N-CSRS

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)

Andrew Tedeschi

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, 2021 – June 30, 2021

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 (Unaudited)

June 30, 2021

PPM Funds including:PPM Core Plus Fixed Income Fund (PKPIX) and PPM High Yield Core Fund (PKHIX)

Schedules of Investments	3
Statements of Assets and Liabilities	17
Statements of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	21
Notes to Financial Statements	22
Additional Disclosures	32
PPM Funds Results of Special Meetings of Shareholders	33
PPM Funds Liquidity Narrative for Shareholders	35
Privacy Policy	36

PPMFunds

June 30, 2021 (Unaudited)

Important Disclosures and Glossary

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

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

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

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

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

The Bloomberg Barclays US Aggregate Bond Index provides a broad measure of US investment grade, USD-denominated fixed rate bonds. It includes Treasuries, government-rated issues, corporate bonds, MBS, CMBS and ABS securities.

The ICE BofA US High Yield Constrained Index provides a measure of below investment grade bonds, is constructed based on the ICE BofAML US High Yield Index and imposes a 2% issuer cap. The ICE BofAML US High Yield Index provides a broad measure of below investment grade, USD-denominated fixed rate corporate debt. It includes corporate bonds with risk exposures to countries that are members of the FX-G10, Western Europe or territories of the US and Western Europe.

2

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2021

			Shares/Par1		Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 48.2%
Financials 15.4%
	AerCap Ireland Capital Designated Activity Company
		4.50%, 09/15/23	150,000		160,959
		6.50%, 07/15/25	50,000		58,626
	Ares Capital Corporation
		2.88%, 06/15/28	110,000		111,559
	Avolon Holdings Funding Limited
		5.25%, 05/15/24 (a)	158,000		173,730
	Bank of America Corporation
		6.30%, (100, 03/10/26) (b)	45,000		51,926
		4.00%, 01/22/25	46,000		50,441
		4.25%, 10/22/26	165,000		186,223
		3.56%, 04/23/27	115,000		125,907
		1.73%, 07/22/27	287,000		289,371
		3.25%, 10/21/27	27,000		29,286
		3.59%, 07/21/28	150,000		165,127
		4.27%, 07/23/29	333,000		382,467
		2.68%, 06/19/41	65,000		63,262
	Barclays PLC
		3.56%, 09/23/35 (c)	295,000		307,437
	Berkshire Hathaway Finance Corporation
		2.85%, 10/15/50	123,000		122,622
	BNP Paribas
		2.59%, 08/12/35 (a) (c)	150,000		146,211
	Citigroup Inc.
		5.00%, (100, 09/12/24) (b)	83,000		86,996
		4.45%, 09/29/27	76,000		86,772
		3.52%, 10/27/28	131,000		143,527
	Credit Suisse Group AG
		5.25%, (100, 02/11/27) (a) (b)	200,000		211,551
		7.50%, (100, 12/11/23) (a) (b) (c)	150,000		166,313
		6.50%, 08/08/23 (a) (c)	250,000		276,551
	Deutsche Bank Aktiengesellschaft
		0.90%, 05/28/24 (c)	156,000		155,209
		3.73%, 01/14/32 (c)	100,000		101,914
		3.04%, 05/28/32 (c)	155,000		157,493
	F&G Global Funding
		1.75%, 06/30/26 (a)	120,000		120,304
	FS KKR Capital Corp.
		3.40%, 01/15/26	164,000		169,628
	GA Global Funding Trust
		1.00%, 04/08/24 (a)	80,000		80,185
	Glencore Funding LLC
		4.88%, 03/12/29 (a)	165,000		192,226
	HSBC Holdings PLC
		2.80%, 05/24/32	230,000		236,094
	Icahn Enterprises L.P.
		4.75%, 09/15/24	100,000		104,613
		6.25%, 05/15/26	69,000		73,199
	JPMorgan Chase & Co.
		2.01%, 03/13/26	132,000		136,245
		1.58%, 04/22/27	290,000		291,557
		3.78%, 02/01/28	55,000		61,075
		2.07%, 06/01/29	249,000		252,107
		2.74%, 10/15/30	185,000		193,722
		2.96%, 05/13/31	107,000		112,456
		1.95%, 02/04/32	165,000		160,452
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (b) (c)	109,000		126,440
		3.87%, 07/09/25 (c)	200,000		216,408
	LSEGA Financing PLC
		3.20%, 04/06/41 (a)	80,000		83,654
	Markel Corporation
		6.00%, (100, 06/01/25) (b)	78,000		87,158
	Morgan Stanley
		4.88%, 11/01/22	100,000		105,700
		1.59%, 05/04/27	190,000		191,309
		3.62%, 04/01/31	206,000		229,616
		2.80%, 01/25/52	70,000		68,892
	NatWest Group PLC
		3.07%, 05/22/28 (c)	200,000		210,314
		3.03%, 11/28/35 (c)	100,000		100,206
	Nordic Aviation Capital
		6.83%, 03/14/25 (d) (e) (f)	139,295		104,471
	Owl Rock Capital Corporation
		3.40%, 07/15/26	65,000		67,804
	Principal Life Global Funding II
		0.75%, 04/12/24 (a)	55,000		54,991
	Protective Life Global Funding
		1.62%, 04/15/26 (a)	73,000		74,017
	Rassman, Joel H.
		3.80%, 11/01/29 (g)	190,000		203,762
	The Charles Schwab Corporation
		4.00%, (100, 06/01/26) (b)	140,000		145,950
	The Goldman Sachs Group, Inc.
		3.50%, 04/01/25	82,000		88,933
		1.43%, 03/09/27	77,000		76,774
		3.80%, 03/15/30	211,000		237,044
		6.75%, 10/01/37	70,000		102,009
	The Guardian Life Insurance Company of America
		3.70%, 01/22/70 (a)	57,000		60,328
	Truist Financial Corporation
		4.95%, (100, 09/01/25) (b)	107,000		117,566
	Wells Fargo & Company
		2.41%, 10/30/25	53,000		55,452
	Westpac Banking Corporation
		2.67%, 11/15/35 (c)	71,000		69,621
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (a)	65,000		70,451
				8,944,213
Energy 6.0%
	Aker BP ASA
		3.75%, 01/15/30 (a)	155,000		166,956
	Cheniere Corpus Christi Holdings, LLC
		7.00%, 06/30/24	110,000		125,971
		5.88%, 03/31/25	54,000		61,949
	Cheniere Energy, Inc.
		4.63%, 10/15/28 (a)	85,000		89,670
		4.50%, 10/01/29	125,000		134,382
	Devon Energy Corporation
		5.88%, 06/15/28 (a)	39,000		43,417
		4.50%, 01/15/30 (a)	34,000		37,230
	Endeavor Energy Resources, L.P.
		5.50%, 01/30/26 (a)	14,000		14,536
		5.75%, 01/30/28 (a)	14,000		14,927
	Energy Transfer LP
		6.50%, (100, 08/15/26) (b)	110,000		112,168
		6.75%, (100, 05/15/25) (b)	102,000		102,536
		7.13%, (100, 05/15/30) (b)	119,000		122,852
		4.25%, 03/15/23	173,000		181,564
		3.75%, 05/15/30	142,000		154,379
		5.80%, 06/15/38	45,000		55,685
		6.25%, 04/15/49	40,000		52,601
	Enlink Midstream, LLC
		4.15%, 06/01/25	71,000		74,356
	EQM Midstream Partners, LP
		4.13%, 12/01/26	113,000		115,684
		4.50%, 01/15/29 (a)	49,000		49,862
	EQT Corporation
		3.13%, 05/15/26 (a)	10,000		10,245
	Lundin Energy Finance B.V.
		2.00%, 07/15/26 (a)	200,000		200,452
	NuStar Logistics, L.P.
		5.75%, 10/01/25	11,000		11,967
	Occidental Petroleum Corporation
		3.50%, 08/15/29	140,000		140,504
		4.30%, 08/15/39	20,000		19,258
		4.40%, 08/15/49	22,000		21,206
	Qatar Petroleum
		2.25%, 07/12/31 (a)	200,000		197,874
		3.13%, 07/12/41 (a)	200,000		199,262
	Rattler Midstream LP
		5.63%, 07/15/25 (a)	15,000		15,764

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

3

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2021

			Shares/Par1		Value ($)
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	300,000		338,734
		4.50%, 05/15/30	80,000		92,303
	Santos Finance Ltd
		3.65%, 04/29/31 (a)	153,000		156,646
	Targa Resource Corporation
		5.50%, 03/01/30	140,000		153,905
		4.88%, 02/01/31 (a)	56,000		60,606
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	14,500		14,639
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	49,000		49,244
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	96,250		97,173
				3,490,507
Consumer Discretionary 5.1%
	Adient US LLC
		9.00%, 04/15/25 (a)	38,000		41,817
	Amazon.com, Inc.
		2.10%, 05/12/31	115,000		116,936
		2.88%, 05/12/41	90,000		92,915
		3.10%, 05/12/51	85,000		89,352
	Booking Holdings Inc.
		4.63%, 04/13/30	180,000		215,327
	Carnival Corporation
		11.50%, 04/01/23 (a)	146,000		164,856
	Cedar Fair, L.P.
		5.50%, 05/01/25 (a)	83,000		86,785
	Ford Motor Company
		8.50%, 04/21/23	33,000		36,826
		9.00%, 04/22/25	67,000		82,562
	General Motors Company
		6.13%, 10/01/25	51,000		60,373
		6.80%, 10/01/27	39,000		49,098
	General Motors Financial Company, Inc.
		2.40%, 04/10/28	100,000		101,375
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		17,856
		5.30%, 01/15/29	100,000		116,899
	Hanesbrands Inc.
		5.38%, 05/15/25 (a)	152,000		160,872
	Hilton Domestic Operating Company Inc.
		5.38%, 05/01/25 (a)	33,000		34,757
		5.75%, 05/01/28 (a)	33,000		35,703
	Hyatt Hotels Corporation
		5.38%, 04/23/25 (h)	45,000		50,845
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	36,000		35,466
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43 (h)	11,000		14,185
	Macy's, Inc.
		8.38%, 06/15/25 (a)	85,000		93,590
	Marriott International, Inc.
		3.75%, 03/15/25	60,000		64,421
		5.75%, 05/01/25 (h)	55,000		63,508
	Mattel, Inc.
		3.38%, 04/01/26 (a)	63,000		65,311
	Meritage Homes Corporation
		3.88%, 04/15/29 (a)	80,000		82,786
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	35,026		38,564
	Newell Brands Inc.
		4.88%, 06/01/25	46,000		50,968
	NIKE, Inc.
		3.25%, 03/27/40	74,000		81,512
	NVR, Inc.
		3.00%, 05/15/30	134,000		141,843
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (a)	200,000		208,458
	Restaurant Brands International Limited Partnership
		3.50%, 02/15/29 (a)	35,000		34,595
	Ross Stores, Inc.
		4.60%, 04/15/25	219,000		247,200
		1.88%, 04/15/31	74,000		71,642
	Royal Caribbean Cruises Ltd.
		11.50%, 06/01/25 (a)	22,000		25,362
	The Home Depot, Inc.
		3.35%, 04/15/50	74,000		81,890
				2,956,455
Health Care 4.7%
	AbbVie Inc.
		3.20%, 11/21/29	135,000		146,609
		4.50%, 05/14/35	55,000		66,342
	Amgen Inc.
		3.15%, 02/21/40	64,000		66,503
	Ascension Health
		2.53%, 11/15/29	28,000		29,532
	Bausch Health Companies Inc.
		5.50%, 11/01/25 (a)	22,000		22,571
		8.50%, 01/31/27 (a)	21,000		22,825
		5.75%, 08/15/27 (a)	60,000		63,046
		4.88%, 06/01/28 (a)	24,000		24,544
	Baylor Scott & White Holdings
		2.84%, 11/15/50	54,000		54,180
	Bristol-Myers Squibb Company
		3.40%, 07/26/29	205,000		229,640
	Centene Corporation
		4.25%, 12/15/27	77,000		81,235
		4.63%, 12/15/29	120,000		132,056
		3.38%, 02/15/30	101,000		105,577
		3.00%, 10/15/30	173,000		177,911
	Cigna Holding Company
		3.40%, 03/01/27	114,000		125,093
		4.80%, 08/15/38	50,000		62,339
	CVS Health Corporation
		4.30%, 03/25/28	53,000		60,880
		4.78%, 03/25/38	250,000		307,771
	HCA Inc.
		5.38%, 02/01/25	100,000		112,794
	Indiana University Health, Inc.
		2.85%, 11/01/51	51,000		51,250
	Molina Healthcare, Inc.
		4.38%, 06/15/28 (a)	17,000		17,757
		3.88%, 11/15/30 (a)	19,000		19,776
	Mylan Inc
		5.20%, 04/15/48	23,000		28,320
	Providence St. Joseph Health
		2.53%, 10/01/29	67,000		70,302
	Royalty Pharma PLC
		3.30%, 09/02/40 (a)	91,000		91,488
	Smith & Nephew PLC
		2.03%, 10/14/30	60,000		58,790
	STERIS Irish FinCo Unlimited Company
		3.75%, 03/15/51	56,000		59,620
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (a)	140,000		145,020
	Trinity Healthcare Group Pte. Ltd.
		2.63%, 12/01/40	11,000		10,841
	Universal Health Services, Inc.
		2.65%, 10/15/30 (a)	50,000		50,379
	Upjohn Inc.
		3.85%, 06/22/40 (a)	204,000		217,738
				2,712,729
Communication Services 4.4%
	AT&T Inc.
		5.25%, 03/01/37	116,000		146,740
		4.90%, 08/15/37	16,000		19,777
		4.30%, 12/15/42	155,000		176,520
		3.10%, 02/01/43	131,000		128,374
	CCO Holdings, LLC
		4.75%, 03/01/30 (a)	295,000		311,721
	Charter Communications Operating, LLC
		4.91%, 07/23/25	140,000		158,621
		5.38%, 04/01/38	45,000		55,556
		6.83%, 10/23/55	51,000		75,155
	Comcast Corporation
		4.60%, 10/15/38	51,000		63,239
		3.75%, 04/01/40	35,000		39,518

