Entertainment, Inc.
		4.88%, 11/01/24 (e)		30,000			30,861
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (e)		8,000			8,200
	Sirius XM Radio Inc.
		5.50%, 07/01/29 (e)		65,000			66,645

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

23

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1			Value ($)
	Sprint Corporation
		7.13%, 06/15/24		30,000			31,828
					195,579
Industrials 0.3%
	Aircastle Limited
		5.00%, 04/01/23		30,000			31,591
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (e)		93,000			97,378
	Bombardier Inc.
		7.88%, 04/15/27 (e)		27,000			27,031
					156,000
Consumer Staples 0.2%
	Energizer Holdings, Inc.
		7.75%, 01/15/27 (e)		65,000			70,263
	JBS Investments GmbH
		7.25%, 04/03/24 (e)		30,000			31,166
					101,429
Utilities 0.2%
	Calpine Corporation
		5.25%, 06/01/26 (e)		50,000			50,901
	The AES Corporation
		5.50%, 04/15/25		30,000			31,207
					82,108
Consumer Discretionary 0.1%
	Eldorado Resorts, Inc.
		6.00%, 09/15/26		10,000			10,916
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (e) (f)		54,000			52,828
					63,744
Information Technology 0.1%
	Dell International L.L.C.
		5.30%, 10/01/29 (e) (g)		50,000			52,622
	Total Corporate Bonds And Notes (cost $1,587,263)				1,611,666
WARRANTS 0.1%
	iHeartMedia, Inc. (d) (h) (i)			703			10,580
	Total Warrants (cost $13,203)				10,580
COMMON STOCKS 0.0%
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (h)			1,875			8,850
	iHeartMedia, Inc. - Class A (d) (h)			94			1,415
	Total Common Stocks (cost $11,100)				10,265
SHORT TERM INVESTMENTS 5.5%
Investment Companies 5.2%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.32% (j)			2,683,316			2,683,316
			Shares/Par1			Value ($)
Securities Lending Collateral 0.3%
	State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (j)			162,943			162,943
	Total Short Term Investments (cost $2,846,259)				2,846,259
Total Investments 101.9% (cost $53,662,808)							52,761,813
Other Derivative Instruments (0.0)%							(95)
Other Assets and Liabilities, Net (1.9)%							(960,970)
Total Net Assets 100.0%							51,800,748

(a)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2019. 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)This senior loan will settle after June 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(c)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the PPM Funds' 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.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees.

(e)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 PPM Funds' Board of Trustees. As of June 30, 2019, the value and the percentage of net assets of these liquid securities was $1,092,750 and 2.1% of the fund.

(f)All or a portion of the security was on loan as of June 30, 2019.

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

(h)Non-income producing security.

(i)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the PPM Funds' 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.

(j)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2019.

Unfunded Commitments

	Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
Mavis Tire Express Services Corp. – 2018 Delayed Draw Term Loan	25,574	(470)
PG&E Corp. – DIP Delayed Draw Term Loan	42,288	319
	67,862	(151)

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 2019		(126,983)	(64)			(986)
United States 10 Year Ultra Bond	(1)	September 2019		(135,473)	(31)			(2,652)
United States 5 Year Note	(4)	October 2019		(467,414)	—			(5,211)
					(95)			(8,849)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

24

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 86.9%
Communication Services 17.6%
	Altice France
		7.38%, 05/01/26 (a)	320,000		328,002
	Altice Luxembourg Fr SA
		8.13%, 02/01/27 (a)	200,000		210,043
	AMC Entertainment Holdings, Inc.
		6.13%, 05/15/27 (b)	169,000		151,115
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	267,000		229,007
	CCO Holdings, LLC
		5.88%, 05/01/27 (a)	420,000		443,296
		5.00%, 02/01/28 (a)	167,000		170,459
		5.38%, 06/01/29 (a)	371,000		383,118
	CenturyLink, Inc.
		6.75%, 12/01/23 (b)	125,000		135,072
		5.63%, 04/01/25 (b)	125,000		127,265
	Clear Channel Worldwide Holdings, Inc.
		9.25%, 02/15/24 (a)	126,000		136,710
	Consolidated Communications, Inc.
		6.50%, 10/01/22	175,000		163,410
	CSC Holdings, LLC
		5.50%, 04/15/27 (a)	250,000		262,549
		7.50%, 04/01/28 (a)	500,000		550,141
	DISH DBS Corporation
		5.13%, 05/01/20	150,000		150,882
		5.00%, 03/15/23	175,000		168,030
	Frontier Communications Corporation
		10.50%, 09/15/22	35,000		23,703
		11.00%, 09/15/25	115,000		71,660
		8.50%, 04/01/26 (a)	100,000		97,093
		9.00%, 08/15/31	50,000		28,398
	Gannett Co., Inc.
		5.50%, 09/15/24 (a)	125,000		128,515
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26	250,000		262,552
	Iheartcommunications, Inc.
		6.38%, 05/01/26	18,565		19,697
		8.38%, 05/01/27	158,651		166,050
	Intelsat Jackson Holdings S.A.
		8.50%, 10/15/24 (a)	260,000		257,459
		9.75%, 07/15/25 (a)	290,000		296,796
	Level 3 Parent, LLC
		5.75%, 12/01/22	167,000		168,510
	Liberty Media Corporation
		8.25%, 02/01/30	100,000		99,750
	Live Nation Entertainment, Inc.
		4.88%, 11/01/24 (a)	235,000		241,742
		5.63%, 03/15/26 (a)	57,000		59,857
	MDC Partners Inc.
		6.50%, 05/01/24 (a)	220,000		202,053
	Netflix, Inc.
		5.75%, 03/01/24	167,000		180,813
		5.88%, 11/15/28	150,000		166,206
		6.38%, 05/15/29 (a)	76,000		86,316
		5.38%, 11/15/29 (a)	36,000		38,289
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (a)	47,000		48,176
	Qwest Corporation
		6.88%, 09/15/33	75,000		74,715
	Radiate HoldCo, LLC
		6.63%, 02/15/25 (a)	125,000		121,389
	Sinclair Television Group, Inc.
		5.88%, 03/15/26 (a)	250,000		255,662
	Sirius XM Radio Inc.
		4.63%, 07/15/24 (a)	37,000		37,847
		5.38%, 07/15/26 (a)	425,000		440,987
		5.50%, 07/01/29 (a)	71,000		72,797
	Sprint Capital Corporation
		6.88%, 11/15/28	200,000		207,185
	Sprint Communications, Inc.
		6.00%, 11/15/22	167,000		174,099
			Shares/Par1		Value ($)
	Sprint Corporation
		7.13%, 06/15/24	500,000		530,469
	Telecom Italia Capital, Societe Anonyme
		6.00%, 09/30/34	109,000		110,688
	Telesat Canada
		8.88%, 11/15/24 (a)	186,000		201,753
	T-Mobile USA, Inc.
		6.50%, 01/15/24 (c)	167,000		173,004
		5.13%, 04/15/25	167,000		173,948
		4.75%, 02/01/28	62,000		64,077
	Windstream Services, LLC
		0.00%, 10/31/25 (c) (d) (e) (f)	150,000		153,726
	Zayo Group, LLC
		6.00%, 04/01/23	304,000		311,560
				9,356,640
Financials 13.2%
	Acrisure, LLC
		7.00%, 11/15/25 (a)	115,000		104,168
	Ally Financial Inc.
		4.63%, 05/19/22	167,000		174,051
		3.88%, 05/21/24	195,000		199,767
		5.75%, 11/20/25	71,000		78,699
	Altice Financing S.A.
		6.63%, 02/15/23 (a)	104,000		106,574
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (a)	267,000		276,811
	CIT Group Inc.
		4.75%, 02/16/24	125,000		132,807
		5.25%, 03/07/25	19,000		20,832
		6.13%, 03/09/28	20,000		22,832
	Citigroup Inc.
		5.90%, (callable at 100 beginning 02/15/23) (g)	118,000		122,208
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	95,000		97,405
		8.25%, 03/01/27 (a)	160,000		163,355
	Credit Suisse Group AG
		6.25%, (callable at 100 beginning 12/18/24) (a) (g)	250,000		259,375
	Diamond Finance International Limited
		5.88%, 06/15/21 (a)	142,000		144,257
		7.13%, 06/15/24 (a)	224,000		236,436
		6.02%, 06/15/26 (a)	264,000		291,170
	Eagle Holding Company II, LLC
		7.75%, 05/15/22 (a) (h)	78,000		79,041
	Glencore Funding LLC
		4.88%, 03/12/29 (a)	75,000		78,961
	HSBC Holdings PLC
		6.38%, (callable at 100 beginning 09/17/24) (g) (i)	125,000		129,531
	Icahn Enterprises L.P.
		6.38%, 12/15/25	139,000		142,079
		6.25%, 05/15/26 (a)	269,000		271,819
	IHS Luxembourg S.A R.L.
		5.75%, 04/15/25 (a)	35,000		35,916
		6.50%, 06/01/26 (a)	125,000		131,691
	Intelsat Connect Finance S.A.
		9.50%, 02/15/23 (a)	115,000		101,745
	Jack Ohio Finance LLC
		10.25%, 11/15/22 (a)	167,000		179,107
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (a)	78,000		77,545
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (g)	222,000		224,497
	Level 3 Financing, Inc.
		5.38%, 01/15/24	167,000		170,505
		5.25%, 03/15/26	267,000		276,697
	Lions Gate Capital Holdings LLC
		5.88%, 11/01/24 (a)	150,000		154,326
	Lloyds Banking Group PLC
		6.75%, (callable at 100 beginning 06/27/26) (g)	122,000		124,682
		7.50%, (callable at 100 beginning 09/27/25) (g)	162,000		170,022
	Navient Corporation
		7.25%, 09/25/23	140,000		149,540

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

25

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
		5.88%, 10/25/24	82,000		82,897
	Nexstar Escrow Corporation
		5.63%, 08/01/24 (a)	250,000		258,825
	Nordic Aviation Capital DAC
		5.83%, 03/14/26 (c) (j)	125,000		132,871
	Rassman, Joel H.
		4.88%, 03/15/27	105,000		110,293
	Resideo Funding Inc.
		6.13%, 11/01/26 (a)	44,000		45,697
	Springleaf Finance Corporation
		6.13%, 03/15/24	88,000		94,600
		7.13%, 03/15/26	287,000		313,266
		6.63%, 01/15/28	38,000		39,895
	Telenet Finance Luxembourg Notes S.À R.L.
		5.50%, 03/01/28 (a)	200,000		202,250
	USA Compression Finance Corp.
		6.88%, 04/01/26	79,000		83,606
		6.88%, 09/01/27 (a)	242,000		254,020
	Vertiv Intermediate Holding Corporation
		13.00%, 02/15/22 (a) (h)	283,000		273,171
	Ziggo Bond Finance B.V.
		6.00%, 01/15/27 (a)	200,000		200,808
				7,020,650
Consumer Discretionary 13.1%
	Adient US LLC
		7.00%, 05/15/26 (a)	132,000		135,808
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (a)	71,000		72,065
		9.75%, 07/15/27 (a)	79,000		78,704
	Altice S.A.
		7.63%, 02/15/25 (a)	200,000		188,307
	AMC Entertainment Inc.
		5.75%, 06/15/25 (b)	65,000		60,153
	American Axle & Manufacturing, Inc.
		6.50%, 04/01/27 (b)	169,000		168,546
	Aramark Services, Inc.
		4.75%, 06/01/26	152,000		154,387
		5.00%, 02/01/28 (a)	39,000		40,109
	Beazer Homes USA, Inc.
		6.75%, 03/15/25	75,000		72,207
		5.88%, 10/15/27	80,000		69,501
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a)	136,000		136,692
	CRC Escrow Issuer, LLC
		5.25%, 10/15/25 (a)	125,000		125,015
	Delphi Technologies PLC
		5.00%, 10/01/25 (a)	162,000		144,181
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	94,000		99,341
	GLP Financing, LLC
		5.38%, 04/15/26	126,000		136,399
	Hilton Domestic Operating Company Inc.
		4.25%, 09/01/24	170,000		172,692
		5.13%, 05/01/26	178,000		185,593
	Hilton Worldwide Holdings Inc.
		4.63%, 04/01/25	21,000		21,493
	IHOL Verwaltungs GmbH
		6.75%, 05/15/27 (a) (h)	200,000		201,000
	J. C. Penney Company, Inc.
		5.88%, 07/01/23 (a)	125,000		104,824
	KB Home
		7.63%, 05/15/23	201,000		225,171
	KFC Holding Co.
		5.00%, 06/01/24 (a)	12,000		12,391
		5.25%, 06/01/26 (a)	44,000		46,177
		4.75%, 06/01/27 (a)	140,000		143,770
	L Brands, Inc.
		7.50%, 06/15/29	130,000		129,954
	Lennar Corporation
		4.75%, 11/29/27	148,000		155,714
	M/I Homes, Inc.
		6.75%, 01/15/21	267,000		271,517
	Marriott Ownership Resorts, Inc.
		6.50%, 09/15/26	180,000		193,050
			Shares/Par1		Value ($)
	MGM China Holdings Limited
		5.88%, 05/15/26 (a)	72,000		74,011
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (a) (b)	186,000		181,965
	National Football League
		3.96%, 10/05/28 (c) (j)	200,000		212,221
	Nemak, S.A.B. de C.V.
		4.75%, 01/23/25 (a)	126,000		127,097
	New Golden Nugget Inc.
		6.75%, 10/15/24 (a)	150,000		154,516
		8.75%, 10/01/25 (a)	100,000		105,016
	Panther BF Aggregator 2 LP
		8.50%, 05/15/27 (a)	132,000		135,945
	Party City Holdings Inc.
		6.63%, 08/01/26 (a) (b)	125,000		121,277
	PetSmart, Inc.
		5.88%, 06/01/25 (a)	269,000		260,906
	Restaurant Brands International Limited Partnership
		5.00%, 10/15/25 (a)	250,000		252,185
	Sally Holdings, LLC
		5.63%, 12/01/25 (b)	150,000		147,053
	Scientific Games International, Inc.
		5.00%, 10/15/25 (a)	346,000		349,375
		8.25%, 03/15/26 (a)	125,000		131,006
	Sotheby's, Inc.
		4.88%, 12/15/25 (a)	100,000		101,663
	Staples, Inc.
		7.50%, 04/15/26 (a)	123,000		122,118
	Stars Group Holdings B.V.
		7.00%, 07/15/26 (a)	85,000		89,888
	Taylor Morrison Communities, Inc.
		5.88%, 06/15/27 (a)	172,000		175,058
	The Men's Wearhouse, Inc.
		7.00%, 07/01/22	155,000		151,049
	Viking Cruises Limited
		5.88%, 09/15/27 (a)	160,000		161,963
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	125,000		126,608
	Williams Scotsman International, Inc.
		6.88%, 08/15/23 (a)	119,000		123,774
	Wyndham Destinations, Inc.
		5.40%, 04/01/24 (k)	100,000		104,684
		5.75%, 04/01/27 (l)	35,000		36,532
				6,990,671
Energy 11.4%
	Antero Midstream Partners LP
		5.38%, 09/15/24	100,000		100,207
		5.75%, 03/01/27 - 01/15/28 (a)	178,000		177,428
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	195,000		178,403
	Brazos Valley Longhorn, L.L.C.
		6.88%, 02/01/25	213,000		202,927
	Bruin E&P Partners, LLC
		8.88%, 08/01/23 (a)	186,000		157,749
	Callon Petroleum Company
		6.38%, 07/01/26	125,000		126,148
	Chaparral Energy, Inc.
		8.75%, 07/15/23 (a) (b)	165,000		100,866
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	235,000		261,642
		5.13%, 06/30/27	194,000		210,823
	Cheniere Energy Partners, L.P.
		5.25%, 10/01/25	233,000		240,787
		5.63%, 10/01/26 (a)	134,000		141,383
	Chesapeake Energy Corporation
		8.00%, 01/15/25 (b)	182,000		167,908
	CNX Midstream Partners LP
		6.50%, 03/15/26 (a)	108,000		102,871
	Continental Resources, Inc.
		4.50%, 04/15/23	200,000		210,146
	Diamondback Energy, Inc.
		4.75%, 11/01/24 (a)	75,000		77,012
		5.38%, 05/31/25	100,000		105,226

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

26

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Energy Transfer LP
		5.25%, 04/15/29	94,000		104,982
	Enlink Midstream, LLC
		4.85%, 07/15/26	86,000		86,941
		5.38%, 06/01/29	231,000		237,070
	Ensco Rowan PLC
		5.20%, 03/15/25 (b)	167,000		122,642
	EQM Midstream Partners, LP
		4.13%, 12/01/26	98,000		94,488
	Everest Acquisition, LLC
		8.00%, 11/29/24 (a)	115,000		77,059
		7.75%, 05/15/26 (a)	32,000		28,582
	Extraction Oil & Gas, Inc.
		7.38%, 05/15/24 (a)	84,000		72,745
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (a)	91,000		93,849
	Murphy Oil USA, Inc.
		5.75%, 08/15/25	76,000		78,850
	Nabors Industries, Inc.
		5.50%, 01/15/23 (b)	117,000		109,415
		5.75%, 02/01/25	75,000		66,495
	NGPL PipeCo LLC
		4.88%, 08/15/27 (a)	100,000		105,750
	Noble Corporation
		7.88%, 02/01/26 (a)	200,000		172,046
	Parsley Energy, LLC
		5.25%, 08/15/25 (a)	150,000		152,449
	PBF Logistics LP
		6.88%, 05/15/23	200,000		206,119
	Precision Drilling Corporation
		5.25%, 11/15/24	100,000		92,696
		7.13%, 01/15/26 (a)	167,000		162,304
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	160,000		167,875
	Shelf Drilling Management Services DMCC
		8.25%, 02/15/25 (a)	204,000		189,207
	Southwestern Energy Company
		7.50%, 04/01/26	100,000		94,846
	SRC Energy Inc.
		6.25%, 12/01/25	72,000		65,534
	Summit Midstream Partners, LP
		9.50%, (callable at 104 beginning 12/15/22) (g)	42,000		37,926
	Targa Resource Corporation
		5.88%, 04/15/26	165,000		175,507
	Transocean Inc
		7.50%, 01/15/26 (a)	264,000		252,157
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	69,000		73,009
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	135,000		139,598
	Whiting Petroleum Corporation
		6.25%, 04/01/23	192,000		191,594
	WPX Energy, Inc.
		5.75%, 06/01/26	47,000		48,685
				6,061,946
Health Care 11.0%
	Bausch Health Companies Inc.
		6.13%, 04/15/25 (a)	200,000		203,995
		5.50%, 11/01/25 (a)	154,000		160,496
		8.50%, 01/31/27 (a)	548,000		603,317
		5.75%, 08/15/27 (a)	81,000		85,096
		7.00%, 01/15/28 (a)	24,000		24,865
	Catalent Pharma Solutions, Inc.
		5.00%, 07/15/27 (a)	15,000		15,247
	Centene Corporation
		4.75%, 05/15/22	76,000		77,805
		6.13%, 02/15/24	142,000		148,751
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	281,000		295,783
	Community Health Systems, Inc.
		8.63%, 01/15/24 (a)	100,000		100,239
		8.00%, 03/15/26 (a)	125,000		120,036
	HCA Inc.
		5.00%, 03/15/24	119,000		129,589
			Shares/Par1		Value ($)
		5.25%, 06/15/26	325,000		359,900
		5.38%, 09/01/26	62,000		66,795
		4.50%, 02/15/27	267,000		284,235
		5.63%, 09/01/28	220,000		237,866
		5.88%, 02/01/29	34,000		37,201
		5.13%, 06/15/39	54,000		56,100
	Hologic, Inc.
		4.38%, 10/15/25 (a)	104,000		105,399
	Legacy Lifepoint Health, Inc.
		9.75%, 12/01/26 (a)	200,000		209,448
	Mednax, Inc.
		6.25%, 01/15/27 (a)	252,000		247,905
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (a)	149,000		139,582
	Muzinich U.S. High Yield Corporate Bond Fund
		9.75%, 08/15/26 (a)	62,000		64,474
	Mylan Inc
		4.55%, 04/15/28 (b)	78,000		77,118
		5.20%, 04/15/48	43,000		39,889
	Ortho-Clinical Diagnostics, Inc.
		6.63%, 05/15/22 (a)	333,000		321,376
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	247,000		242,546
	Polaris Intermediate School
		8.50%, 12/01/22 (a) (h)	75,000		66,215
	Tenet Healthcare Corporation
		4.50%, 04/01/21	160,000		162,800
		8.13%, 04/01/22	204,000		214,208
		6.75%, 06/15/23	296,000		297,581
		6.25%, 02/01/27 (a)	118,000		121,540
	Tennessee Merger Sub, Inc.
		6.38%, 02/01/25 (a) (b)	161,000		121,763
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	339,000		353,931
		5.38%, 08/15/26 (a)	48,000		50,946
				5,844,037
Industrials 6.5%
	ACCO Brands Corporation
		5.25%, 12/15/24 (a)	120,000		121,462
	Advanced Disposal Services, Inc.
		5.63%, 11/15/24 (a)	167,000		174,786
	Aircastle Limited
		4.13%, 05/01/24	207,000		212,535
		4.25%, 06/15/26	130,000		131,219
	Ashtead Capital, Inc.
		4.13%, 08/15/25 (a)	33,000		33,335
		5.25%, 08/01/26 (a)	214,000		224,074
		4.38%, 08/15/27 (a)	75,000		75,094
	Avolon Holdings Funding Limited
		5.25%, 05/15/24 (a)	150,000		160,033
	Bombardier Inc.
		5.75%, 03/15/22 (a)	171,000		173,701
		7.50%, 03/15/25 (a)	151,000		151,591
		7.88%, 04/15/27 (a)	80,000		80,092
	Hertz Vehicle Financing II LP
		7.63%, 06/01/22 (a)	100,000		103,863
		5.50%, 10/15/24 (a)	200,000		191,188
	Navistar International Corporation
		6.63%, 11/01/25 (a)	184,000		192,699
	Park Aerospace Holdings Limited
		4.50%, 03/15/23 (a)	170,000		175,801
	Prime Security Services Borrower, LLC
		9.25%, 05/15/23 (a)	51,000		53,552
	Sensata Technologies B.V.
		5.00%, 10/01/25 (a)	125,000		130,431
	Standard Industries Inc.
		4.75%, 01/15/28 (a)	170,000		168,725
	Tempo Acquisition, LLC
		6.75%, 06/01/25 (a)	100,000		103,014
	TransDigm Inc.
		6.50%, 05/15/25	100,000		101,192
		6.25%, 03/15/26 (a)	195,000		204,320

