PPM Funds NPORT-P PPM Mid Cap Value Fund (Mar 2020 report)

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 45.5%
Financials 13.6%
	AFLAC Incorporated
		3.60%, 04/01/30	61,000		61,751
	AIA Group Limited
		3.60%, 04/09/29 (a)	200,000		207,592
	Athene Global Funding
		2.50%, 01/14/25 (a)	125,000		117,995
	Avolon Holdings Funding Limited
		5.25%, 05/15/24 (a)	158,000		127,357
	Bank of America Corporation
		6.25%, (callable at 100 beginning 09/05/24) (b)	75,000		76,875
		6.30%, (callable at 100 beginning 03/10/26) (b)	45,000		47,081
		4.00%, 01/22/25	86,000		90,513
		4.25%, 10/22/26	215,000		226,221
		3.56%, 04/23/27	115,000		120,326
		3.25%, 10/21/27	27,000		28,314
		3.59%, 07/21/28	150,000		155,900
		4.08%, 03/20/51	176,000		198,398
	BlackRock, Inc.
		3.20%, 03/15/27	158,000		168,404
	Capital One Financial Corporation
		3.75%, 03/09/27	75,000		73,347
	Citigroup Inc.
		5.00%, (callable at 100 beginning 09/12/24) (b)	108,000		99,258
		4.45%, 09/29/27	230,000		239,005
		3.89%, 01/10/28 (c)	68,000		70,511
		4.41%, 03/31/31	98,000		107,659
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 12/11/23) (a) (b)	200,000		193,750
		6.50%, 08/08/23 (a)	250,000		253,338
		4.21%, 06/12/24 (a)	125,000		126,794
	Diamond Finance International Limited
		8.35%, 07/15/46 (a)	100,000		117,706
	Glencore Funding LLC
		4.88%, 03/12/29 (a)	115,000		111,670
	HSBC Holdings PLC
		6.88%, (callable at 100 beginning 06/01/21) (b) (d)	200,000		199,250
	Icahn Enterprises L.P.
		6.25%, 05/15/26	119,000		112,254
	JPMorgan Chase & Co.
		4.60%, (callable at 100 beginning 02/01/25) (b)	163,000		143,514
		5.00%, (callable at 100 beginning 08/01/24) (b)	80,000		77,005
		5.30%, (callable at 100 beginning 05/01/20) (b)	60,000		56,174
		3.22%, 03/01/25	114,000		118,118
		2.01%, 03/13/26	132,000		130,098
		3.96%, 01/29/27	107,000		115,389
		3.51%, 01/23/29	68,000		70,858
		4.20%, 07/23/29	28,000		30,974
		2.74%, 10/15/30	110,000		110,172
	Lloyds Banking Group PLC
		7.50%, (callable at 100 beginning 09/27/25) (b)	109,000		97,964
	Markel Corporation
		5.00%, 05/20/49	39,000		40,499
	Metropolitan Life Global Funding I
		3.60%, 01/11/24 (a)	210,000		231,882
	Mitsubishi UFJ Financial Group Inc
		2.56%, 02/25/30	200,000		191,347
	Morgan Stanley
		4.88%, 11/01/22	100,000		104,668
		3.62%, 04/01/31	206,000		214,392
	Nordic Aviation Capital DAC
		5.58%, 03/14/24 (e) (f)	135,000		109,867
	Rassman, Joel H.
		3.80%, 11/01/29 (g)	140,000		122,654
	State Street Corporation
		2.90%, 03/30/26 (a)	87,000		87,686
	The Goldman Sachs Group, Inc.
		2.91%, 07/24/23	63,000		63,579
		3.50%, 04/01/25	165,000		167,430
		4.25%, 10/21/25	90,000		94,257
		3.80%, 03/15/30	241,000		250,750
		6.75%, 10/01/37	70,000		92,410
	The Guardian Life Insurance Company of America
		3.70%, 01/22/70 (a)	57,000		49,801
	The PNC Financial Services Group, Inc.
		3.45%, 04/23/29	115,000		116,657
	U.S. Bancorp
		3.00%, 07/30/29	68,000		67,701
	Wells Fargo & Company
		2.41%, 10/30/25	253,000		248,984
		3.20%, 06/17/27	203,000		210,125
		3.58%, 05/22/28 (c)	24,000		24,912
		2.88%, 10/30/30	210,000		205,826
				6,976,962
Health Care 5.5%
	AbbVie Inc.
		2.95%, 11/21/26 (a)	170,000		173,956
		4.30%, 05/14/36	38,000		41,218
		4.05%, 11/21/39 (a)	90,000		93,905
		4.25%, 11/21/49 (a)	128,000		137,398
	Amgen Inc.
		2.45%, 02/21/30	102,000		101,138
		3.15%, 02/21/40	164,000		162,819
	Bausch Health Companies Inc.
		5.50%, 11/01/25 (a)	22,000		22,247
		8.50%, 01/31/27 (a) (g)	21,000		21,954
		5.75%, 08/15/27 (a) (g)	60,000		61,828
	Baxter International Inc.
		3.75%, 10/01/25 (a)	50,000		52,986
		3.95%, 04/01/30 (a) (g)	15,000		16,216
	Bristol-Myers Squibb Company
		3.40%, 07/26/29 (a)	205,000		225,390
		4.13%, 06/15/39 (a)	100,000		120,184
	Centene Corporation
		5.25%, 04/01/25 (a)	100,000		101,049
		5.38%, 08/15/26 (a)	59,000		60,180
		4.25%, 12/15/27 (a)	106,000		106,848
		4.63%, 12/15/29 (a)	120,000		120,600
		3.38%, 02/15/30 (a)	72,000		66,960
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	50,000		51,484
	Cigna Holding Company
		3.40%, 03/01/27 (a)	114,000		116,233
		2.40%, 03/15/30	59,000		55,442
		3.20%, 03/15/40	47,000		43,598
		3.40%, 03/15/50	98,000		94,133
	CVS Health Corporation
		3.25%, 08/15/29	93,000		92,708
		4.78%, 03/25/38	100,000		109,876
		5.05%, 03/25/48	100,000		112,875
	HCA Inc.
		5.13%, 06/15/39	120,000		123,123
	Mylan Inc
		5.20%, 04/15/48	23,000		23,175
	Mylan N.V.
		3.95%, 06/15/26	10,000		10,150
	Perrigo Finance Unlimited Company
		4.38%, 03/15/26	31,000		31,903
	Providence St. Joseph Health
		2.53%, 10/01/29	67,000		65,717
	Quest Diagnostics Incorporated
		2.95%, 06/30/30	45,000		44,286
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (a)	140,000		133,582
	Thermo Fisher Scientific Inc.
		4.13%, 03/25/25	55,000		58,952
				2,854,113
Energy 5.0%
	Aker BP ASA
		3.75%, 01/15/30 (a)	255,000		188,973
	Baker Hughes, a GE Company, LLC
		3.14%, 11/07/29	53,000		45,821
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	54,000		48,312