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

4

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2021

			Shares/Par1		Value ($)
		3.40%, 07/15/46	50,000		53,675
	CSC Holdings, LLC
		6.50%, 02/01/29 (a)	100,000		110,739
	Hughes Satellite Systems Corporation
		5.25%, 08/01/26	71,000		79,698
	Live Nation Entertainment, Inc.
		6.50%, 05/15/27 (a)	60,000		66,586
	Sirius XM Radio Inc.
		5.50%, 07/01/29 (a)	47,000		51,206
	The Walt Disney Company
		4.63%, 03/23/40	80,000		101,476
	T-Mobile USA, Inc.
		2.63%, 04/15/26	306,000		312,888
	Verizon Communications Inc.
		2.10%, 03/22/28	175,000		178,507
		4.33%, 09/21/28	105,000		122,146
		2.55%, 03/21/31	74,000		75,750
		3.40%, 03/22/41	58,000		61,382
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	120,000		151,729
				2,541,003
Consumer Staples 3.2%
	Anheuser-Busch Companies, LLC
		4.70%, 02/01/36	200,000		245,295
	Archer-Daniels-Midland Company
		3.25%, 03/27/30	70,000		77,511
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (a)	128,000		133,445
	BAT Capital Corp.
		2.26%, 03/25/28	76,000		75,571
		4.91%, 04/02/30	50,000		57,463
		4.39%, 08/15/37	45,000		48,619
	Jaguar Holding Company II
		4.63%, 06/15/25 (a)	17,000		17,878
		5.00%, 06/15/28 (a)	17,000		18,422
	JBS Investments II GmbH
		7.00%, 01/15/26 (a)	200,000		212,018
	JBS USA Food Company
		6.50%, 04/15/29 (a)	84,000		94,716
		5.50%, 01/15/30 (a)	50,000		55,524
	Kraft Heinz Foods Company
		3.88%, 05/15/27	69,000		75,823
		4.63%, 10/01/39	20,000		23,315
	Mars, Incorporated
		2.38%, 07/16/40 (a)	60,000		57,798
		3.95%, 04/01/49 (a)	143,000		171,864
	Northwestern University
		2.64%, 12/01/50	38,000		37,710
	PepsiCo, Inc.
		3.38%, 07/29/49	55,000		61,808
	Reynolds American Inc.
		5.70%, 08/15/35	46,000		55,510
	Safeway Inc.
		3.50%, 02/15/23 (a)	100,000		102,780
	Walmart Inc.
		3.25%, 07/08/29	234,000		261,897
				1,884,967
Utilities 3.2%
	Ameren Illinois Company
		4.50%, 03/15/49	65,000		83,681
	Commonwealth Edison Company
		3.75%, 08/15/47	79,000		91,448
	Consolidated Edison Company of New York, Inc.
		3.95%, 04/01/50	57,000		64,826
	DPL Inc.
		4.13%, 07/01/25	102,000		109,360
	Duquesne Light Holdings, Inc.
		2.53%, 10/01/30 (a)	61,000		60,583
	Exelon Corporation
		5.10%, 06/15/45	75,000		98,421
	FirstEnergy Corp.
		4.40%, 07/15/27 (h) (i)	69,000		74,994
	Nevada Power Company
		3.70%, 05/01/29	140,000		157,658
	Oncor Electric Delivery Company LLC
		2.95%, 04/01/25	80,000		85,388
	Pacific Gas And Electric Company
		3.30%, 12/01/27	46,000		47,071
		4.50%, 07/01/40	181,000		181,174
	San Diego Gas & Electric Company
		1.70%, 10/01/30	72,000		69,599
	Southern California Edison Company
		4.13%, 03/01/48	46,000		49,175
		3.65%, 02/01/50	92,000		92,157
	Tampa Electric Company
		3.45%, 03/15/51	87,000		95,471
	The AES Corporation
		3.30%, 07/15/25 (a)	133,000		142,211
		2.45%, 01/15/31 (a)	59,000		58,354
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a)	71,000		75,054
		3.70%, 01/30/27 (a)	220,000		235,087
				1,871,712
Industrials 2.5%
	Aircastle Limited
		5.25%, 08/11/25 (a)	108,000		121,344
	American Airlines, Inc.
		5.50%, 04/20/26 (a)	31,000		32,911
		5.75%, 04/20/29 (a)	11,000		11,896
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	134,000		156,631
	General Electric Company
		3.45%, (3 Month USD LIBOR + 3.33%), (100, 09/15/21) (b) (j)	419,000		410,620
		3.45%, 05/01/27	31,000		34,101
		3.63%, 05/01/30	73,000		81,414
	Hillenbrand, Inc.
		5.00%, 09/15/26 (h) (i)	20,000		22,283
	Howmet Aerospace Inc.
		6.88%, 05/01/25	100,000		116,370
	Moog Inc.
		4.25%, 12/15/27 (a)	44,000		45,554
	Northrop Grumman Corporation
		4.40%, 05/01/30	46,000		54,379
	Prime Security Services Borrower, LLC
		3.38%, 08/31/27 (a)	57,000		55,296
	Siemens Financieringsmaatschappij N.V.
		2.15%, 03/11/31 (a)	165,000		166,759
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (a)	10,000		10,766
		4.75%, 10/20/28 (a)	16,000		17,806
	United Airlines Pass Through Trust
		4.38%, 04/15/26 (a)	52,000		53,832
		4.63%, 04/15/29 (a)	37,000		38,324
	United Rentals (North America), Inc.
		3.88%, 11/15/27	55,000		57,824
				1,488,110
Information Technology 1.9%
	Apple Inc.
		2.38%, 02/08/41	95,000		92,503
		2.65%, 02/08/51	102,000		100,064
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (a)	17,000		17,385
	Broadcom Inc.
		3.47%, 04/15/34 (a)	160,000		168,913
	Dell International L.L.C.
		5.85%, 07/15/25 (h)	6,000		7,042
		4.90%, 10/01/26 (h)	80,000		92,317
	Diamond Finance International Limited
		6.02%, 06/15/26	67,000		80,435
		8.35%, 07/15/46	100,000		163,560
	Microsoft Corporation
		2.68%, 06/01/60	15,000		14,839
		3.04%, 03/17/62	72,000		77,148
	Oracle Corporation
		2.88%, 03/25/31	186,000		193,543
		3.65%, 03/25/41	78,000		82,790
				1,090,539

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

5

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2021

			Shares/Par1		Value ($)
Materials 1.4%
	Anglo American Capital PLC
		4.88%, 05/14/25 (a)	30,000		33,914
	CEMEX S.A.B. de C.V.
		5.45%, 11/19/29 (a)	130,000		143,021
		5.20%, 09/17/30 (a)	75,000		82,315
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	61,000		64,373
		5.40%, 11/14/34	35,000		42,456
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (a)	110,000		111,111
	Mercer International Inc.
		5.13%, 02/01/29 (a)	26,000		26,740
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	130,000		137,419
		4.25%, 05/15/29 (a)	39,000		39,422
	Teck Resources Limited
		3.90%, 07/15/30	105,000		113,254
				794,025
Real Estate 0.4%
	Essential Properties, L.P.
		2.95%, 07/15/31	78,000		77,460
	Sun Communities Operating Limited Partnership
		2.70%, 07/15/31	87,000		87,221
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	55,000		57,172
				221,853
	Total Corporate Bonds And Notes (cost $26,534,090)			27,996,113
GOVERNMENT AND AGENCY OBLIGATIONS 40.7%
Mortgage-Backed Securities 23.6%
	Federal Home Loan Mortgage Corporation
		3.00%, 07/01/32 - 12/01/49	243,509		255,614
		2.00%, 12/01/35 - 04/01/51	418,742		427,742
		4.00%, 10/01/45 - 06/01/48	346,205		371,422
		3.50%, 01/01/46 - 04/01/50	743,536		787,277
		4.50%, 11/01/48	20,704		22,272
		2.50%, 05/01/50 - 07/01/50	233,986		242,108
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 09/01/50	1,952,720		2,047,700
		2.50%, 10/01/35 - 07/15/51 (k)	814,432		847,101
		1.50%, 11/01/35	80,359		81,332
		2.00%, 05/01/36 - 03/01/51	1,813,545		1,839,516
		TBA, 2.00%, 07/15/36 - 08/15/51 (k)	1,135,000		1,151,613
		3.50%, 10/01/46 - 04/01/48	366,719		388,320
		4.00%, 01/01/47 - 09/01/49	655,466		700,706
		4.50%, 05/01/47 - 12/01/48	491,803		533,134
		3.50%, 08/01/49 (k)	183,763		193,390
		2.50%, 04/01/50 - 05/01/51	779,348		806,324
		TBA, 1.50%, 07/15/51 (k)	475,000		465,801
	Government National Mortgage Association
		3.00%, 10/20/46 - 04/20/50	257,841		271,273
		3.50%, 05/20/47 - 01/20/50	607,048		642,584
		4.00%, 07/20/47	248,039		265,016
		4.50%, 12/20/48 - 02/20/49	113,038		121,104
		2.50%, 03/20/51	374,524		388,117
		TBA, 2.00%, 08/15/51 (k)	440,000		447,453
		TBA, 2.50%, 08/15/51 (k)	402,000		415,293
				13,712,212
U.S. Treasury Note 12.1%
	Treasury, United States Department of
		0.13%, 12/15/23	410,000		407,822
		1.50%, 10/31/24 - 08/15/26	1,506,000		1,552,219
		0.25%, 07/31/25	400,000		392,375
		2.25%, 11/15/25	980,000		1,042,475
		0.38%, 12/31/25	790,000		774,941
		0.75%, 04/30/26	382,000		380,030
		0.63%, 03/31/27	420,000		410,878
		1.25%, 06/30/28	1,105,000		1,106,727
		2.88%, 08/15/28	375,000		416,953
		0.88%, 11/15/30	521,000		495,520
				6,979,940
U.S. Treasury Bond 3.8%
	Treasury, United States Department of
		3.75%, 08/15/41	461,000		598,364
		3.13%, 11/15/41	316,000		376,336
		2.50%, 02/15/45 - 02/15/46	756,000		818,104
		3.00%, 02/15/48	317,000		377,626
		1.63%, 11/15/50	46,000		41,307
				2,211,737
Sovereign 0.5%
	Banco de la Republica Oriental del Uruguay
		4.38%, 01/23/31	81,934		95,453
	The Philippines, Government of
		3.20%, 07/06/46	200,000		200,338
				295,791
U.S. Government Agency Obligations 0.4%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (l)	229,000		216,723
Municipal 0.3%
	Dormitory Authority State of New York
		3.19%, 02/15/43	100,000		109,380
	The Port Authority of New York and New Jersey
		1.09%, 07/01/23	75,000		75,954
				185,334
	Total Government And Agency Obligations (cost $23,063,340)			23,601,737
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.9%
	Air Canada 2020-2 Class A Pass Through Trust
		Series 2020-A-2, 5.25%, 04/01/29	25,303		27,454
	Alaska Airlines 2020-1 Class A Pass Through Trust
		Series 2020-A-1, 4.80%, 08/15/27	90,316		99,969
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	157,400		159,368
	American Tower Trust #1
		Series 2013-A-2, 3.07%, 03/15/23	265,000		266,271
	AmeriCredit Automobile Receivables Trust 2020-3
		Series 2020-A2-3, 0.42%, 11/18/22	300,733		301,071
	Ascentium Equipment Receivables Trust
		Series 2017-A3-2A, 2.31%, 12/10/21	5,048		5,051
	Capital One Prime Auto Receivables Trust
		Series 2020-A2-1, 1.64%, 06/15/23	51,157		51,258
	CarMax Auto Owner Trust 2019-2
		Series 2019-A3-2, 2.68%, 12/15/22	229,580		233,219
	CCG Receivables Trust
		Series 2019-A2-2, 2.11%, 03/14/23	49,147		49,682
	CIM Trust
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (j)	184,686		187,803
	COMM Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	49,000		52,884
	DLL Financial Services
		Series 2021-A3-1A, 0.67%, 04/17/26	190,000		189,813
	First Investors Auto Owner Trust 2021-1
		Series 2021-A-1A, 0.45%, 12/15/23	149,660		149,830
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22	16,433		16,661
	GM Financial Automobile Leasing Trust 2020-1
		Series 2020-A3-1, 1.67%, 12/20/22	300,000		301,964
	GM Financial Automobile Leasing Trust 2020-3
		Series 2020-A2A-3, 0.35%, 02/20/22	121,641		121,767
	GM Financial Consumer Automobile Receivables Trust 2021-2
		Series 2021-A3-2, 0.51%, 10/16/24	101,000		101,153
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		181,862
	HPEFS Equipment Trust
		Series 2019-A3-1A, 2.21%, 09/20/29	73,430		73,643
	Hudson Yards Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		163,619
	Hyundai Auto Lease Securitization Trust 2021-B
		Series 2021-A3-B, 0.33%, 06/17/24	265,000		264,470
	Kubota Credit Owner Trust 2020-1
		Series 2021-A3-1A, 0.62%, 08/15/25	100,000		99,955