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

27

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Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	United Rentals (North America), Inc.
		4.88%, 01/15/28	467,000			476,340
				3,439,047
Materials 5.5%
	Berry Global Escrow Corporation
		4.88%, 07/15/26 (a)	128,000			130,720
		5.63%, 07/15/27 (a)	89,000			92,515
	Berry Global, Inc.
		5.13%, 07/15/23	125,000			127,805
		4.50%, 02/15/26 (a)	53,000			52,292
	CEMEX S.A.B. de C.V.
		5.70%, 01/11/25 (a)	250,000			259,665
	CF Industries, Inc.
		5.38%, 03/15/44	50,000			46,945
	Crown Americas LLC
		4.25%, 09/30/26	160,000			163,205
	FMG Resources (August 2006) Pty Ltd
		4.75%, 05/15/22 (a)	179,000			183,476
		5.13%, 03/15/23 - 05/15/24 (a) (b)	315,000			326,122
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	175,000			178,970
		5.40%, 11/14/34	217,000			207,343
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	188,000			175,149
	Koppers Inc.
		6.00%, 02/15/25 (a)	70,000			65,770
	Mauser Packaging Solutions Holding Company
		7.25%, 04/15/25 (a)	108,000			104,201
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	128,000			132,839
		5.25%, 06/01/27 (a)	76,000			80,937
	Olin Corporation
		5.13%, 09/15/27	136,000			139,586
		5.00%, 02/01/30	99,000			98,083
	Reynolds Group Holdings Inc.
		5.13%, 07/15/23 (a)	221,000			225,175
	The Chemours Company
		5.38%, 05/15/27	33,000			31,604
	Trinseo Materials Operating S.C.A.
		5.38%, 09/01/25 (a)	125,000			120,249
				2,942,651
Consumer Staples 3.4%
	Albertsons Companies, Inc.
		6.63%, 06/15/24	125,000			129,489
		5.75%, 03/15/25	50,000			50,370
	BAT Capital Corp.
		3.56%, 08/15/27	150,000			149,280
		4.54%, 08/15/47	101,000			94,067
	Cott Holdings Inc.
		5.50%, 04/01/25 (a)	161,000			164,038
	Coty Inc.
		6.50%, 04/15/26 (a) (b)	125,000			121,635
	Energizer Holdings, Inc.
		7.75%, 01/15/27 (a)	113,000			122,150
	JBS Investments GmbH
		7.25%, 04/03/24 (a)	242,000			251,409
	JBS USA LUX SA
		6.50%, 04/15/29 (a)	96,000			104,275
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (a)	234,000			207,093
	Pilgrim's Pride Corporation
		5.75%, 03/15/25 (a)	60,000			60,931
		5.88%, 09/30/27 (a)	40,000			41,368
	Post Holdings, Inc.
		5.63%, 01/15/28 (a)	142,000			145,895
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a)	125,000			116,002
	Spectrum Brands, Inc.
		5.75%, 07/15/25	49,000			50,914
				1,808,916
Utilities 1.9%
	Calpine Corporation
		5.75%, 01/15/25	75,000			74,441
		5.25%, 06/01/26 (a)	336,000			342,054
			Shares/Par1		Value ($)
	The AES Corporation
		5.50%, 04/15/25	369,000			383,849
		5.13%, 09/01/27	200,000			211,019
	Vistra Operations Company LLC
		5.00%, 07/31/27 (a)	29,000			29,998
				1,041,361
Information Technology 1.9%
	Broadcom Inc.
		4.25%, 04/15/26 (a)	175,000			178,710
	First Data Corporation
		5.00%, 01/15/24 (a)	233,000			238,745
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (a)	88,000			88,176
	Refinitiv US Holdings Inc.
		8.25%, 11/15/26 (a)	132,000			135,872
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (a)	244,000			242,233
	Western Digital Corporation
		4.75%, 02/15/26	113,000			111,141
				994,877
Real Estate 1.4%
	Equinix, Inc.
		5.38%, 05/15/27	280,000			300,535
	ESH Hospitality, Inc.
		5.25%, 05/01/25 (a)	281,000			288,041
	PulteGroup, Inc.
		5.00%, 01/15/27	165,000			173,083
				761,659
	Total Corporate Bonds And Notes (cost $45,177,688)			46,262,455
SENIOR LOAN INTERESTS 5.8%
Health Care 1.1%
	Alphabet Holding Company, Inc.
		2017 1st Lien Term Loan, 5.90%, (3M LIBOR + 3.50%), 08/15/24 (m)	245,625			231,379
		2017 2nd Lien Term Loan, 10.19%, (3M LIBOR + 7.75%), 08/09/25 (m)	100,000			88,333
	MPH Acquisition Holdings LLC
		2016 Term Loan B, 5.08%, (3M LIBOR + 2.75%), 06/07/23 (m)	100,000			95,464
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 6.90%, (3M LIBOR + 4.50%), 11/09/25 (m)	198,500			197,188
		2018 Term Loan B, 9.00%, (3M LIBOR + 4.50%), 11/09/25 (m)	500			497
				612,861
Information Technology 1.0%
	Almonde, Inc.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (m)	86,170			83,849
		USD 1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (m)	13,297			12,939
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 6.15%, (3M LIBOR + 3.75%), 09/12/25 (m)	179,349			173,800
	Radiate Holdco, LLC
		1st Lien Term Loan, 5.40%, (3M LIBOR + 3.00%), 12/09/23 (m)	99,491			97,071
	SS&C Technologies Holdings Europe S.A.R.L.
		2018 Term Loan B4, 4.65%, (3M LIBOR + 2.25%), 02/27/25 (m)	25,747			25,631
	SS&C Technologies Inc.
		2018 Term Loan B3, 4.65%, (3M LIBOR + 2.25%), 02/27/25 (m)	37,543			37,374
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 6.52%, (3M LIBOR + 4.00%), 08/09/25 (m)	99,749			96,507
				527,171
Consumer Discretionary 0.8%
	Bass Pro Group, LLC
		Term Loan B, 7.40%, (3M LIBOR + 5.00%), 11/15/23 (m)	173,315			165,263
	Liberty Cablevision of Puerto Rico LLC
		1st Lien Term Loan, 5.89%, (3M LIBOR + 3.50%), 12/24/21 (m)	100,000			99,500

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

28

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Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Stars Group Holdings B.V. (The)
		2018 USD Incremental Term Loan, 5.83%, (3M LIBOR + 3.50%), 06/29/25 (m)	49,958			49,932
	UFC Holdings, LLC
		2019 Term Loan, 5.69%, (3M LIBOR + 3.25%), 07/22/23 (m)	99,744			99,477
				414,172
Communication Services 0.6%
	AMC Entertainment Holdings, Inc.
		2019 Term Loan B, 5.23%, (3M LIBOR + 3.00%), 04/22/26 (m)	26,932			26,852
	Frontier Communications Corp.
		2017 Term Loan B1, 6.16%, (3M LIBOR + 3.75%), 05/31/24 (m)	98,246			96,199
	iHeartCommunications, Inc.
		Exit Term Loan, 6.58%, (3M LIBOR + 4.00%), 05/04/26 (m)	81,225			81,301
	Nexstar Media Group, Inc.
		Bridge Term Loan, 0.00%, 11/30/19 (m) (n)	67,000			66,079
	Windstream Holdings Inc.
		DIP Term Loan, 4.90%, (3M LIBOR + 2.50%), 03/08/21 (m)	77,000			77,000
				347,431
Materials 0.6%
	BWAY Holding Company
		2017 Term Loan B, 5.85%, (3M LIBOR + 3.25%), 04/03/24 (m)	166,152			160,267
	Hexion Inc
		DIP Term Loan, 5.35%, (3M LIBOR + 2.75%), 10/01/20 (m)	61,000			60,962
	Polar US Borrower, LLC
		2018 1st Lien Term Loan, 7.08%, (3M LIBOR + 4.75%), 08/21/25 (m)	2,586			2,550
		2018 1st Lien Term Loan, 7.35%, (3M LIBOR + 4.75%), 08/21/25 (m)	97,038			95,704
				319,483
Industrials 0.4%
	1199169 B.C. Unlimited Liability Company
		2019 Term Loan B2, 6.33%, (3M LIBOR + 4.00%), 01/25/26 (m)	24,126			24,212
	Dynasty Acquisition Co., Inc.
		2019 Term Loan B1, 6.33%, (3M LIBOR + 4.00%), 01/25/26 (m)	44,874			45,034
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.90%, (3M LIBOR + 3.50%), 03/13/26 (m)	54,700			54,256
	Tempo Acquisition LLC
		Term Loan, 5.40%, (3M LIBOR + 3.00%), 04/20/24 (m)	99,654			99,176
				222,678
Energy 0.4%
	Encino Acquisition Partners Holdings, LLC
		2018 2nd Lien Term Loan, 9.15%, (3M LIBOR + 6.75%), 09/26/25 (j) (m)	113,410			103,770
	Lower Cadence Holdings LLC
		Term Loan B, 6.44%, (3M LIBOR + 4.00%), 05/10/26 (m)	114,000			113,287
				217,057
Real Estate 0.4%
	Communications Sales & Leasing, Inc.
		2017 Term Loan B, 7.44%, (1M LIBOR + 5.00%), 10/24/22 (m)	198,980			193,788
Financials 0.2%
	Acrisure, LLC
		2017 Term Loan B, 6.77%, (3M LIBOR + 4.25%), 11/22/23 (m)	98,500			97,926
Consumer Staples 0.2%
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 5.16%, (3M LIBOR + 2.75%), 01/26/24 (m)	91,487			91,496
			Shares/Par1		Value ($)
Utilities 0.1%
	PG&E Corp
		DIP Term Loan, 4.69%, (3M LIBOR + 2.25%), 12/31/20 (m)	52,500			52,631
	Total Senior Loan Interests (cost $3,125,092)			3,096,694
INVESTMENT COMPANIES 3.1%
	Eaton Vance Senior Floating-Rate Trust		3,750			49,087
	SPDR Bloomberg Barclays High Yield Bond ETF		14,450			1,574,181
	Total Investment Companies (cost $1,573,806)			1,623,268
COMMON STOCKS 0.4%
Energy 0.2%
	Chaparral Energy, Inc. - Class A (d)		9,408			44,312
	MPLX LP		2,200			70,818
				115,130
Materials 0.1%
	Freeport-McMoRan Inc. - Class B		6,700			77,787
Communication Services 0.1%
	Clear Channel Outdoor Holdings, Inc. (d)		8,143			38,435
	iHeartMedia, Inc. (c) (d) (j)		107,000			—
	iHeartMedia, Inc. (c) (d) (j)		208,000			—
	iHeartMedia, Inc. - Class A (c) (d)		386			5,809
				44,244
	Total Common Stocks (cost $402,090)			237,161
WARRANTS 0.1%
	iHeartMedia, Inc. (c) (d) (o)		2,897			43,600
	Total Warrants (cost $53,585)			43,600
SHORT TERM INVESTMENTS 7.9%
Securities Lending Collateral 4.2%
	State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (p)		2,262,375			2,262,375
Investment Companies 3.7%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.32% (p)		1,949,599			1,949,599
	Total Short Term Investments (cost $4,211,974)			4,211,974
Total Investments 104.2% (cost $54,544,235)						55,475,152
Other Derivative Instruments (0.0)%						(519)
Other Assets and Liabilities, Net (4.2)%						(2,241,460)
Total Net Assets 100.0%						53,233,173

(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 PPM Funds' Board of Trustees. As of June 30, 2019, the value and the percentage of net assets of these liquid securities was $26,648,174 and 50.1% of the fund.

(b)All or a portion of the security was on loan as of June 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees.

(d)Non-income producing security.

(e)As of June 30, 2019, 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.

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

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

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

(i)Convertible security.

(j)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the PPM Funds' 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.

(k)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, 2019.

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

(m)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2019. 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

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

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Schedules of Investments (Unaudited)

June 30, 2019

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.

(n)This senior loan will settle after June 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(o)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the PPM Funds' 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.

(p)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Windstream Services, LLC, 0.00%, 10/31/25	05/31/19	151,125	153,726	0.3

Unfunded Commitments

	Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
PG&E Corp. – DIP Delayed Draw Term Loan	17,413	131
	17,413	131

PPM High Yield Core Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 2 Year Note	2	October 2019		429,253	(81)			1,103
Short Contracts
United States 10 Year Note	(15)	September 2019		(1,900,608)	(469)			(18,923)
United States 10 Year Ultra Bond	(3)	September 2019		(407,414)	(94)			(6,961)
United States 5 Year Note	(12)	October 2019		(1,402,241)	—			(15,635)
United States Long Bond	(1)	September 2019		(152,345)	125			(3,248)
					(438)			(44,767)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

30

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
PPM Long Short Credit Fund
CORPORATE BONDS AND NOTES 75.3%
Financials 24.5%
	Acrisure, LLC
		7.00%, 11/15/25 (a)	128,000		115,944
	Ally Financial Inc.
		3.88%, 05/21/24	47,000		48,149
	American Express Company
		2.20%, 10/30/20 (b)	750,000		748,674
	American Water Capital Corp.
		3.45%, 06/01/29	170,000		176,664
	Athene Global Funding
		3.83%, (3M USD LIBOR + 1.23%), 07/01/22 (a) (c)	333,000		335,650
	Bank of America Corporation
		3.25%, (3M USD LIBOR + 0.66%), 07/21/21 (c)	100,000		100,252
		3.58%, (3M USD LIBOR + 1.00%), 04/24/23 (c)	166,000		167,303
		4.00%, 01/22/25	209,000		219,814
		4.25%, 10/22/26	105,000		112,375
		4.33%, 03/15/50	1,199,000		1,333,674
	Barclays PLC
		5.09%, 06/20/30	100,000		102,336
	Bayer US Finance II LLC
		4.25%, 12/15/25 (a)	39,000		41,222
		4.38%, 12/15/28 (a)	103,000		108,498
	BMW US Capital, LLC
		2.97%, (3M USD LIBOR + 0.38%), 04/06/20 (a) (c)	333,000		333,672
	Capital One Financial Corporation
		3.30%, (3M USD LIBOR + 0.76%), 05/12/20 (c)	333,000		334,389
		3.75%, 03/09/27	124,000		127,926
	Citigroup Inc.
		2.10%, 06/12/20	500,000		498,977
		3.54%, (3M USD LIBOR + 0.96%), 04/25/22 (b) (c)	249,000		251,103
		4.45%, 09/29/27	253,000		272,004
		3.89%, 01/10/28 (c)	67,000		70,750
		4.13%, 07/25/28	10,000		10,557
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 07/17/23) (a) (d)	200,000		213,549
		6.50%, 08/08/23 (a)	225,000		247,433
	Danske Bank A/S
		5.38%, 01/12/24 (a)	226,000		244,127
	Diamond Finance International Limited
		8.35%, 07/15/46 (a)	99,000		124,767
	Ford Motor Credit Company LLC
		5.73%, (3M USD LIBOR + 3.14%), 01/07/22 (c)	250,000		258,782
	Glencore Funding LLC
		3.00%, 10/27/22 (a)	61,000		61,375
		4.88%, 03/12/29 (a)	125,000		131,602
	GLP Financing, LLC
		5.30%, 01/15/29	110,000		118,806
	HSBC Holdings PLC
		3.52%, (3M USD LIBOR + 1.00%), 05/18/24 (c)	200,000		200,350
	Icahn Enterprises L.P.
		6.38%, 12/15/25	10,000		10,221
		6.25%, 05/15/26 (a)	221,000		223,316
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (a)	52,000		51,696
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (d)	200,000		202,250
		4.02%, 12/05/24	202,000		214,356
		3.78%, 02/01/28 (c)	51,000		53,974
		3.51%, 01/23/29	66,000		68,639
		4.20%, 07/23/29	40,000		43,688
	JPMorgan Chase Bank, National Association
		2.75%, (3M USD LIBOR + 0.23%), 09/01/20 (b) (c)	500,000		499,961
	Lloyds Banking Group PLC
		6.75%, (callable at 100 beginning 06/27/26) (d)	97,000		99,133
		7.50%, (callable at 100 beginning 09/27/25) (d)	109,000		114,398
			Shares/Par1		Value ($)
	Markel Corporation
		5.00%, 05/20/49	78,000		84,849
	Metropolitan Life Global Funding I
		3.60%, 01/11/24 (a)	235,000		247,842
	Morgan Stanley
		3.52%, (3M USD LIBOR + 0.93%), 07/22/22 (c)	125,000		125,744
		4.10%, 05/22/23	349,000		366,890
		4.35%, 09/08/26	89,000		95,384
		3.63%, 01/20/27	67,000		70,097
	New York Life Global Funding
		2.75%, (3M USD LIBOR + 0.16%), 10/01/20 (a) (b) (c)	500,000		500,269
	Nordic Aviation Capital DAC
		5.58%, 03/14/24 (e) (f)	135,000		142,015
	PNC Bank, National Association
		2.79%, (3M USD LIBOR + 0.35%), 03/12/21 (b) (c)	500,000		500,476
	Santander UK Group Holdings PLC
		4.80%, 11/15/24	161,000		171,477
	Spirit Realty, L.P.
		4.00%, 07/15/29	130,000		131,135
	Springleaf Finance Corporation
		6.63%, 01/15/28	37,000		38,845
	The Goldman Sachs Group, Inc.
		3.04%, (3M USD LIBOR + 0.73%), 12/27/20 (b) (c)	382,000		382,640
		2.91%, 07/24/23 (b)	20,000		20,182
		3.85%, 01/26/27	10,000		10,445
		4.22%, 05/01/29	54,000		57,837
	USA Compression Finance Corp.
		6.88%, 09/01/27 (a)	67,000		70,328
	Volkswagen Group of America, Inc.
		4.63%, 11/13/25 (a)	250,000		270,973
	Wells Fargo & Company
		2.15%, 01/30/20 (b)	500,000		499,466
	Ziggo Secured Finance B.V.
		5.50%, 01/15/27 (a)	130,000		132,144
				12,611,394
Energy 7.9%
	Alta Mesa Holdings, LP
		7.88%, 12/15/24	119,000		46,030
	Andeavor Logistics LP
		3.50%, 12/01/22	46,000		47,124
		5.20%, 12/01/47	44,000		47,092
	Callon Petroleum Company
		6.38%, 07/01/26	125,000		126,148
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	41,000		45,648
		5.13%, 06/30/27	134,000		145,620
	Columbia Pipeline Group, Inc.
		5.80%, 06/01/45	91,000		106,775
	Continental Resources, Inc.
		4.38%, 01/15/28	121,000		127,399
	Denbury Resources Inc.
		9.25%, 03/31/22 (a) (b)	14,000		13,218
		7.75%, 02/15/24 (a)	80,000		66,603
	Diamondback Energy, Inc.
		4.75%, 11/01/24 (a)	187,000		192,018
	Endeavor Energy Resources, L.P.
		5.50%, 01/30/26 (a) (b)	19,000		19,707
		5.75%, 01/30/28 (a)	19,000		20,058
	Energy Transfer LP
		4.25%, 03/15/23	192,000		200,312
		5.25%, 04/15/29	94,000		104,982
		5.80%, 06/15/38	95,000		105,817
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	40,000		47,319
	Enlink Midstream, LLC
		5.38%, 06/01/29	82,000		84,155
	Enterprise Products Operating LLC
		3.35%, 03/15/23	43,000		44,233
		3.13%, 07/31/29	173,000		173,785
		4.80%, 02/01/49	84,000		93,819
		4.20%, 01/31/50	58,000		59,539