Abbreviations and additional footnotes are defined on page 33

1

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29 (a)	125,000		111,051
	Denbury Resources Inc.
		9.00%, 05/15/21 (a)	25,000		7,314
	Endeavor Energy Resources, L.P.
		5.50%, 01/30/26 (a)	14,000		9,654
		5.75%, 01/30/28 (a)	14,000		9,461
	Energy Transfer LP
		6.75%, (callable at 100 beginning 05/15/25) (b)	102,000		62,144
		7.13%, (callable at 100 beginning 05/15/30) (b)	119,000		72,391
		4.25%, 03/15/23	173,000		155,342
		5.25%, 04/15/29	42,000		35,531
		3.75%, 05/15/30	67,000		52,390
		5.80%, 06/15/38	70,000		61,330
		6.13%, 12/15/45	20,000		16,630
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	40,000		33,855
	Enlink Midstream, LLC
		4.15%, 06/01/25	71,000		34,400
	Enterprise Products Operating LLC
		3.13%, 07/31/29	160,000		145,764
		4.20%, 01/31/50	84,000		79,534
	EQM Midstream Partners, LP
		4.13%, 12/01/26 (g)	113,000		65,325
	Everest Acquisition, LLC
		0.00%, 05/15/26 (a) (h) (i)	35,000		5,510
	Exxon Mobil Corporation
		3.48%, 03/19/30	255,000		282,127
	MEG Energy Corp.
		7.13%, 02/01/27 (a)	22,000		10,942
	MPLX LP
		4.00%, 03/15/28	120,000		101,601
		5.20%, 12/01/47 (a)	45,000		36,092
	National Oilwell Varco, Inc.
		3.60%, 12/01/29	125,000		97,307
	Occidental Petroleum Corporation
		3.50%, 08/15/29	140,000		65,800
		4.30%, 08/15/39	20,000		8,500
		4.40%, 08/15/49 (g)	22,000		9,504
	ONEOK, Inc.
		3.10%, 03/15/30	130,000		97,863
	Petroleos Mexicanos
		6.50%, 01/23/29 (g)	85,000		60,883
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	250,000		216,858
	Targa Resource Corporation
		5.50%, 03/01/30 (a)	140,000		108,366
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	16,700		13,249
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	49,000		39,256
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	122,500		99,150
	Viper Energy Partners LP
		5.38%, 11/01/27 (a)	38,000		31,733
	WPX Energy, Inc.
		4.50%, 01/15/30	53,000		28,721
				2,548,684
Consumer Staples 3.8%
	Anheuser-Busch Companies, LLC
		3.65%, 02/01/26	74,000		77,704
		4.90%, 02/01/46	146,000		160,831
	Archer-Daniels-Midland Company
		2.75%, 03/27/25 (g)	18,000		18,223
		3.25%, 03/27/30	70,000		74,100
	BAT Capital Corp.
		4.91%, 04/02/30	151,000		155,050
		4.39%, 08/15/37	148,000		136,767
	JBS Investments II GmbH
		7.00%, 01/15/26 (a) (g)	200,000		200,106
	JBS USA Food Company
		5.88%, 07/15/24 (a)	16,000		16,212
		6.50%, 04/15/29 (a)	84,000		90,020
	Kimberly-Clark Corporation
		3.10%, 03/26/30	17,000		18,226
	Mars, Incorporated
		3.95%, 04/01/49 (a)	143,000		158,273
	PepsiCo, Inc.
		3.63%, 03/19/50 (g)	110,000		129,524
	Reynolds American Inc.
		5.70%, 08/15/35	46,000		50,390
		7.00%, 08/04/41	45,000		52,092
	Safeway Inc.
		3.50%, 02/15/23 (a)	83,000		81,829
	Sysco Corporation
		5.65%, 04/01/25 (j)	47,000		48,897
		5.95%, 04/01/30 (j)	33,000		34,817
		6.60%, 04/01/40 (j)	22,000		23,657
	The Procter & Gamble Company
		3.60%, 03/25/50	32,000		39,468
	Walmart Inc.
		2.85%, 07/08/24	234,000		246,923
		3.25%, 07/08/29 (g)	100,000		109,873
		2.95%, 09/24/49 (g)	50,000		54,428
				1,977,410
Communication Services 3.4%
	AT&T Inc.
		1.96%, (3M USD LIBOR + 1.18%), 06/12/24 (c)	375,000		349,769
		5.25%, 03/01/37	77,000		89,739
	CCO Holdings, LLC
		4.75%, 03/01/30 (a)	91,000		90,654
	Charter Communications Operating, LLC
		4.91%, 07/23/25	140,000		150,341
		5.38%, 04/01/38	45,000		49,353
		6.83%, 10/23/55	51,000		61,267
	Comcast Corporation
		3.30%, 04/01/27	160,000		169,389
		4.60%, 10/15/38	51,000		62,024
		3.75%, 04/01/40	35,000		38,336
		3.40%, 07/15/46	50,000		54,820
		4.95%, 10/15/58	50,000		68,864
	Fox Corporation
		3.05%, 04/07/25	105,000		104,836
	Hughes Satellite Systems Corporation
		5.25%, 08/01/26	71,000		70,254
	Sirius XM Radio Inc.
		5.50%, 07/01/29 (a) (g)	47,000		47,913
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (a)	87,500		87,071
	TEGNA Inc.
		5.00%, 09/15/29 (a)	70,000		63,061
	Verizon Communications Inc.
		3.00%, 03/22/27 (g)	33,000		34,810
		4.00%, 03/22/50	35,000		41,292
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	120,000		132,928
				1,766,721
Utilities 3.4%
	Ameren Illinois Company
		4.50%, 03/15/49	90,000		107,262
	Basin Electric Power Cooperative
		4.75%, 04/26/47 (a)	107,000		117,769
	Berkshire Hathaway Energy Company
		4.05%, 04/15/25 (a)	120,000		129,424
	Commonwealth Edison Company
		3.75%, 08/15/47	79,000		82,936
	Consolidated Edison Company of New York, Inc.
		3.35%, 04/01/30	10,000		10,002
		3.95%, 04/01/50	57,000		60,013
	DPL Inc.
		4.35%, 04/15/29 (a) (g)	102,000		97,522
	Edison International
		4.95%, 04/15/25	21,000		20,950
	Exelon Corporation
		4.05%, 04/15/30	36,000		36,052
		5.10%, 06/15/45	75,000		81,095

Abbreviations and additional footnotes are defined on page 33

2

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	Florida Power & Light Company
		2.85%, 04/01/25	66,000		68,876
	Nevada Power Company
		3.70%, 05/01/29	140,000		148,588
	NSTAR Electric Company
		3.95%, 04/01/30	43,000		46,696
	Ohio Power Company
		2.60%, 04/01/30	52,000		51,393
	Oncor Electric Delivery Company LLC
		2.95%, 04/01/25	80,000		82,812
	Southern California Edison Company
		4.13%, 03/01/48	46,000		47,780
		3.65%, 02/01/50 (g)	62,000		60,210
	The AES Corporation
		4.00%, 03/15/21	215,000		212,982
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a)	71,000		66,794
		3.70%, 01/30/27 (a)	220,000		196,704
				1,725,860
Industrials 3.1%
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (a)	128,000		122,402
	Canadian Pacific Railway Limited
		2.05%, 03/05/30	31,000		28,845
	Carlisle Companies Incorporated
		2.75%, 03/01/30	175,000		151,905
	Caterpillar Inc.
		3.25%, 09/19/49	70,000		70,554
	Equifax Inc.
		2.60%, 12/01/24	80,000		77,073
	General Dynamics Corporation
		4.25%, 04/01/40	100,000		118,840
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (b) (g)	419,000		346,615
	Hillenbrand, Inc.
		4.50%, 09/15/26 (j)	20,000		19,940
	John Deere Capital Corporation
		1.75%, 03/09/27	57,000		54,817
	Moog Inc.
		4.25%, 12/15/27 (a)	44,000		39,735
	Northrop Grumman Corporation
		4.40%, 05/01/30	46,000		50,938
	Park Aerospace Holdings Limited
		5.25%, 08/15/22 (a)	190,000		167,831
	Textron Inc.
		3.00%, 06/01/30	175,000		159,724
	United Parcel Service, Inc.
		4.45%, 04/01/30	125,000		141,824
	United Rentals (North America), Inc.
		3.88%, 11/15/27	55,000		52,311
				1,603,354
Materials 2.9%
	Anglo American Capital PLC
		5.38%, 04/01/25 (a)	200,000		202,219
		4.88%, 05/14/25 (a)	121,000		117,802
		4.75%, 04/10/27 (a)	180,000		173,596
	Avery Dennison Corporation
		2.65%, 04/30/30	47,000		43,685
	CEMEX S.A.B. de C.V.
		5.45%, 11/19/29 (a) (g)	130,000		105,977
	CF Industries, Inc.
		4.50%, 12/01/26 (a)	314,000		330,146
	Chevron Phillips Chemical Company LLC
		5.13%, 04/01/25 (a)	97,000		99,817
	Ecolab Inc.
		4.80%, 03/24/30	38,000		43,225
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	61,000		56,688
		5.40%, 11/14/34	35,000		32,143
	LYB International Finance III, LLC
		4.20%, 10/15/49 (g)	58,000		56,698
	Martin Marietta Materials, Inc.
		2.50%, 03/15/30	71,000		64,590
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	130,000		114,027
	Olin Corporation
		5.63%, 08/01/29	61,000		56,056
				1,496,669
Consumer Discretionary 1.9%
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	103,000		98,157
	General Motors Company
		5.95%, 04/01/49	30,000		22,950
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		13,054
		5.30%, 01/15/29	100,000		82,973
	Lowe`s Companies, Inc.
		4.50%, 04/15/30	73,000		80,008
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43	11,000		10,383
	McDonald's Corporation
		3.50%, 07/01/27 (g)	174,000		181,898
	NIKE, Inc.
		3.25%, 03/27/40	74,000		77,418
	Starbucks Corporation
		2.25%, 03/12/30	145,000		136,272
	The Home Depot, Inc.
		3.35%, 04/15/50	74,000		78,401
	The Johns Hopkins University
		2.81%, 01/01/60	35,000		31,725
	The TJX Companies, Inc.
		3.50%, 04/15/25	121,000		123,760
		4.50%, 04/15/50	42,000		45,015
				982,014
Real Estate 1.5%
	Boston Properties Limited Partnership
		2.75%, 10/01/26	36,000		34,405
		2.90%, 03/15/30	130,000		119,195
	Equinix, Inc.
		2.63%, 11/18/24	130,000		122,369
	ProLogis, L.P.
		2.13%, 04/15/27	16,000		15,666
		2.25%, 04/15/30	75,000		69,425
	Service Properties Trust
		4.35%, 10/01/24	106,000		77,640
	Simon Property Group, L.P.
		2.45%, 09/13/29	307,000		285,280
	VICI Properties Inc.
		4.25%, 12/01/26 (a) (g)	35,000		32,153
		4.63%, 12/01/29 (a)	16,000		14,554
				770,687
Information Technology 1.4%
	Broadcom Corporation
		3.88%, 01/15/27	57,000		54,281
	Broadcom Inc.
		4.25%, 04/15/26 (a)	130,000		131,844
	Corning Incorporated
		5.85%, 11/15/68	58,000		64,019
	Dell International L.L.C.
		4.90%, 10/01/26 (a) (j)	50,000		49,779
	MasterCard Incorporated
		3.30%, 03/26/27	85,000		92,448
		3.85%, 03/26/50	22,000		26,864
	Microsoft Corporation
		3.95%, 08/08/56	87,000		108,906
	Oracle Corporation
		2.50%, 04/01/25	170,000		173,548
				701,689
	Total Corporate Bonds And Notes (cost $24,084,789)			23,404,163
GOVERNMENT AND AGENCY OBLIGATIONS 39.5%
Mortgage-Backed Securities 28.9%
	Federal Home Loan Mortgage Corporation
		2.00%, 02/01/35	198,290		204,081
		4.00%, 10/01/45 - 06/01/48	110,639		118,502
		3.50%, 01/01/46 - 08/01/49	2,244,007		2,381,884
		4.50%, 11/01/48	51,967		55,887