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

6

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2021

			Shares/Par1		Value ($)
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	201,074		204,611
	Mercedes-Benz Auto Lease Trust 2021-B
		Series 2021-A2-B, 0.22%, 01/16/24	349,000		348,909
	PSMC Trust
		Series 2018-A1-3, REMIC, 4.00%, 02/25/41 (j)	1,376		1,377
	Santander Retail Auto Lease Trust 2021-B
		Series 2021-A3-B, 0.71%, 08/20/24	101,000		100,763
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (j)	115,112		117,564
	Sprint Spectrum Co LLC
		Series 2016-A1-1, 3.36%, 09/20/21 (a)	12,500		12,507
	Toyota Auto Receivables Owner Trust
		Series 2018-A3-B, 2.96%, 07/15/21	39,066		39,219
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	45,469		47,970
		Series 2012-A-2, 4.00%, 10/29/24	40,652		42,786
	Verizon Owner Trust 2019-C
		Series 2019-A1A-C, 1.94%, 11/21/22	275,000		278,894
	Verizon Owner Trust 2020-B
		Series 2020-A-B, 0.47%, 02/20/25	149,000		149,398
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, REMIC, 3.92%, 06/17/27 (j)	57,000		62,396
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (j)	64,944		65,908
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,531,376)			4,571,069
SENIOR FLOATING RATE INSTRUMENTS 2.0%
Consumer Discretionary 0.7%
	Adient US LLC
		2021 Term Loan B, 3.59%, (1 Month USD LIBOR + 3.50%), 04/30/28 (j)	79,185		79,161
	Caesars Resort Collection, LLC
		2020 Term Loan B1, 4.59%, (1 Month USD LIBOR + 4.50%), 06/19/25 (j)	81,385		81,588
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 1.84%, (1 Month USD LIBOR + 1.75%), 08/29/25 (j)	100,000		98,375
	PCI Gaming Authority
		Term Loan, 2.59%, (1 Month USD LIBOR + 2.50%), 05/15/26 (j)	115,908		115,345
	UFC Holdings, LLC
		2021 Term Loan B, 3.75%, (6 Month USD LIBOR + 3.00%), 04/29/26 (j)	53,612		53,520
				427,989
Industrials 0.4%
	AAdvantage Loyalty IP Ltd.
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 03/10/28 (j)	21,000		21,877
	Berry Global, Inc.
		2021 Term Loan Z, 1.83%, (1 Month USD LIBOR + 1.75%), 07/01/26 (j)	116,168		115,212
	Cimpress Public Limited Company
		USD Term Loan B, 4.00%, (1 Month USD LIBOR + 3.50%), 04/29/28 (j)	36,302		36,151
	Genesee & Wyoming Inc.
		Term Loan, 2.20%, (3 Month USD LIBOR + 2.00%), 10/29/26 (j)	50,363		49,999
	Hertz Corporation, (The)
		2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 3.50%), 06/11/28 (j) (m)	10,753		10,740
		2021 Term Loan C, 0.00%, (3 Month USD LIBOR + 3.50%), 06/11/28 (j) (m)	2,027		2,024
	INEOS Styrolution US Holding LLC
		2021 USD Term Loan B, 3.25%, (1 Month USD LIBOR + 2.75%), 01/21/26 (j)	27,000		26,907
				262,910
Communication Services 0.4%
	CenturyLink, Inc.
		2020 Term Loan B, 2.34%, (3 Month USD LIBOR + 2.25%), 03/15/27 (j)	98,500		97,096
	CSC Holdings, LLC
		2017 Term Loan B1, 2.32%, (1 Month USD LIBOR + 2.25%), 07/15/25 (j)	43,308		42,659
	Diamond Sports Group, LLC
		Term Loan, 3.35%, (1 Month USD LIBOR + 3.25%), 08/24/26 (j)	33,405		20,006
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 2.59%, (1 Month USD LIBOR + 2.50%), 06/13/26 (j)	67,769		67,581
				227,342
Information Technology 0.2%
	Peraton Corp.
		Delayed Draw Term Loan B, 0.00%, (3 Month USD LIBOR + 3.75%), 02/01/28 (j) (m)	45,236		45,349
		Term Loan B, 4.50%, (1 Month USD LIBOR + 3.75%), 02/22/28 (j)	70,763		70,910
				116,259
Consumer Staples 0.2%
	JBS USA Lux S.A.
		2019 Term Loan B, 2.09%, (1 Month USD LIBOR + 2.00%), 04/27/26 (j)	93,635		93,293
Energy 0.1%
	Traverse Midstream Partners LLC
		2017 Term Loan, 6.50%, (3 Month USD LIBOR + 5.50%), 09/22/24 (j)	30,784		30,880
	Total Senior Floating Rate Instruments (cost $1,170,591)			1,158,673
SHORT TERM INVESTMENTS 8.3%
Investment Companies 8.1%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.02% (n)		4,683,358		4,683,358
Securities Lending Collateral 0.2%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.02% (n)		148,838		148,838
	Total Short Term Investments (cost $4,832,196)			4,832,196
Total Investments 107.1% (cost $60,131,593)					62,159,788
Other Derivative Instruments 0.0%					1,305
Other Assets and Liabilities, Net (7.1)%					(4,109,050)
Total Net Assets 100.0%					58,052,043

(a)Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2021, the value and the percentage of net assets of these securities was $8,394,639 and 14.5% of the Fund.

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

(c)Convertible security.

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

(e)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.

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

(g)All or a portion of the security was on loan as of June 30, 2021.

(h)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2021.

(i)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, 2021.

(j)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2021. 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

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

7

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2021

security’s offering documents.

(k)All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2021, the total payable for investments purchased on a delayed delivery basis was $3,519,913.

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

(m)This senior floating rate interest will settle after June 30, 2021. If a reference rate and spread is presented, it will go into effect upon settlement.

(n)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2021.

Composition as of June 30, 2021*:
Corporate Bonds and Notes	45.0	%
Government and Agency Obligations	38.0
Non-US Government Agency ABS	7.4
Senior Loan Interests	1.9
Short Term Investments	7.8
Total Investments	100.0	%

* Percentages are based on market values as of June 30, 2021 and differ from the percentages shown in the Schedules of Investments, which are based on net assets.

PPM Core Plus Fixed Income Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Nordic Aviation Capital, 6.83%, 03/14/25	10/01/19	139,295	104,471	0.2

PPM Core Plus Fixed Income Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 10 Year Note	35	September 2021		4,620,217	8,203			17,283
United States 2 Year Note	12	October 2021		2,648,264	281			(4,420)
United States 5 Year Note	44	October 2021		5,443,889	2,750			(12,983)
United States Long Bond	11	September 2021		1,733,144	7,355			35,106
					18,589			34,986
Short Contracts
United States 10 Year Ultra Bond	(33)	September 2021		(4,790,159)	(16,159)			(67,545)
United States Ultra Bond	(1)	September 2021		(191,578)	(1,125)			(1,109)
					(17,284)			(68,654)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

8

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2021

			Shares/Par1		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 91.1%
Communication Services 17.4%
	Advantage Sales & Marketing Inc.
		6.50%, 11/15/28 (a)	247,000		261,132
	Altice Financing S.A.
		5.00%, 01/15/28 (a)	102,000		100,377
	Altice France Holding S.A.
		5.13%, 07/15/29 (a)	202,000		204,308
	Altice France S.A.
		7.38%, 05/01/26 (a)	202,000		209,988
		6.00%, 02/15/28 (a)	84,000		83,498
	AMC Entertainment Holdings, Inc.
		12.00%, 06/15/26 (a) (b)	90,100		92,235
	Audacy Capital Corp.
		6.75%, 03/31/29 (a)	263,000		273,353
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	194,000		204,355
	CCO Holdings, LLC
		5.13%, 05/01/27 (a)	108,000		113,264
		5.00%, 02/01/28 (a)	203,000		213,001
		5.38%, 06/01/29 (a)	351,000		383,554
		4.50%, 05/01/32	111,000		114,911
	CenturyLink, Inc.
		5.13%, 12/15/26 (a)	112,000		116,365
		7.60%, 09/15/39	24,000		27,273
	Clear Channel International B.V.
		6.63%, 08/01/25 (a)	85,000		89,009
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a)	144,000		150,832
		7.50%, 06/01/29 (a)	154,000		159,524
	Connect Finco SARL
		6.75%, 10/01/26 (a)	60,000		63,563
	Consolidated Communications, Inc.
		6.50%, 10/01/28 (a)	141,000		151,472
	CSC Holdings, LLC
		5.38%, 02/01/28 (a)	448,000		473,507
		7.50%, 04/01/28 (a)	300,000		328,561
		4.50%, 11/15/31 (a)	305,000		307,031
	Cumulus Media New Holdings Inc.
		6.75%, 07/01/26 (a) (c)	326,000		341,081
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (a)	93,000		60,258
		6.63%, 08/15/27 (a)	113,000		55,423
	DISH DBS Corporation
		5.88%, 11/15/24	142,000		152,495
		7.75%, 07/01/26	156,000		176,589
		5.13%, 06/01/29 (a)	199,000		196,682
	Embarq Corporation
		8.00%, 06/01/36	104,000		117,885
	Frontier Communications Parent, Inc.
		5.88%, 10/15/27 (a)	13,000		13,934
		5.00%, 05/01/28 (a)	93,000		96,195
		6.75%, 05/01/29 (a)	286,000		304,285
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26	82,000		91,906
	iHeartCommunications, Inc.
		6.38%, 05/01/26	38,565		41,029
		8.38%, 05/01/27	326,651		350,442
		5.25%, 08/15/27 (a)	25,000		26,168
		4.75%, 01/15/28 (a)	50,000		51,536
	Intelsat Jackson Holdings S.A.
		8.00%, 02/15/24 (a)	125,000		129,229
	Ion Trading Technologies S.à r.l.
		5.75%, 05/15/28 (a)	200,000		207,755
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	204,000		219,811
		5.13%, 07/15/29 (a)	145,000		149,815
	Level 3 Financing, Inc.
		4.63%, 09/15/27 (a)	131,000		135,927
		4.25%, 07/01/28 (a)	122,000		123,798
		3.63%, 01/15/29 (a)	140,000		135,271
	Liberty Media Corporation
		8.25%, 02/01/30	199,000		227,707
	Lions Gate Capital Holdings LLC
		5.50%, 04/15/29 (a)	316,000		333,361
	Live Nation Entertainment, Inc.
		4.88%, 11/01/24 (a)	171,000		174,037
		6.50%, 05/15/27 (a)	34,000		37,732
		3.75%, 01/15/28 (a)	40,000		40,197
	Lumen Technologies Inc.
		5.38%, 06/15/29 (a)	86,000		87,401
	MDC Partners Inc.
		7.50%, 05/01/24 (a) (d)	287,000		291,094
	Netflix, Inc.
		4.88%, 04/15/28	45,000		52,302
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (a)	110,000		116,973
	Radiate HoldCo, LLC
		6.50%, 09/15/28 (a)	289,000		303,554
	Sprint Corporation
		7.88%, 09/15/23	25,000		28,420
		7.13%, 06/15/24	331,000		382,552
		7.63%, 03/01/26	25,000		30,584
		6.88%, 11/15/28	94,000		120,597
	SSL Robotics LLC
		9.75%, 12/31/23 (a)	32,000		35,296
	TEGNA Inc.
		5.00%, 09/15/29	186,000		194,708
	Telecom Italia SpA
		6.00%, 09/30/34	109,000		126,030
	Telesat Canada
		5.63%, 12/06/26 (a)	33,000		33,112
		6.50%, 10/15/27 (a)	212,000		201,993
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (a)	290,000		313,167
	T-Mobile USA, Inc.
		3.38%, 04/15/29	149,000		154,074
	Townsquare Media, Inc.
		6.88%, 02/01/26 (a)	54,000		57,759
	Univision Communications Inc.
		6.63%, 06/01/27 (a)	125,000		135,442
	Virgin Media Finance PLC
		5.00%, 07/15/30 (a)	39,000		39,318
				10,816,037
Consumer Discretionary 15.6%
	Adient Global Holdings Ltd
		4.88%, 08/15/26 (a) (c)	144,000		148,138
	Beazer Homes USA, Inc.
		6.75%, 03/15/25	75,000		77,477
		5.88%, 10/15/27	43,000		45,168
		7.25%, 10/15/29	47,000		52,078
	Boyd Gaming Corporation
		4.75%, 06/15/31 (a)	86,000		89,409
	Carnival Corporation
		11.50%, 04/01/23 (a)	200,000		225,831
		7.63%, 03/01/26 (a)	121,000		131,843
		5.75%, 03/01/27 (a)	137,000		144,113
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a)	45,000		46,572
	Dana Corporation
		5.38%, 11/15/27	35,000		37,234
	Eldorado Resorts, Inc.
		8.13%, 07/01/27 (a)	261,000		290,448
	Ford Motor Company
		8.50%, 04/21/23	64,000		71,421
		9.00%, 04/22/25	64,000		78,865
		4.35%, 12/08/26	72,000		77,569
		6.63%, 10/01/28	83,000		99,270
		9.63%, 04/22/30	64,000		91,740
		7.45%, 07/16/31	79,000		104,359
		5.29%, 12/08/46	62,000		69,247
	Guitar Center Escrow Issuer II, Inc.
		8.50%, 01/15/26 (a)	190,000		203,396
	Hawaiian Brand Intellectual Property, Ltd.
		5.75%, 01/20/26 (a)	183,000		196,410