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

31

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	EQM Midstream Partners, LP
		4.13%, 12/01/26	70,000		67,491
	Everest Acquisition, LLC
		8.00%, 11/29/24 (a)	171,000		114,583
	Extraction Oil & Gas, Inc.
		7.38%, 05/15/24 (a)	75,000		64,951
	Marathon Petroleum Corporation
		3.80%, 04/01/28	30,000		30,516
	MPLX LP
		4.00%, 03/15/28	137,000		142,102
	Nabors Industries, Inc.
		5.75%, 02/01/25	124,000		109,939
	NGPL PipeCo LLC
		4.88%, 08/15/27 (a)	23,000		24,323
	Parsley Energy, LLC
		5.38%, 01/15/25 (a)	166,000		170,030
	PDV America, Inc.
		10.75%, 02/15/20 (a)	62,000		64,140
	Petroleos Mexicanos
		6.50%, 01/23/29	85,000		82,237
	Sabine Pass Liquefaction, LLC
		5.63%, 03/01/25	88,000		98,365
		4.20%, 03/15/28	230,000		241,320
	Southwestern Energy Company
		7.75%, 10/01/27	500,000		479,287
	Summit Midstream Holdings, LLC
		5.75%, 04/15/25	74,000		64,859
	Summit Midstream Partners, LP
		9.50%, (callable at 104 beginning 12/15/22) (d)	125,000		112,874
	Transocean Pontus Limited
		6.13%, 08/01/25 (a) (b)	18,900		19,469
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	49,000		51,847
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	204,750		211,724
				4,067,458
Communication Services 7.8%
	Altice France
		7.38%, 05/01/26 (a)	200,000		205,001
	AT&T Inc.
		3.62%, (3M USD LIBOR + 1.18%), 06/12/24 (c)	450,000		455,253
		5.25%, 03/01/37	80,000		89,679
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	125,000		107,213
	Charter Communications Operating, LLC
		4.91%, 07/23/25	330,000		358,022
		6.83%, 10/23/55	40,000		47,116
	Comcast Corporation
		4.60%, 10/15/38	174,000		199,193
		4.95%, 10/15/58	64,000		77,971
	DISH DBS Corporation
		7.75%, 07/01/26	66,000		64,680
	Hughes Satellite Systems Corporation
		5.25%, 08/01/26	83,000		85,282
	Iheartcommunications, Inc.
		6.38%, 05/01/26	14,918		15,828
		8.38%, 05/01/27	27,038		28,299
	Intelsat Jackson Holdings S.A.
		8.50%, 10/15/24 (a)	63,000		62,384
		9.75%, 07/15/25 (a)	64,000		65,500
	Netflix, Inc.
		5.38%, 11/15/29 (a)	34,000		36,162
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (a)	30,000		30,751
	Radiate HoldCo, LLC
		6.63%, 02/15/25 (a)	33,000		32,047
	Sirius XM Radio Inc.
		4.63%, 07/15/24 (a)	72,000		73,648
		5.50%, 07/01/29 (a)	92,000		94,329
	Sprint Corporation
		7.13%, 06/15/24	58,000		61,534
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (a)	112,500		112,670
			Shares/Par1		Value ($)
	Telesat Canada
		8.88%, 11/15/24 (a)	77,000		83,521
	Verizon Communications Inc.
		4.02%, 12/03/29 (a) (b)	1,510,000		1,636,615
				4,022,698
Consumer Staples 6.4%
	Altria Group, Inc.
		4.40%, 02/14/26	163,000		174,231
	Anheuser-Busch Companies, LLC
		4.90%, 02/01/46	137,000		152,302
	Anheuser-Busch InBev Worldwide Inc.
		4.75%, 01/23/29	47,000		53,290
	BAT Capital Corp.
		3.12%, (3M USD LIBOR + 0.59%), 08/14/20 (c)	416,000		416,885
		4.39%, 08/15/37	218,000		207,156
	Conagra Brands, Inc.
		3.34%, (3M USD LIBOR + 0.75%), 10/22/20 (b) (c)	500,000		500,028
	JBS Investments GmbH
		7.25%, 04/03/24 (a)	75,000		77,916
	JBS Investments II GmbH
		7.00%, 01/15/26 (a)	200,000		216,073
	JBS USA Finance, Inc.
		6.75%, 02/15/28 (a)	100,000		108,570
	JBS USA Food Company
		5.88%, 07/15/24 (a)	15,000		15,434
	JBS USA LUX SA
		6.50%, 04/15/29 (a)	74,000		80,379
	Kraft Heinz Foods Company
		3.12%, (3M USD LIBOR + 0.57%), 02/10/21 (c)	333,000		332,483
	Mars, Incorporated
		3.95%, 04/01/49 (a)	189,000		202,325
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (a)	125,000		110,626
	Post Holdings, Inc.
		5.63%, 01/15/28 (a)	82,000		84,249
	Reynolds American Inc.
		4.45%, 06/12/25	119,000		126,089
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a)	200,000		185,603
	Walmart Inc.
		2.85%, 07/08/24	250,000		257,641
				3,301,280
Health Care 6.4%
	Abbott Laboratories
		4.75%, 11/30/36	42,000		49,785
	Actavis LLC
		3.25%, 10/01/22	333,000		338,045
	Bausch Health Companies Inc.
		6.50%, 03/15/22 (a)	6,000		6,219
		5.88%, 05/15/23 (a)	4,000		4,050
		5.50%, 03/01/23 - 11/01/25 (a)	81,000		84,245
		8.50%, 01/31/27 (a)	63,000		69,359
		5.75%, 08/15/27 (a)	40,000		42,023
		7.00%, 03/15/24 - 01/15/28 (a)	43,000		45,056
	Becton, Dickinson and Company
		3.48%, (3M USD LIBOR + 0.88%), 12/29/20 (b) (c)	300,000		301,105
	Bristol-Myers Squibb Company
		4.13%, 06/15/39 (a)	115,000		124,475
		4.25%, 10/26/49 (a)	145,000		159,662
	Catalent Pharma Solutions, Inc.
		5.00%, 07/15/27 (a)	15,000		15,247
	Centene Corporation
		4.75%, 05/15/22	52,000		53,235
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	156,000		164,207
	Cigna Corporation
		4.38%, 10/15/28 (a) (b)	210,000		226,326
	Community Health Systems, Inc.
		8.63%, 01/15/24 (a)	50,000		50,120
		8.00%, 03/15/26 (a)	125,000		120,036
	CVS Health Corporation
		4.78%, 03/25/38	62,000		64,607

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

32

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
		5.05%, 03/25/48	164,000		174,658
	Express Scripts Holding Company
		3.40%, 03/01/27	50,000		50,696
	HCA Inc.
		4.25%, 10/15/19 (b)	400,000		401,626
		4.13%, 06/15/29	126,000		129,468
		5.13%, 06/15/39	53,000		55,061
	Legacy Lifepoint Health, Inc.
		9.75%, 12/01/26 (a)	200,000		209,448
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	164,000		161,042
	Tenet Healthcare Corporation
		8.13%, 04/01/22	21,000		22,051
		4.63%, 07/15/24	51,000		51,792
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	61,000		63,687
		5.38%, 08/15/26 (a)	46,000		48,823
				3,286,154
Utilities 5.8%
	Ameren Illinois Company
		4.50%, 03/15/49	104,000		121,516
	AVANGRID, Inc.
		3.15%, 12/01/24	159,000		161,816
	Basin Electric Power Cooperative
		4.75%, 04/26/47 (a)	100,000		110,735
	Commonwealth Edison Company
		3.75%, 08/15/47	32,000		33,045
	DPL Inc.
		4.35%, 04/15/29 (a)	127,000		128,573
	Electricite de France
		4.50%, 09/21/28 (a) (b)	200,000		219,266
	Exelon Corporation
		5.10%, 06/15/45	112,000		130,235
	FirstEnergy Corp.
		3.90%, 07/15/27	112,000		117,477
	Florida Power & Light Company
		2.97%, (3M USD LIBOR + 0.40%), 05/06/22 (b) (c)	750,000		749,569
	Indiana Michigan Power Company
		4.25%, 08/15/48	69,000		75,764
	Nevada Power Company
		3.70%, 05/01/29	159,000		169,955
	Sempra Energy
		3.10%, (3M USD LIBOR + 0.50%), 01/15/21 (c)	333,000		331,886
	Southern California Edison Company
		4.13%, 03/01/48	46,000		46,099
	The AES Corporation
		4.00%, 03/15/21	215,000		218,829
	The Southern Company
		2.95%, 07/01/23	135,000		136,823
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a) (b)	168,000		169,256
		5.00%, 07/31/27 (a)	57,000		58,961
				2,979,805
Industrials 5.8%
	Aircastle Limited
		4.40%, 09/25/23	41,000		42,526
		4.13%, 05/01/24	46,000		47,230
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (a)	124,000		129,837
	Aviation Capital Group LLC
		4.38%, 01/30/24 (a)	104,000		109,265
	Avolon Holdings Funding Limited
		3.63%, 05/01/22 (a)	125,000		126,661
		5.13%, 10/01/23 (a) (b)	175,000		185,044
		5.25%, 05/15/24 (a)	342,000		364,876
	Bombardier Inc.
		5.75%, 03/15/22 (a)	34,000		34,537
		7.50%, 03/15/25 (a)	65,000		65,254
		7.88%, 04/15/27 (a)	75,000		75,087
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (b) (d)	479,000		459,744
			Shares/Par1		Value ($)
	Siemens Financieringsmaatschappij N.V.
		1.30%, 09/13/19 (a)	500,000		499,319
	Tempo Acquisition, LLC
		6.75%, 06/01/25 (a)	56,000		57,688
	Union Pacific Corporation
		4.38%, 09/10/38	50,000		55,008
	United Technologies Corporation
		1.90%, 05/04/20	333,000		331,872
	Westinghouse Air Brake Technologies Corporation
		3.71%, (3M USD LIBOR + 1.30%), 09/15/21 (c)	375,000		373,315
				2,957,263
Materials 5.5%
	Anglo American Capital PLC
		4.88%, 05/14/25 (a)	121,000		130,278
		4.75%, 04/10/27 (a)	200,000		211,966
	Berry Global Escrow Corporation
		4.88%, 07/15/26 (a) (b)	100,000		102,125
	CF Industries, Inc.
		3.40%, 12/01/21 (a)	116,000		118,247
		4.50%, 12/01/26 (a)	362,000		378,982
	Corning Incorporated
		5.85%, 11/15/68	58,000		68,435
	FMG Resources (August 2006) Pty Ltd
		4.75%, 05/15/22 (a)	105,000		107,626
	Freeport-McMoRan Inc.
		4.55%, 11/14/24 (b)	218,000		222,945
		5.40%, 11/14/34	90,000		85,995
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	153,000		142,541
	Martin Marietta Materials, Inc.
		3.17%, (3M USD LIBOR + 0.65%), 05/22/20 (c)	333,000		333,373
	Mauser Packaging Solutions Holding Company
		7.25%, 04/15/25 (a)	92,000		88,764
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	250,000		259,450
	Olin Corporation
		5.00%, 02/01/30	38,000		37,648
	Reynolds Group Holdings Inc.
		6.10%, (3M USD LIBOR + 3.50%), 07/15/21 (a) (c)	161,000		161,321
	The Sherwin-Williams Company
		2.25%, 05/15/20	333,000		332,361
	Trinseo Materials Operating S.C.A.
		5.38%, 09/01/25 (a)	71,000		68,301
				2,850,358
Consumer Discretionary 2.4%
	Adient US LLC
		7.00%, 05/15/26 (a)	13,000		13,375
	American Axle & Manufacturing, Inc.
		6.50%, 04/01/27	105,000		104,718
	Dollar Tree, Inc.
		3.29%, (3M USD LIBOR + 0.70%), 04/17/20 (b) (c)	400,000		400,075
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	103,000		108,852
	GLP Financing, LLC
		5.75%, 06/01/28	14,000		15,435
	Hilton Worldwide Holdings Inc.
		4.63%, 04/01/25 (b)	8,000		8,188
	KB Home
		7.63%, 05/15/23	127,000		142,272
	Nemak, S.A.B. de C.V.
		4.75%, 01/23/25 (a)	126,000		127,097
	New Golden Nugget Inc.
		6.75%, 10/15/24 (a)	72,000		74,168
	Panther BF Aggregator 2 LP
		6.25%, 05/15/26 (a)	70,000		72,738
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	125,000		126,608
	Williams Scotsman International, Inc.
		6.88%, 08/15/23 (a)	57,000		59,287
				1,252,813

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

33

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
Information Technology 2.3%
	Broadcom Corporation
		3.88%, 01/15/27	100,000			98,015
	Broadcom Inc.
		4.25%, 04/15/26 (a)	125,000			127,650
	Intel Corporation
		2.62%, (3M USD LIBOR + 0.08%), 05/11/20 (c)	250,000			250,150
	International Business Machines Corporation
		4.25%, 05/15/49	111,000			119,049
	Microsoft Corporation
		3.45%, 08/08/36	133,000			140,367
		3.95%, 08/08/56	50,000			55,174
	NXP B.V.
		4.13%, 06/01/21 (a)	200,000			204,542
	Oracle Corporation
		4.00%, 11/15/47	33,000			35,466
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (a)	85,000			85,170
	ViaSat, Inc.
		5.63%, 04/15/27 (a)	43,000			44,734
				1,160,317
Real Estate 0.5%
	Boston Properties Limited Partnership
		2.75%, 10/01/26	36,000			35,421
		4.50%, 12/01/28	145,000			160,451
	HCP, Inc.
		3.25%, 07/15/26	24,000			24,175
		3.50%, 07/15/29	43,000			43,167
				263,214
	Total Corporate Bonds And Notes (cost $37,664,300)			38,752,754
SENIOR LOAN INTERESTS 20.0%
Consumer Discretionary 6.8%
	1011778 B.C. Unlimited Liability Company
		Term Loan B3, 4.65%, (3M LIBOR + 2.25%), 02/15/24 (c)	223,192			221,333
	American Axle and Manufacturing, Inc.
		Term Loan B, 4.66%, (3M LIBOR + 2.25%), 03/10/24 (c)	140,822			137,610
		Term Loan B, 4.84%, (3M LIBOR + 2.25%), 03/10/24 (c)	71,450			69,820
	Aramark Services, Inc.
		2018 Term Loan B2, 4.19%, (3M LIBOR + 1.75%), 03/28/24 (c)	132,531			132,034
		Term Loan, 4.08%, (3M LIBOR + 1.75%), 03/01/25 (c)	187,000			186,205
	Caesars Entertainment Operating Company
		Term Loan, 4.40%, (3M LIBOR + 2.00%), 04/03/24 (c)	222,739			220,721
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 5.15%, (3M LIBOR + 2.75%), 12/23/24 (c)	247,487			243,104
	Charter Communications Operating, LLC
		2017 Term Loan B, 4.33%, (3M LIBOR + 2.00%), 04/30/25 (c)	197,990			197,693
	CityCenter Holdings, LLC
		2017 Term Loan B, 4.65%, (1M LIBOR + 2.25%), 04/14/24 (c)	197,980			197,061
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 4.64%, (3M LIBOR + 2.25%), 07/15/25 (c)	158,785			156,055
	Eldorado Resorts LLC
		2017 Term Loan B, 4.69%, (1M LIBOR + 2.25%), 03/15/24 (c)	85,000			84,602
	Four Seasons Hotels Limited
		New 1st Lien Term Loan, 4.40%, (3M LIBOR + 2.00%), 11/30/23 (c)	123,731			123,404
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 5.14%, (3M LIBOR + 2.75%), 09/07/23 (c)	83,829			83,058
		2017 Incremental Term Loan B, 5.15%, (3M LIBOR + 2.75%), 10/04/23 (c)	104,566			103,604
	Marriott Ownership Resorts, Inc.
		2018 Term Loan B, 4.65%, (3M LIBOR + 2.25%), 08/09/25 (c)	346,260			345,973
			Shares/Par1		Value ($)
	Mohegan Tribal Gaming Authority
		2016 Term Loan B, 6.40%, (3M LIBOR + 4.00%), 10/30/23 (c)	197,916			184,026
	Numericable Group SA
		USD Term Loan B11, 5.15%, (3M LIBOR + 2.75%), 07/31/25 (c)	296,970			282,228
	PCI Gaming Authority
		Term Loan, 5.40%, (3M LIBOR + 3.00%), 05/15/26 (c)	235,000			235,244
	SIWF Holdings Inc.
		1st Lien Term Loan, 6.65%, (3M LIBOR + 4.25%), 05/25/25 (c)	64,350			63,707
	Univision Communications Inc.
		Term Loan C5, 5.15%, (3M LIBOR + 2.75%), 03/15/24 (c)	222,518			211,601
				3,479,083
Communication Services 2.5%
	AMC Entertainment Holdings, Inc.
		2019 Term Loan B, 5.23%, (3M LIBOR + 3.00%), 04/22/26 (c)	47,880			47,736
	CenturyLink, Inc.
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 01/15/25 (c)	247,487			241,439
	Entercom Media Corp.
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 11/18/24 (c)	49,120			49,017
	Frontier Communications Corp.
		2017 Term Loan B1, 6.16%, (3M LIBOR + 3.75%), 05/31/24 (c)	123,109			120,545
	iHeartCommunications, Inc.
		Exit Term Loan, 6.58%, (3M LIBOR + 4.00%), 05/04/26 (c)	65,264			65,325
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 0.00%, (3M LIBOR + 2.75%), 06/13/26 (c) (g)	249,152			248,218
	Nexstar Media Group, Inc.
		Bridge Term Loan, 0.00%, 11/30/19 (c) (g)	64,000			63,120
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.94%, (3M LIBOR + 2.50%), 02/01/24 (c)	148,481			146,068
	Virgin Media Bristol LLC
		USD Term Loan K, 4.89%, (3M LIBOR + 2.50%), 02/10/26 (c)	150,000			149,350
	Windstream Services, LLC
		Repriced Term Loan B6, 10.50%, (3M PRIME + 5.00%), 03/29/21 (c)	149,237			153,287
				1,284,105
Materials 2.3%
	Berry Global, Inc.
		2018 Term Loan S, 4.16%, (3M LIBOR + 1.75%), 02/02/20 (c)	126,562			126,382
		USD Term Loan U, 0.00%, (3M LIBOR + 2.50%), 05/17/26 (c) (g)	196,875			195,420
	BWAY Holding Company
		2017 Term Loan B, 5.85%, (3M LIBOR + 3.25%), 04/03/24 (c)	287,989			277,788
	Hexion Inc
		DIP Term Loan, 5.35%, (3M LIBOR + 2.75%), 10/01/20 (c)	127,000			126,921
		USD Exit Term Loan, 0.00%, (3M LIBOR + 3.50%), 06/27/26 (c) (g)	197,038			196,792
	Klockner-Pentaplast of America, Inc.
		USD 2017 Term Loan B2, 6.65%, (3M LIBOR + 4.25%), 06/30/22 (c)	148,489			131,190
	Messer Industries GmbH
		2018 USD Term Loan, 4.83%, (3M LIBOR + 2.50%), 10/10/25 (c)	121,000			119,261
				1,173,754
Health Care 1.9%
	Air Methods Corporation
		2017 Term Loan B, 5.83%, (3M LIBOR + 3.50%), 04/12/24 (c)	89,685			72,458
	Alphabet Holding Company, Inc.
		2017 1st Lien Term Loan, 5.90%, (3M LIBOR + 3.50%), 08/15/24 (c)	89,093			83,926

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

34

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Change Healthcare Holdings LLC
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (c)	159,988			158,648
	Endo Luxembourg Finance Company I S.a r.l.
		2017 Term Loan B, 6.65%, (3M LIBOR + 4.25%), 04/12/24 (c)	133,636			125,173
	Phoenix Guarantor Inc
		Term Loan B, 6.92%, (3M LIBOR + 4.50%), 02/12/26 (c)	166,667			165,792
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 6.90%, (3M LIBOR + 4.50%), 11/09/25 (c)	248,125			246,485
		2018 Term Loan B, 9.00%, (3M LIBOR + 4.50%), 11/09/25 (c)	625			621
	Surgery Center Holdings, Inc.
		2017 Term Loan B, 5.66%, (3M LIBOR + 3.25%), 06/18/24 (c)	98,992			95,362
				948,465
Energy 1.8%
	California Resources Corporation
		2017 1st Lien Term Loan, 7.05%, (3M LIBOR + 4.75%), 11/08/22 (c)	125,000			119,286
	Encino Acquisition Partners Holdings, LLC
		2018 2nd Lien Term Loan, 9.15%, (3M LIBOR + 6.75%), 09/26/25 (c) (e)	123,003			112,548
	Equitrans Midstream Corporation
		Term Loan B, 6.90%, (3M LIBOR + 4.50%), 12/13/23 (c)	74,812			75,140
	Lower Cadence Holdings LLC
		Term Loan B, 6.40%, (3M LIBOR + 4.00%), 05/10/26 (c)	320,000			318,000
	TEX Operations Co. LLC
		Exit Term Loan B, 4.40%, (3M LIBOR + 2.00%), 08/04/23 (c)	192,551			192,191
	Traverse Midstream Partners LLC
		Term Loan, 6.59%, (3M LIBOR + 4.00%), 09/22/24 (c)	99,250			97,974
				915,139
Information Technology 1.3%
	Ancestry.com Operations Inc.
		2017 1st Lien Term Loan, 5.66%, (1M LIBOR + 3.25%), 10/19/23 (c)	213,900			213,098
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 6.15%, (3M LIBOR + 3.75%), 09/12/25 (c)	65,670			63,638
	First Data Corporation
		Term Loan, 4.40%, (1M LIBOR + 2.00%), 07/08/22 (c)	144,225			144,046
	Radiate Holdco, LLC
		1st Lien Term Loan, 5.40%, (3M LIBOR + 3.00%), 12/09/23 (c)	153,430			149,699
	SS&C Technologies Holdings Europe S.A.R.L.
		2018 Term Loan B4, 4.65%, (3M LIBOR + 2.25%), 02/27/25 (c)	41,214			41,029
	SS&C Technologies Inc.
		2018 Term Loan B3, 4.65%, (3M LIBOR + 2.25%), 02/27/25 (c)	60,097			59,827
				671,337
Consumer Staples 0.9%
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 5.16%, (3M LIBOR + 2.75%), 01/26/24 (c)	116,191			116,203
	Diamond (BC) B.V.
		Term Loan, 5.58%, (1M LIBOR + 3.00%), 07/24/24 (c)	168,291			147,676
	Dole Food Company Inc.
		2017 Term Loan B, 5.15%, (1M LIBOR + 2.75%), 03/22/24 (c)	24,291			23,692
		2017 Term Loan B, 5.19%, (1M LIBOR + 2.75%), 03/22/24 (c)	24,291			23,692
		2017 Term Loan B, 5.29%, (1M LIBOR + 2.75%), 03/22/24 (c)	24,494			23,889
		2017 Term Loan B, 7.25%, (1M PRIME + 1.75%), 03/22/24 (c)	35			35
			Shares/Par1		Value ($)
	JBS USA Lux S.A.
		2019 Term Loan B, 4.90%, (3M LIBOR + 2.50%), 04/27/26 (c)	147,002			146,634
				481,821
Industrials 0.9%
	Gardner Denver, Inc.
		2017 USD Term Loan B, 5.15%, (1M LIBOR + 2.75%), 07/30/24 (c)	94,663			94,723
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.90%, (3M LIBOR + 3.50%), 03/13/26 (c)	146,600			145,410
	Tempo Acquisition LLC
		Term Loan, 5.40%, (3M LIBOR + 3.00%), 04/20/24 (c)	227,677			226,586
				466,719
Financials 0.8%
	Blackstone CQP Holdco LP
		Term Loan B, 5.89%, (3M LIBOR + 3.50%), 05/29/24 (c)	94,595			94,689
	Level 3 Financing Inc.
		2017 Term Loan B, 4.65%, (3M LIBOR + 2.25%), 02/16/24 (c)	250,000			247,875
	UFC Holdings, LLC
		2019 Term Loan, 5.66%, (3M LIBOR + 3.25%), 04/25/26 (c)	84,351			84,125
				426,689
Utilities 0.5%
	Calpine Corporation
		Term Loan B5, 4.83%, (3M LIBOR + 2.50%), 05/23/22 (c)	197,938			196,754
	PG&E Corp
		DIP Term Loan, 4.69%, (3M LIBOR + 2.25%), 12/31/20 (c)	75,000			75,187
				271,941
Real Estate 0.3%
	MGM Growth Properties Operating Partnership LP
		2016 Term Loan B, 4.40%, (3M LIBOR + 2.00%), 04/20/23 (c)	148,465			147,422
	Total Senior Loan Interests (cost $10,407,135)			10,266,475
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 5.7%
	American Airlines, Inc.
		Series 2013-B-2, 5.60%, 07/15/20 (a)	90,873			92,554
	Ascentium Equipment Receivables Trust
		Series 2018-A2-1A, 2.92%, 12/10/20 (a)	34,883			34,952
		Series 2017-A3-2A, 2.31%, 12/10/21 (a)	75,000			75,066
	BCC Funding XIV, LLC
		Series 2018-A2-1A, 2.96%, 06/20/23 (a)	69,710			70,051
	BX Commercial Mortgage Trust
		Series 2018-A-IND, 3.14%, (1M USD LIBOR + 0.75%), 10/15/20 (a) (b) (c)	609,093			609,092
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21 (a)	63,394			63,522
	Chrysler Capital Auto Receivables Trust
		Series 2016-A3-BA, 1.64%, 07/15/21 (a) (b)	186,861			186,625
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23 (a)	21,783			21,782
	Citibank Credit Card Issuance Trust
		Series 2017-A9-A9, 1.80%, 09/20/19	300,000			299,613
		Series 2017-A4-A4, 2.64%, (1M USD LIBOR + 0.22%), 04/07/20 (b) (c)	500,000			500,392
	Dell Equipment Finance Trust
		Series 2018-A2A-1, 2.97%, 10/22/20 (a)	68,555			68,731
	Engs Commercial Finance Trust
		Series 2018-A1-1A, 2.97%, 02/22/21 (a)	33,664			33,722
	GLS Auto Receivables Trust
		Series 2019-A-1A, 3.37%, 03/15/21 (a)	127,480			128,145
		Series 2018-A-3A, 3.35%, 08/15/22 (a)	51,378			51,650
	GreatAmerica Financial Services Corporation
		Series 2019-A2-1, 2.97%, 09/15/20 (a)	136,000			136,624
	GS Mortgage Securities Corp Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22 (a)	175,000			180,688