Abbreviations and additional footnotes are defined on page 33

3

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
		3.00%, 07/01/32 - 10/01/49	750,835		788,242
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 12/01/49	2,525,055		2,658,918
		2.50%, 06/01/34 - 10/01/34	599,777		622,999
		2.00%, 03/01/35	94,529		97,201
		3.50%, 10/01/46 - 05/01/49	709,967		753,152
		4.50%, 05/01/47 - 12/01/48	1,021,888		1,101,145
		4.00%, 01/01/47 - 09/01/49	1,905,292		2,038,418
	Government National Mortgage Association
		3.00%, 10/20/46 - 12/20/46	92,053		97,772
		3.50%, 05/20/47 - 12/20/49	1,318,666		1,397,102
		TBA, 2.50%, 05/15/48 (k)	330,000		344,408
		4.50%, 12/20/48 - 02/20/49	284,170		302,224
		4.00%, 07/20/47 - 05/20/49	778,890		831,532
		3.50%, 01/20/50 (k)	94,450		99,906
		3.00%, 10/20/49 - 02/20/50	913,860		967,132
				14,860,505
U.S. Treasury Note 5.7%
	Treasury, United States Department of
		1.88%, 04/30/22	150,000		154,805
		1.63%, 05/31/23	524,000		544,632
		2.13%, 05/15/25	177,000		191,990
		2.25%, 11/15/25	1,290,000		1,415,573
		1.50%, 08/15/26	583,000		617,707
				2,924,707
U.S. Treasury Bond 4.7%
	Treasury, United States Department of
		3.75%, 08/15/41	461,000		678,750
		3.13%, 11/15/41	292,000		392,923
		2.50%, 02/15/45 - 02/15/46	772,000		958,664
		3.00%, 02/15/48	277,000		380,832
				2,411,169
Municipal 0.2%
	Dormitory Authority State of New York
		3.19%, 02/15/43	100,000		98,957
	Total Government And Agency Obligations (cost $18,814,117)			20,295,338
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.5%
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	170,900		172,847
	American Tower Trust #1
		Series 2013-A-2, 3.07%, 03/15/23	265,000		260,931
	AmeriCredit Automobile Receivables Trust
		Series 2018-A3-1, 3.07%, 01/19/21	314,278		309,126
	Ascentium Equipment Receivables Trust
		Series 2017-A3-2A, 2.31%, 12/10/21	94,154		92,726
	BAMLL Commercial Mortgage Securities Trust
		Series 2015-B-200P, REMIC, 3.49%, 04/16/25	375,000		384,763
	Benchmark Mortgage Trust
		Series 2019-A5-B15, 2.93%, 11/16/29	190,000		196,915
	Capital One Prime Auto Receivables Trust
		Series 2019-A2-2, 2.06%, 06/15/21	593,221		587,793
		Series 2020-A2-1, 1.64%, 06/15/23	233,000		230,898
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21	31,216		31,156
		Series 2019-A2-2, 2.11%, 03/14/23	100,000		98,703
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23	16,738		16,343
	Citigroup Commercial Mortgage Trust
		Series 2019-A4-C7, REMIC, 3.10%, 12/17/29	275,000		277,622
	COMM Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	49,000		51,204
		Series 2014-A3-CR21, REMIC, 3.53%, 12/12/24	254,581		264,101
	CSMC Trust
		Series 2017-A3-HL2, 3.50%, 09/25/24 (c)	71,905		71,172
	Dell Equipment Finance Trust
		Series 2018-A2A-1, 2.97%, 10/22/20	2,503		2,503
		Series 2017-A3-2, 2.19%, 10/24/22	10,897		10,897
	DLL LLC
		Series 2018-A3-ST2, 3.46%, 04/20/21	119,803		119,999
		Series 2019-A2-MT3, 2.13%, 01/20/22	175,000		171,386
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22	38,394		37,644
	GLS Auto Receivables Trust
		Series 2019-A-1A, 3.37%, 03/15/21	60,581		60,023
		Series 2018-A-3A, 3.35%, 08/15/22	19,121		18,879
	GM Financial Automobile Leasing Trust
		Series 2018-A3-1, 2.61%, 01/20/21	36,308		36,308
	GreatAmerica Financial Services Corporation
		Series 2019-A2-1, 2.97%, 09/15/20	93,196		91,140
		Series 2018-A3-1, 2.60%, 06/15/21	60,219		59,513
	GS Mortgage Securities Corp Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22	158,000		156,387
	HPEFS Equipment Trust
		Series 2019-A2-1A, 2.19%, 09/20/29	200,000		195,999
		Series 2019-A3-1A, 2.21%, 09/20/29	100,000		98,411
	Hudson Yards Mortgage Trust
		Series 2019-A-30HY, 3.23%, 07/12/29	300,000		317,172
	J.P. Morgan Mortgage Trust
		Series 2017-A6-6, REMIC, 3.00%, 03/25/25 (c)	77,294		77,127
	John Deere Owner Trust
		Series 2019-A2-B, 2.28%, 04/15/21	490,989		476,585
	Kubota Credit Owner Trust
		Series 2018-A2-1A, 2.80%, 02/16/21	1,125		1,125
	MVW Owner Trust
		Series 2013-A-1A, 2.15%, 04/22/30	55,283		55,283
	Prestige Auto Receivables Trust
		Series 2019-A2-1A, 2.44%, 12/15/20	156,491		154,329
	PSMC Trust
		Series 2018-A1-3, REMIC, 4.00%, 02/25/41	57,569		58,054
	Sequoia Mortgage Trust
		Series 2019-A4-1, REMIC, 4.00%, 02/25/26	18,779		18,378
		Series 2018-A1-8, REMIC, 4.00%, 06/25/40 (c)	73,816		72,465
	Toyota Auto Receivables Owner Trust
		Series 2018-A3-B, 2.96%, 07/15/21	250,000		252,353
	United Airlines, Inc.
		Series 2012-B-1, 6.25%, 04/11/20	8,530		8,535
		Series 2012-A-1, 4.15%, 04/11/24	51,006		49,460
		Series 2012-A-2, 4.00%, 10/29/24	45,462		42,436
	Verizon Owner Trust
		Series 2017-A-2A, 1.92%, 12/20/21	108,560		107,976
	Volvo Financial Equipment LLC
		Series 2019-A2-1A, 2.90%, 10/15/20	78,087		76,407
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, 3.92%, 06/17/27 (c)	57,000		53,440
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,962,941)			5,926,514
SENIOR LOAN INTERESTS 1.6%
Communication Services 0.6%
	CenturyLink, Inc.
		2020 Term Loan B, 3.24%, (1M LIBOR + 2.25%), 03/15/27 (c)	99,750		92,581
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 2.86%, (1M LIBOR + 2.25%), 07/15/25 (c)	43,872		41,752
	Diamond Sports Group, LLC
		Term Loan, 4.18%, (1M LIBOR + 3.25%), 08/24/26 (c)	33,830		26,049
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 4.33%, (1M LIBOR + 2.75%), 07/15/26 (c)	75,458		69,949
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.12%, (1M LIBOR + 2.50%), 02/01/24 (c)	82,864		82,243
				312,574
Consumer Discretionary 0.4%
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 3.70%, (3M LIBOR + 2.50%), 09/07/23 (c)	36,189		28,047
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 10/04/23 (c) (l)	40,000		31,000
		2017 Incremental Term Loan B, 4.10%, (1M LIBOR + 2.50%), 10/04/23 (c)	42,396		32,857