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

9

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2021

			Shares/Par1		Value ($)
	Hilton Domestic Operating Company Inc.
		5.75%, 05/01/28 (a)	32,000		34,621
	Hilton Grand Vacations Borrower LLC
		5.00%, 06/01/29 (a)	201,000		205,219
		4.88%, 07/01/31 (a)	83,000		82,850
	IHOL Verwaltungs GmbH
		6.38%, 05/15/29 (a) (b)	41,000		44,771
	International Game Technology PLC
		5.25%, 01/15/29 (a)	141,000		151,214
	IRB Holding Corp.
		7.00%, 06/15/25 (a)	90,000		97,180
		6.75%, 02/15/26 (a)	115,000		119,115
	Jaguar Land Rover Automotive PLC
		5.63%, 02/01/23 (a)	83,000		83,311
	KB Home
		4.80%, 11/15/29	66,000		71,523
	L Brands, Inc.
		7.50%, 06/15/29	140,000		164,854
		6.63%, 10/01/30 (a)	128,000		148,058
		6.88%, 11/01/35	165,000		209,125
	Life Time, Inc.
		5.75%, 01/15/26 (a)	142,000		147,137
		8.00%, 04/15/26 (a)	39,000		41,717
	Macy's, Inc.
		8.38%, 06/15/25 (a)	280,000		308,298
	MajorDrive Holdings IV LLC
		6.38%, 06/01/29 (a)	216,000		215,460
	Marriott Ownership Resorts, Inc.
		6.13%, 09/15/25 (a)	51,000		54,219
		6.50%, 09/15/26	90,000		93,643
		4.75%, 01/15/28	64,000		65,515
		4.50%, 06/15/29 (a)	64,000		64,888
	Mattel, Inc.
		6.75%, 12/31/25 (a)	10,000		10,506
		5.88%, 12/15/27 (a)	55,000		59,965
	MCE Finance Limited
		5.38%, 12/04/29 (a)	110,000		115,976
	Meritage Homes Corporation
		3.88%, 04/15/29 (a)	109,000		112,795
	MGM China Holdings Limited
		4.75%, 02/01/27 (a)	57,000		58,374
	Midwest Gaming Borrower, LLC
		4.88%, 05/01/29 (a)	151,000		151,259
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	115,053		126,674
	New Golden Nugget Inc.
		6.75%, 10/15/24 (a)	70,000		70,508
	NMG Holding Company, Inc.
		7.13%, 04/01/26 (a)	145,000		154,778
	Panther BF Aggregator 2 LP
		8.50%, 05/15/27 (a)	130,000		141,709
	PetSmart, Inc.
		7.75%, 02/15/29 (a)	220,000		242,650
	PM General Purchaser LLC
		9.50%, 10/01/28 (a)	243,000		255,959
	QVC, Inc.
		5.45%, 08/15/34	215,000		224,223
	Rent-A-Center, Inc.
		6.38%, 02/15/29 (a)	85,000		91,120
	Royal Caribbean Cruises Ltd.
		10.88%, 06/01/23 (a)	177,000		201,909
		9.13%, 06/15/23 (a)	80,000		87,818
		4.25%, 07/01/26 (a)	124,000		123,845
		5.50%, 04/01/28 (a)	76,000		79,733
	Scientific Games International, Inc.
		5.00%, 10/15/25 (a)	107,000		110,456
		8.25%, 03/15/26 (a)	246,000		264,174
		7.00%, 05/15/28 (a)	91,000		99,415
	Shea Homes Limited Partnership, A California Limited Partnership
		4.75%, 02/15/28 - 04/01/29 (a)	232,000		238,200
	Staples, Inc.
		7.50%, 04/15/26 (a)	149,000		154,380
		10.75%, 04/15/27 (a) (c)	209,000		213,176
	Stena International S.A R.L.
		6.13%, 02/01/25 (a)	142,000		147,454
	Studio City Finance Limited
		6.50%, 01/15/28 (a)	135,000		144,268
		5.00%, 01/15/29 (a)	144,000		145,145
	Tenneco Inc.
		5.00%, 07/15/26 (c)	121,000		120,385
		7.88%, 01/15/29 (a)	50,000		56,462
		5.13%, 04/15/29 (a)	322,000		331,246
	TKC Holdings, Inc.
		10.50%, 05/15/29 (a)	150,000		162,387
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	187,000		189,438
	Wyndham Destinations, Inc.
		6.63%, 07/31/26 (a)	101,000		114,394
		6.00%, 04/01/27 (d) (e)	65,000		71,753
		4.63%, 03/01/30 (a)	95,000		98,064
				9,653,904
Energy 14.8%
	Aethon United BR LP
		8.25%, 02/15/26 (a)	250,000		270,777
	Antero Midstream Partners LP
		7.88%, 05/15/26 (a)	90,000		100,574
		5.38%, 06/15/29 (a)	89,000		92,944
	Archrock Partners, L.P.
		6.25%, 04/01/28 (a)	180,000		187,766
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	175,000		182,578
		8.25%, 12/31/28 (a)	56,000		61,602
	Baytex Energy Corp.
		8.75%, 04/01/27 (a)	153,000		154,537
	Bip-V Chinook
		5.50%, 06/15/31 (a)	250,000		260,464
	Blue Racer Midstream, LLC
		7.63%, 12/15/25 (a)	35,000		37,917
		6.63%, 07/15/26 (a)	57,000		59,582
	Buckeye Partners, L.P.
		4.50%, 03/01/28 (a)	167,000		171,177
		5.85%, 11/15/43	24,000		23,778
		5.60%, 10/15/44	19,000		18,467
	California Resources Corporation
		7.13%, 02/01/26 (a)	142,000		149,638
	Callon Petroleum Company
		6.38%, 07/01/26	162,000		156,349
	Cheniere Energy, Inc.
		5.63%, 10/01/26	153,000		158,738
		4.63%, 10/15/28 (a)	140,000		147,691
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (a)	135,000		140,614
		6.38%, 06/15/26 (a)	46,000		47,895
	Colgate Energy Partners III, LLC
		5.88%, 07/01/29 (a)	48,000		49,754
	Continental Resources, Inc.
		4.50%, 04/15/23	25,000		26,125
		3.80%, 06/01/24	97,000		102,704
	DT Midstream, Inc.
		4.13%, 06/15/29 (a)	101,000		102,539
		4.38%, 06/15/31 (a)	74,000		75,447
	Endeavor Energy Resources, L.P.
		6.63%, 07/15/25 (a)	85,000		91,086
		5.50%, 01/30/26 (a)	81,000		84,103
		5.75%, 01/30/28 (a)	93,000		99,159
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (f)	145,000		148,444
	Energy Transfer LP
		6.50%, (100, 08/15/26) (g)	90,000		91,774
		6.75%, (100, 05/15/25) (g)	106,000		106,557
		7.13%, (100, 05/15/30) (g)	62,000		64,007
	EQM Midstream Partners, LP
		4.13%, 12/01/26	163,000		166,871
		6.50%, 07/01/27 (a)	104,000		115,942
		4.75%, 01/15/31 (a)	140,000		144,261
		6.50%, 07/15/48	82,000		87,951