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

35

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Santander Retail Auto Lease Trust
		Series 2018-A2B-A, REMIC, 2.65%, (1M USD LIBOR + 0.27%), 01/20/20 (a) (c)	231,018			231,018
	United Auto Credit Securitization Trust
		Series 2018-A-2, 2.89%, 03/10/21 (a)	18,318			18,325
	Verizon Owner Trust
		Series 2016-A-1A, 1.42%, 01/20/21 (a)	36,962			36,909
	Volvo Financial Equipment LLC
		Series 2019-A2-1A, 2.90%, 11/15/21 (a)	110,000			110,523
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $2,937,729)			2,949,984
INVESTMENT COMPANIES 2.6%
	Kayne Anderson MLP Investment Co.		2,582			39,530
	SPDR Bloomberg Barclays High Yield Bond ETF (b)		12,000			1,307,279
	Total Investment Companies (cost $1,329,960)			1,346,809
GOVERNMENT AND AGENCY OBLIGATIONS 0.7%
Mortgage-Backed Securities 0.5%
	Federal Home Loan Mortgage Corporation
		REMIC, 2.72%, (1M USD LIBOR + 0.32%), 02/25/20 (c)	257,000			257,098
U.S. Treasury Securities 0.2%
	U.S. Treasury Note
		2.88%, 07/31/25	79,000			83,691
	Total Government And Agency Obligations (cost $336,407)			340,789
COMMON STOCKS 0.1%
Energy 0.1%
	Chaparral Energy, Inc. - Class A (h)		8,604			40,525
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (h)		6,438			30,387
	iHeartMedia, Inc. (e) (f) (h)		250,000			—
	iHeartMedia, Inc. - Class A (f) (h)		310			4,666
				35,053
	Total Common Stocks (cost $196,887)			75,578
WARRANTS 0.1%
	iHeartMedia, Inc. (f) (h) (i)		2,328			35,036
	Total Warrants (cost $42,970)			35,036
SHORT TERM INVESTMENTS 5.7%
Investment Companies 5.7%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.32% (j)		2,946,089			2,946,089
	Total Short Term Investments (cost $2,946,089)			2,946,089
Total Investments 110.2% (cost $55,861,477)						56,713,514
Total Securities Sold Short(10.0)% (proceeds $4,795,710)						(5,150,654)
Other Derivative Instruments (0.0)%						(1,161)
Other Assets and Liabilities, Net (0.2)%						(119,728)
Total Net Assets 100.0%						51,441,971

(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 PPM Funds' Board of Trustees. As of June 30, 2019, the value and the percentage of net assets of these liquid securities was $16,827,740 and 32.7% of the fund.

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

(c)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2019. 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)Perpetual security. Next contractual call date presented, if applicable.

(e)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the PPM Funds' 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)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees.

(g)This senior loan will settle after June 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(h)Non-income producing security.

(i)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the PPM Funds' 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.

(j)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2019.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

36

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
SECURITIES SOLD SHORT (10.0%)
CORPORATE BONDS AND NOTES (10.0%)
Financials (2.6%)
	Bank of America Corporation
		3.95%, 01/23/49	(1,250,000)		(1,331,336)
Communication Services (2.4%)
	Verizon Communications Inc.
		4.52%, 09/15/48	(1,123,000)		(1,261,760)
Real Estate (1.0%)
	Simon Property Group, L.P.
		3.30%, 01/15/26	(500,000)		(518,077)
Consumer Discretionary (1.0%)
	Harley-Davidson, Inc.
		3.50%, 07/28/25	(500,000)		(510,250)
Materials (1.0%)
	International Paper Company
		3.00%, 02/15/27	(500,000)		(496,171)
Energy (0.8%)
	Southwestern Energy Company
		6.20%, 01/23/25 (a)	(432,000)		(396,388)
Industrials (0.6%)
	The Boeing Company
		3.85%, 11/01/48	(320,000)		(334,116)
Information Technology (0.6%)
	Intel Corporation
		4.10%, 05/11/47	(275,000)		(302,556)
	Total Corporate Bonds And Notes (proceeds $4,795,710)			(5,150,654)
	Total Securities Sold Short (10.0%) (proceeds $4,795,710)				(5,150,654)

(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, 2019.

Unfunded Commitments

	Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
PG&E Corp. – DIP Delayed Draw Term Loan	24,875	188
	24,875	188

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	(44)	September 2019		(5,546,371)	(1,375)			(84,254)
United States 10 Year Ultra Bond	(18)	September 2019		(2,445,187)	(563)			(41,063)
United States 2 Year Note	(17)	October 2019		(3,640,473)	693			(17,553)
United States 5 Year Note	(59)	October 2019		(6,895,765)	—			(75,454)
United States Long Bond	(9)	September 2019		(1,371,109)	1,125			(29,235)
United States Ultra Bond	(4)	September 2019		(693,174)	750			(17,076)
					630			(264,635)

PPM Long Short Credit Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate6 (%)	Expiration	Notional1,5		Value4 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
CDX.NA.IG.32 (Q)	1.00	06/20/24		3,750,000		(80,204)		(1,791)		(15,919)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

37

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
PPM Strategic Income Fund
CORPORATE BONDS AND NOTES 72.7%
Financials 23.0%
	Acrisure, LLC
		7.00%, 11/15/25 (a)	128,000		115,944
	Ally Financial Inc.
		3.88%, 05/21/24	48,000		49,173
		5.75%, 11/20/25	142,000		157,398
	American Express Company
		2.20%, 10/30/20	500,000		499,116
		3.70%, 08/03/23	150,000		157,398
	American Water Capital Corp.
		3.45%, 06/01/29	170,000		176,664
	Antero Resources Finance Corporation
		5.38%, 11/01/21	176,000		173,995
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (a)	164,000		170,026
	Athene Global Funding
		4.00%, 01/25/22 (a)	179,000		185,342
	Bank of America Corporation
		6.25%, (callable at 100 beginning 09/05/24) (b)	86,000		93,033
		6.30%, (callable at 100 beginning 03/10/26) (b)	55,000		61,308
		3.55%, 03/05/24	63,000		65,202
		3.86%, 07/23/24	98,000		102,798
		4.00%, 01/22/25	193,000		202,986
		4.25%, 10/22/26	111,000		118,796
		3.25%, 10/21/27	27,000		27,658
	Barclays PLC
		8.00%, (callable at 100 beginning 12/15/20), EUR (b)	167,000		205,302
		5.09%, 06/20/30	100,000		102,336
	Bayer US Finance II LLC
		4.25%, 12/15/25 (a)	39,000		41,222
		4.38%, 12/15/28 (a)	102,000		107,445
	BlackRock, Inc.
		3.25%, 04/30/29	135,000		141,316
	Capital One Financial Corporation
		3.75%, 03/09/27	107,000		110,387
	Citigroup Inc.
		2.10%, 06/12/20	600,000		598,773
		4.45%, 09/29/27	375,000		403,168
		3.89%, 01/10/28 (c)	59,000		62,302
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 12/11/23) (a) (b)	204,000		224,655
		6.50%, 08/08/23 (a)	310,000		340,908
		3.87%, 01/12/29 (a)	17,000		17,510
	Danske Bank A/S
		5.38%, 01/12/24 (a)	226,000		244,127
	Diamond Finance International Limited
		5.88%, 06/15/21 (a)	49,000		49,779
		7.13%, 06/15/24 (a)	38,000		40,110
		8.35%, 07/15/46 (a)	107,000		134,849
	Five Corners Funding Trust
		4.42%, 11/15/23 (a)	125,000		134,116
	General Electric Capital Corporation
		6.75%, 03/15/32	83,000		102,235
	Glencore Funding LLC
		3.00%, 10/27/22 (a)	61,000		61,375
		4.88%, 03/12/29 (a)	125,000		131,602
	GLP Financing, LLC
		5.30%, 01/15/29	110,000		118,806
	HSBC Holdings PLC
		6.88%, (callable at 100 beginning 06/01/21) (b) (d)	229,000		240,948
		4.38%, 11/23/26	56,000		59,165
	Icahn Enterprises L.P.
		6.25%, 02/01/22	90,000		92,453
		6.38%, 12/15/25	14,000		14,310
		6.25%, 05/15/26 (a)	226,000		228,369
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (a)	80,000		79,533
			Shares/Par1		Value ($)
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (b)	146,000		147,642
		4.02%, 12/05/24	202,000		214,356
		3.96%, 01/29/27	184,000		196,727
		3.78%, 02/01/28 (c)	30,000		31,749
		3.51%, 01/23/29	76,000		79,039
		4.01%, 04/23/29	62,000		66,759
		4.20%, 07/23/29	23,000		25,121
	JPMorgan Chase Bank, National Association
		2.75%, (3M USD LIBOR + 0.23%), 09/01/20 (c)	500,000		499,961
	Lloyds Banking Group PLC
		6.75%, (callable at 100 beginning 06/27/26) (b)	92,000		94,023
		7.50%, (callable at 100 beginning 09/27/25) (b)	109,000		114,398
	Markel Corporation
		5.00%, 05/20/49	78,000		84,849
	Metropolitan Life Global Funding I
		3.60%, 01/11/24 (a)	235,000		247,842
	Morgan Stanley
		3.77%, (3M USD LIBOR + 1.18%), 01/20/22 (c)	100,000		100,931
		3.52%, (3M USD LIBOR + 0.93%), 07/22/22 (c)	125,000		125,744
		4.88%, 11/01/22	167,000		178,603
		4.10%, 05/22/23	138,000		145,074
		4.35%, 09/08/26	84,000		90,026
		3.63%, 01/20/27	60,000		62,773
	National Rural Utilities Cooperative Finance Corporation
		4.75%, 04/30/43 (c)	131,000		128,425
	New York Life Global Funding
		2.75%, (3M USD LIBOR + 0.16%), 10/01/20 (a) (c)	300,000		300,161
	Nordic Aviation Capital DAC
		5.58%, 03/14/24 (e) (f)	135,000		142,015
	PNC Bank, National Association
		2.79%, (3M USD LIBOR + 0.35%), 03/12/21 (c)	500,000		500,476
	Santander UK Group Holdings PLC
		4.80%, 11/15/24	161,000		171,477
	Spirit Realty, L.P.
		4.00%, 07/15/29	130,000		131,135
	Springleaf Finance Corporation
		6.63%, 01/15/28	38,000		39,895
	The Goldman Sachs Group, Inc.
		2.91%, 07/24/23	42,000		42,382
		4.25%, 10/21/25	182,000		192,747
		3.85%, 01/26/27	19,000		19,845
		4.22%, 05/01/29	67,000		71,761
		6.75%, 10/01/37	94,000		122,881
	The PNC Financial Services Group, Inc.
		3.45%, 04/23/29	130,000		136,601
	USA Compression Finance Corp.
		6.88%, 09/01/27 (a)	68,000		71,377
	Virgin Media Secured Finance PLC
		5.13%, 01/15/25, GBP (a)	209,000		274,789
		5.00%, 04/15/27, GBP (a)	115,000		150,228
	Volkswagen Group of America, Inc.
		4.63%, 11/13/25 (a)	250,000		270,973
	Wells Fargo & Company
		4.48%, 01/16/24	54,000		57,857
		3.20%, 06/17/27	195,000		198,618
	Ziggo Bond Finance B.V.
		6.00%, 01/15/27 (a)	229,000		229,925
				12,203,123
Energy 8.2%
	Alta Mesa Holdings, LP
		7.88%, 12/15/24	138,000		53,380
	Andeavor Logistics LP
		3.50%, 12/01/22	45,000		46,100
		5.20%, 12/01/47	44,000		47,092
	Antero Resources Corporation
		5.13%, 12/01/22	33,000		31,682
	Callon Petroleum Company
		6.38%, 07/01/26	125,000		126,148
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	48,000		53,442
		5.13%, 06/30/27	130,000		141,273

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

38

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Columbia Pipeline Group, Inc.
		5.80%, 06/01/45	42,000		49,281
	Continental Resources, Inc.
		4.50%, 04/15/23	123,000		129,240
		4.38%, 01/15/28	108,000		113,711
	Denbury Resources Inc.
		9.25%, 03/31/22 (a)	112,000		105,744
		7.75%, 02/15/24 (a)	80,000		66,603
	Diamondback Energy, Inc.
		4.75%, 11/01/24 (a)	187,000		192,018
		5.38%, 05/31/25	100,000		105,226
	Endeavor Energy Resources, L.P.
		5.50%, 01/30/26 (a)	19,000		19,707
		5.75%, 01/30/28 (a)	19,000		20,058
	Energy Transfer LP
		4.25%, 03/15/23	169,000		176,317
		5.25%, 04/15/29	94,000		104,982
		5.80%, 06/15/38	80,000		89,109
		6.13%, 12/15/45	27,000		30,864
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	40,000		47,319
	Enlink Midstream, LLC
		5.38%, 06/01/29	107,000		109,812
	Enterprise Products Operating LLC
		3.35%, 03/15/23	44,000		45,262
		3.13%, 07/31/29	174,000		174,790
		4.80%, 02/01/49	84,000		93,819
		4.20%, 01/31/50	59,000		60,565
	EQM Midstream Partners, LP
		4.13%, 12/01/26	73,000		70,384
	Everest Acquisition, LLC
		8.00%, 11/29/24 (a)	152,000		101,851
	Extraction Oil & Gas, Inc.
		7.38%, 05/15/24 (a)	76,000		65,817
	Kinder Morgan Energy Partners, L.P.
		5.00%, 08/15/42	50,000		52,958
	Marathon Petroleum Corporation
		3.80%, 04/01/28	30,000		30,516
	MPLX LP
		4.00%, 03/15/28	142,000		147,288
	Nabors Industries, Inc.
		5.50%, 01/15/23 (g)	26,000		24,314
		5.75%, 02/01/25	125,000		110,826
	NGPL PipeCo LLC
		4.88%, 08/15/27 (a)	23,000		24,322
	ONEOK, Inc.
		7.50%, 09/01/23	81,000		94,654
	Parsley Energy, LLC
		5.25%, 08/15/25 (a)	106,000		107,731
	PDV America, Inc.
		10.75%, 02/15/20 (a)	94,000		97,245
	Petroleos Mexicanos
		6.50%, 03/13/27 - 01/23/29	242,000		237,208
	Sabine Pass Liquefaction, LLC
		5.75%, 05/15/24	104,000		115,511
		5.63%, 03/01/25	13,000		14,531
		4.20%, 03/15/28	329,000		345,193
	Spectra Energy Partners, LP
		3.50%, 03/15/25	66,000		67,718
	Summit Midstream Partners, LP
		9.50%, (callable at 104 beginning 12/15/22) (b)	125,000		112,874
	Transocean Guardian Limited
		5.88%, 01/15/24 (a)	26,460		26,983
	Transocean Inc
		9.00%, 07/15/23 (a)	19,000		20,191
		7.50%, 01/15/26 (a)	39,000		37,251
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	18,900		19,469
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	49,000		51,847
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	120,750		124,863
				4,335,089
			Shares/Par1		Value ($)
Communication Services 8.1%
	Altice France
		7.38%, 05/01/26 (a)	68,000		69,700
	Altice Luxembourg Fr SA
		5.88%, 02/01/27, EUR (a)	100,000		123,039
	AT&T Inc.
		3.62%, (3M USD LIBOR + 1.18%), 06/12/24 (c)	370,000		374,319
		5.25%, 03/01/37	48,000		53,808
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	125,000		107,213
	CBS Radio Inc.
		7.25%, 11/01/24 (a) (g)	72,000		75,807
	CCO Holdings, LLC
		5.88%, 05/01/27 (a)	125,000		131,933
	Charter Communications Operating, LLC
		4.91%, 07/23/25	540,000		585,854
		5.38%, 04/01/38	60,000		64,583
	Comcast Corporation
		3.38%, 08/15/25	68,000		71,077
		4.60%, 10/15/38	201,000		230,103
		3.40%, 07/15/46	75,000		71,568
		4.95%, 10/15/58	50,000		60,915
	DISH DBS Corporation
		5.00%, 03/15/23	65,000		62,411
		7.75%, 07/01/26	42,000		41,160
	Frontier Communications Corporation
		11.00%, 09/15/25	48,000		29,910
	Iheartcommunications, Inc.
		6.38%, 05/01/26	13,664		14,497
		8.38%, 05/01/27	24,767		25,922
	Intelsat Jackson Holdings S.A.
		8.50%, 10/15/24 (a)	116,000		114,866
	Live Nation Entertainment, Inc.
		5.38%, 06/15/22 (a)	42,000		42,592
		4.88%, 11/01/24 (a)	87,000		89,496
		5.63%, 03/15/26 (a)	40,000		42,005
	NBCUniversal Enterprise, Inc.
		5.25%, (callable at 100 beginning 03/19/21) (a) (b)	318,000		325,632
	Netflix, Inc.
		4.38%, 11/15/26 (g)	94,000		96,228
		3.88%, 11/15/29, EUR (a)	138,000		169,565
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (a)	31,000		31,776
	Radiate HoldCo, LLC
		6.63%, 02/15/25 (a)	45,000		43,700
	Sinclair Television Group, Inc.
		5.88%, 03/15/26 (a)	94,000		96,129
	Sirius XM Radio Inc.
		4.63%, 07/15/24 (a)	140,000		143,204
		6.00%, 07/15/24 (a)	153,000		157,793
		5.50%, 07/01/29 (a)	95,000		97,405
	Sprint Communications, Inc.
		7.00%, 03/01/20 (a)	292,000		299,300
	Sprint Corporation
		7.13%, 06/15/24	44,000		46,681
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (a)	37,688		37,745
	Telesat Canada
		8.88%, 11/15/24 (a)	107,000		116,062
	T-Mobile USA, Inc.
		6.00%, 04/15/24	54,000		56,335
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	36,000		39,079
	Zayo Group, LLC
		5.75%, 01/15/27 (a)	67,000		68,228
				4,307,640
Health Care 7.7%
	Abbott Laboratories
		4.75%, 11/30/36	90,000		106,682
	AbbVie Inc.
		2.90%, 11/06/22	77,000		77,846
	Adevinta ASA
		7.50%, 10/01/24 (a)	33,000		34,545