Abbreviations and additional footnotes are defined on page 33

4

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	PCI Gaming Authority
		Term Loan, 4.10%, (1M LIBOR + 2.50%), 05/15/26 (c)	144,036		116,669
				208,573
Consumer Staples 0.2%
	JBS USA Lux S.A.
		2019 Term Loan B, 3.60%, (6M LIBOR + 2.00%), 04/27/26 (c)	94,832		88,261
Utilities 0.1%
	PG&E Corp
		DIP Term Loan, 3.12%, (1M LIBOR + 2.25%), 12/31/20 (c)	70,000		67,783
	Vistra Operations Company LLC
		1st Lien Term Loan B3, 2.55%, (1M LIBOR + 1.75%), 12/11/25 (c)	1,990		1,883
		1st Lien Term Loan B3, 3.35%, (1M LIBOR + 1.75%), 12/11/25 (c)	8,313		7,866
				77,532
Financials 0.1%
	UFC Holdings, LLC
		2019 Term Loan, 4.86%, (1M LIBOR + 3.25%), 04/25/26 (c)	58,485		50,882
Industrials 0.1%
	Genesee & Wyoming Inc. (New)
		Term Loan, 3.96%, (3M LIBOR + 2.00%), 10/29/26 (c)	51,000		48,610
Materials 0.1%
	BWAY Holding Company
		2017 Term Loan B, 5.08%, (3M LIBOR + 3.25%), 04/03/24 (c)	48,747		39,516
Energy 0.0%
	Traverse Midstream Partners LLC
		2017 Term Loan, 5.61%, (1M LIBOR + 4.00%), 09/22/24 (c)	32,505		17,878
	Total Senior Loan Interests (cost $952,696)			843,826
SHORT TERM INVESTMENTS 6.5%
Securities Lending Collateral 3.5%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (m)		1,834,223		1,834,223
Investment Companies 3.0%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.31% (m)		1,531,454		1,531,454
	Total Short Term Investments (cost $3,365,677)			3,365,677
Total Investments 104.6% (cost $53,180,220)					53,835,518
Other Derivative Instruments (0.0)%					(14,748)
Other Assets and Liabilities, Net (4.6)%					(2,376,594)
Total Net Assets 100.0%					51,444,176

(a)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of March 31, 2020, the value and the percentage of net assets of these liquid securities was $7,124,556 and 13.8% of the Fund.

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

(c)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(d)Convertible security.

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

(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 March 31, 2020.

(h)Non-income producing security.

(i)As of March 31, 2020, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

(k)All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2020, the total payable for investments purchased on a delayed delivery basis was $441,704.

(l)This senior loan will settle after March 31, 2020. If a reference rate and spread is presented, it will go into effect upon settlement.

(m)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

PPM Core Plus Fixed Income Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Nordic Aviation Capital DAC, 5.58%, 03/14/24	02/27/19	135,000	109,867	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 2 Year Note	15	July 2020		3,273,210	(469)			32,532
United States 5 Year Note	43	July 2020		5,232,901	(2,016)			157,552
United States Long Bond	10	June 2020		1,715,142	(15,439)			75,483
United States Ultra Bond	2	June 2020		404,958	(6,500)			38,792
					(24,424)			304,359
Short Contracts
United States 10 Year Note	(5)	June 2020		(686,824)	1,044			(6,614)
United States 10 Year Ultra Bond	(22)	June 2020		(3,287,782)	7,219			(144,905)
					8,263			(151,519)

Abbreviations and additional footnotes are defined on page 33

5

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

PPM Core Plus Fixed Income Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate (%)	Expiration	Notional1		Value ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection
CDX.NA.IG.34 (Q)	1.00	06/20/25		500,000		3,396		1,413		(6,551)