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

10

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2021

			Shares/Par1		Value ($)
	EQT Corporation
		3.90%, 10/01/27	77,000		82,503
		5.00%, 01/15/29	33,000		36,812
		8.50%, 02/01/30 (d) (e)	55,000		71,564
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 (a)	144,000		153,016
	Husky Energy Inc.
		13.00%, 02/15/25 (a) (b)	297,000		322,166
	ITT Holdings LLC
		6.50%, 08/01/29 (a)	157,000		159,954
	MEG Energy Corp.
		6.50%, 01/15/25 (a)	78,000		80,672
		7.13%, 02/01/27 (a)	91,000		97,111
	Murphy Oil Corporation
		5.75%, 08/15/25	90,000		92,679
		5.88%, 12/01/27	170,000		177,331
	Nabors Industries Ltd
		7.50%, 01/15/28 (a)	102,000		98,446
	Newfield Exploration Co.
		5.63%, 07/01/24	149,000		165,825
	NuStar Logistics, L.P.
		6.00%, 06/01/26	85,000		92,478
		6.38%, 10/01/30	139,000		153,550
	Occidental Petroleum Corporation
		2.70%, 02/15/23	42,000		42,976
		6.95%, 07/01/24	198,000		222,988
		2.90%, 08/15/24	49,000		50,130
		3.50%, 06/15/25	35,000		35,801
		3.20%, 08/15/26	231,000		232,894
		8.88%, 07/15/30	80,000		107,086
		6.13%, 01/01/31	90,000		105,826
		7.50%, 05/01/31	100,000		126,079
		6.45%, 09/15/36	234,000		279,625
		7.95%, 06/15/39	55,000		70,731
		4.30%, 08/15/39	168,000		161,764
		6.60%, 03/15/46	139,000		165,073
	Ovintiv Exploration Inc.
		5.38%, 01/01/26	84,000		94,710
	PBF Holding Company LLC
		9.25%, 05/15/25 (a)	85,000		85,637
		6.00%, 02/15/28	85,000		56,424
	Precision Drilling Corporation
		7.13%, 01/15/26 (a) (c)	87,000		89,700
		6.88%, 01/15/29 (a)	63,000		65,106
	Shelf Drilling Management Services DMCC
		8.88%, 11/15/24 (a)	79,000		81,411
	SM Energy Company
		6.63%, 01/15/27 (c)	202,000		207,435
	Southwestern Energy Company
		7.50%, 04/01/26	98,000		103,711
		7.75%, 10/01/27	90,000		97,672
		8.38%, 09/15/28	96,000		108,486
	Targa Resource Corporation
		5.00%, 01/15/28	107,000		113,021
		5.50%, 03/01/30	258,000		283,624
		4.88%, 02/01/31 (a)	56,000		60,606
		4.00%, 01/15/32 (a)	75,000		77,192
	Transocean Inc
		11.50%, 01/30/27 (a)	94,000		100,467
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	137,500		138,819
	Viper Energy Partners LP
		5.38%, 11/01/27 (a)	44,000		46,054
				9,174,967
Industrials 10.7%
	Aircastle Limited
		5.25%, 08/11/25 (a)	53,000		59,549
		4.25%, 06/15/26	216,000		234,613
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (a)	137,000		145,263
		9.75%, 07/15/27 (a)	79,000		87,022
		4.63%, 06/01/28 (a)	61,000		61,257
	American Airlines, Inc.
		11.75%, 07/15/25 (a)	112,000		140,539
		5.50%, 04/20/26 (a)	60,000		63,698
		5.75%, 04/20/29 (a)	144,000		155,725
	Bombardier Inc.
		7.50%, 03/15/25 (a) (c)	92,000		94,738
		7.13%, 06/15/26 (a)	97,000		101,556
	Builders FirstSource, Inc.
		6.75%, 06/01/27 (a)	127,000		136,336
	Cargo Aircraft Management, Inc.
		4.75%, 02/01/28 (a)	166,000		169,969
	CP Atlas Buyer, Inc.
		7.00%, 12/01/28 (a)	277,000		287,033
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	189,000		220,919
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (a)	100,000		103,835
		5.50%, 05/01/28 (a)	211,000		219,788
	Foxtrot Escrow Issuer LLC
		12.25%, 11/15/26 (a)	148,000		170,615
	General Electric Company
		3.45%, (3 Month USD LIBOR + 3.33%), (100, 09/15/21) (g) (h)	53,000		51,940
	GFL Environmental Inc.
		4.00%, 08/01/28 (a)	91,000		89,934
		3.50%, 09/01/28 (a)	106,000		106,003
	Graham Packaging Company Europe LLC
		7.13%, 08/15/28 (a)	138,000		148,726
	Howmet Aerospace Inc.
		6.88%, 05/01/25	108,000		125,680
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (a)	172,000		179,445
	Madison IAQ LLC
		5.88%, 06/30/29 (a)	39,000		39,685
	Masonite International Corporation
		5.38%, 02/01/28 (a)	60,000		63,845
	Navistar International Corporation
		6.63%, 11/01/25 (a)	134,000		138,439
	Pitney Bowes Inc.
		6.88%, 03/15/27 (a)	337,000		355,800
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (a)	52,000		55,715
		5.75%, 04/15/26 (a)	81,000		89,602
		3.38%, 08/31/27 (a)	55,000		53,356
		6.25%, 01/15/28 (a)	201,000		214,197
	Rolls-Royce Plc
		5.75%, 10/15/27 (a)	239,000		262,298
	SkyMiles IP Ltd.
		4.75%, 10/20/28 (a)	42,000		46,741
	Spirit Airlines, Inc.
		8.00%, 09/20/25 (a)	84,277		95,515
	Summit Materials, LLC
		5.25%, 01/15/29 (a)	138,000		146,230
	Tempo Acquisition, LLC
		6.75%, 06/01/25 (a)	119,000		121,009
	Terex Corporation
		5.00%, 05/15/29 (a)	191,000		198,892
	TransDigm Inc.
		8.00%, 12/15/25 (a)	34,000		36,730
		6.25%, 03/15/26 (a)	296,000		312,223
		5.50%, 11/15/27	110,000		114,697
	Transdigm UK Holdings PLC
		6.88%, 05/15/26	51,000		53,806
	Triumph Group, Inc.
		8.88%, 06/01/24 (a)	68,000		75,981
	Uber Technologies, Inc.
		7.50%, 05/15/25 - 09/15/27 (a)	232,000		253,868
	United Airlines Pass Through Trust
		4.38%, 04/15/26 (a)	41,000		42,445
		4.63%, 04/15/29 (a)	57,000		59,040
	United Rentals (North America), Inc.
		3.88%, 11/15/27	89,000		93,570
	Univar Solutions USA Inc.
		5.13%, 12/01/27 (a)	62,000		65,173
	Vertical Holdco GmbH
		7.63%, 07/15/28 (a)	131,000		142,027

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

11

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2021

			Shares/Par1		Value ($)
	Vertical U.S. Newco Inc.
		5.25%, 07/15/27 (a)	127,000		133,783
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (a)	181,000		194,188
				6,613,038
Financials 9.6%
	Advisor Group Holdings, Inc.
		10.75%, 08/01/27 (a)	188,000		208,550
	Aretec Escrow Issuer Inc
		7.50%, 04/01/29 (a)	207,000		213,673
	Citigroup Inc.
		5.00%, (100, 09/12/24) (g)	166,000		173,992
	Credit Suisse Group AG
		5.25%, (100, 02/11/27) (a) (g)	200,000		211,551
		6.25%, (100, 12/18/24) (a) (g) (i)	60,000		65,700
	EG Global Finance PLC
		6.75%, 02/07/25 (a)	180,000		184,275
		8.50%, 10/30/25 (a)	230,000		243,024
	FirstCash, Inc.
		4.63%, 09/01/28 (a)	126,000		131,728
	Ford Motor Credit Company LLC
		3.09%, 01/09/23	200,000		204,204
		5.13%, 06/16/25	132,000		145,320
	Freedom Mortgage Corporation
		7.63%, 05/01/26 (a)	319,000		331,755
		6.63%, 01/15/27 (a)	150,000		150,970
	HUB International Limited
		7.00%, 05/01/26 (a)	129,000		133,755
	Icahn Enterprises L.P.
		6.25%, 05/15/26	259,000		274,763
		5.25%, 05/15/27	196,000		202,884
	IHS Luxembourg S.A R.L.
		5.75%, 04/15/25 (a)	35,000		36,110
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (a) (b)	39,000		40,055
	LPL Holdings, Inc.
		4.63%, 11/15/27 (a)	93,000		96,455
	Markel Corporation
		6.00%, (100, 06/01/25) (g)	129,000		144,145
	Navient Corporation
		5.88%, 10/25/24	82,000		88,650
		6.75%, 06/25/25 - 06/15/26	309,000		343,501
		4.88%, 03/15/28	61,000		61,319
	NFP Corp.
		6.88%, 08/15/28 (a)	283,000		299,006
	Nielsen Finance LLC
		5.88%, 10/01/30 (a)	140,000		152,457
		4.75%, 07/15/31 (a)	81,000		81,238
	Nordic Aviation Capital
		5.04%, 02/27/24 (b) (f) (j)	81,782		60,110
		7.08%, 03/14/27 (b) (f) (j)	129,133		96,850
	PennyMac Financial Services, Inc.
		4.25%, 02/15/29 (a)	99,000		95,389
	SLM Corporation
		6.13%, 03/25/24	140,000		151,307
		5.63%, 08/01/33	90,000		86,820
	Springleaf Finance Corporation
		8.88%, 06/01/25	51,000		56,517
		7.13%, 03/15/26	105,000		122,352
		6.63%, 01/15/28	63,000		72,502
	Telenet Finance Luxembourg Notes S.A R.L.
		5.50%, 03/01/28 (a)	200,000		209,250
	USA Compression Finance Corp.
		6.88%, 04/01/26 - 09/01/27	261,000		278,016
	VistaJet Malta Finance P.L.C.
		10.50%, 06/01/24 (a)	273,000		297,495
	ZF North America Capital, Inc.
		4.50%, 04/29/22 (a)	125,000		128,447
	Ziggo Bond Finance B.V.
		6.00%, 01/15/27 (a)	103,000		107,560
				5,981,695
Materials 6.0%
	Ardagh Packaging Finance Public Limited Company
		5.25%, 08/15/27 (a)	217,000		221,490
	Carpenter Technology Corporation
		6.38%, 07/15/28	63,000		69,149
	Cascades Inc.
		5.13%, 01/15/26 (a)	23,000		24,454
		5.38%, 01/15/28 (a)	132,000		138,768
	CVR Partners, LP
		9.25%, 06/15/23 (a)	41,000		41,083
		6.13%, 06/15/28 (a)	76,000		77,884
	First Quantum Minerals Ltd
		7.50%, 04/01/25 (a)	110,000		114,145
		6.88%, 10/15/27 (a)	140,000		152,415
	Flex Acquisition Company, Inc.
		6.88%, 01/15/25 (a)	155,000		157,909
		7.88%, 07/15/26 (a)	80,000		83,334
	FMG Resources (August 2006) Pty Ltd
		5.13%, 05/15/24 (a) (c)	65,000		70,690
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	117,000		123,470
		5.40%, 11/14/34	108,000		131,007
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	108,000		111,433
	Hexion Inc.
		7.88%, 07/15/27 (a)	163,000		175,812
	Hudbay Minerals Inc.
		4.50%, 04/01/26 (a)	58,000		58,276
		6.13%, 04/01/29 (a)	344,000		366,484
	Mercer International Inc.
		5.50%, 01/15/26	36,000		36,996
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	155,000		163,846
		5.25%, 06/01/27 (a)	296,000		318,836
		4.25%, 05/15/29 (a)	97,000		98,050
	Rayonier Advanced Materials Inc.
		5.50%, 06/01/24 (a) (c)	90,000		86,287
		7.63%, 01/15/26 (a)	201,384		209,944
	The Chemours Company
		5.75%, 11/15/28 (a)	303,000		324,203
	United States Steel Corporation
		6.25%, 03/15/26 (c)	32,000		32,956
		6.88%, 03/01/29	316,000		338,453
				3,727,374
Health Care 5.9%
	AdaptHealth, LLC
		6.13%, 08/01/28 (a)	45,000		47,911
		4.63%, 08/01/29 (a)	54,000		54,717
	Bausch Health Companies Inc.
		6.13%, 04/15/25 (a)	247,000		253,095
		8.50%, 01/31/27 (a)	142,000		154,342
		7.00%, 01/15/28 (a)	51,000		52,657
		5.00%, 01/30/28 (a)	40,000		38,009
		4.88%, 06/01/28 (a)	41,000		41,929
		6.25%, 02/15/29 (a)	138,000		136,470
	Centene Corporation
		5.38%, 08/15/26 (a)	48,000		50,272
		4.25%, 12/15/27	95,000		100,225
		4.63%, 12/15/29	53,000		58,325
		3.38%, 02/15/30	35,000		36,586
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	181,000		189,141
	Community Health Systems, Inc.
		6.63%, 02/15/25 (a)	174,000		183,911
		8.00%, 03/15/26 (a)	212,000		228,454
		8.00%, 12/15/27 (a)	74,000		82,283
		6.00%, 01/15/29 (a)	22,000		23,548
		6.88%, 04/15/29 (a)	112,000		117,611
		6.13%, 04/01/30 (a)	78,000		79,169
	Endo Designated Activity Company
		9.50%, 07/31/27 (a) (c)	187,000		191,287
		6.00%, 06/30/28 (a)	194,000		130,699

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

12

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Schedules of Investments (Unaudited)