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

39

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Bausch Health Companies Inc.
		6.50%, 03/15/22 (a)	16,000		16,585
		5.88%, 05/15/23 (a)	4,000		4,050
		7.00%, 03/15/24 - 01/15/28 (a)	73,000		76,936
		6.13%, 04/15/25 (a)	33,000		33,659
		5.50%, 03/01/23 - 11/01/25 (a)	91,000		94,667
		8.50%, 01/31/27 (a)	90,000		99,085
		5.75%, 08/15/27 (a)	45,000		47,276
	Bristol-Myers Squibb Company
		4.13%, 06/15/39 (a)	117,000		126,640
		4.25%, 10/26/49 (a)	148,000		162,966
	Catalent Pharma Solutions, Inc.
		5.00%, 07/15/27 (a)	15,000		15,247
	Celgene Corporation
		4.35%, 11/15/47	63,000		69,597
	Centene Corporation
		4.75%, 05/15/22 - 01/15/25	178,000		183,057
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	156,000		164,207
	Cigna Corporation
		4.38%, 10/15/28 (a)	248,000		267,281
	Community Health Systems, Inc.
		8.63%, 01/15/24 (a)	141,000		141,338
		8.00%, 03/15/26 (a)	100,000		96,029
	CVS Health Corporation
		4.78%, 03/25/38	118,000		122,961
		5.05%, 03/25/48	165,000		175,723
	Express Scripts Holding Company
		3.40%, 03/01/27	117,000		118,628
	Gilead Sciences, Inc.
		4.80%, 04/01/44	46,000		52,481
		4.50%, 02/01/45	63,000		69,014
	HCA Healthcare, Inc.
		6.25%, 02/15/21	417,000		436,485
	HCA Inc.
		5.38%, 09/01/26	80,000		86,188
		4.13%, 06/15/29	129,000		132,550
		5.13%, 06/15/39	54,000		56,100
	Legacy Lifepoint Health, Inc.
		9.75%, 12/01/26 (a)	200,000		209,448
	Mylan Inc
		5.20%, 04/15/48	27,000		25,047
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	220,000		216,033
	Tenet Healthcare Corporation
		4.50%, 04/01/21	176,000		179,080
		4.38%, 10/01/21	25,000		25,407
		8.13%, 04/01/22	37,000		38,851
	UnitedHealth Group Incorporated
		3.75%, 07/15/25	45,000		48,020
		3.10%, 03/15/26	44,000		45,516
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	148,000		154,518
		5.38%, 08/15/26 (a)	47,000		49,884
				4,059,627
Industrials 5.2%
	Aircastle Limited
		4.40%, 09/25/23	41,000		42,525
		4.13%, 05/01/24	72,000		73,925
	Allison Transmission, Inc.
		5.00%, 10/01/24 (a)	76,000		77,687
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (a)	133,000		139,261
	Aviation Capital Group LLC
		4.38%, 01/30/24 (a)	104,000		109,265
	Avolon Holdings Funding Limited
		3.63%, 05/01/22 (a)	130,000		131,728
		5.13%, 10/01/23 (a)	200,000		211,479
		5.25%, 05/15/24 (a)	348,000		371,277
	Bombardier Inc.
		6.13%, 01/15/23 (a)	82,000		82,433
		7.50%, 03/15/25 (a)	68,000		68,266
		7.88%, 04/15/27 (a)	107,000		107,123
			Shares/Par1		Value ($)
	CNH Industrial N.V.
		4.50%, 08/15/23	94,000		98,490
	Equifax Inc.
		3.60%, 08/15/21	165,000		167,820
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (b)	437,000		419,433
	General Motors Company
		5.95%, 04/01/49	30,000		31,480
	Siemens Financieringsmaatschappij N.V.
		1.30%, 09/13/19 (a)	500,000		499,319
	Tempo Acquisition, LLC
		6.75%, 06/01/25 (a)	70,000		72,110
	Union Pacific Corporation
		4.38%, 09/10/38	50,000		55,008
				2,758,629
Materials 4.6%
	Anglo American Capital PLC
		4.88%, 05/14/25 (a)	121,000		130,278
		4.75%, 04/10/27 (a)	159,000		168,513
	Berry Global Escrow Corporation
		4.88%, 07/15/26 (a)	105,000		107,231
	CF Industries, Inc.
		3.40%, 12/01/21 (a)	156,000		159,022
		4.50%, 12/01/26 (a)	347,000		363,279
	Corning Incorporated
		5.85%, 11/15/68	58,000		68,435
	Crown Americas LLC
		4.50%, 01/15/23	81,000		84,212
	FMG Resources (August 2006) Pty Ltd
		4.75%, 05/15/22 (a)	88,000		90,201
		5.13%, 03/15/23 (a) (g)	72,000		74,440
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	187,000		191,242
		5.40%, 11/14/34	228,000		217,854
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	156,000		145,336
	Mauser Packaging Solutions Holding Company
		7.25%, 04/15/25 (a)	84,000		81,045
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	255,000		264,639
	Olin Corporation
		5.00%, 02/01/30	103,000		102,046
	Samarco Mineracao S/A
		0.00%, 11/01/22 (f) (h) (i) (j)	110,000		84,234
	Trinseo Materials Operating S.C.A.
		5.38%, 09/01/25 (a)	89,000		85,617
				2,417,624
Consumer Staples 4.5%
	Altria Group, Inc.
		4.40%, 02/14/26	163,000		174,231
	Anheuser-Busch Companies, LLC
		4.90%, 02/01/46	153,000		170,089
	Anheuser-Busch InBev Worldwide Inc.
		4.75%, 01/23/29	47,000		53,290
	BAT Capital Corp.
		4.39%, 08/15/37	165,000		156,792
	Cott Holdings Inc.
		5.50%, 04/01/25 (a)	99,000		100,868
	JBS Investments GmbH
		7.25%, 04/03/24 (a)	143,000		148,560
	JBS Investments II GmbH
		7.00%, 01/15/26 (a)	200,000		216,073
	JBS USA Finance, Inc.
		6.75%, 02/15/28 (a)	101,000		109,656
	JBS USA Food Company
		5.88%, 07/15/24 (a)	16,000		16,463
	JBS USA LUX SA
		6.50%, 04/15/29 (a)	88,000		95,585
	Mars, Incorporated
		3.95%, 04/01/49 (a)	193,000		206,607
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (a) (g)	125,000		110,626
	Post Holdings, Inc.
		5.63%, 01/15/28 (a)	177,000		181,855

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

40

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Reynolds American Inc.
		5.70%, 08/15/35	53,000			58,174
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a) (g)	250,000			232,003
	Walmart Inc.
		2.85%, 07/08/24	255,000			262,793
		3.25%, 07/08/29	112,000			117,973
				2,411,638
Utilities 4.3%
	Ameren Illinois Company
		4.50%, 03/15/49	104,000			121,516
	Berkshire Hathaway Energy Company
		6.13%, 04/01/36	41,000			54,827
	Calpine Corporation
		5.25%, 06/01/26 (a)	100,000			101,802
	Commonwealth Edison Company
		3.75%, 08/15/47	42,000			43,372
	DPL Inc.
		4.35%, 04/15/29 (a)	130,000			131,610
	Electricite de France
		4.50%, 09/21/28 (a)	200,000			219,266
	Enel S.p.A
		8.75%, 09/24/73 (a) (c)	165,000			189,756
	Exelon Corporation
		5.10%, 06/15/45	67,000			77,908
	FirstEnergy Corp.
		3.90%, 07/15/27	75,000			78,668
	Indiana Michigan Power Company
		4.25%, 08/15/48	69,000			75,764
	Nevada Power Company
		3.70%, 05/01/29	159,000			169,955
	Oncor Electric Delivery Company LLC
		2.95%, 04/01/25	146,000			149,679
	Southern California Edison Company
		4.13%, 03/01/48	46,000			46,099
	The AES Corporation
		4.00%, 03/15/21	91,000			92,621
		5.50%, 04/15/25	254,000			264,221
	The Southern Company
		2.95%, 07/01/23	211,000			213,850
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a)	171,000			172,278
		5.00%, 07/31/27 (a)	58,000			59,996
				2,263,188
Consumer Discretionary 4.0%
	24 Hour Holdings III LLC
		8.00%, 06/01/22 (a) (g)	93,000			91,846
	Adient US LLC
		7.00%, 05/15/26 (a)	13,000			13,375
	American Axle & Manufacturing, Inc.
		6.50%, 04/01/27 (g)	135,000			134,638
	Beazer Homes USA, Inc.
		5.88%, 10/15/27	53,000			46,044
	Delphi Technologies PLC
		5.00%, 10/01/25 (a)	66,000			58,740
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	103,000			108,852
	GLP Financing, LLC
		5.38%, 04/15/26	51,000			55,209
		5.75%, 06/01/28	15,000			16,537
	IHO Verwaltungs GmbH
		4.63%, 05/15/27, EUR (a) (k)	100,000			112,340
	KB Home
		7.50%, 09/15/22	104,000			115,787
	KFC Holding Co.
		5.00%, 06/01/24 (a)	8,000			8,261
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (a) (g)	138,000			135,006
	Nemak, S.A.B. de C.V.
		4.75%, 01/23/25 (a)	120,000			121,045
	New Golden Nugget Inc.
		6.75%, 10/15/24 (a)	205,000			211,172
	Panther BF Aggregator 2 LP
		4.38%, 05/15/26, EUR (a)	140,000			164,326
			Shares/Par1		Value ($)
	Restaurant Brands International Limited Partnership
		5.00%, 10/15/25 (a)	113,000			113,988
	Scientific Games International, Inc.
		5.00%, 10/15/25 (a)	258,000			260,516
	The Home Depot, Inc.
		2.13%, 09/15/26	146,000			142,859
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	130,000			131,672
	Williams Scotsman International, Inc.
		6.88%, 08/15/23 (a)	58,000			60,327
				2,102,540
Information Technology 2.0%
	Broadcom Corporation
		3.88%, 01/15/27	54,000			52,928
	Broadcom Inc.
		4.25%, 04/15/26 (a)	130,000			132,756
	Fiserv, Inc.
		2.25%, 07/01/25, GBP	100,000			126,636
	International Business Machines Corporation
		4.25%, 05/15/49	114,000			122,267
	Microsoft Corporation
		3.45%, 08/08/36	156,000			164,640
		3.95%, 08/08/56	90,000			99,313
	NXP B.V.
		4.13%, 06/01/21 (a)	167,000			170,792
	Oracle Corporation
		4.00%, 11/15/47	82,000			88,128
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (a)	83,000			83,166
	ViaSat, Inc.
		5.63%, 04/15/27 (a)	43,000			44,734
				1,085,360
Real Estate 1.1%
	Boston Properties Limited Partnership
		2.75%, 10/01/26	36,000			35,421
		4.50%, 12/01/28	145,000			160,451
	Crown Castle International Corp.
		2.25%, 09/01/21	57,000			56,732
	Equinix, Inc.
		2.88%, 10/01/25, EUR	150,000			177,790
	HCP, Inc.
		3.25%, 07/15/26	25,000			25,182
		3.50%, 07/15/29	45,000			45,175
	Realty Income Corporation
		3.25%, 06/15/29	109,000			110,957
				611,708
	Total Corporate Bonds And Notes (cost $37,162,144)			38,556,166
GOVERNMENT AND AGENCY OBLIGATIONS 8.5%
U.S. Treasury Securities 4.6%
	U.S. Treasury Bond
		2.50%, 02/15/46	579,000			575,200
		3.00%, 02/15/48	86,000			94,062
	U.S. Treasury Note
		1.63%, 05/31/23	243,000			241,937
		2.13%, 05/15/25	161,000			163,641
		2.88%, 07/31/25	284,000			300,862
		1.88%, 06/30/26 (l)	240,000			240,000
		1.50%, 08/15/26	65,000			63,304
		2.25%, 08/15/27	420,000			429,844
		3.13%, 11/15/28	265,000			290,506
				2,399,356
Mortgage-Backed Securities 3.6%
	Federal Home Loan Mortgage Corporation
		4.00%, 11/01/40	247,512			260,928
		3.00%, 08/01/46 - 11/01/46	52,067			52,894
		3.50%, 11/01/47	19,993			20,585
	Federal National Mortgage Association, Inc.
		3.00%, 08/01/30 - 04/01/31	80,836			82,720
		3.00%, 03/01/33 - 04/01/46	271,662			277,111
		3.50%, 11/01/45 - 01/01/48	370,206			382,256
		4.50%, 12/01/43 - 07/01/48	232,501			244,863
		4.00%, 10/01/44 - 08/01/48	68,872			71,679

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

41

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

			Shares/Par1		Value ($)
	Government National Mortgage Association
		3.50%, 04/20/46	10,912			11,318
		3.50%, 08/20/46 - 09/20/46	340,990			352,947
		4.00%, 07/20/47	153,479			160,177
				1,917,478
Municipal 0.3%
	The Port Authority of New York and New Jersey
		4.46%, 10/01/62	130,000			155,557
	Total Government And Agency Obligations (cost $4,274,542)			4,472,391
SENIOR LOAN INTERESTS 7.9%
Consumer Discretionary 1.5%
	Caesars Entertainment Operating Company
		Term Loan, 4.40%, (3M LIBOR + 2.00%), 04/03/24 (c)	144,795			143,483
	Charter Communications Operating, LLC
		2017 Term Loan B, 4.33%, (3M LIBOR + 2.00%), 04/30/25 (c)	49,250			49,176
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 4.64%, (3M LIBOR + 2.25%), 07/15/25 (c)	68,245			67,072
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 5.14%, (3M LIBOR + 2.75%), 09/07/23 (c)	40,741			40,366
		2017 Incremental Term Loan B, 5.15%, (3M LIBOR + 2.75%), 10/04/23 (c)	50,819			50,351
	Marriott Ownership Resorts, Inc.
		2018 Term Loan B, 4.65%, (3M LIBOR + 2.25%), 08/09/25 (c)	266,660			266,439
	PCI Gaming Authority
		Term Loan, 5.40%, (3M LIBOR + 3.00%), 05/15/26 (c)	160,000			160,166
	Stars Group Holdings B.V. (The)
		2018 USD Incremental Term Loan, 5.83%, (3M LIBOR + 3.50%), 06/29/25 (c)	40,144			40,124
				817,177
Communication Services 1.4%
	CenturyLink, Inc.
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 01/15/25 (c)	221,625			216,208
	Frontier Communications Corp.
		2017 Term Loan B1, 6.16%, (3M LIBOR + 3.75%), 05/31/24 (c)	71,892			70,394
	iHeartCommunications, Inc.
		Exit Term Loan, 6.58%, (3M LIBOR + 4.00%), 05/04/26 (c)	59,782			59,838
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 0.00%, (3M LIBOR + 2.75%), 06/13/26 (c) (m)	150,116			149,553
	Nexstar Media Group, Inc.
		Bridge Term Loan, 0.00%, 11/30/19 (c) (m)	67,000			66,079
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.94%, (3M LIBOR + 2.50%), 02/01/24 (c)	159,552			156,959
				719,031
Materials 1.3%
	BWAY Holding Company
		2017 Term Loan B, 5.85%, (3M LIBOR + 3.25%), 04/03/24 (c)	155,463			149,957
	Hexion Inc
		DIP Term Loan, 5.35%, (3M LIBOR + 2.75%), 10/01/20 (c)	129,000			128,920
		USD Exit Term Loan, 0.00%, (3M LIBOR + 3.50%), 06/27/26 (c) (m)	200,901			200,650
	Klockner-Pentaplast of America, Inc.
		USD 2017 Term Loan B2, 6.65%, (3M LIBOR + 4.25%), 06/30/22 (c)	123,430			109,050
	Messer Industries GmbH
		2018 USD Term Loan, 4.83%, (3M LIBOR + 2.50%), 10/10/25 (c)	121,000			119,261
				707,838
Health Care 1.2%
	Alphabet Holding Company, Inc.
		2017 1st Lien Term Loan, 5.90%, (3M LIBOR + 3.50%), 08/15/24 (c)	77,837			73,322
			Shares/Par1		Value ($)
		2017 2nd Lien Term Loan, 10.19%, (3M LIBOR + 7.75%), 08/09/25 (c)	55,000			48,583
	Change Healthcare Holdings LLC
		2017 Term Loan B, 5.15%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (c)	156,287			154,979
	Phoenix Guarantor Inc
		Term Loan B, 6.92%, (3M LIBOR + 4.50%), 02/12/26 (c)	138,889			138,160
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 6.90%, (3M LIBOR + 4.50%), 11/09/25 (c)	198,500			197,188
		2018 Term Loan B, 9.00%, (3M LIBOR + 4.50%), 11/09/25 (c)	500			497
				612,729
Energy 0.9%
	California Resources Corporation
		2017 1st Lien Term Loan, 7.05%, (3M LIBOR + 4.75%), 11/08/22 (c)	101,000			96,383
	Encino Acquisition Partners Holdings, LLC
		2018 2nd Lien Term Loan, 9.15%, (3M LIBOR + 6.75%), 09/26/25 (c) (e)	123,003			112,548
	Equitrans Midstream Corporation
		Term Loan B, 6.90%, (3M LIBOR + 4.50%), 12/13/23 (c)	74,812			75,140
	TEX Operations Co. LLC
		Exit Term Loan B, 4.40%, (3M LIBOR + 2.00%), 08/04/23 (c)	82,414			82,260
	Traverse Midstream Partners LLC
		Term Loan, 6.59%, (3M LIBOR + 4.00%), 09/22/24 (c)	100,242			98,953
				465,284
Industrials 0.6%
	Gol LuxCo S.A.
		1st Lien Term Loan, 6.50%, 08/18/20 (e)	165,000			166,650
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.90%, (3M LIBOR + 3.50%), 03/13/26 (c)	146,600			145,410
				312,060
Utilities 0.4%
	Calpine Corporation
		Term Loan B5, 4.83%, (3M LIBOR + 2.50%), 05/23/22 (c)	149,223			148,330
	PG&E Corp
		DIP Term Loan, 4.69%, (3M LIBOR + 2.25%), 12/31/20 (c)	75,000			75,187
				223,517
Financials 0.3%
	Blackstone CQP Holdco LP
		Term Loan B, 5.89%, (3M LIBOR + 3.50%), 05/29/24 (c)	85,766			85,852
	UFC Holdings, LLC
		2019 Term Loan, 5.66%, (3M LIBOR + 3.25%), 04/25/26 (c)	96,266			96,008
				181,860
Consumer Staples 0.2%
	JBS USA Lux S.A.
		2019 Term Loan B, 4.90%, (3M LIBOR + 2.50%), 04/27/26 (c)	93,715			93,481
Information Technology 0.1%
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 6.15%, (3M LIBOR + 3.75%), 09/12/25 (c)	65,670			63,638
	Total Senior Loan Interests (cost $4,227,543)			4,196,615
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.5%
	American Airlines, Inc.
		Series 2013-B-2, 5.60%, 07/15/20 (a)	152,212			155,027
		Series 2013-A-2, 4.95%, 01/15/23	25,530			26,782
		Series 2016-AA-2, 3.20%, 06/15/28	158,737			160,801
	American Tower Trust
		Series 2013-A-2, 3.07%, 03/15/23 (a)	338,000			339,274
	Ascentium Equipment Receivables Trust
		Series 2017-A2-2A, 2.00%, 05/11/20 (a)	29,202			29,178
		Series 2018-A2-1A, 2.92%, 12/10/20 (a)	44,674			44,763
		Series 2017-A3-2A, 2.31%, 12/10/21 (a)	113,000			113,100

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

42

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

				Shares/Par1		Value ($)
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21 (a)		171,163			171,510
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23 (a)		56,250			56,247
	CSMC Trust
		Series 2017-A3-HL2, 3.50%, 09/25/24 (a) (c)		118,009			119,807
	Dell Equipment Finance Trust
		Series 2018-A2A-1, 2.97%, 10/22/20 (a)		73,354			73,542
		Series 2017-A3-2, 2.19%, 10/24/22 (a)		155,000			154,837
	Engs Commercial Finance Trust
		Series 2018-A1-1A, 2.97%, 02/22/21 (a)		33,664			33,722
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22 (a)		125,835			126,340
	GLS Auto Receivables Trust
		Series 2019-A-1A, 3.37%, 03/15/21 (a)		129,125			129,798
		Series 2018-A-3A, 3.35%, 08/15/22 (a)		51,997			52,272
	GM Financial Automobile Leasing Trust
		Series 2018-A3-1, 2.61%, 01/20/21		250,000			250,298
	GreatAmerica Financial Services Corporation
		Series 2019-A2-1, 2.97%, 09/15/20 (a)		138,000			138,633
		Series 2018-A3-1, 2.60%, 06/15/21 (a)		125,000			125,378
		Series 2018-A4-1, 2.83%, 06/17/24 (a)		100,000			101,040
	GS Mortgage Securities Corp Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22 (a)		392,000			404,741
	Hilton Grand Vacations Inc.
		Series 2017-A-AA, 2.66%, 08/25/23 (a)		143,569			144,227
	MVW Owner Trust
		Series 2017-A-1A, 2.42%, 12/20/34 (a)		119,427			119,566
	United Airlines, Inc.
		Series 2012-A-2, 4.00%, 10/29/24		100,574			104,939
	United Auto Credit Securitization Trust
		Series 2018-A-2, 2.89%, 03/10/21 (a)		18,318			18,325
	Volvo Financial Equipment LLC
		Series 2019-A2-1A, 2.90%, 11/15/21 (a)		112,000			112,532
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, 3.92%, 06/17/27 (c)		125,000			129,887
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,370,214)				3,436,566
INVESTMENT COMPANIES 1.0%
	SPDR Bloomberg Barclays High Yield Bond ETF			4,966			540,996
	Total Investment Companies (cost $525,561)				540,996
COMMON STOCKS 0.2%
Energy 0.2%
	Chaparral Energy, Inc. (h)			117			551
	Chaparral Energy, Inc. - Class A (h)			12,574			59,224
	Denbury Resources Inc. (h)			26,197			32,484
					92,259
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (h)			5,897			27,834
	iHeartMedia, Inc. (e) (f) (h)			229,000			—
	iHeartMedia, Inc. - Class A (f) (h)			284			4,274
					32,108
	Total Common Stocks (cost $399,393)				124,367
WARRANTS 0.1%
	iHeartMedia, Inc. (f) (h) (n)			2,133			32,102
	Total Warrants (cost $39,382)				32,102
OTHER EQUITY INTERESTS 0.0%
	Quicksilver Resources Inc. Escrow (e) (f) (h) (o)			2,309,000			—
	Quicksilver Resources Inc. Escrow (e) (f) (h) (o)			291,000			—
	T-Mobile USA Inc. Escrow (e) (f) (h) (o)			54,000			—
	T-Mobile USA Inc. Escrow (e) (h) (o)			77,000			—
	Total Other Equity Interests (cost $0)				—
			Shares/Par1			Value ($)
SHORT TERM INVESTMENTS 4.0%
Investment Companies 2.5%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.32% (p)			1,310,905			1,310,906
Securities Lending Collateral 1.5%
	State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (p)			827,878			827,878
	Total Short Term Investments (cost $2,138,784)				2,138,784
Total Investments 100.9% (cost $52,137,563)							53,497,987
Other Derivative Instruments (0.0)%							(165)
Other Assets and Liabilities, Net (0.9)%							(478,791)
Total Net Assets 100.0%							53,019,031

(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 PPM Funds' Board of Trustees. As of June 30, 2019, the value and the percentage of net assets of these liquid securities was $19,683,447 and 37.1% of the fund.