Abbreviations and additional footnotes are defined on page 33

6

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1	Value ($)
PPM Floating Rate Income Fund
SENIOR LOAN INTERESTS 91.2%
Consumer Discretionary 15.2%
	1011778 B.C. Unlimited Liability Company
		Term Loan B4, 3.35%, (1M LIBOR + 1.75%), 11/14/26 (a)	193,455	177,979
	24 Hour Fitness Worldwide, Inc.
		2018 Term Loan B, 5.10%, (3M LIBOR + 3.50%), 05/30/25 (a)	192,023	39,685
	Adient US LLC
		Term Loan B, 5.74%, (3M LIBOR + 4.00%), 05/03/24 (a)	29,403	25,434
		Term Loan B, 5.94%, (3M LIBOR + 4.00%), 05/03/24 (a)	89,400	77,331
	Aimbridge Acquisition Co., Inc.
		2019 Term Loan B, 5.02%, (3M LIBOR + 3.75%), 02/02/26 (a)	119,400	83,580
	Allied Universal Holdco LLC
		2019 Term Loan B, 5.85%, (1M LIBOR + 4.25%), 06/18/26 (a)	104,737	96,358
	Alterra Mountain Company
		Term Loan B1, 4.35%, (1M LIBOR + 2.75%), 06/28/24 (a)	127,394	114,654
	American Axle and Manufacturing, Inc.
		Term Loan B, 3.18%, (1M LIBOR + 2.25%), 03/10/24 (a)	202,342	167,337
	Aramark Services, Inc.
		2019 Term Loan B4, 3.35%, (1M LIBOR + 1.75%), 12/04/26 (a)	120,000	111,000
	Bass Pro Group, LLC
		Term Loan B, 5.99%, (1M LIBOR + 5.00%), 11/15/23 (a)	201,955	168,633
	Boing US Holdco Inc.
		2017 1st Lien Term Loan, 4.25%, (1M LIBOR + 3.25%), 09/20/24 (a)	39,300	30,458
	Bombardier Recreational Products, Inc.
		Term Loan, 3.60%, (1M LIBOR + 3.50%), 06/30/23 (a)	316,944	259,894
		2020 Term Loan, 4.10%, 05/23/25 (a)	4,975	4,080
	Boyd Gaming Corporation
		Term Loan B3, 2.93%, (3M LIBOR + 2.25%), 09/15/23 (a)	238,981	205,597
	Caesars Entertainment Operating Company
		Exit Term Loan, 3.60%, (1M LIBOR + 2.00%), 04/03/24 (a)	307,472	248,539
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 3.74%, (1M LIBOR + 2.75%), 12/23/24 (a)	287,308	230,996
	Callaway Golf Company
		Term Loan B, 5.30%, (1M LIBOR + 4.50%), 12/31/25 (a)	39,990	35,591
	CityCenter Holdings, LLC
		2017 Term Loan B, 3.24%, (1M LIBOR + 2.25%), 04/14/24 (a)	231,402	200,857
	Coinamatic Canada Inc.
		Canadian 1st Lien Term Loan, 4.85%, (1M LIBOR + 3.25%), 05/13/22 (a) (b)	3,942	3,272
	Constellis Holdings, LLC
		2019 Super Priority Term Loan, 11.00%, (1M LIBOR + 10.00%), 12/17/20 (a) (b)	19,194	16,891
		Term Loan, 0.00%, (3M LIBOR + 10.00%), 06/30/21 (a) (c)	8,724	8,724
		2017 1st Lien Term Loan, 0.00%, 04/17/24 (b) (d) (e)	69,116	1,383
	Core & Main LP
		2017 Term Loan B, 4.33%, (3M LIBOR + 2.75%), 07/19/24 (a)	60,362	52,968
		2017 Term Loan B, 4.33%, (1M LIBOR + 2.75%), 07/19/24 - 08/01/24 (a)	93,453	82,005
	Creative Artists Agency, LLC
		2019 Term Loan B, 4.74%, (1M LIBOR + 3.75%), 11/19/26 (a)	59,850	51,770
	Dana Incorporated
		Term Loan B, 3.86%, (1M LIBOR + 2.25%), 02/27/26 (a)	100,786	91,715
	Delta 2 (LUX) S.a.r.l.
		2018 USD Term Loan, 3.50%, (1M LIBOR + 2.50%), 02/01/24 (a)	165,000	146,497
	DexKo Global Inc.
		2018 USD Term Loan, 5.10%, (1M LIBOR + 3.50%), 07/24/24 (a)	129,010	108,798
	Eldorado Resorts LLC
		2017 Term Loan B, 3.25%, (6M LIBOR + 2.25%), 03/15/24 (a)	15,791	13,818
		2017 Term Loan B, 3.88%, (6M LIBOR + 2.25%), 03/15/24 (a)	52,662	46,079
	Equinox Holdings, Inc.
		Term Loan, 0.00%, (6M LIBOR + 3.00%), 03/08/24 (a) (c)	50,000	36,281
		2017 1st Lien Term Loan, 4.60%, (6M LIBOR + 3.00%), 03/08/24 (a)	128,108	92,959
	Fitness International, LLC
		2018 Term Loan B, 4.85%, (6M LIBOR + 3.25%), 04/13/25 (a)	88,438	65,334
	Four Seasons Hotels Limited
		New 1st Lien Term Loan, 2.99%, (1M LIBOR + 2.00%), 11/30/23 (a)	187,577	168,819
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 3.70%, (3M LIBOR + 2.50%), 09/07/23 (a)	145,784	112,983
		2017 Incremental Term Loan B, 4.10%, (1M LIBOR + 2.50%), 10/04/23 (a)	170,789	132,361
	Hoffmaster Group, Inc.
		2018 1st Lien Term Loan, 5.60%, (1M LIBOR + 4.00%), 11/11/23 (a)	36,740	26,086
	Hoya Midco, LLC
		2017 1st Lien Term Loan, 5.10%, (6M LIBOR + 3.50%), 06/21/24 - 06/27/24 (a)	73,539	52,214
	Inmar Holdings, Inc.
		2017 1st Lien Term Loan, 5.94%, (6M LIBOR + 4.00%), 04/25/24 (a)	152,860	115,301
	Interior Logic Group Holdings IV LLC
		2018 Term Loan B, 5.60%, (1M LIBOR + 4.00%), 05/21/25 (a)	98,500	83,232
	International Textile Group, Inc
		1st Lien Term Loan, 6.58%, (1M LIBOR + 5.00%), 04/19/24 (a)	95,625	63,112
	IRB Holding Corp
		2020 Term Loan B, 3.75%, (1M LIBOR + 2.75%), 02/05/25 (a)	121,530	93,351
	Jo-Ann Stores, Inc.
		2016 Term Loan, 5.99%, (6M LIBOR + 5.00%), 09/29/23 (a)	48,131	17,396
	Kestrel Bidco Inc.
		Term Loan B, 4.00%, (1M LIBOR + 3.00%), 07/31/26 (a)	47,828	36,349
	Life Time Fitness Inc
		2017 Term Loan B, 4.36%, (3M LIBOR + 2.75%), 06/22/22 (a)	91,966	67,480
	Lifetime Brands, Inc.
		Term Loan B, 5.10%, (1M LIBOR + 3.50%), 03/13/25 (a)	62,177	48,809
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 3.35%, (1M LIBOR + 1.75%), 08/29/25 (a)	92,303	80,303
	Mavis Tire Express Services Corp.
		2018 1st Lien Term Loan, 4.85%, (1M LIBOR + 3.25%), 03/15/25 (a)	166,486	131,940
	Michaels Stores, Inc.
		2018 Term Loan B, 3.50%, (1M LIBOR + 2.50%), 01/01/23 (a)	67,418	55,957
		2018 Term Loan B, 3.56%, (3M LIBOR + 2.50%), 01/01/23 (a)	33,881	28,121
		2018 Term Loan B, 3.56%, (1M LIBOR + 2.50%), 01/01/23 (a)	6,742	5,596
		2018 Term Loan B, 3.57%, (3M LIBOR + 2.50%), 01/01/23 (a)	39,102	32,455
	Mohegan Tribal Gaming Authority
		2016 Term Loan B, 5.98%, (1M LIBOR + 4.38%), 10/30/23 (a)	29,453	20,764
	Panther BF Aggregator 2 LP
		USD Term Loan B, 4.44%, (1M LIBOR + 3.50%), 03/13/26 (a)	124,198	113,020