June 30, 2021

			Shares/Par1		Value ($)
	Endo Luxembourg Finance Company I S.à r.l.
		6.13%, 04/01/29 (a)	118,000		115,662
	HCA Inc.
		5.38%, 02/01/25	109,000		122,945
	IQVIA Inc.
		5.00%, 05/15/27 (a)	125,000		130,886
	Mednax, Inc.
		6.25%, 01/15/27 (a)	117,000		123,874
	Ortho-Clinical Diagnostics, Inc.
		7.38%, 06/01/25 (a)	90,000		96,599
		7.25%, 02/01/28 (a)	27,000		29,521
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	89,000		91,015
	Syneos Health, Inc.
		3.63%, 01/15/29 (a)	51,000		50,467
	Tenet Healthcare Corporation
		6.75%, 06/15/23	76,000		82,759
		7.50%, 04/01/25 (a)	118,000		127,305
		4.88%, 01/01/26 (a)	93,000		96,335
		5.13%, 11/01/27 (a)	183,000		191,772
		6.13%, 10/01/28 (a)	140,000		148,968
				3,658,749
Consumer Staples 5.5%
	Albertsons Companies, Inc.
		5.75%, 03/15/25	8,000		8,195
	Ashtead Capital, Inc.
		4.13%, 08/15/25 (a)	33,000		33,743
	Avis Budget Car Rental, LLC
		5.38%, 03/01/29 (a)	139,000		144,736
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	74,000		78,491
	JBS Finance Luxembourg S.à r.l.
		3.63%, 01/15/32 (a)	155,000		154,735
	JBS USA Food Company
		6.50%, 04/15/29 (a)	48,000		54,124
	Kraft Heinz Foods Company
		3.88%, 05/15/27	96,000		105,493
		4.25%, 03/01/31	31,000		35,282
		4.63%, 10/01/39	218,000		254,131
		4.88%, 10/01/49	153,000		185,420
	Marb Bondco PLC
		3.95%, 01/29/31 (a)	290,000		279,457
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (a)	192,000		200,761
	Pilgrim's Pride Corporation
		5.88%, 09/30/27 (a)	131,000		139,715
		4.25%, 04/15/31 (a)	210,000		217,681
	Post Holdings, Inc.
		5.63%, 01/15/28 (a)	142,000		150,873
		4.63%, 04/15/30 (a)	77,000		78,365
	Safeway Inc.
		5.88%, 02/15/28 (a)	157,000		169,155
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a) (c)	303,000		307,764
	Turning Point Brands, Inc.
		5.63%, 02/15/26 (a)	139,000		143,559
	United Natural Foods, Inc.
		6.75%, 10/15/28 (a)	198,000		212,969
	Vector Group Ltd.
		5.75%, 02/01/29 (a)	275,000		280,512
	Verscend Holding Corp.
		9.75%, 08/15/26 (a)	147,000		155,048
				3,390,209
Information Technology 3.6%
	ams AG
		7.00%, 07/31/25 (a)	416,000		447,844
	Arches Buyer Inc.
		6.13%, 12/01/28 (a)	19,000		19,640
	Banff Merger Sub Inc.
		9.75%, 09/01/26 (a)	291,000		306,759
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (a)	21,000		21,475
	Boxer Parent Company Inc.
		7.13%, 10/02/25 (a)	46,000		49,233
	Clarivate Science Holdings Corporation
		4.88%, 06/30/29 (a)	39,000		40,018
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	95,000		100,309
		8.25%, 03/01/27 (a)	93,000		99,478
	CommScope Holding Company, Inc.
		6.00%, 06/15/25 (a)	85,000		86,831
	Endure Digital, Inc.
		6.00%, 02/15/29 (a)	231,000		228,719
	Entegris, Inc.
		4.38%, 04/15/28 (a)	82,000		85,620
	LogMeIn, Inc.
		5.50%, 09/01/27 (a)	67,000		69,458
	MPH Acquisition Holdings LLC
		5.75%, 11/01/28 (a) (c)	232,000		233,093
	Open Text Corporation
		3.88%, 02/15/28 (a)	112,000		113,807
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (a)	230,000		236,715
		6.50%, 07/15/28 (a)	91,000		97,045
				2,236,044
Real Estate 1.5%
	Cushman & Wakefield PLC
		6.75%, 05/15/28 (a)	93,000		100,558
	ESH Hospitality, Inc.
		5.25%, 05/01/25 (a)	106,000		107,979
	Service Properties Trust
		5.25%, 02/15/26	373,000		377,566
	Uniti Group Inc.
		7.88%, 02/15/25 (a)	55,000		58,908
		6.50%, 02/15/29 (a)	144,000		144,677
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	51,000		53,014
		3.75%, 02/15/27 (a)	59,000		60,251
		4.63%, 12/01/29 (a)	15,000		15,941
				918,894
Utilities 0.5%
	Calpine Corporation
		4.50%, 02/15/28 (a)	97,000		98,918
		5.13%, 03/15/28 (a)	65,000		66,081
		3.75%, 03/01/31 (a)	115,000		109,538
	The AES Corporation
		3.95%, 07/15/30 (a)	25,000		27,393
				301,930
	Total Corporate Bonds And Notes (cost $53,446,513)			56,472,841
SENIOR FLOATING RATE INSTRUMENTS 5.0%
Consumer Discretionary 1.3%
	Caesars Resort Collection, LLC
		2020 Term Loan B1, 4.59%, (1 Month USD LIBOR + 4.50%), 06/19/25 (h)	49,625		49,749
	Great Outdoors Group, LLC
		2021 Term Loan B, 5.00%, (3 Month USD LIBOR + 4.25%), 02/26/28 (h)	291,270		291,998
	Life Time Fitness Inc
		2021 Term Loan B, 5.75%, (3 Month USD LIBOR + 4.75%), 12/31/24 (h)	90,000		90,225
	Michaels Companies, Inc.
		2021 Term Loan B, 5.00%, (3 Month USD LIBOR + 4.25%), 04/08/28 (h)	123,800		124,251
	Mileage Plus Holdings LLC
		2020 Term Loan B, 6.25%, (3 Month USD LIBOR + 5.25%), 12/31/23 (h)	49,200		52,504
	Rent-A-Center, Inc.
		2021 Term Loan B, 4.75%, (1 Month USD LIBOR + 4.00%), 02/04/28 (h)	149,625		149,625
	TGP Holdings III LLC
		2021 Delayed Draw Term Loan , 0.00%, (3 Month USD LIBOR + 4.50%), 06/24/28 (h) (k)	5,357		5,364
		2021 Term Loan, 0.00%, (3 Month USD LIBOR + 4.50%), 06/24/28 (h) (k)	54,643		54,711
				818,427

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

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Schedules of Investments (Unaudited)

June 30, 2021

			Shares/Par1		Value ($)
Information Technology 1.3%
	Almonde, Inc.
		USD 1st Lien Term Loan, 4.50%, (6 Month USD LIBOR + 3.50%), 04/26/24 (h)	65,793		64,718
	Banff Merger Sub Inc
		2021 USD Term Loan, 3.84%, (1 Month USD LIBOR + 3.75%), 10/01/25 (h)	69,864		69,428
	CoreLogic, Inc.
		Term Loan, 0.00%, (3 Month USD LIBOR + 3.50%), 04/14/28 (h) (k)	91,000		90,681
	LogMeIn, Inc.
		Term Loan B, 4.83%, (1 Month USD LIBOR + 4.75%), 08/31/27 (h)	67,830		67,703
	Peraton Corp.
		Term Loan B, 4.50%, (1 Month USD LIBOR + 3.75%), 02/22/28 (h)	145,635		145,938
	RealPage, Inc
		1st Lien Term Loan, 3.75%, (1 Month USD LIBOR + 3.25%), 02/18/28 (h)	148,802		148,281
	Redstone Buyer LLC
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 12/31/24 (h)	107,806		107,447
		2021 Delayed Draw Term Loan , 0.00%, 04/27/28 (k)	42,194		42,053
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 4.15%, (3 Month USD LIBOR + 4.00%), 08/09/25 (h)	62,801		61,663
				797,912
Industrials 0.8%
	AAdvantage Loyalty IP Ltd.
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 03/10/28 (h)	187,000		194,807
	Cimpress Public Limited Company
		USD Term Loan B, 4.00%, (1 Month USD LIBOR + 3.50%), 04/29/28 (h)	48,403		48,201
	Dynasty Acquisition Co., Inc.
		2020 CAD Term Loan B2, 3.70%, (3 Month USD LIBOR + 3.50%), 04/06/26 (h)	23,704		23,072
		2020 Term Loan B1, 3.70%, (3 Month USD LIBOR + 3.50%), 04/06/26 (h)	44,089		42,913
	Hertz Corporation, (The)
		2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 3.50%), 06/11/28 (h) (k)	126,214		126,056
		2021 Term Loan C, 0.00%, (3 Month USD LIBOR + 3.50%), 06/11/28 (h) (k)	23,786		23,757
	United Airlines, Inc.
		2021 Term Loan B, 4.50%, (3 Month USD LIBOR + 3.75%), 04/14/28 (h)	54,100		54,761
				513,567
Financials 0.7%
	Acrisure, LLC
		2020 Term Loan B, 3.70%, (3 Month USD LIBOR + 3.50%), 01/30/27 (h)	96,528		95,402
	Advisor Group, Inc.
		2021 Term Loan, 4.59%, (1 Month USD LIBOR + 4.50%), 07/31/26 (h)	84,146		84,274
	Herens Holdco S.a r.l.
		USD Term Loan B, 0.00%, (3 Month USD LIBOR + 4.00%), 04/29/28 (h) (k)	82,076		82,120
	Raptor Acquisition Corp.
		2021 Term Loan, 0.00%, (3 Month USD LIBOR + 4.00%), 11/01/26 (h) (k)	155,000		155,194
				416,990
Communication Services 0.4%
	Consolidated Communications, Inc.
		2021 Term Loan B, 4.25%, (1 Month USD LIBOR + 3.50%), 09/15/27 (h)	40,800		40,851
	GOGO Intermediate Holdings LLC
		Term Loan B, 4.50%, (3 Month USD LIBOR + 3.75%), 04/21/28 (h)	153,336		152,953
	Intelsat Jackson Holdings S.A.
		2020 DIP Term Loan, 6.50%, (3 Month USD LIBOR + 5.50%), 07/28/21 (h)	18,796		18,901
				212,705
Health Care 0.2%
	Alphabet Holding Company, Inc.
		2017 1st Lien Term Loan, 3.59%, (1 Month USD LIBOR + 3.50%), 08/15/24 (h)	84,250		84,115
	Jazz Financing Lux S.a.r.l.
		USD Term Loan , 4.00%, (1 Month USD LIBOR + 3.50%), 04/22/28 (h)	63,000		63,177
				147,292
Materials 0.2%
	SOLMAX 6/21 TL
		Term Loan, 0.00%, (3 Month USD LIBOR + 4.75%), 12/30/24 (h) (k)	115,242		114,665
Energy 0.1%
	Lower Cadence Holdings LLC
		Term Loan B, 4.09%, (1 Month USD LIBOR + 4.00%), 05/10/26 (h)	63,828		63,350
	Total Senior Floating Rate Instruments (cost $3,071,573)			3,084,908
INVESTMENT COMPANIES 0.9%
	iShares Broad USD High Yield Corporate Bond ETF		14,096		588,085
	Total Investment Companies (cost $579,496)			588,085
COMMON STOCKS 0.5%
Energy 0.3%
	MPLX LP		2,200		65,142
	Noble Finance Corp. (c) (l)		4,487		110,964
				176,106
Communication Services 0.2%
	Clear Channel Outdoor Holdings, Inc. (l)		8,143		21,498
	iHeartMedia, Inc. - Class A (l)		3,283		88,411
				109,909
	Total Common Stocks (cost $283,831)			286,015
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0%
	Air Canada 2020-2 Class A Pass Through Trust
		Series 2020-A-2, 5.25%, 04/01/29	18,743		20,336
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $18,743)			20,336
SHORT TERM INVESTMENTS 4.9%
Securities Lending Collateral 2.6%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.02% (m)		1,598,493		1,598,493
Investment Companies 2.3%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.02% (m)		1,459,196		1,459,196
	Total Short Term Investments (cost $3,057,689)			3,057,689
Total Investments 102.4% (cost $60,457,845)					63,509,874
Other Assets and Liabilities, Net (2.4)%					(1,498,877)
Total Net Assets 100.0%					62,010,997

(a)Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2021, the value and the percentage of net assets of these securities was $42,230,809 and 68.1% of the Fund.

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

(c)All or a portion of the security was on loan as of June 30, 2021.

(d)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2021.

(e)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2021.

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

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

(h)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2021. 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

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

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Schedules of Investments (Unaudited)

June 30, 2021

rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(i)Convertible security.

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

(k)This senior floating rate interest will settle after June 30, 2021. If a reference rate and spread is presented, it will go into effect upon settlement.

(l)Non-income producing security.

(m)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2021.

Composition as of June 30, 2021*:
Corporate Bonds and Notes	88.9	%
Senior Loan Interests	4.9
Investment Companies	0.9
Common Stocks	0.5
Non-US Government Agency ABS	0.0
Short Term Investments	4.8
Total Investments	100.0	%

* Percentages are based on market values as of June 30, 2021 and differ from the percentages shown in the Schedules of Investments, which are based on net assets.

PPM High Yield Core Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Energean Israel Finance Ltd, 4.88%, 03/30/26	03/09/21	145,593	148,444	0.2
	Nordic Aviation Capital, 5.04%, 02/27/24	02/06/20	81,782	60,110	0.1
	Nordic Aviation Capital, 7.08%, 03/14/27	10/01/19	129,133	96,850	0.2
			356,508	305,404	0.5

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 16

15

PPMFunds (Unaudited)

Schedules of Investments

June 30, 2021

Currency Abbreviations:

USD - United States Dollar

CAD - Canadian Dollar

Abbreviations:

DIP - Debtor-in-Possession

ETF - Exchange Traded Fund

LIBOR – London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

TBA - To Be Announced (Securities purchased on a delayed delivery basis)

U.S. or US - United States

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

See accompanying Notes to Financial Statements.