(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, 2019. 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)Convertible security.

(e)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the PPM Funds' 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)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees.

(g)All or a portion of the security was on loan as of June 30, 2019.

(h)Non-income producing security.

(i)As of June 30, 2019, 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)Security is restricted to resale to institutional investors. See the table of Restricted Securities below.

(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)All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2019, the total payable for investments purchased on a delayed delivery basis was $240,142.

(m)This senior loan will settle after June 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(n)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the PPM Funds' 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)Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(p)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2019.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

43

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Samarco Mineracao S/A, 0.00%, 11/01/22	06/30/18	80,155	84,234	0.2

Unfunded Commitments

	Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
PG&E Corp. – DIP Delayed Draw Term Loan	24.875	188
	24,875	188

PPM Strategic Income Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 10 Year Ultra Bond	14	September 2019		1,896,497	438			37,253
United States 2 Year Note	1	October 2019		213,962	(41)			1,216
United States 5 Year Note	9	October 2019		1,055,716	—			7,691
United States Long Bond	10	September 2019		1,523,567	(1,250)			32,370
					(853)			78,530
Short Contracts
United States 10 Year Note	(50)	September 2019		(6,303,905)	(1,562)			(94,533)
United States Ultra Bond	(12)	September 2019		(2,079,522)	2,250			(51,227)
					688			(145,760)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

44

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

		Shares/Par1		Value ($)
PPM Large Cap Value Fund
COMMON STOCKS 99.3%
Financials 24.1%
	Bank of America Corporation	5,700		165,300
	Citigroup Inc.	2,500		175,075
	Hartford Financial Services Group Inc.	3,600		200,592
	Huntington Bancshares Inc.	8,500		117,470
	JPMorgan Chase & Co.	1,450		162,110
	Lincoln National Corp.	2,200		141,790
	Morgan Stanley	3,400		148,954
	PNC Financial Services Group Inc.	700		96,096
	Synovus Financial Corp.	3,800		133,000
	The Allstate Corporation	1,600		162,704
	The Goldman Sachs Group, Inc.	700		143,220
	Wells Fargo & Co.	3,100		146,692
			1,793,003
Health Care 16.1%
	AbbVie Inc.	2,300		167,256
	Cigna Corp.	1,200		189,060
	CVS Health Corp.	2,800		152,572
	Gilead Sciences Inc.	2,900		195,924
	McKesson Corporation	1,400		188,146
	Merck & Co., Inc.	1,200		100,620
	Pfizer Inc.	4,700		203,604
			1,197,182
Information Technology 14.0%
	Ads Alliance Data Systems Inc.	750		105,098
	Apple Inc.	900		178,128
	Avnet, Inc.	2,800		126,756
	Cisco Systems, Inc.	2,400		131,352
	Intel Corp.	1,600		76,592
	International Business Machines Corp.	500		68,950
	Leidos Holdings Inc.	2,000		159,700
	Microsoft Corp.	900		120,564
	Nuance Communications, Inc. (a)	4,400		70,268
			1,037,408
Consumer Discretionary 9.4%
	Best Buy Co., Inc.	1,000		69,730
	Foot Locker Inc.	2,000		83,840
	General Motors Company	4,900		188,797
	Macy's, Inc.	4,000		85,840
	Newell Brands Inc.	7,400		114,108
	Royal Caribbean Cruises Ltd.	1,300		157,573
			699,888
		Shares/Par1		Value ($)
Industrials 8.7%
	Caterpillar Inc.	1,100		149,919
	Delta Air Lines Inc.	2,900		164,575
	Spirit Aerosystems Holdings Inc. - Class A	1,800		146,466
	Terex Corp.	2,300		72,220
	Textron Inc.	2,200		116,688
			649,868
Energy 8.4%
	Apache Corporation	5,700		165,129
	Chevron Corp.	1,600		199,104
	Halliburton Co.	6,000		136,440
	National Oilwell Varco Inc.	2,800		62,244
	Occidental Petroleum Corp.	1,300		65,364
			628,281
Communication Services 7.2%
	AT&T Inc.	5,900		197,709
	Comcast Corporation - Class A	3,500		147,980
	Viacom Inc. - Class B	6,400		191,168
			536,857
Consumer Staples 4.9%
	Altria Group, Inc.	2,600		123,110
	Archer-Daniels-Midland Company	3,500		142,800
	Campbell Soup Co.	2,400		96,168
			362,078
Utilities 3.3%
	The AES Corporation	7,200		120,672
	Vistra Energy Corp.	5,400		122,256
			242,928
Materials 3.2%
	Berry Global Group, Inc. (a)	2,300		120,957
	Nucor Corp.	2,100		115,710
			236,667
	Total Common Stocks (cost $7,650,985)		7,384,160
SHORT TERM INVESTMENTS 0.6%
Investment Companies 0.6%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.32% (b)	42,618		42,618
	Total Short Term Investments (cost $42,618)		42,618
Total Investments 99.9% (cost $7,693,603)				7,426,778
Other Assets and Liabilities, Net 0.1%				10,800
Total Net Assets 100.0%				7,437,578

(a)Non-income producing security.

(b)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2019.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

45

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

		Shares/Par1		Value ($)
PPM Mid Cap Value Fund
COMMON STOCKS 99.7%
Financials 23.6%
	American Financial Group, Inc.	1,300		133,211
	Hartford Financial Services Group Inc.	2,500		139,300
	Home Bancshares Inc.	4,600		88,596
	Huntington Bancshares Inc.	10,300		142,346
	Janus Henderson Group PLC	6,300		134,820
	Lincoln National Corp.	1,300		83,785
	Reinsurance Group of America Inc.	900		140,427
	Sterling Bancorp	2,700		57,456
	Synovus Financial Corp.	3,900		136,500
	TCF Financial Corp.	6,600		137,214
	The Allstate Corporation	1,100		111,859
			1,305,514
Consumer Discretionary 14.5%
	American Axle & Manufacturing Holdings, Inc. (a)	11,500		146,740
	Best Buy Co., Inc.	1,000		69,730
	Foot Locker Inc.	2,000		83,840
	Helen of Troy Ltd (a)	850		111,001
	Macy's, Inc.	2,500		53,650
	Newell Brands Inc.	6,500		100,230
	Penske Automotive Group, Inc.	1,700		80,410
	Royal Caribbean Cruises Ltd.	1,175		142,422
	Tupperware Brands Corp.	800		15,224
			803,247
Information Technology 11.9%
	Avnet, Inc.	1,900		86,013
	Belden Inc.	1,600		95,312
	CACI International Inc. - Class A (a)	350		71,607
	Leidos Holdings Inc.	1,050		83,842
	Nuance Communications, Inc. (a)	3,400		54,298
	Semtech Corp. (a)	2,000		96,100
	Teradata Corporation (a)	1,400		50,190
	Teradyne Inc.	1,200		57,492
	Western Digital Corp.	1,400		66,570
			661,424
Industrials 11.9%
	Delta Air Lines Inc.	2,000		113,500
	Kennametal Inc.	3,900		144,261
	Spirit Aerosystems Holdings Inc. - Class A	1,600		130,192
	Terex Corp.	4,300		135,020
	Textron Inc.	2,600		137,904
			660,877
Materials 8.6%
	Allegheny Technologies Incorporated (a)	2,100		52,920
		Shares/Par1		Value ($)
	Berry Global Group, Inc. (a)	1,500		78,885
	Huntsman Corp.	4,200		85,848
	Nucor Corp.	900		49,590
	Reliance Steel & Aluminum Co.	1,300		123,006
	Steel Dynamics Inc.	2,800		84,560
			474,809
Health Care 6.9%
	Cigna Corp.	575		90,591
	Magellan Health Services Inc. (a)	1,300		96,499
	McKesson Corporation	1,000		134,390
	Mednax, Inc. (a)	2,400		60,552
			382,032
Utilities 6.2%
	PNM Resources, Inc.	2,500		127,275
	The AES Corporation	6,200		103,912
	Vistra Energy Corp.	5,000		113,200
			344,387
Energy 5.3%
	Apache Corporation	1,600		46,352
	National Oilwell Varco Inc.	2,100		46,683
	Patterson-UTI Energy Inc.	4,800		55,248
	PBF Energy Inc. - Class A	4,600		143,980
			292,263
Communication Services 4.5%
	Meredith Corp.	2,000		110,120
	Viacom Inc. - Class B	4,700		140,389
			250,509
Consumer Staples 4.4%
	Campbell Soup Co.	2,800		112,196
	Ingredion Inc.	1,600		131,984
			244,180
Real Estate 1.9%
	Regency Centers Corp.	1,550		103,447
	Total Common Stocks (cost $5,718,097)		5,522,689
SHORT TERM INVESTMENTS 0.2%
Investment Companies 0.2%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.32% (b)	13,580		13,580
	Total Short Term Investments (cost $13,580)		13,580
Total Investments 99.9% (cost $5,731,677)				5,536,269
Other Assets and Liabilities, Net 0.1%				3,394
Total Net Assets 100.0%				5,539,663

(a)Non-income producing security.

(b)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2019.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

46

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

		Shares/Par1		Value ($)
PPM Small Cap Value Fund
COMMON STOCKS 99.3%
Financials 19.9%
	Axos Financial, Inc. (a)	8,800		239,800
	Banc of California, Inc.	14,100		196,977
	Cadence Bancorporation - Class A	10,700		222,560
	Home Bancshares Inc.	10,200		196,452
	Independent Bank Corp.	3,200		243,680
	Janus Henderson Group PLC	9,000		192,600
	Renasant Corporation	6,700		240,798
	Sterling Bancorp	8,500		180,880
	TCF Financial Corp.	11,700		243,243
			1,956,990
Industrials 17.8%
	Aerojet Rocketdyne Holdings, Inc. (a)	3,300		147,741
	Apogee Enterprises, Inc.	5,300		230,232
	GATX Corp.	3,100		245,799
	Kennametal Inc.	6,800		251,532
	SkyWest Inc.	4,000		242,680
	Steelcase Inc. - Class A	6,100		104,310
	Terex Corp.	7,800		244,920
	Triumph Group Inc.	12,700		290,830
			1,758,044
Information Technology 16.3%
	Belden Inc.	4,000		238,280
	Benchmark Electronics, Inc.	4,000		100,480
	CACI International Inc. - Class A (a)	1,150		235,279
	CSG Systems International Inc.	3,200		156,256
	Electronics for Imaging Inc. (a)	3,100		114,421
	Photronics Inc. (a)	10,000		82,000
	Semtech Corp. (a)	4,000		192,200
	SYNNEX Corporation	1,700		167,280
	Teradata Corporation (a)	2,100		75,285
	Teradyne Inc.	2,100		100,611
	Verint Systems Inc. (a)	2,700		145,206
			1,607,298
Consumer Discretionary 14.7%
	American Axle & Manufacturing Holdings, Inc. (a)	21,000		267,960
	Helen of Troy Ltd (a)	1,800		235,062
	Party City Holdco Inc. (a) (b)	20,000		146,600
	Penske Automotive Group, Inc.	5,500		260,150
	Skechers U.S.A. Inc. - Class A (a)	6,700		210,983
	Tower International Inc.	12,500		243,750
	Tupperware Brands Corp.	4,400		83,732
			1,448,237
Energy 7.5%
	Diamond Offshore Drilling, Inc. (a) (b)	11,500		102,005
		Shares/Par1		Value ($)
	Helix Energy Solutions Group, Inc. (a)	24,600		212,298
	Patterson-UTI Energy Inc.	15,200		174,952
	PBF Energy Inc. - Class A	8,000		250,400
			739,655
Health Care 6.6%
	Integer Holdings Corporation (a)	2,400		201,408
	Magellan Health Services Inc. (a)	3,500		259,805
	Mednax, Inc. (a)	6,000		151,380
	Owens & Minor Inc.	12,600		40,320
			652,913
Materials 5.2%
	Allegheny Technologies Incorporated (a)	8,500		214,200
	Olin Corp.	8,800		192,808
	Reliance Steel & Aluminum Co.	1,100		104,082
			511,090
Consumer Staples 3.3%
	Cott Corporation (c)	17,700		236,295
	Ingredion Inc.	1,100		90,739
			327,034
Real Estate 3.1%
	DiamondRock Hospitality Co.	9,200		95,128
	Kite Realty Naperville, LLC	14,000		211,820
			306,948
Communication Services 2.5%
	Meredith Corp.	4,400		242,264
Utilities 2.4%
	PNM Resources, Inc.	4,600		234,186
	Total Common Stocks (cost $10,401,876)		9,784,659
SHORT TERM INVESTMENTS 1.3%
Securities Lending Collateral 1.0%
	State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (d)	100,625		100,625
Investment Companies 0.3%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.32% (d)	28,058		28,058
	Total Short Term Investments (cost $128,683)		128,683
Total Investments 100.6% (cost $10,530,559)				9,913,342
Other Assets and Liabilities, Net (0.6)%				(58,457)
Total Net Assets 100.0%				9,854,885

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of June 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2019.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

47

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

Important Disclosuresand Glossary

Before investing,investorsshouldcarefully read the prospectus and/or summaryprospectus and consider the investment objectives, risk,charges and expenses. For thisand morecomplete informationabout the Funds,investors may obtain a prospectus or summary prospectusby calling1-844-446-4PPM (1-844-446-4776)or by visiting www.ppmamerica.com/ppmfunds/.

Mutualfund investinginvolvesrisk. The valueof yourinvestmentin a Fund could go down as well asup. Investinginthebondmarket issubject tocertainrisksincluding market,credit,interestrateand liquidity.Investmentsinasset-backed securitiesincluding residential mortgage-backed securities,commercial mortgage-backed securities, asset-backedsecuritiesandother structured finance investments, are subject todeclinesin prepaymentactivityduring timesof rising interest rates, which maylengthen the durationofthe security. Investmentsinderivativescan behighlyvolatile, and thegainsorlossesfromderivativescan be substantiallygreater than those that wouldhaveoccurred if a Fund hadnotused such instruments. Additionally, a Fund’suse ofderivative instrumentsmayinvolve risksdifferentfrom,orpossiblygreater than, the risks associated with investingdirectlyin securitiesandothermoretraditional investmentsincluding leverage, liquidity, interest rate, market, counterpartyand credit risk. Investmentsinequitysecuritiesgenerallyhavegreater price volatilitythan fixed-income securities. Asa resultof suchfactorsas a company’sbusinessperformance,investorperceptions, stockmarkettrendsandgeneral economicconditions, the price ofequityorequity-related securitieswill fluctuate and can declineand reducethe valueof a portfolioinvesting inequityor equity-related securities.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 49

48

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2019

Currency Abbreviations:

EUR - European Currency Unit (Euro)

GBP - British Pound

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

U.S. or US - United States

¹Par and notional amounts are listed in USD unless otherwise noted. Options are quoted in number of contracts or notional. 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.

³If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the referenced obligation agreement and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁴The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁵The 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.

⁶If 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.

See accompanying Notes to Financial Statements.

49

PPMFunds

Statements of Assets and Liabilities (Unaudited)

June 30, 2019

		PPM Core Plus Fixed Income Fund		PPM Credit Fund		PPM Floating Rate Income Fund			PPM High Yield Core Fund			PPM Long Short Credit Fund
Assets
Investments - unaffiliated, at value		$	55,913,876	$	54,367,542	$	52,761,813		$	55,475,152		$	56,713,514
Variation margin on futures			63		3,563		—			125			2,568
Cash			—		—		231,348			—			—
Receivable from:
	Investment securities sold		390,729		49,275		773,883			426,584			430,131
	Fund shares sold		115,999		133,940		177,996			202,331			156,632
	Dividends and interest		336,855		508,581		110,002			722,466			388,132
	Adviser		6,909		6,815		4,714			4,687			2,539
	Deposits with brokers and counterparties		47,221		59,007		5,489			32,382			201,471
Other assets			10,955		10,754		15,016			10,790			12,127
Total assets			56,822,607		55,139,477		54,080,261			56,874,517			57,907,114
Liabilities
Cash overdraft			109,192		89,120		—			192,426			48,137
Foreign currency overdraft			17		—		—			—			—
Securities sold short, at value			—		—		—			—			5,150,654
Variation margin on futures			3,299		5,852		95			644			1,938
Variation margin on swap agreements			239		—		—			—			1,791
Payable for:
	Investment securities purchased		2,450,903		507,722		2,067,515			1,136,684			1,143,246
	Return of securities loaned		42,640		437,060		162,943			2,262,375			—
	Dividends/interest on securities sold short		—		—		—			—			72,673
	Interest expense and brokerage charges		—		—		—			—			3,988
	Advisory fees		17,639		19,696		23,361			22,527			21,004
	Administrative fees		4,410		4,377		4,247			4,096			4,201
	Dividends		9,073		10,291		13,716			14,943			9,861
	Chief compliance officer fees		2,101		2,071		2,075			2,084			2,050
	Other expenses		5,635		5,535		5,561			5,565			5,600
Total liabilities			2,645,148		1,081,724		2,279,513			3,641,344			6,465,143
Net assets		$	54,177,459	$	54,057,753	$	51,800,748		$	53,233,173		$	51,441,971
Net assets consist of:
Paid-in capital		$	51,951,309	$	51,607,319	$	53,054,061		$	53,427,323		$	52,394,138
Total distributable earnings (loss)			2,226,150		2,450,434		(1,253,313	)		(194,150	)		(952,167	)
Net assets		$	54,177,459	$	54,057,753	$	51,800,748		$	53,233,173		$	51,441,971
Net assets - Institutional Class		$	54,177,459	$	54,057,753	$	51,800,748		$	53,233,173		$	51,441,971
Shares outstanding - Institutional Class			5,195,798		5,161,873		5,335,660			5,350,731			5,246,764
Net asset value per share - Institutional Class		$	10.43	$	10.47	$	9.71		$	9.95		$	9.80
Investments - unaffiliated, at cost		$	53,927,060	$	51,819,127	$	53,662,808		$	54,544,235		$	55,861,477
Proceeds from securities sold short			—		—		—			—			4,795,710
Securities on loan included in
	investments - unaffiliated, at value		41,905		431,182		160,054			2,226,413			—

See accompanying Notes to Financial Statements.

50

PPMFunds

Statements of Assets and Liabilities (Unaudited)

June 30, 2019

		PPM Strategic Income Fund		PPM Large Cap Value Fund			PPM Mid Cap Value Fund			PPM Small Cap Value Fund
Assets
Investments - unaffiliated, at value		$	53,497,987	$	7,426,778		$	5,536,269		$	9,913,342
Variation margin on futures			2,688		—			—			—
Cash			150,377		—			—			1,334
Foreign currency			480,385		—			—			—
Receivable from:
	Investment securities sold		353,408		—			110,059			135,929
	Fund shares sold		147,025		—			—			—
	Dividends and interest		477,063		13,883			11,557			8,049
	Adviser		4,654		1,000			715			946
	Deposits with brokers and counterparties		65,912		—			—			—
Other assets			11,353		1,081			882			1,634
Total assets			55,190,852		7,442,742			5,659,482			10,061,234
Liabilities
Variation margin on futures			2,853		—			—			—
Payable for:
	Investment securities purchased		1,295,803		—			115,410			97,305
	Return of securities loaned		827,878		—			—			100,625
	Interest expense and brokerage charges		712		—			—			—
	Advisory fees		21,548		3,587			3,069			6,186
	Administrative fees		4,309		598			438			773
	Dividends		11,109		—			—			—
	Chief compliance officer fees		2,071		263			217			402
	Other expenses		5,538		716			685			1,058
Total liabilities			2,171,821		5,164			119,819			206,349
Net assets		$	53,019,031	$	7,437,578		$	5,539,663		$	9,854,885
Net assets consist of:
Paid-in capital		$	52,144,856	$	7,735,143		$	6,045,816		$	10,850,124
Total distributable earnings (loss)			874,175		(297,565	)		(506,153	)		(995,239	)
Net assets		$	53,019,031	$	7,437,578		$	5,539,663		$	9,854,885
Net assets - Institutional Class		$	53,019,031	$	7,437,578		$	5,539,663		$	9,854,885
Shares outstanding - Institutional Class			5,217,463		780,872			611,832			1,065,521
Net asset value per share - Institutional Class		$	10.16	$	9.52		$	9.05		$	9.25
Investments - unaffiliated, at cost		$	52,137,563	$	7,693,603		$	5,731,677		$	10,530,559
Foreign currency cost			490,097		—			—			—
Securities on loan included in
	investments - unaffiliated, at value		814,771		—			—			233,945

See accompanying Notes to Financial Statements.