Abbreviations and additional footnotes are defined on page 33

7

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	PCI Gaming Authority
		Term Loan, 4.10%, (1M LIBOR + 2.50%), 05/15/26 (a)	123,836		100,307
	Penn National Gaming, Inc.
		2018 1st Lien Term Loan B, 3.86%, (1M LIBOR + 2.25%), 08/15/25 (a)	322,392		241,217
	Playa Resorts Holding B.V.
		2017 Term Loan B, 4.35%, (1M LIBOR + 2.75%), 04/07/24 (a)	176,379		119,585
	ProQuest LLC
		2019 Term Loan, 5.10%, (1M LIBOR + 3.50%), 10/16/26 (a)	59,850		55,660
	Rodan & Fields, LLC
		2018 Term Loan B, 4.70%, (1M LIBOR + 4.00%), 06/07/25 (a)	49,125		21,451
	Scientific Games International, Inc.
		2018 Term Loan B5, 3.74%, (1M LIBOR + 2.75%), 08/14/24 (a)	32,204		25,871
		Term Loan, 4.35%, (3M LIBOR + 2.75%), 08/14/24 (a)	420		337
		2018 Term Loan B5, 4.37%, (3M LIBOR + 2.75%), 08/14/24 (a)	132,483		106,428
	Serta Simmons Bedding, LLC
		1st Lien Term Loan, 4.50%, (1M LIBOR + 3.50%), 10/21/23 (a)	122,910		48,242
	ServiceMaster Company
		2019 Term Loan D, 3.38%, (1M LIBOR + 1.75%), 10/31/26 (a)	59,850		56,678
	SIWF Holdings Inc.
		1st Lien Term Loan, 5.85%, (6M LIBOR + 4.25%), 05/25/25 (a)	113,024		98,331
	Six Flags Theme Parks, Inc.
		2019 Term Loan B, 3.36%, (1M LIBOR + 1.75%), 04/09/26 (a)	89,325		77,824
	Spin Holdco Inc.
		2017 Term Loan B, 5.09%, (3M LIBOR + 3.25%), 11/14/22 (a)	97,985		86,962
	SRAM, LLC
		2018 Term Loan B, 4.35%, (1M LIBOR + 2.75%), 03/15/24 (a)	100,061		94,057
		2018 Term Loan B, 6.00%, (PRIME + 1.75%), 03/15/24 (a)	3,433		3,227
	Staples, Inc.
		7 Year Term Loan, 6.52%, (1M LIBOR + 5.00%), 04/05/26 (a)	124,062		97,389
	Stars Group Holdings B.V. (The)
		2018 USD Incremental Term Loan, 5.44%, (3M LIBOR + 3.50%), 06/29/25 (a)	246,938		234,797
	Station Casinos LLC
		2020 Term Loan B, 3.24%, (1M LIBOR + 2.25%), 01/30/27 (a)	218,565		185,234
	Tenneco, Inc.
		2018 Term Loan B, 3.99%, (1M LIBOR + 3.00%), 10/01/25 (a)	106,351		72,850
	TI Group Automotive Systems, L.L.C.
		2015 USD Term Loan, 4.10%, (1M LIBOR + 2.50%), 06/25/22 (a)	159,212		142,494
	Trader Corporation
		2017 Term Loan B, 4.66%, (1M LIBOR + 3.00%), 09/28/23 (a)	85,000		71,400
	TruGreen Limited Partnership
		2019 Term Loan, 5.35%, (1M LIBOR + 3.75%), 03/19/26 (a)	59,550		53,893
	WASH Multifamily Laundry Systems, LLC
		2015 1st Lien Term Loan, 4.85%, (1M LIBOR + 3.25%), 05/15/22 (a) (b)	25,441		21,116
	WideOpenWest Finance LLC
		2017 Term Loan B, 4.25%, (1M LIBOR + 3.25%), 08/19/23 (a)	157,082		144,122
	William Morris Endeavor Entertainment, LLC
		2018 1st Lien Term Loan, 4.36%, (1M LIBOR + 2.75%), 05/11/25 (a)	117,846		92,362
	WMG Acquisition Corp.
		2018 Term Loan F, 3.11%, (1M LIBOR + 2.13%), 11/01/23 (a)	320,000		310,400
				7,144,380
Information Technology 12.6%
	Almonde, Inc.
		USD 1st Lien Term Loan, 5.28%, (3M LIBOR + 3.50%), 04/26/24 (a)	238,091		202,378
		USD 2nd Lien Term Loan , 9.03%, (3M LIBOR + 7.25%), 04/27/25 (a)	50,000		37,100
	AppLovin Corporation
		2018 Term Loan B, 5.10%, (1M LIBOR + 3.50%), 07/13/26 (a)	298,593		265,747
	Avast Software B.V.
		2018 USD Term Loan B, 4.19%, (3M LIBOR + 2.25%), 09/30/23 (a)	36,821		33,385
	AVSC Holding Corp.
		2018 1st Lien Term Loan, 4.83%, (1M LIBOR + 3.25%), 02/23/25 (a)	52,226		32,641
		2018 1st Lien Term Loan, 4.95%, (3M LIBOR + 3.25%), 02/23/25 (a)	52,472		32,795
		2018 1st Lien Term Loan, 5.21%, (3M LIBOR + 3.25%), 02/23/25 (a)	2,389		1,493
	Banff Merger Sub Inc
		2018 USD Term Loan B, 5.85%, (1M LIBOR + 4.25%), 06/30/25 (a)	125,235		103,350
	Blackhawk Network Holdings, Inc
		2018 1st Lien Term Loan, 4.60%, (1M LIBOR + 3.00%), 05/31/25 (a)	112,987		91,197
	Brave Parent Holdings, Inc.
		1st Lien Term Loan, 5.78%, (3M LIBOR + 4.00%), 04/17/25 (a)	69,097		59,078
	Cabot Microelectronics Corporation
		2019 Term Loan B1, 3.62%, (1M LIBOR + 2.00%), 11/14/25 (a)	39,790		38,198
	Castle US Holding Corporation
		USD Term Loan B, 5.35%, (1M LIBOR + 3.75%), 02/28/27 (a)	32,900		26,094
	CommScope, Inc.
		2019 Term Loan B, 4.24%, (1M LIBOR + 3.25%), 02/07/26 (a)	96,813		91,005
	DCert Buyer, Inc.
		2019 Term Loan B, 5.60%, (1M LIBOR + 4.00%), 07/31/26 (a)	81,000		71,820
	Dell International LLC
		2019 Term Loan B, 3.61%, (1M LIBOR + 2.00%), 09/11/25 (a)	401,453		381,633
	Dynatrace LLC
		2018 1st Lien Term Loan, 3.85%, (1M LIBOR + 2.25%), 08/08/25 (a)	45,530		42,570
	Entegris, Inc.
		2018 Term Loan B, 3.60%, (1M LIBOR + 2.00%), 11/05/25 (a) (b)	44,438		40,438
	Eta Australia Holdings III Pty Ltd
		Term Loan, 5.60%, (1M LIBOR + 4.00%), 03/08/26 (a)	59,550		50,320
	EVO Payments International LLC
		2018 1st Lien Term Loan, 4.87%, (1M LIBOR + 3.25%), 12/22/23 (a)	92,533		77,208
	Global Tel*Link Corporation
		2018 1st Lien Term Loan, 5.85%, (3M LIBOR + 4.25%), 11/29/25 (a)	147,550		123,942
	GlobalLogic Holdings Inc.
		2018 Add On 1st Lien Term Loan, 4.35%, (1M LIBOR + 2.75%), 07/27/25 (a)	106,325		99,945
	Go Daddy Operating Company, LLC
		2017 Repriced Term Loan, 3.35%, (1M LIBOR + 1.75%), 02/15/24 (a)	125,376		119,264
	II-VI Incorporated
		Term Loan B, 5.10%, (1M LIBOR + 3.50%), 06/28/26 (a)	165,419		136,194
	Infor (US), Inc.
		Term Loan B6, 4.69%, (1M LIBOR + 2.75%), 02/07/22 (a)	81,708		78,317
	IRI Holdings, Inc.
		2018 1st Lien Term Loan, 6.11%, (3M LIBOR + 4.50%), 11/06/25 (a)	137,903		108,426
	MA FinanceCo., LLC
		2017 Term Loan B2, 3.85%, (1M LIBOR + 2.25%), 11/19/21 (a)	50,000		46,875
		USD Term Loan B3, 4.10%, (1M LIBOR + 2.50%), 04/19/24 (a)	30,907		27,384