16

PPMFunds

Statements of Assets and Liabilities (Unaudited)

June 30, 2021

		PPM Core Plus Fixed Income Fund		PPM High Yield Core Fund
Assets
Investments, at value		$	62,159,788	$	63,509,874
Variation margin on futures			18,589		—
Cash			9,140		23,956
Receivable from:
	Investment securities sold		3,968,712		321,982
	Dividends and interest		336,566		903,634
	Adviser		19,973		36,387
	Deposits with brokers and counterparties		79,065		—
Other assets			14,984		14,849
Total assets			66,606,817		64,810,682
Liabilities
Variation margin on futures			17,284		—
Payable for:
	Investment securities purchased		8,322,337		1,122,720
	Return of securities loaned		148,838		1,598,493
	Advisory fees		19,007		27,830
	Administrative fees		4,752		5,060
	Board of Trustees fees		—		287
	Chief Compliance Officer fees		3,972		4,361
	Other expenses		38,584		40,934
Total liabilities			8,554,774		2,799,685
Net assets		$	58,052,043	$	62,010,997
Net assets consist of:
Paid-in capital		$	55,316,919	$	60,448,661
Total distributable earnings (loss)			2,735,124		1,562,336
Net assets		$	58,052,043	$	62,010,997
Net assets - Institutional Class		$	58,052,043	$	62,010,997
Shares outstanding - Institutional Class			5,516,331		6,065,366
Net asset value per share - Institutional Class		$	10.52	$	10.22
Investments, at cost		$	60,131,593	$	60,457,845
Securities on loan included in
	Investments, at value		145,628		1,602,264

See accompanying Notes to Financial Statements.

17

PPMFunds

Statements of Operations (Unaudited)

For the Period Ended June 30, 2021

		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Investment income
Dividends		$	703		$	18,949
Interest			720,618			1,718,554
Securities lending			225			2,070
Total investment income			721,546			1,739,573
Expenses
Advisory fees			111,910			161,883
Administrative fees			27,977			29,433
Legal fees			32,539			35,971
Transfer agent fees			13,839			14,189
Board of Trustees fees			33,122			35,247
Chief Compliance Officer fees			23,855			25,050
Registration and filing fees			—			8,114
Other expenses			—			8,221
Total expenses			243,242			318,108
Expense waiver			(117,357	)		(112,059	)
Net expenses			125,885			206,049
Net investment income (loss)			595,661			1,533,524
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments		668,944			1,219,241
	Futures contracts		(52,001	)		—
	Swap agreements		(1,153	)		—
Net change in unrealized appreciation
	(depreciation) on:
	Investments		(1,581,434	)		(352,055	)
	Futures contracts		(42,532	)		—
	Swap agreements		689			—
Net realized and unrealized gain (loss)			(1,007,487	)		867,186
Change in net assets from operations		$	(411,826	)	$	2,400,710

See accompanying Notes to Financial Statements.

18

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Period Ended June 30, 2021

		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Operations
Net investment income (loss)		$	595,661		$	1,533,524
Net realized gain (loss)			615,790			1,219,241
Net change in unrealized appreciation
	(depreciation)		(1,623,277	)		(352,055	)
Change in net assets from operations			(411,826	)		2,400,710
Distributions to shareholders
From distributable earnings
	Institutional Class		(681,641	)		(1,531,086	)
Total distributions to shareholders			(681,641	)		(1,531,086	)
Share transactions1
Proceeds from the sale of shares
	Institutional Class		3,741,027			3,806,992
Reinvestment of distributions
	Institutional Class		680,763			1,531,086
Cost of shares redeemed
	Institutional Class		(1,601,008	)		(1,657,743	)
Change in net assets from
	share transactions		2,820,782			3,680,335
Change in net assets			1,727,315			4,549,959
Net assets beginning of period			56,324,728			57,461,038
Net assets end of period		$	58,052,043		$	62,010,997
1Share transactions
Shares sold
	Institutional Class		359,027			376,611
Reinvestment of distributions
	Institutional Class		64,896			151,336
Shares redeemed
	Institutional Class		(153,625	)		(163,944	)
Change in shares
	Institutional Class		270,298			364,003
Purchases and sales of long term
	investments
Purchase of securities		$	28,830,720		$	23,951,964
Purchase of U.S. government securities			9,551,799	(a)		—
Total purchases		$	38,382,519		$	23,951,964
Proceeds from sales of securities		$	29,099,106		$	20,476,227
Proceeds from sales of U.S. government
	securities		9,962,221	(a)		—
Total proceeds from sales		$	39,061,327		$	20,476,227

(a) Amounts exclude $18,054,210 and $15,052,608 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

19

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Year Ended December 31, 2020

		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Operations
Net investment income (loss)		$	1,380,672		$	2,859,380
Net realized gain (loss)			1,915,216			(1,497,992	)
Net change in unrealized appreciation
	(depreciation)		1,844,086			1,624,315
Change in net assets from operations			5,139,974			2,985,703
Distributions to shareholders
From distributable earnings
	Institutional Class		(3,454,821	)		(2,859,255	)
Total distributions to shareholders			(3,454,821	)		(2,859,255	)
Share transactions1
Proceeds from the sale of shares
	Institutional Class		3,421,463			53,952,373
Reinvestment of distributions
	Institutional Class		3,450,515			2,518,652
Cost of shares redeemed
	Institutional Class		(3,565,000	)		(54,751,256	)
Change in net assets from
	share transactions		3,306,978			1,719,769
Change in net assets			4,992,131			1,846,217
Net assets beginning of year			51,332,597			55,614,821
Net assets end of year		$	56,324,728		$	57,461,038
1Share transactions
Shares sold
	Institutional Class		313,605			5,524,907
Reinvestment of distributions
	Institutional Class		320,644			263,928
Shares redeemed
	Institutional Class		(325,011	)		(5,601,815	)
Change in shares
	Institutional Class		309,238			187,020

See accompanying Notes to Financial Statements.

20

PPMFunds

Financial Highlights (Unaudited)

For a Share Outstanding

Net Investment Income (Loss). The net investment income (loss) per share is calculated using the average shares method.

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

Portfolio Turnover. Portfolio turnover is not annualized for periods of less than one year. Dollar roll and in-kind transactions are excluded for purposes of calculating portfolio turnover. Fixed income securities with maturities greater than one year that are purchased for short term investment are excluded from the portfolio turnover calculation.

Ratios. Ratios are annualized for periods less than one year.

			Increase (decrease) from investment operations			Distributions from				Supplemental data				Ratios
Period ended		Net asset value, beginning of period($)	Net investment income (loss)($)	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 (%)		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
06/30/21		10.74	0.11	(0.20)	(0.09)	(0.13)	—	10.52	(0.86)	58,052	69	(b)	0.45	0.87	2.13
12/31/20		10.40	0.27	0.76	1.03	(0.30)	(0.39)	10.74	9.98	56,325	80	(b)	0.49	0.85	2.55
12/31/19		9.85	0.31	0.71	1.02	(0.31)	(0.16)	10.40	10.51	51,333	108	(b)	0.50	0.70	3.02
12/31/18	(a)	10.00	0.15	(0.14)	0.01	(0.16)	—	9.85	0.07	50,198	25	(b)	0.50	0.78	3.30
PPM High Yield Core Fund
Institutional Class
06/30/21		10.08	0.26	0.14	0.40	(0.26)	—	10.22	4.03	62,011	35		0.70	1.08	5.21
12/31/20		10.09	0.51	(0.01)	0.50	(0.51)	—	10.08	5.34	57,461	82		0.69	1.01	5.30
12/31/19		9.26	0.54	0.83	1.37	(0.54)	—	10.09	15.02	55,615	78		0.70	0.85	5.50
12/31/18	(a)	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

(a)	The Fund commenced operations on July 16, 2018.
(b)	Portfolio turnover including dollar roll transactions for PPM Core Plus Fixed Income Fund was 31%, 113%, 118% and 97% for 2018, 2019, 2020 and 2021 respectively.

See accompanying Notes to Financial Statements.

21

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2021

NOTE 1. ORGANIZATION

PPM Funds (the “Trust”) is an open-ended management investment company, organized under the laws of the Commonwealth of Massachusetts, by a Declaration of Trust, dated November 9, 2017, as amended and restated March 12, 2018. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended ("the 1940 Act"), and its shares are registered under the Securities Act of 1933, as amended ("the 1933 Act"). The Trust currently consists of two series, (collectively, the “Funds” and each individually a “Fund”): PPM Core Plus Fixed Income Fund and PPM High Yield Core 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.

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

In February of 2021, Prudential plc announced that it plans to pursue a separation of Jackson Financial Inc. through a demerger, whereby shares of Jackson Financial Inc. would be distributed to Prudential plc shareholders. In August of 2021, it was announced that the demerger is expected to occur on September 13, 2021.

On April 1, 2021, the Board approved the Plan of Liquidation of PPM Small Cap Value Fund.

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.The Board is promptly notified of any matters significantly impacting the application of the Funds' valuation policies and procedures. The Board also receives monthly reports on other fair valuation determinations deemed material.

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

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

22

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2021

valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of US securities markets. Securities are fair valued based on observable and unobservable inputs, including the Administrator's or Valuation Committee’s own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Administrator may utilize pricing services or other sources in determining the fair value of an investment. Factors considered to determine fair value may include fundamental analytical data relating to the security; the nature and duration of restrictions, if any, on the disposition of the security; trading volume on markets, exchanges, or among dealers; evaluation of the forces which influence the market in which the security is traded; the type of security; the financial statements of the issuer, or other financial information about the issuer; the cost of the security at its date of purchase; the size of the Fund’s holding; the discount from market value of unrestricted securities of the same class, if applicable, at the time of purchase or at a later date; reports prepared by analysts; information as to any transactions in or offers for the security; the existence of any merger proposal, tender offer or other extraordinary event relating to the security; the price and extent of public or dealer trading in similar securities or derivatives of the issuer or of comparable companies; trading in depositary receipts; foreign currency exchange activity; changes in the interest rate environment; trading prices of financial products that are tied to baskets of foreign securities; and any other matters considered relevant.

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

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

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

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

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

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

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

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

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

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

23

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2021

Effective March 8, 2021, the SEC adopted Rule 2a-5 under the Investment Company Act – Good Faith Determinations of Fair Value. The Rule addresses valuation practices and the role of a fund’s board of directors with respect to the fair value of the investments of a fund. The SEC has provided an eighteen-month transition period, beginning from the effective date of the rule, for funds to prepare to come into compliance with the rule. Management is currently evaluating potential impacts that adoption of Rule 2a-5 may 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:

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

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

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

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

The following table summarizes each Fund’s investments in securities and other financial instruments as of June 30, 2021, by valuation level.

	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		27,891,642	104,471	27,996,113
Government And Agency Obligations	—		23,601,737	—	23,601,737
Non-U.S. Government Agency Asset-Backed Securities	—		4,571,069	—	4,571,069
Senior Floating Rate Instruments	—		1,158,673	—	1,158,673
Short Term Investments	4,832,196		—	—	4,832,196
	4,832,196		57,223,121	104,471	62,159,788
Assets - Investments in Other Financial Instruments1
Futures Contracts	52,389		—	—	52,389
	52,389		—	—	52,389
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(86,057	)	—	—	(86,057	)
	(86,057	)	—	—	(86,057	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		56,315,881	156,960	56,472,841
Senior Floating Rate Instruments	—		3,084,908	—	3,084,908
Investment Companies	588,085		—	—	588,085
Common Stocks	286,015		—	—	286,015
Non-U.S. Government Agency Asset-Backed Securities	—		20,336	—	20,336
Short Term Investments	3,057,689		—	—	3,057,689
	3,931,789		59,421,125	156,960	63,509,874

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

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security’s valuation. There were no significant transfers into or out of Level 3 for the period. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at June 30, 2021.

24

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2021

NOTE 4. SECURITIES AND OTHER INVESTMENTS

Securities Lending and Securities Lending Collateral. All Funds are approved to participate in agency based securities lending with State Street. Per the securities lending agreements, State Street is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Generally, cash and non-cash collateral received for the following types of securities on loan are as follows: US equities – 102%; US corporate fixed income – 102%; US government fixed income – 102%; international equities – 105%; international corporate fixed income – 105%; sovereign fixed income – 102%; and asset backed investments – 102%. Collateral requirements are evaluated at the close of each business day; any additional collateral required is typically delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. State Street has agreed to indemnify the Funds in the event of default by a third-party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, in addition to lending fees and rebates negotiated with the borrower. The Funds bear the market risk with respect to the collateral investment and securities loaned. The Funds also bear the risk that State Street may default on its obligations to the Funds. Non-cash collateral may include US government securities; US government agencies’ debt securities; and US government-sponsored agencies’ debt securities and mortgage-backed securities. Certain Funds receive non-cash collateral in the form of securities received, which the Funds may not sell or re-pledge and accordingly are not reflected in the Statements of Assets and Liabilities. For non-cash collateral, the Funds receive lending fees negotiated with the borrower. State Street has agreed to indemnify the Funds with respect to the market risk related to the non-cash collateral investments.