51

PPMFunds

Statements of Operations (Unaudited)

For the Period Ended June 30, 2019

		PPM Core Plus Fixed Income Fund			PPM Credit Fund			PPM Floating Rate Income Fund			PPM High Yield Core Fund			PPM Long Short Credit Fund
Investment income
Dividends		$	17,425		$	9,287		$	28,506		$	72,002		$	65,918
Interest			948,626			1,064,938			1,420,629			1,522,468			1,191,085
Securities lending			790			3,343			1,388			21,929			—
Total investment income			966,841			1,077,568			1,450,523			1,616,399			1,257,003
Expenses
Advisory fees			103,152			114,633			139,291			140,454			125,291
Administrative fees			25,788			25,474			25,325			25,537			25,058
Legal fees			7,345			7,232			7,270			7,276			7,183
Transfer agent fees			7,103			7,015			7,068			7,041			6,983
Board of trustee fees			9,974			9,820			9,869			9,876			9,753
Chief compliance officer fees			7,226			7,114			7,153			7,157			7,068
Registration and filing fees			4,753			4,675			4,705			4,696			4,654
Dividends/interest on securities sold short			—			—			—			—			93,291
Net short holdings borrowing fees			—			—			—			—			23,237
Other expenses			3,126			3,123			2,960			2,973			2,680
Total expenses			168,467			179,086			203,641			205,010			305,198
Expense waiver			(39,487	)		(38,920	)		(26,333	)		(26,182	)		(13,231	)
Net expenses			128,980			140,166			177,308			178,828			291,967
Net investment income (loss)			837,861			937,402			1,273,215			1,437,571			965,036
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments - unaffiliated		285,061			230,354			(223,449	)		(801,998	)		104,670
	Securities sold short		—			—			—			—			(63,652	)
	Futures		98,227			(155,655	)		(38,740	)		(228,685	)		(977,915	)
	Swap agreements		(436	)		—			—			—			(48,394	)
Net change in unrealized appreciation
	(depreciation) on:
	Investments - unaffiliated		2,599,329			3,848,702			1,743,048			4,582,454			2,882,089
	Investment securities sold short		—			—			—			—			(419,846	)
	Foreign currency		(17	)		—			—			—			—
	Futures		(23,990	)		15,188			6,666			32,000			173,949
	Swap agreements		5,909			—			—			—			(49,165	)
Net realized and unrealized gain (loss)			2,964,083			3,938,589			1,487,525			3,583,771			1,601,736
Change in net assets from operations		$	3,801,944		$	4,875,991		$	2,760,740		$	5,021,342		$	2,566,772

See accompanying Notes to Financial Statements.

52

PPMFunds

Statements of Operations (Unaudited)

For the Period Ended June 30, 2019

		PPM Strategic Income Fund			PPM Large Cap Value Fund			PPM Mid Cap Value Fund			PPM Small Cap Value Fund
Investment income
Dividends		$	32,588		$	97,586		$	62,583		$	85,119
Foreign taxes withheld			—			—			—			(274	)
Interest			1,214,333			—			—			—
Securities lending			7,290			12			66			250
Total investment income			1,254,211			97,598			62,649			85,095
Expenses
Advisory fees			126,867			20,209			18,439			38,016
Administrative fees			25,373			3,368			2,634			4,752
Legal fees			7,239			907			751			1,390
Transfer agent fees			7,017			2,611			2,508			2,946
Board of trustee fees			9,827			1,229			1,017			1,878
Chief compliance officer fees			7,121			891			738			1,365
Registration and filing fees			4,679			577			476			874
Dividends/interest on securities sold short			11,225			—			—			—
Net short holdings borrowing fees			2,541			—			—			—
Other expenses			3,155			368			305			564
Total expenses			205,044			30,160			26,868			51,785
Expense waiver			(26,096	)		(4,885	)		(3,147	)		(4,229	)
Net expenses			178,948			25,275			23,721			47,556
Net investment income (loss)			1,075,263			72,323			38,928			37,539
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments - unaffiliated		40,939			(99,485	)		(293,667	)		(361,949	)
	Securities sold short		(41,477	)		—			—			—
	Foreign currency		(2,529	)		—			—			—
	Futures		(281,729	)		—			—			—
	Swap agreements		6,310			—			—			—
Net change in unrealized appreciation
	(depreciation) on:
	Investments - unaffiliated		3,323,198			683,539			838,970			1,602,100
	Investment securities sold short		(6,451	)		—			—			—
	Foreign currency		(9,885	)		—			—			—
	Futures		40,182			—			—			—
	Swap agreements		16,934			—			—			—
Net realized and unrealized gain (loss)			3,085,492			584,054			545,303			1,240,151
Change in net assets from operations		$	4,160,755		$	656,377		$	584,231		$	1,277,690

See accompanying Notes to Financial Statements.

53

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Period Ended June 30, 2019

		PPM Core Plus Fixed Income Fund			PPM Credit Fund			PPM Floating Rate Income Fund			PPM High Yield Core Fund			PPM Long Short Credit Fund
Operations
Net investment income (loss)		$	837,861		$	937,402		$	1,273,215		$	1,437,571		$	965,036
Net realized gain (loss)			382,852			74,699			(262,189	)		(1,030,683	)		(985,291	)
Net change in unrealized appreciation
	(depreciation)		2,581,231			3,863,890			1,749,714			4,614,454			2,587,027
Change in net assets from operations			3,801,944			4,875,991			2,760,740			5,021,342			2,566,772
Distributions to shareholders
From distributable earnings
	Institutional Class		(821,528	)		(916,409	)		(1,281,993	)		(1,407,266	)		(928,604	)
Total distributions to shareholders			(821,528	)		(916,409	)		(1,281,993	)		(1,407,266	)		(928,604	)
Share transactions1
Proceeds from the sale of shares
	Institutional Class		362,585			362,585			363,021			362,587			362,585
Reinvestment of distributions
	Institutional Class		699,671			780,516			1,091,833			1,198,533			928,604
Cost of shares redeemed
	Institutional Class		(63,323	)		(63,391	)		(62,010	)		(62,672	)		(61,641	)
Change in net assets from
	share transactions		998,933			1,079,710			1,392,844			1,498,448			1,229,548
Change in net assets			3,979,349			5,039,292			2,871,591			5,112,524			2,867,716
Net assets beginning of period			50,198,110			49,018,461			48,929,157			48,120,649			48,574,255
Net assets end of period		$	54,177,459		$	54,057,753		$	51,800,748		$	53,233,173		$	51,441,971
1Share transactions
Shares sold
	Institutional Class		35,743			35,879			37,367			36,845			37,066
Reinvestment of distributions
	Institutional Class		68,723			76,859			112,284			121,963			94,932
Shares redeemed
	Institutional Class		(6,235	)		(6,258	)		(6,363	)		(6,351	)		(6,290	)
Change in shares
	Institutional Class		98,231			106,480			143,288			152,457			125,708
Purchases and sales of long term
	investments
Purchase of securities		$	14,820,001		$	20,165,889		$	13,828,191		$	23,500,273		$	21,201,335
Purchase of U.S. government securities			7,525,041	(a)		9,465,619			—			—			—
Total purchases		$	22,345,042		$	29,631,508		$	13,828,191		$	23,500,273		$	21,201,335
Proceeds from sales of securities		$	16,359,829		$	18,222,300		$	14,403,005		$	22,668,883		$	20,474,246
Proceeds from sales of U.S. government
	securities		6,053,329	(a)		9,921,411			—			—			—
Total proceeds from sales		$	22,413,158		$	28,143,711		$	14,403,005		$	22,668,883		$	20,474,246
Securities sold short covers		$	—		$	—		$	—		$	—		$	1,015,549
Securities sold short proceeds		$	—		$	—		$	—		$	—		$	2,854,154

(a) Amounts exclude $1,160,965 and $92,098 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

54

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Period Ended June 30, 2019

		PPM Strategic Income Fund			PPM Large Cap Value Fund			PPM Mid Cap Value Fund			PPM Small Cap Value Fund
Operations
Net investment income (loss)		$	1,075,263		$	72,323		$	38,928		$	37,539
Net realized gain (loss)			(278,486	)		(99,485	)		(293,667	)		(361,949	)
Net change in unrealized appreciation
	(depreciation)		3,363,978			683,539			838,970			1,602,100
Change in net assets from operations			4,160,755			656,377			584,231			1,277,690
Distributions to shareholders
From distributable earnings
	Institutional Class		(1,043,354	)		—			—			—
Total distributions to shareholders			(1,043,354	)		—			—			—
Share transactions1
Proceeds from the sale of shares
	Institutional Class		363,021			1,305,829			435,277			445,277
Reinvestment of distributions
	Institutional Class		888,600			—			—			—
Cost of shares redeemed
	Institutional Class		(62,926	)		(217,357	)		(70,256	)		(71,291	)
Change in net assets from
	share transactions		1,188,695			1,088,472			365,021			373,986
Change in net assets			4,306,096			1,744,849			949,252			1,651,676
Net assets beginning of period			48,712,935			5,692,729			4,590,411			8,203,209
Net assets end of period		$	53,019,031		$	7,437,578		$	5,539,663		$	9,854,885
1Share transactions
Shares sold
	Institutional Class		36,401			136,177			47,351			47,555
Reinvestment of distributions
	Institutional Class		88,989			—			—			—
Shares redeemed
	Institutional Class		(6,299	)		(22,593	)		(7,631	)		(7,603	)
Change in shares
	Institutional Class		119,091			113,584			39,720			39,952
Purchases and sales of long term
	investments
Purchase of securities		$	19,712,346		$	2,050,182		$	1,648,495		$	2,492,140
Purchase of U.S. government securities			2,464,998			—			—			—
Total purchases		$	22,177,344		$	2,050,182		$	1,648,495		$	2,492,140
Proceeds from sales of securities		$	20,902,421		$	898,430		$	1,236,133		$	2,130,420
Proceeds from sales of U.S. government
	securities		889,807			—			—			—
Total proceeds from sales		$	21,792,228		$	898,430		$	1,236,133		$	2,130,420
Securities sold short covers		$	664,620		$	—		$	—		$	—
Securities sold short proceeds		$	120,723		$	—		$	—		$	—

See accompanying Notes to Financial Statements.

55

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Year Ended December 31, 2018

			PPM Core Plus Fixed Income Fund(a)			PPM Credit Fund(a)			PPM Floating Rate Income Fund(b)			PPM High Yield Core Fund(a)			PPM Long Short Credit Fund(a)
Operations
Net investment income (loss)			$	762,912		$	865,562		$	1,331,490		$	1,290,044		$	840,161
Net realized gain (loss)				(181,153	)		(117,258	)		(55,152	)		24,299			(39,987	)
Net change in unrealized appreciation
	(depreciation)			(560,344	)		(1,317,633	)		(2,659,709	)		(3,727,070	)		(2,370,301	)
Change in net assets from operations				21,415			(569,329	)		(1,383,371	)		(2,412,727	)		(1,570,127	)
Distributions to shareholders
From distributable earnings
	Institutional Class			(789,149	)		(949,736	)		(1,348,828	)		(1,412,909	)		(1,039,348	)
Total distributions to shareholders				(789,149	)		(949,736	)		(1,348,828	)		(1,412,909	)		(1,039,348	)
Share transactions1
Proceeds from the sale of shares
	Institutional Class			50,282,086			49,708,470			90,407,643			50,724,773			50,133,382
Reinvestment of distributions
	Institutional Class			671,758			818,056			1,186,479			1,210,512			1,039,348
Cost of shares redeemed
	Institutional Class			—			—			(39,943,766	)		—			—
Change in net assets from
	share transactions			50,953,844			50,526,526			51,650,356			51,935,285			51,172,730
Change in net assets				50,186,110			49,007,461			48,918,157			48,109,649			48,563,255
Net assets beginning of year				12,000			11,000			11,000			11,000			11,000
Net assets end of year			$	50,198,110		$	49,018,461		$	48,929,157		$	48,120,649		$	48,574,255
1Share transactions
Shares sold
	Institutional Class			5,029,490			4,972,032			9,109,027			5,073,616			5,013,379
Reinvestment of distributions
	Institutional Class			68,077			83,361			121,148			124,658			106,576
Shares redeemed
	Institutional Class			—			—			(4,038,803	)		—			—
Change in shares
	Institutional Class			5,097,567			5,055,393			5,191,372			5,198,274			5,119,955
(a)		Period from commencement of operations July 16, 2018.
(b)		Period from commencement of operations May 1, 2018.

See accompanying Notes to Financial Statements.

56

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Year Ended December 31, 2018

		PPM Strategic Income Fund(a)			PPM Large Cap Value Fund(b)			PPM Mid Cap Value Fund(b)			PPM Small Cap Value Fund(b)
Operations
Net investment income (loss)		$	2,693,930		$	82,389		$	49,753		$	36,923
Net realized gain (loss)			(191,290	)		58,923			50,256			174,490
Net change in unrealized appreciation
	(depreciation)		(5,348,730	)		(950,364	)		(1,034,378	)		(2,219,317	)
Change in net assets from operations			(2,846,090	)		(809,052	)		(934,369	)		(2,007,904	)
Distributions to shareholders
From distributable earnings
	Institutional Class		(1,247,974	)		(145,178	)		(156,015	)		(268,510	)
Total distributions to shareholders			(1,247,974	)		(145,178	)		(156,015	)		(268,510	)
Share transactions1
Proceeds from the sale of shares
	Institutional Class		407,642			6,491,339			5,513,780			15,533,780
Reinvestment of distributions
	Institutional Class		1,070,823			144,620			156,015			229,843
Cost of shares redeemed
	Institutional Class		(70,000,000	)		—			—			(5,295,000	)
Change in net assets from
	share transactions		(68,521,535	)		6,635,959			5,669,795			10,468,623
Change in net assets			(72,615,599	)		5,681,729			4,579,411			8,192,209
Net assets beginning of year			121,328,534			11,000			11,000			11,000
Net assets end of year		$	48,712,935		$	5,692,729		$	4,590,411		$	8,203,209
1Share transactions
Shares sold
	Institutional Class		40,724			649,134			552,537			1,495,594
Reinvestment of distributions
	Institutional Class		109,000			17,054			19,575			28,875
Shares redeemed
	Institutional Class		(6,971,159	)		—			—			(500,000	)
Change in shares
	Institutional Class		(6,821,435	)		666,188			572,112			1,024,469

(a)

PPM Strategic Income Fund commenced operations on July 2, 2018. Prior to the open of business on July 2, 2018, PPM Strategic Income Fund acquired JNL/PPM Strategic Income Fund. JNL/PPM Strategic Income Fund is considered the accounting survivor for financial reporting purposes, and as a result, the Statement of Changes in Net Assets includes activity for the period January 1, 2018 through July 1, 2018. Shares redeemed amount has been restated to give effect to the impact of the exchange of shares due to PPM Strategic Income Fund’s acquisition of JNL/PPM America Strategic Income Fund.

(b)

Period from commencement of operations May 1, 2018.

See accompanying Notes to Financial Statements.

57

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($)		Total return(%)	Net assets,end of period (in thousands)($)	Portfolio turnover (%)(c)		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
06/30/19		9.85		0.16		0.56		0.72		(0.14)	—	10.43		7.56	54,177	42	(d)	0.50		0.65		3.25
12/31/18	*	10.00		0.15		(0.14)		0.01		(0.16)	—	9.85		0.07	50,198	25	(d)	0.50		0.78		3.30
PPM Credit Fund
Institutional Class
06/30/19		9.70		0.18		0.74		0.92		(0.15)	—	10.47		9.86	54,058	56		0.55		0.70		3.68
12/31/18	*	10.00		0.17		(0.28)		(0.11)		(0.18)	(0.01)	9.70		(1.11)	49,018	37		0.55		0.83		3.79
PPM Floating Rate Income Fund
Institutional Class
06/30/19		9.42		0.24		0.26		0.50		(0.21)	—	9.71		5.69	51,801	28		0.70		0.80		5.03
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
06/30/19		9.26		0.27		0.65		0.92		(0.23)	—	9.95		10.41	53,233	46		0.70		0.80		5.63
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
06/30/19		9.49		0.19		0.30		0.49		(0.18)	—	9.80		5.18	51,442	39		1.17	(e)	1.22	(e)	3.85
12/31/18	*	10.00		0.17		(0.47)		(0.30)		(0.17)	(0.04)	9.49		(3.08)	48,574	38		0.97	(e)	1.14	(e)	3.64
PPM Strategic Income Fund
Institutional Class
06/30/19		9.55		0.21		0.57		0.78		(0.17)	—	10.16		8.56	53,019	43		0.71	(e)	0.81	(e)	4.24
12/31/18	*	10.18	(g)	0.41	(g)	(0.79)	(g)	(0.38)	(g)	(0.22)	(0.03)	9.55		(3.76)	48,713	76	(f)	0.72	(e)	0.80	(e)	4.08
12/31/17		9.53	(g)	0.38	(g)	0.27	(g)	0.65	(g)	—	—	10.18	(g)	6.78	121,318	67	(f)	—		0.76		3.84
12/31/16		8.63	(g)	0.36	(g)	0.54	(g)	0.90	(g)	—	—	9.53	(g)	10.40	113,634	83	(f)	—		0.75		3.98
12/31/15		8.98	(g)	0.39	(g)	(0.74)	(g)	(0.35)	(g)	—	—	8.63	(g)	(3.92)	102,890	76	(f)	—		0.75		4.30
12/31/14		8.76	(g)	0.37	(g)	(0.15)	(g)	0.22	(g)	—	—	8.98	(g)	2.49	107,074	81	(f)	—		0.75		4.12
PPM Large Cap Value Fund
Institutional Class
06/30/19		8.53		0.10		0.89		0.99		—	—	9.52		11.61	7,438	14		0.75		0.90		2.15
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
06/30/19		8.02		0.07		0.96		1.03		—	—	9.05		12.84	5,540	24		0.90		1.02		1.48
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
06/30/19		8.00		0.04		1.21		1.25		—	—	9.25		15.63	9,855	23		1.00		1.09		0.79
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 Credit Fund, PPM High Yield Core Fund and PPM Long Short Credit Fund. PPM Strategic Income Fund commenced operations on July 2, 2018. Prior to the open of business on July 2, 2018, PPM Strategic Income Fund acquired JNL/PPM America Strategic Income Fund, the sole series of JNL Strategic Income Fund LLC.
(a)	Annualized for periods less than one year.
(b)	Calculated using the average shares method.
(c)	Portfolio turnover is not annualized for periods of less than one year. Dollar roll transactions are excluded for purposes of calculating portfolio turnover.
(d)	Portfolio turnover including dollar roll transactions for PPM Core Plus Fixed Income Fund was 31% in 2018 and 42% in 2019.
(e)	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, 2019 (%)		December 31, 2018 (%)
PPM Long Short Credit Fund
Institutional Class – Net expenses / Total expenses 1			0.70/0.75		0.70/0.87
PPM Strategic Income Fund
Institutional Class – Net expenses / Total expenses 1			0.65/0.75		0.72/0.80
1 Fund contractually waives a portion of advisory fees.
(f)	Portfolio turnover including dollar roll transactions for PPM Strategic Income Fund was 115%, 106%, 101%, 67% and 77% in 2014, 2015, 2016, 2017 and 2018, respectively.
(g)	Prior to the open of business on July 2, 2018, PPM Strategic Income Fund acquired JNL/PPM America Strategic Income Fund, the sole series of JNL Strategic Income Fund LLC. JNL/PPM America Strategic Income Fund is considered the accounting survivor for financial reporting purposes, and as a result, the per share activity has been retroactively restated to give effect to the impact of the exchange of shares.

See accompanying Notes to Financial Statements.

58

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2019

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 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 (collectively, the “Funds” and each individually a “Fund”): PPM Core Plus Fixed Income Fund, PPM Credit Fund, PPM Floating Rate Income Fund, PPM High Yield Core Fund, PPM Long Short Credit Fund, PPM Strategic Income Fund, PPM Large Cap Value Fund, PPM Mid Cap Value Fund and PPM Small Cap Value Fund. 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 Prudential plc, a publicly traded company incorporated in the United Kingdom. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America. Jackson National Asset Management LLC (“JNAM” or “Administrator”), an affiliate of PPM, serves as the administrator. JNAM is an indirect wholly-owned subsidiary of Jackson National Life Insurance Company^® (“Jackson”), a US-based financial services company, which in turn is an indirect, wholly-owned subsidiary of Prudential plc.

The initial shares of each Fund were sold to PPM at a net asset value of $10.00 per share (aggregate purchase amount of $100,000). As of June 30, 2019, PPM or affiliates under common ownership owned approximately 100% of the outstanding shares of beneficial interest in each of the Funds.

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). 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. Short-term securities maturing within sixty (60) days are valued at amortized cost, unless it is determined that such practice does not approximate market value. Debt securities are generally valued by independent pricing services approved by the Board. 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. Forward foreign currency contracts are generally valued at the foreign currency exchange rates as of the close of the NYSE. 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 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

59

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2019

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. Dividends from net investment income are declared daily and paid monthly for PPM Core Plus Fixed Income Fund, PPM Credit Fund, PPM Floating Rate Income Fund, PPM High Yield Core Fund, PPM Long Short Credit Fund and PPM Strategic Income 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. The amount and timing of distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

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. 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. In addition, certain of the Funds’ contracts with service providers contain general indemnification clauses. 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 will be 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 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Management has elected early adoption for the removal of the transfers between Level 1 and Level 2 disclosure and is currently evaluating the impact that the remainder of the ASU will have on the Funds’ financial statements.

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:

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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, ADRs and GDRs 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, 2019, by valuation level.