Abbreviations and additional footnotes are defined on page 33

8

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	McAfee, LLC
		2018 USD Term Loan B, 4.69%, (1M LIBOR + 3.75%), 09/30/24 (a)	194,059		181,121
	MH Sub I, LLC
		2017 1st Lien Term Loan, 5.35%, (6M LIBOR + 3.75%), 08/09/24 (a)	150,858		126,872
	MKS Instruments, Inc.
		2019 Term Loan B6, 3.35%, (1M LIBOR + 1.75%), 02/01/26 (a)	126,230		112,866
	MLN US HoldCo LLC
		2018 1st Lien Term Loan, 6.02%, (1M LIBOR + 4.50%), 07/13/25 (a)	128,611		88,190
	NaviHealth, Inc.
		2018 Term Loan B, 5.61%, (1M LIBOR + 5.00%), 08/01/25 (a) (b)	88,650		80,671
	NCR Corporation
		2019 Term Loan, 4.11%, (1M LIBOR + 2.50%), 04/12/25 (a)	113,660		102,294
	NeuStar, Inc.
		2018 Term Loan B4, 5.10%, (3M LIBOR + 3.50%), 08/08/24 (a)	195,980		147,769
	ON Semiconductor Corporation
		2019 Term Loan B, 3.60%, (1M LIBOR + 2.00%), 09/13/26 (a)	223,875		209,323
	Presidio, Inc.
		2020 Term Loan B, 5.28%, (3M LIBOR + 3.50%), 12/19/26 (a)	114,120		106,131
	Rackspace Hosting, Inc.
		2017 Incremental 1st Lien Term Loan, 4.26%, (1M LIBOR + 3.00%), 11/03/23 (a)	219		190
		2017 Incremental 1st Lien Term Loan, 4.76%, (3M LIBOR + 3.00%), 11/03/23 (a)	85,284		73,770
	Radiate Holdco, LLC
		1st Lien Term Loan, 4.60%, (1M LIBOR + 3.00%), 12/09/23 (a)	201,308		184,533
	Refinitiv US Holdings Inc.
		2018 USD Term Loan, 4.24%, (1M LIBOR + 3.25%), 09/12/25 (a)	167,875		160,460
	Rocket Software, Inc.
		2018 Term Loan , 5.85%, (1M LIBOR + 4.25%), 11/20/25 (a)	79,101		64,731
	Science Applications International Corporation
		Term Loan, 0.00%, (1M LIBOR + 2.25%), 03/05/27 (a) (c)	17,500		16,362
	Seattle Spinco, Inc.
		USD Term Loan B3, 4.10%, (1M LIBOR + 2.50%), 04/19/24 (a)	208,725		184,931
	Severin Acquisition, LLC
		2018 Term Loan B, 4.74%, (3M LIBOR + 3.00%), 06/15/25 (a)	198,060		169,341
	Sirius Computer Solutions, Inc.
		2020 Term Loan, 4.49%, (1M LIBOR + 3.50%), 07/01/26 (a)	129,027		111,608
	Solera, LLC
		USD Term Loan B, 4.36%, (3M LIBOR + 2.75%), 03/03/23 (a)	166,957		155,687
	Sophia, L.P.
		2017 Term Loan B, 4.70%, (3M LIBOR + 3.25%), 09/30/22 (a)	174,184		165,040
	SS&C Technologies Holdings Europe S.A.R.L.
		2018 Term Loan B4, 3.35%, (1M LIBOR + 1.75%), 02/27/25 (a)	80,659		75,215
	SS&C Technologies Inc.
		2018 Term Loan B3, 3.35%, (1M LIBOR + 1.75%), 02/27/25 (a)	113,036		105,406
	SurveyMonkey Inc.
		2018 Term Loan B, 4.49%, (3M LIBOR + 3.75%), 10/10/25 (a) (b)	72,779		57,496
	TriTech Software Systems
		2018 Term Loan B, 5.35%, (3M LIBOR + 3.75%), 08/16/25 (a)	88,875		69,856
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 5.69%, (3M LIBOR + 4.00%), 08/09/25 (a)	202,562		124,914
	Verra Mobility Corporation
		2020 Term Loan B, 4.85%, 02/23/25 (a)	195,723		174,194
	Vertafore, Inc.
		2018 1st Lien Term Loan, 4.85%, (1M LIBOR + 3.25%), 06/04/25 (a)	55,547		48,654
	Western Digital Corporation
		2018 Term Loan B4, 3.35%, (3M LIBOR + 1.75%), 04/29/23 (a)	173,906		166,950
	WEX Inc.
		Term Loan B3, 3.85%, (1M LIBOR + 2.25%), 05/17/26 (a)	296,739		255,789
				5,939,161
Industrials 12.1%
	Advanced Disposal Services Inc.
		Term Loan B3, 2.89%, (3M LIBOR + 2.25%), 11/10/23 (a)	300,819		296,557
	AI Mistral Holdco Limited
		2017 Term Loan B, 4.60%, (1M LIBOR + 3.00%), 01/26/24 (a)	113,253		75,124
	Allegiant Travel Company
		2020 Term Loan, 4.71%, (3M LIBOR + 3.00%), 02/05/24 (a)	59,100		45,802
	Altra Industrial Motion Corp.
		2018 Term Loan B, 3.60%, (1M LIBOR + 2.00%), 09/26/25 (a)	312,905		271,933
	Altran Technologies
		2018 USD Term Loan B, 3.27%, (1M LIBOR + 2.50%), 01/31/25 (a)	59,098		53,927
	APi Group DE, Inc.
		Term Loan B, 4.10%, (1M LIBOR + 2.50%), 09/25/26 (a)	15,000		12,744
	Autokiniton US Holdings, Inc.
		2018 Term Loan B, 7.98%, (1M LIBOR + 6.38%), 05/18/25 (a) (b)	98,250		78,600
	Beacon Roofing Supply, Inc.
		2017 Term Loan B, 3.85%, (1M LIBOR + 2.25%), 01/02/25 (a)	59,394		53,529
	Brand Energy & Infrastructure Services, Inc.
		2017 Term Loan, 6.12%, (3M LIBOR + 4.25%), 06/16/24 (a)	50,153		39,864
		2017 Term Loan, 6.06%, (3M LIBOR + 4.25%), 06/17/24 (a)	56,881		45,212
	BrightView Landscapes, LLC
		2018 1st Lien Term Loan B, 4.12%, (1M LIBOR + 2.50%), 08/09/25 (a)	56,195		52,683
		2018 1st Lien Term Loan B, 3.13%, (1M LIBOR + 2.50%), 08/15/25 (a)	68,582		64,296
	Brookfield WEC Holdings Inc.
		2020 Term Loan, 4.60%, (1M LIBOR + 3.00%), 08/01/25 (a)	222,187		208,856
	Builders FirstSource, Inc.
		2017 Term Loan B, 4.61%, (3M LIBOR + 3.00%), 02/29/24 (a)	11,290		10,048
	Camelot U.S. Acquisition 1 Co.
		Term Loan B, 4.85%, (1M LIBOR + 3.25%), 10/31/26 (a)	35,862		33,711
	DG Investment Intermediate Holdings 2, Inc.
		2018 1st Lien Term Loan, 4.60%, (1M LIBOR + 3.00%), 01/31/25 (a)	131,954		110,842
	Dynasty Acquisition Co., Inc.
		2020 CAD Term Loan B2, 5.21%, (3M LIBOR + 3.50%), 04/06/26 (a)	35,515		28,101
		2020 Term Loan B1, 5.21%, (3M LIBOR + 3.50%), 04/06/26 (a)	66,058		52,268
	Electrical Components International, Inc.
		2018 1st Lien Term Loan, 6.19%, (3M LIBOR + 4.25%), 06/22/25 (a)	81,205		60,091
	Element Materials Technology Group US Holdings Inc
		2017 USD Term Loan B, 5.44%, (3M LIBOR + 3.50%), 06/29/24 (a)	78,593		66,543
	Encapsys, LLC
		2020 Term Loan B2, 4.85%, (1M LIBOR + 3.25%), 11/07/24 (a) (b)	107,748		84,044
	Engineered Machinery Holdings, Inc.
		USD 1st Lien Term Loan, 4.94%, (3M LIBOR + 3.00%), 07/25/24 (a)	128,538		104,759
	EWT Holdings III Corp.
		2020 Term Loan, 4.60%, (1M LIBOR + 2.75%), 12/20/24 (a)	110,042		99,221