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

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

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

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

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

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

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

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June 30, 2021

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 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.

NOTE 6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

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June 30, 2021

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

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

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

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

FASB ASC Topic 815, “Derivatives and Hedging”and Financial Instruments Eligible for Offset. FASB ASC Topic 815 includes the requirement for enhanced qualitative disclosures about objectives and strategies for using derivative instruments and disclosures regarding credit related contingent features in derivative instruments, as well as quantitative disclosures in the semi-annual and annual financial statements about fair value, gains and losses, and volume of activity for derivative instruments. Information about these instruments is disclosed in the context of each instrument’s primary underlying risk exposure which is categorized as credit, commodity, equity price, interest rate and foreign currency exchange rate risk. The following disclosures include: (1) Objectives and strategies for each Fund’s derivative investments during the period; (2) A summary table of the fair valuations of each Fund’s derivative instruments categorized by risk exposure, which references the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations for each derivative instrument as of June 30, 2021. 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, 2021.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, 2021.

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Notes to Financial Statements (Unaudited)

June 30, 2021

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

PPM Core Plus Fixed Income Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)		Equity($)	Foreign Exchange($)	Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2021
Derivative instruments assets:
2	Variation margin on futures	—	—		—	—	18,589		18,589
Total derivative instruments assets		—	—		—	—	18,589		18,589
Derivative instruments liabilities:
2	Variation margin on futures	—	—		—	—	17,284		17,284
Total derivative instruments liabilities		—	—		—	—	17,284		17,284
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2021
Net realized gain (loss) on:
	Futures	—	—		—	—	(52,001	)	(52,001	)
	Swap agreements	—	(1,153	)	—	—	—		(1,153	)
Net change in unrealized appreciation (depreciation) on:
	Futures	—	—		—	—	(42,532	)	(42,532	)
	Swap agreements	—	689		—	—	—		689

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	—	17,015,691	—	—	—	214,286	—

¹ The derivative instruments outstanding as of June 30, 2021, 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, 2021, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds.

²Derivative 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.

Pledged Collateral. The following table summarizes cash and securities collateral pledged for the Funds at June 30, 2021:

		Futures Contracts
	Counterparties	Pledged or Segregated Cash($)
PPM Core Plus Fixed Income Fund	MLP	79,065

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, 2021. 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.

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Notes to Financial Statements (Unaudited)

June 30, 2021

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.

Distressed Debt Risk. The Fund may invest in securities of issuers that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy (also known as “distressed debt”). Such distressed debt securities involve substantial risk in addition to the risks of investing in lower-grade debt securities. To the extent that the Fund invests in distressed debt, the Fund is subject to the risk that it may lose a portion or all or its investment in the distressed debt and may incur higher expenses trying to protect its interests in distressed debt.

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.

Income Risk. The Fund is subject to the risk that the income generated from the Fund’s investments may decline in the event of falling interest rates. Income risk may be high if the Fund’s income is predominantly based on short-term interest rates, which can fluctuate significantly over short periods. The Fund’s distributions to shareholders may decline when interest rates fall.

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.

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 a Fund to liquidate portfolio positions at disadvantageous times to satisfy its obligations or to meet asset segregation requirements. The effect of using leverage is to increase a Fund’s potential gains and losses in comparison to the amount of a Fund’s assets (that is, assets other than borrowed assets) at risk, which may cause a Fund’s portfolio to be more volatile. If a Fund uses leverage, the Fund has the risk of capital losses that exceed the net assets of the Fund.

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, adverse investor sentiment, regional and global health epidemics, war, terrorism or natural disasters, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

Mortgage-Related Securities Risk. Mortgage-related securities are generally more sensitive to changes in interest rates and may exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. Rising interest rates and falling property prices may increase the likelihood that individuals and entities will fall behind or fail to make payments on their mortgages. When there are a number of mortgage defaults, the interest paid by mortgage-backed and mortgage-related securities may decline, or may not be paid. A number of mortgage defaults could lead to a decline in the value of the securities.

US Government Securities Risk. Obligations issued by agencies and instrumentalities of the US Government vary in the level of support they receive from the US Government. They may be: (i) supported by the full faith and credit of the US Treasury; (ii) supported by the right of the issuer to borrow from the US Treasury; (iii) supported by the discretionary authority of the US Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some US Government Securities may greatly exceed their current resources or their legal right to receive support from the US Treasury.

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 PPM Core Plus Fixed Income Fund and 0.55% of the average daily net assets of PPM High Yield Core 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

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Notes to Financial Statements (Unaudited)

June 30, 2021

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 0.45% for PPM Core Plus Fixed Income Fund and 0.70% for PPM High Yield Core Fund.

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, 2021.

NOTE 9. INCOME TAX MATTERS

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

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

At December 31, 2020, 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 High Yield Core Fund	1,664,757	882,659	2,547,416

As of June 30, 2021, 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	60,153,907	2,241,283	(235,402	)	2,005,881
PPM High Yield Core Fund	60,638,622	3,154,588	(283,336	)	2,871,252

As of June 30, 2021, the components of net unrealized appreciation (depreciation) for derivatives were as follows:

		Tax Cost/Premiums/Adjustment($)		Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)	Net Unrealized Appreciation (Depreciation)($)
PPM Core Plus Fixed Income Fund
	Futures	(33,668	)	—	—	—

The tax character of distributions paid during the Funds’ fiscal year ended December 31, 2020 was as follows:

	Net Ordinary Income*($)	Long-term Capital Gain($)	Return of Capital($)
PPM Core Plus Fixed Income Fund	2,452,344	1,002,477	—
PPM High Yield Core Fund	2,859,255	—	—

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

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Notes to Financial Statements (Unaudited)

June 30, 2021

FASB ASC Topic 740 “Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would result in the Funds recording a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns for 2018, 2019 and 2020 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, 2021.

NOTE 10. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Funds through the date the financial statements are issued and has concluded there are no events that require adjustments to the financial statements or disclosure in the notes to financial statements.

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Additional Disclosures(Unaudited)

June 30, 2021

Expense Example. As a shareholder of a Fund or Funds, you incur two types of costs: (1) transaction costs, including reinvested dividends or other distributions; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

Expenses Using Actual Fund Return. This section of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Expenses Using Hypothetical 5% Return. The section of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the “Expenses Using Hypothetical 5% Return” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

			Expenses Using Actual Fund Return			Expenses Using Hypothetical 5% Return
		Annualized Expense Ratios(%)	Beginning Account Value 01/01/21($)	Ending Account Value 06/30/21($)	Expenses Paid During Period($)†	Beginning Account Value 01/01/21($)	Ending Account Value 06/30/21($)	Expenses Paid During Period($)†
PPM Core Plus Fixed Income Fund
	Institutional Class	0.45	1,000.00	991.40	2.22	1,000.00	1,022.56	2.26
PPM High Yield Core Fund
	Institutional Class	0.70	1,000.00	1,040.30	3.54	1,000.00	1,021.32	3.51

† 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 as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information on Form N-PORT is also available upon request 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, 2021, are available without charge (1) 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 the Funds’ Trustees and is available without charge (1) by calling 1-844-446-4PPM, (2) by writing PPM Funds, P.O. Box 2175, Milwaukee, Wisconsin 53201-2175, and (3) online at www.ppmamerica.com/ppmfunds.

32

Results of Special Meeting of Shareholders

At a special meeting of shareholders held on March 15, 2021, shareholders of PPM Core Plus Fixed Income Fund, PPM High Yield Core Fund, and PPM Small Cap Value Fund considered two matters: (1) approval of a new Investment Advisory Agreement with PPM, prompted by the demerger of Prudential plc and Jackson Financial Inc. (the demerger being a change of control event) and (2) approval of a new Distribution Agreement with JNLD, prompted by the demerger of Prudential plc and Jackson Financial Inc. (the demerger being a change of control event). The results of the voting were as follows:

PPM Core Plus Fixed Income Fund

1) Approval of the investment advisory agreement between the Fund and PPM:

	Shares Voted		% Shares Voted		% of Total Outstanding Shares
For		5,246,032.682		100.000		100.000
Against		0.000		0.000		0.000
Abstain		0.000		0.000		0.000
Total		5,246,032.682		100.000		0.000

2) Approval of the distribution agreement between the Fund and JNLD:

	Shares Voted		% Shares Voted		% of Total Outstanding Shares
For		5,246,032.682		100.000		100.000
Against		0.000		0.000		0.000
Abstain		0.000		0.000		0.000
Total		5,246,032.682		100.000		0.000

PPM High Yield Core Fund

1) Approval of the investment advisory agreement between the Fund and PPM:

	Shares Voted		% Shares Voted		% of Total Outstanding Shares
For		5,701,363.380		100.000		100.000
Against		0.000		0.000		0.000
Abstain		0.000		0.000		0.000
Total		5,701,363.380		100.000		0.000

2) Approval of the distribution agreement between the Fund and JNLD:

	Shares Voted		% Shares Voted		% of Total Outstanding Shares
For		5,701,363.380		100.000		100.000
Against		0.000		0.000		0.000
Abstain		0.000		0.000		0.000
Total		5,701,363.380		100.000		0.000

33

Results of Special Meeting of Shareholders

PPM Small Cap Value Fund

1) Approval of the investment advisory agreement between the Fund and PPM:

	Shares Voted		% Shares Voted		% of Total Outstanding Shares
For		1,390,700.175		100.000		99.207
Against		0.000		0.000		0.000
Abstain		0.000		0.000		0.000
Total		1,390,700.175		100.000		99.207

2) Approval of the distribution agreement between the Fund and JNLD:

	Shares Voted		% Shares Voted		% of Total Outstanding Shares
For		1,390,700.175		100.000		99.207
Against		0.000		0.000		0.000
Abstain		0.000		0.000		0.000
Total		1,390,700.175		100.000		99.207

34

Liquidity Risk Management Program

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

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

At a meeting of the Board held on May 19, 2021, the Trustees received a report from the Liquidity Committee regarding the design and operational effectiveness of the Program during the prior 12 months. The Liquidity Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage the Funds’ liquidity risk and has operated adequately and effectively to manage the Funds’ liquidity risk since implementation. The Liquidity Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Board further noted that one material change was made to the Program during the period: due to the liquidation of PPM Floating Rate Income Fund, the Fund’s highly liquid investment minimum was removed from the Program.

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

35

Privacy Policy

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

PERSONAL INFORMATION COLLECTED WITHIN THE PAST 12 MONTHS

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

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

HOW WE COLLECT PERSONAL INFORMATION

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

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

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

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

HOW WE USE YOUR INFORMATION

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

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

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

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

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

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

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

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

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

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

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

SHARING PERSONAL INFORMATION

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

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

SPECIFIC PRIVACY RIGHTS

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

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

·Right to access information PPM has collected about you

·Right to request PPM delete your personal information

·Right to non-discrimination for exercising your privacy rights

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

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

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

USE OF COOKIES

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

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

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

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

LINKS TO THIRD-PARTY SITES

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

SAFEGUARDING INFORMATION

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

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

CHANGES TO POLICY

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

Item 2.   Code of Ethics.

Not applicable to the semi-annual filing.

Item 3.   Audit Committee Financial Expert.

Not applicable to the semi-annual filing.

Item 4.   Principal Accountant Fees and Services.

Not applicable to the semi-annual filing.

Item 5.   Audit Committee of Listed Registrants.

Not applicable.

Item 6.   Investments.

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

(b)           Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes have been made.

Item 11.   Controls and Procedures.

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

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

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

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

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

Not applicable.

Item 13.   Exhibits.

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

SIGNATURES

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

	PPM Funds
By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer
Date:	September 2, 2021

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

By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer
Date:	September 2, 2021
By:	/s/ Andrew Tedeschi
	Andrew Tedeschi
	Principal Financial Officer
Date:	September 2, 2021

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.

EX-99.CERT

Exhibit 13(a)(2)

CERTIFICATION

I, Mark D. Nerud, certify that:

1. I have reviewed this report on Form N-CSR of PPM Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of managers (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:        September 2, 2021	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer

Exhibit 13(a)(2)

CERTIFICATION

I, Andrew Tedeschi, certify that:

1. I have reviewed this report on Form N-CSR of PPM Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of managers (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:        September 2, 2021	/s/ Andrew Tedeschi
	Andrew Tedeschi
	Principal Financial Officer

EX-99.906 CERT

Exhibit 13(b)

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Mark D. Nerud, Principal Executive Officer, and Andrew Tedeschi, Principal Financial Officer of the PPM Funds, certify that:

1. The report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the report on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer
Date:	September 2, 2021
By:	/s/ Andrew Tedeschi
	Andrew Tedeschi
	Principal Financial Officer
Date:	September 2, 2021

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.