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Government And Agency Obligations	—		24,162,702		—	—	24,162,702
Corporate Bonds And Notes	—		23,454,899		142,015	—	23,596,914
Non-U.S. Government Agency Asset-Backed Securities	—		4,468,612		—	—	4,468,612
Senior Loan Interests3	—		1,002,787		—	—	1,002,787
Short Term Investments	2,682,992		—		—	—	2,682,992
	2,682,992		53,089,000		142,015	—	55,914,007
Assets - Investments in Other Financial Instruments2
Futures Contracts	85,341		—		—	—	85,341
	85,341		—		—	—	85,341
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(49,261	)	—		—	—	(49,261	)
Centrally Cleared Credit Default Swap Agreements	—		(2,123	)	—	—	(2,123	)
	(49,261	)	(2,123	)	—	—	(51,384	)
PPM Credit Fund
Assets - Securities
Corporate Bonds And Notes	—		46,964,965		120,976	—	47,085,941
Government And Agency Obligations	—		4,220,458		—	—	4,220,458
Non-U.S. Government Agency Asset-Backed Securities	—		1,703,094		—	—	1,703,094
Senior Loan Interests3	—		195,360		—	—	195,360
Short Term Investments	1,063,240		99,580		—	—	1,162,820
	1,063,240		53,183,457		120,976	—	54,367,673
Assets - Investments in Other Financial Instruments2
Futures Contracts	143,585		—		—	—	143,585
	143,585		—		—	—	143,585
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(145,874	)	—		—	—	(145,874	)
	(145,874	)	—		—	—	(145,874	)
PPM Floating Rate Income Fund
Assets - Securities
Senior Loan Interests3	—		47,324,992		958,370	—	48,283,362
Corporate Bonds And Notes	—		1,611,666		—	—	1,611,666
Warrants	—		10,580		—	—	10,580
Common Stocks	10,265		—		—	—	10,265
Short Term Investments	2,846,259		—		—	—	2,846,259
	2,856,524		48,947,238		958,370	—	52,762,132
Liabilities - Securities
Senior Loan Interests3	—		(470	)	—	—	(470	)
	—		(470	)	—	—	(470	)

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	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
PPM Floating Rate Income Fund (continued)
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(8,849	)	—		—	—	(8,849	)
	(8,849	)	—		—	—	(8,849	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		45,917,363		345,092	—	46,262,455
Senior Loan Interests3	—		2,993,055		103,770	—	3,096,825
Investment Companies	1,623,268		—		—	—	1,623,268
Common Stocks	237,161		—		—	—	237,161
Warrants	—		43,600		—	—	43,600
Short Term Investments	4,211,974		—		—	—	4,211,974
	6,072,403		48,954,018		448,862	—	55,475,283
Assets - Investments in Other Financial Instruments2
Futures Contracts	1,103		—		—	—	1,103
	1,103		—		—	—	1,103
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(44,767	)	—		—	—	(44,767	)
	(44,767	)	—		—	—	(44,767	)
PPM Long Short Credit Fund
Assets - Securities
Corporate Bonds And Notes	—		38,610,739		142,015	—	38,752,754
Senior Loan Interests3	—		10,154,115		112,548	—	10,266,663
Non-U.S. Government Agency Asset-Backed Securities	—		2,949,984		—	—	2,949,984
Investment Companies	1,346,809		—		—	—	1,346,809
Government And Agency Obligations	—		340,789		—	—	340,789
Common Stocks	75,578		—		—	—	75,578
Warrants	—		35,036		—	—	35,036
Short Term Investments	2,946,089		—		—	—	2,946,089
	4,368,476		52,090,663		254,563	—	56,713,702
Liabilities - Securities
Corporate Bonds And Notes	—		(5,150,654	)	—	—	(5,150,654	)
	—		(5,150,654	)	—	—	(5,150,654	)
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(264,635	)	—		—	—	(264,635	)
Centrally Cleared Credit Default Swap Agreements	—		(15,919	)	—	—	(15,919	)
	(264,635	)	(15,919	)	—	—	(280,554	)
PPM Strategic Income Fund
Assets - Securities
Corporate Bonds And Notes	—		38,414,151		142,015	—	38,556,166
Government And Agency Obligations	—		4,472,391		—	—	4,472,391
Senior Loan Interests3	—		3,917,605		279,198	—	4,196,803
Non-U.S. Government Agency Asset-Backed Securities	—		3,436,566		—	—	3,436,566
Investment Companies	540,996		—		—	—	540,996
Common Stocks	124,367		—		—	—	124,367
Warrants	—		32,102		—	—	32,102
Other Equity Interests	—		—		—	—	—
Short Term Investments	2,138,784		—		—	—	2,138,784
	2,804,147		50,272,815		421,213	—	53,498,175
Assets - Investments in Other Financial Instruments2
Futures Contracts	78,530		—		—	—	78,530
	78,530		—		—	—	78,530
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(145,760	)	—		—	—	(145,760	)
	(145,760	)	—		—	—	(145,760	)
PPM Large Cap Value Fund
Assets - Securities
Common Stocks	7,384,160		—		—	—	7,384,160
Short Term Investments	42,618		—		—	—	42,618
	7,426,778		—		—	—	7,426,778
PPM Mid Cap Value Fund
Assets - Securities
Common Stocks	5,522,689		—		—	—	5,522,689
Short Term Investments	13,580		—		—	—	13,580
	5,536,269		—		—	—	5,536,269
PPM Small Cap Value Fund
Assets - Securities
Common Stocks	9,784,659		—		—	—	9,784,659
Short Term Investments	128,683		—		—	—	128,683
	9,913,342		—		—	—	9,913,342

¹Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedules of Investments. Although there can be no assurance, in general, the fair value of the investment using the NAV per share practical expedient is the amount the owner of such investment might reasonably expect to receive in an orderly transaction

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between market participants upon its current sale. As of June 30, 2019, no investments were valued using the NAV per share practical expedient.

²Derivatives are reflected at the unrealized appreciation (depreciation) on the instrument.

³Unfunded commitments are not reflected in the Schedules of Investments. Net unrealized appreciation (depreciation) is reflected as an asset or liability in the table. See Unfunded Commitments in 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 period 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, 2019.

NOTE 4. SECURITIES AND OTHER INVESTMENTS

Securities Lending and Securities Lending Collateral. All Funds are approved to participate in agency based securities lending with the Custodian. Per the securities lending agreements, State Street is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Generally, cash and non-cash collateral received for the following types of securities on loan are as follows: US equities – 102%; US corporate fixed income – 102%; US government fixed income – 102%; international equities – 105%; international corporate fixed income – 105%; sovereign fixed income – 102%; and asset backed investments – 102%. Collateral requirements are evaluated at the close of each business day; any additional collateral required is generally delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. State Street has agreed to indemnify the Funds in the event of default by a third party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, in addition to lending fees and rebates negotiated with the borrower. The Funds bear the market risk with respect to the collateral investment and securities loaned. The Funds also bear the risk that State Street may default on its obligations to the Funds. Non-cash collateral may include US government securities; US government agencies’ debt securities; and US government-sponsored agencies’ debt securities and mortgage-backed securities. 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 - unaffiliated, at value on the Statements of Assets and Liabilities. The value of securities on loan is included in Investments - unaffiliated, 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 Agencies or Government Sponsored Enterprises. Certain Funds may invest in US government agencies or government sponsored enterprises. US government securities are obligations of, and in certain cases, guaranteed by, the US government, its agencies 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

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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 - unaffiliated 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 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

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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.

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.

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, 2019. 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, 2019.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, 2019.

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 as a substitute for investment in physical securities and to increase or decrease the Fund’s exposure to credit risk or hedge credit risk in a particular name, industry, or sector.

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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, 2019
Derivative instruments assets:
2	Variation margin on futures	—	—		—	—	63		63
Total derivative instruments assets		—	—		—	—	63		63
Derivative instruments liabilities:
2	Variation margin on futures	—	—		—	—	3,299		3,299
2	Variation margin on swap agreements	—	239		—	—	—		239
Total derivative instruments liabilities		—	239		—	—	3,299		3,538
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019
Net realized gain (loss) on:
	Futures	—	—		—	—	98,227		98,227
	Swap agreements	—	(436	)	—	—	—		(436	)
Net change in unrealized appreciation (depreciation) on:
	Futures	—	—		—	—	(23,990	)	(23,990	)
	Swap agreements	—	5,909		—	—	—		5,909

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	—	10,406,112	—	—	—	387,200	—

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, to 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, 2019
Derivative instruments assets:
2	Variation margin on futures	—	—		—	—	2,568		2,568
Total derivative instruments assets		—	—		—	—	2,568		2,568
Derivative instruments liabilities:
2	Variation margin on futures	—	—		—	—	1,938		1,938
2	Variation margin on swap agreements	—	1,791		—	—	—		1,791
Total derivative instruments liabilities		—	1,791		—	—	1,938		3,729
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019
Net realized gain (loss) on:
	Futures	—	—		—	—	(977,915	)	(977,915	)
	Swap agreements	—	(48,399	)	—	—	5		(48,394	)
Net change in unrealized appreciation (depreciation) on:
	Futures	—	—		—	—	173,949		173,949
	Swap agreements	—	(49,165	)	—	—	—		(49,165	)

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	—	22,022,256	—	—	—	4,561,429	—

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June 30, 2019

PPM Strategic Income Fund Derivative Strategies - The Fund entered into futures contracts and credit default swap agreements to hedge duration or to increase the Fund's exposure to interest rate or yield curve risk

PPM Strategic 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, 2019
Derivative instruments assets:
2	Variation margin on futures	—	—	—	—	2,688		2,688
Total derivative instruments assets		—	—	—	—	2,688		2,688
Derivative instruments liabilities:
2	Variation margin on futures	—	—	—	—	2,853		2,853
Total derivative instruments liabilities		—	—	—	—	2,853		2,853
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019
Net realized gain (loss) on:
	Futures	—	—	—	—	(281,729	)	(281,729	)
	Swap agreements	—	6,479	—	—	(169	)	6,310
Net change in unrealized appreciation (depreciation) on:
	Futures	—	—	—	—	40,182		40,182
	Swap agreements	—	16,934	—	—	—		16,934

PPM Strategic 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	—	14,470,306	—	—	—	211,429	—

¹ The derivative instruments outstanding as of June 30, 2019, 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, 2019, 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 held only one type of derivative during the period is as follows: PPM Credit Fund entered into futures contracts to hedge duration or to increase the Fund's exposure to interest rate or yield curve risk. PPM Floating Rate Income Fund and 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, 2019, 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, 2019, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds. For Funds which held only one type of derivative during the period, the average monthly derivative volume is as follows:

	Notional Value at Purchase of Futures Contracts ($)
PPM Credit Fund	15,632,176
PPM Floating Rate Income Fund	801,835
PPM High Yield Core Fund	4,127,200

Pledged Collateral. The following table summarizes cash and securities collateral pledged for the Funds at June 30, 2019:

		Futures Contracts	Swap Agreements
	Counterparties	Pledged or Segregated Cash($)	Pledged or Segregated Cash($)
PPM Credit Fund	MLP	59,007	—
PPM Floating Rate Income Fund	BOA	5,489	—
PPM Long Short Credit Fund	MLP	166,749	34,722

	Lending Agent/Prime Broker	Segregated Securities($)
PPM Long Short Credit Fund	MLP	8,641,879

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June 30, 2019

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, 2019. 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:

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.

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.

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.

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).

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.

Leverage Risk. Certain transactions, such as reverse repurchase agreements, futures, forwards, swaps, or other derivative instruments, include the use of leverage and may cause the 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 the Fund’s potential gains and losses in comparison to the amount of the Fund’s assets (that is, assets other than borrowed assets) at risk, which may cause the Fund’s portfolio to be more volatile. If the Fund uses leverage, the Fund has the risk of capital losses that exceed the net assets of the Fund.

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.

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 or adverse investor sentiment, 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.

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June 30, 2019

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.

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, 0.45% of the average daily net assets of the PPM Credit 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, 0.50% of the average daily net assets of the PPM Strategic Income 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, 0.55% for the PPM Credit 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 Credit Fund, 0.65% for the PPM Strategic Income 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, 2020. 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, 2019.

NOTE 9. INCOME TAX MATTERS

Each Fund is treated as a separate tax payer for federal income tax purposes. Each Fund intends 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, 2018, 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 Core Plus Fixed Income Fund	42,054	26,709	68,763
PPM Floating Rate Income Fund	42,248	—	42,248

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June 30, 2019

At June 30, 2019, the following Funds treated as RICs had capital, currency and/or passive foreign investment company (“PFIC”) mark-to-market losses realized after October 31, 2018 (“Post-October losses”), which were deferred for tax purposes to the first day of the following fiscal year, January 1, 2019:

	Amount($)
PPM Core Plus Fixed Income Fund	60,991
PPM Credit Fund	197,203
PPM Floating Rate Income Fund	45,618
PPM High Yield Core Fund	156,803
PPM Long Short Credit Fund	661,290
PPM Strategic Income Fund	270,040
PPM Large Cap Value Fund	2,932
PPM Mid Cap Value Fund	53,047
PPM Small Cap Value Fund	26,645

As of June 30, 2019, 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		53,929,315	2,050,510	(65,949	)	1,984,561
PPM Credit Fund		51,830,914	2,676,625	(139,997	)	2,536,628
PPM Floating Rate Income Fund		53,662,808	67,153	(968,148	)	(900,995	)
PPM High Yield Core Fund		54,544,251	1,647,773	(716,872	)	930,901
PPM Long Short Credit Fund
	Long Investments	55,861,743	1,423,020	(571,249	)	851,771
	Short Investments	4,795,710	30,869	(385,813	)	(354,944	)
PPM Strategic Income Fund		52,149,182	1,945,664	(596,859	)	1,348,805
PPM Large Cap Value Fund		7,694,250	370,483	(637,955	)	(267,472	)
PPM Mid Cap Value Fund		5,735,224	275,243	(474,198	)	(198,955	)
PPM Small Cap Value Fund		10,557,526	594,901	(1,239,085	)	(644,184	)

As of June 30, 2019, the components of net unrealized appreciation (depreciation) for derivatives were as follows:

		Tax Cost/ Adjustment($)		Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
PPM Floating Rate Income Fund
	Futures Contracts	(8,849	)	—	—		—
PPM Core Plus Fixed Income Fund
	Futures Contracts	36,080		—	—		—
	Swap Agreements	(8,141	)	—	(2,552	)	(2,552	)
PPM Credit Fund
	Futures Contracts	(2,289	)	—	—		—
PPM High Yield Core Fund
	Futures Contracts	(43,664	)	—	—		—
PPM Long Short Credit Fund
	Futures Contracts	(264,635	)	—	—		—
	Swap Agreements	(61,064	)	—	(19,140	)	(19,140	)
PPM Strategic Income Fund
	Futures Contracts	(67,230	)	—	—		—

The tax character of distributions paid during the Funds’ fiscal year ended December 31, 2018 was as follows:

	Net Ordinary Income*($)	Long-term Capital Gain($)	Return of Capital($)
PPM Core Plus Fixed Income Fund	789,149	—	—
PPM Credit Fund	885,316	64,420	—
PPM Floating Rate Income Fund	1,348,828	—	—
PPM High Yield Core Fund	1,360,524	52,385	—
PPM Long Short Credit Fund	931,733	107,615	—
PPM Strategic Income Fund	1,190,745	57,229	—
PPM Large Cap Value Fund	145,178	—	—
PPM Mid Cap Value Fund	155,959	56	—
PPM Small Cap Value Fund	267,927	583	—

* 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

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June 30, 2019

management evaluate the tax positions taken in returns 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, 2019.

NOTE 10. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Funds through the date the financial statements are issued and the following events occurred:

On July 24, 2019, the Board approved Plans of Liquidation of PPM Credit Fund and PPM Strategic Income Fund. As of August 1, 2019, PPM Credit Fund

and PPM Strategic Income Fund no longer accepted new investments. Pursuant to the Plans of Liquidation, PPM Credit Fund and PPM Strategic Income Fund expect to cease business on or around September 27, 2019.

No other events were noted that required adjustments to the financial statements or disclosure in the footnotes.

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Additional Disclosures(Unaudited)

June 30, 2019

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 01/01/19($)	Ending Account Value 06/30/19($)	Expenses Paid During Period($)†	Beginning Account Value 01/01/19($)	Ending Account Value 06/30/19($)	Expenses Paid During Period($)†
PPM Core Plus Fixed Income Fund
	Institutional Class	0.50	1,000.00	1,075.60	2.57	1,000.00	1,022.32	2.51
PPM Credit Fund
	Institutional Class	0.55	1,000.00	1,098.60	2.86	1,000.00	1,022.07	2.76
PPM Floating Rate Income Fund
	Institutional Class	0.70	1,000.00	1,056.90	3.57	1,000.00	1,021.32	3.51
PPM High Yield Core Fund
	Institutional Class	0.70	1,000.00	1,104.10	3.65	1,000.00	1,021.32	3.51
PPM Long Short Credit Fund
	Institutional Class	1.17	1,000.00	1,051.80	5.95	1,000.00	1,018.99	5.86
PPM Strategic Income Fund
	Institutional Class	0.71	1,000.00	1,085.60	3.67	1,000.00	1,021.27	3.56
PPM Large Cap Value Fund
	Institutional Class	0.75	1,000.00	1,116.10	3.94	1,000.00	1,021.08	3.76
PPM Mid Cap Value Fund
	Institutional Class	0.90	1,000.00	1,128.40	4.75	1,000.00	1,020.33	4.51
PPM Small Cap Value Fund
	Institutional Class	1.00	1,000.00	1,156.30	5.35	1,000.00	1,019.84	5.01

† 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 181/365 (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 on Form N-Q. The Funds' Forms N-Q are available on the SEC’s website at www.sec.gov. The Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. It 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, 2019, 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.

72

PPM FUNDS

SUPPLEMENT DATED JUNE 5, 2019 TO

THE PROSPECTUS DATED APRIL 30, 2019

PPM Core Plus Fixed Income Fund PPM High Yield Core Fund PPM Long Short Credit Fund PPM Strategic Income Fund (each, a “Fund,” and collectively, the “Funds”) PKPIX PKHIX PKLIX PKSIX

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.

Effective May 31, 2019, in the section entitled “Fund Summaries” of the Prospectus, the Portfolio Managers table related to each Fund under “Portfolio Management” is deleted and replaced in its entirety with the following.

PPM Core Plus Fixed Income Fund

Portfolio Managers	Title	Length of Service
Michael Kennedy, CFA	Senior Managing Director	Since Inception
Erica Lankfer, CFA	Managing Director	Since Inception

PPM High Yield Core Fund

Portfolio Managers	Title	Length of Service
Adam Spielman	Senior Managing Director, Head of Leveraged Credit	Since June 2018
Karl Petrovich	Managing Director	Since Inception
John Broz	Vice President	Since May 2019

PPM Long Short Credit Fund

Portfolio Managers	Title	Length of Service
Michael Kennedy, CFA	Senior Managing Director	Since Inception
Erica Lankfer, CFA	Managing Director	Since May 2019

PPM Strategic Income Fund

Portfolio Managers	Title	Length of Service
Michael Kennedy, CFA	Senior Managing Director	Since Inception
Erica Lankfer, CFA	Managing Director	Since May 2019

PPM FUNDS

SUPPLEMENT DATED AUGUST 2, 2019 TO

THE PROSPECTUS

DATED APRIL 30, 2019, AS SUPPLEMENTED

JUNE 5, 2019, JULY 8, 2019, AND JULY 24, 2019

PPM Core Plus Fixed Income Fund PPM Credit Fund PPM Long Short Credit Fund PPM Strategic Income Fund (each, a “Fund,” and collectively, the “Funds”) PKPIX PKDIX PKLIX PKSIX

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.

The following changes are being made to the Prospectus, effective August 2, 2019:

In the section entitled “Fund Summaries,” all information related to Erica Lankfer in the Portfolio Managers table for each Fund is deleted in its entirety.

PPMFunds

PrivacyPolicy

Your Privacyis Importantto PPM Funds (“PPM”or the “Funds”)

PPM recognizes customerprivacy as afundamental aspect ofourrelationship with clients.We are committed toprotecting theinformation you provide to us and to maintaining its confidentiality.PPM does not sell or disclose yourinformation to anyone except as requiredby law, described in this policy, or as you otherwise permit.

The Information WeMayCollect

As apartof our mission to be indispensable to ourclients, and inconnectionwith PPM providing you products andservices, you may be required to provideus withcertain personal information.Wemay collect this information from thefollowing sources:

· account applications, otherforms and materials,

· through your inquiries by mail, email or telephone

·onourwebsite through theuseof “cookies,”which is described further on ourwebsite

The information wecollect and share willdepend on your client relationship withPPM.If you are investing in yourindividual capacity, the types of information we may collect could include your Social Security Number or Tax IdentificationNumber, bank account information, transaction history, account balances andassets.If you areanemployee/officer/director, etc. ofan institutional client, we may collect your name and contact details, your title and areaofresponsibility, and certain other identifying information required by law or regulation which may include your date of birthand Social Security Number.

The Information WeMayShare

PPM may share your personal information when necessary:

· to complete transactions you authorize orrequest

·to administer,operate, andmanage youraccount

·to contact you, or

·to facilitate legal, regulatory or other requirements

We may share your information with non-affiliated third party companies that perform support services for your account orthe Funds such as printingand mailingof prospectuses, reports, accountstatements and other information.These partiesare subject to agreements that require them to maintain the confidentiality ofyour information and to use it only in thecourse of providing suchservices.We will also share information about you if you direct us to doso or with your consent,if wearecompelled by lawto doso,or inother circumstances as permitted by law (for example, to protect your accountfrom fraud).

We may alsoshare your personal information with certain ofour affiliates in connectionwith servicing your account.Eachofour affiliates has policies and procedures in place to protect the confidentiality of your information and is not permittedto share yourinformation with non-affiliated entities, except as required or permitted by law.

Safeguarding Your Personal Information

PPM restricts access to personal information to authorized employees and in some cases to third parties as permitted bylaw.In addition to the requirements in this policy, we maintain strict physical, electronic and procedural safeguards thatcomply with federal standards to guard your nonpublic personal information.We adhere to these standards even after anaccount is closed or becomes inactive.

225 West Wacker Dr., Suite 1200

Chicago, IL 60606

312-634-2500

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 during the registrant’s second fiscal quarter of 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.
(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:	August 30, 2019

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:	August 30, 2019
By:	/s/ Daniel W. Koors
	Daniel W. Koors
	Principal Financial Officer
Date:	August 30, 2019

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.