Abbreviations and additional footnotes are defined on page 33

9

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	Filtration Group Corporation
		2018 1st Lien Term Loan, 3.99%, (1M LIBOR + 3.00%), 03/27/25 (a)	129,844		112,152
	Gardner Denver, Inc.
		Term Loan, 0.00%, (1M LIBOR + 2.75%), 07/30/24 (a) (c)	55,000		51,425
		Term Loan, 4.35%, (3M LIBOR + 1.75%), 03/01/27 (a)	123,285		115,271
	Gates Global LLC
		2017 USD Repriced Term Loan B, 3.75%, (1M LIBOR + 2.75%), 04/01/24 (a)	294,949		254,246
	Genesee & Wyoming Inc. (New)
		Term Loan, 3.96%, (3M LIBOR + 2.00%), 10/29/26 (a)	54,000		51,469
	GFL Environmental Inc.
		2018 USD Term Loan B, 4.00%, (1M LIBOR + 3.00%), 05/11/25 (a)	20,269		19,560
		2018 USD Term Loan B, 4.60%, (1M LIBOR + 3.00%), 05/11/25 (a)	113,277		109,312
	Hamilton Holdco, LLC
		2018 Term Loan B, 3.95%, (3M LIBOR + 2.00%), 06/01/25 (a)	326,945		304,059
	Harbor Freight Tools USA, Inc.
		2018 Term Loan B, 4.10%, (1M LIBOR + 2.50%), 08/16/23 (a)	103,133		93,232
	Hillman Group Inc. (The)
		2018 Term Loan B, 5.60%, (6M LIBOR + 4.00%), 05/16/25 (a)	197,495		153,305
	IBC Capital Limited
		2018 1st Lien Term Loan, 4.64%, (3M LIBOR + 3.75%), 09/11/23 (a) (b)	140,979		119,128
	Janus International Group, LLC
		2018 1st Lien Term Loan, 5.35%, (1M LIBOR + 3.75%), 02/07/25 (a)	91,276		90,135
	MX Holdings US, Inc.
		2018 USD Term Loan B1C, 4.35%, (1M LIBOR + 2.75%), 06/18/25 (a)	73,874		64,824
	Navistar International Corporation
		2017 1st Lien Term Loan B, 4.28%, (1M LIBOR + 3.50%), 11/01/24 (a)	228,758		196,732
	Pelican Products, Inc.
		2018 1st Lien Term Loan, 5.16%, (1M LIBOR + 3.50%), 04/18/25 (a)	98,250		77,740
	PODS, LLC
		2018 1st Lien Term Loan, 4.41%, (1M LIBOR + 2.75%), 11/21/24 (a)	127,762		113,069
	Prime Security Services Borrower, LLC
		2019 Term Loan B1, 4.61%, (1M LIBOR + 3.25%), 12/31/22 (a)	335,626		299,714
	Rexnord LLC
		2019 Term Loan B, 2.68%, (1M LIBOR + 1.75%), 08/21/24 (a)	120,690		109,677
	Reynolds Group Holdings Inc.
		USD 2017 Term Loan, 3.74%, (1M LIBOR + 2.75%), 02/05/23 (a)	129,774		122,313
	Robertshaw US Holding Corp
		2018 1st Lien Term Loan, 4.88%, (1M LIBOR + 3.25%), 02/14/25 (a)	98,000		58,800
	Sabre Industries, Inc.
		Term Loan, 0.00%, (3M LIBOR + 3.50%), 04/09/26 (a) (c)	20,000		17,983
		2019 Term Loan B, 4.49%, (3M LIBOR + 3.50%), 04/09/26 (a)	94,287		84,780
	Spectrum Holdings III Corp.
		1st Lien Term Loan, 4.85%, (3M LIBOR + 3.25%), 01/26/25 (a)	89,180		60,642
	Tempo Acquisition LLC
		Term Loan, 3.74%, (1M LIBOR + 2.75%), 04/20/24 (a)	192,286		171,135
	TransDigm, Inc.
		2020 Term Loan G, 3.85%, (1M LIBOR + 2.25%), 08/22/24 (a)	196,000		181,496
		2020 Term Loan E, 3.24%, (1M LIBOR + 2.25%), 05/30/25 (a)	117,900		106,994
	USI, Inc.
		2017 Repriced Term Loan, 3.99%, (3M LIBOR + 3.00%), 05/16/24 (a)	197,237		179,485
	USIC Holdings, Inc.
		2017 Term Loan B, 4.85%, (1M LIBOR + 3.25%), 12/09/23 (a)	132,577		111,365
	VC GB Holdings, Inc.
		2017 1st Lien Term Loan, 4.60%, (3M LIBOR + 3.00%), 02/28/24 (a) (b)	58,979		48,363
	Ventia Deco LLC
		2016 Term Loan B, 5.44%, (3M LIBOR + 3.50%), 05/21/22 (a)	47,144		40,544
	Vertiv Group Corporation
		Term Loan B, 4.58%, (1M LIBOR + 3.00%), 02/11/27 (a)	166,667		143,334
	XPO Logistics, Inc.
		2019 Term Loan B1, 4.19%, (3M LIBOR + 2.50%), 02/24/25 (a)	95,000		89,656
				5,700,695
Communication Services 12.0%
	Altice Financing SA
		2017 USD Term Loan B, 4.41%, (3M LIBOR + 2.75%), 07/31/25 (a)	103,405		93,582
	Altice France S.A.
		2018 Term Loan B13, 4.70%, (1M LIBOR + 4.00%), 07/13/26 (a)	227,125		215,201
	AMC Entertainment Holdings, Inc.
		2019 Term Loan B, 4.61%, (1M LIBOR + 3.00%), 04/22/26 (a)	166,596		121,458
	Ancestry.com Operations Inc.
		2019 Extended Term Loan B, 5.86%, (1M LIBOR + 4.25%), 08/15/26 (a)	101,636		80,292
	CenturyLink, Inc.
		2020 Term Loan B, 3.24%, (1M LIBOR + 2.25%), 03/15/27 (a)	216,981		201,387
	Charter Communications Operating, LLC
		2019 Term Loan B1, 3.36%, (1M LIBOR + 1.75%), 04/30/25 (a)	309,538		296,253
	Cincinnati Bell, Inc.
		2017 Term Loan, 4.85%, (1M LIBOR + 3.25%), 10/02/24 (a)	98,500		93,682
	Cogeco Communications (USA) II L.P.
		2017 1st Lien Term Loan, 3.60%, (1M LIBOR + 2.00%), 08/11/24 (a)	320,724		297,205
	Connect Finco Sarl
		Term Loan B, 5.49%, (1M LIBOR + 4.50%), 09/23/26 (a)	140,000		109,550
	Consolidated Communications, Inc.
		2016 Term Loan B, 4.61%, (1M LIBOR + 3.00%), 09/29/23 (a)	171,839		149,929
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 2.86%, (1M LIBOR + 2.25%), 07/15/25 (a)	148,852		141,658
		2019 Term Loan B5, 3.11%, (1M LIBOR + 2.50%), 04/15/27 (a)	247,500		235,949
	Diamond Sports Group, LLC
		Term Loan, 4.18%, (1M LIBOR + 3.25%), 08/24/26 (a)	54,725		42,138
	Entercom Media Corp.
		2019 Term Loan, 4.10%, (1M LIBOR + 2.50%), 11/18/24 (a)	122,221		109,999
	GoodRx, Inc.
		1st Lien Term Loan, 4.35%, (1M LIBOR + 2.75%), 10/10/25 (a)	52,917		49,124
	Gray Television, Inc.
		2018 Term Loan C, 4.02%, (1M LIBOR + 2.50%), 10/30/25 (a)	277,460		256,928
	Hargray Communications Group, Inc.
		2017 Term Loan B, 4.60%, (1M LIBOR + 3.00%), 03/23/24 (a)	108,880		94,000
	iHeartCommunications, Inc.
		2020 Term Loan, 3.99%, (1M LIBOR + 3.00%), 05/01/26 (a)	19,950		16,708
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 5.68%, (6M LIBOR + 3.75%), 11/27/23 (a)	105,000		95,681
	Iridium Satellite LLC
		Term Loan, 4.75%, (1M LIBOR + 3.75%), 10/08/27 (a)	22,000		20,680

Abbreviations and additional footnotes are defined on page 33

10

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	Level 3 Financing Inc.
		2019 Term Loan B, 3.35%, (1M LIBOR + 1.75%), 03/01/27 (a)	229,383		213,326
	Maxar Technologies Ltd.
		Term Loan B, 4.36%, (3M LIBOR + 2.75%), 07/07/24 (a)	141,785		118,390
	MTN Infrastructure TopCo Inc
		1st Lien Term Loan B, 4.00%, (1M LIBOR + 3.00%), 10/27/24 (a)	202,686		177,350
	NASCAR Holdings, Inc
		Term Loan B, 3.67%, (1M LIBOR + 2.75%), 07/26/26 (a)	7,077		6,171
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 4.33%, (1M LIBOR + 2.75%), 07/15/26 (a)	184,191		170,745
	PUG LLC
		USD Term Loan , 5.17%, (1M LIBOR + 3.50%), 01/31/27 (a) (b)	129,675		110,224
	SBA Senior Finance II LLC
		2018 Term Loan B, 3.36%, (1M LIBOR + 1.75%), 03/26/25 (a)	337,238		318,015
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 5.50%, (1M LIBOR + 4.50%), 06/20/24 (a)	99,278		76,444
	Sinclair Television Group Inc.
		Term Loan B2, 3.86%, (1M LIBOR + 2.25%), 01/06/24 (a)	297,632		282,751
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.12%, (1M LIBOR + 2.50%), 02/01/24 (a)	333,131		330,633
		Term Loan, 4.00%, (1M LIBOR + 3.00%), 02/05/24 (a)	69,125		68,607
	Telenet Financing USD LLC
		2020 USD Term Loan AR, 2.70%, (1M LIBOR + 2.00%), 04/21/29 (a)	250,000		227,750
	Telesat Canada
		Term Loan B5, 3.74%, (1M LIBOR + 2.75%), 11/22/26 (a)	77,805		73,915
	Terrier Media Buyer, Inc.
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 10/04/26 (a) (c)	20,000		17,650
		Term Loan B, 6.15%, (3M LIBOR + 4.25%), 10/04/26 (a)	106,732		94,191
	Univision Communications Inc.
		Term Loan C5, 3.75%, (1M LIBOR + 2.75%), 03/15/24 (a)	120,273		101,330
	Vestcom Parent Holdings, Inc.
		2016 1st Lien Term Loan, 5.60%, (3M LIBOR + 4.00%), 12/15/23 (a) (b)	73,395		57,982
		2016 1st Lien Term Loan, 7.75%, (3M PRIME + 3.00%), 12/16/23 (a) (b)	13		10
	Virgin Media Bristol LLC
		USD Term Loan N, 3.20%, (1M LIBOR + 2.50%), 10/03/27 (a)	210,000		193,200
	Windstream Holdings Inc.
		DIP Term Loan, 4.11%, (1M LIBOR + 2.50%), 03/08/21 (a)	55,000		53,350
	Zayo Group Holdings, Inc.
		USD Term Loan , 4.01%, (1M LIBOR + 3.00%), 02/20/27 (a)	74,185		69,734
	Ziggo Financing Partnership
		USD Term Loan I, 3.20%, (1M LIBOR + 2.50%), 04/17/28 (a)	184,000		172,960
				5,656,132
Health Care 10.4%
	Accelerated Health Systems, LLC
		Term Loan B, 4.30%, (1M LIBOR + 3.50%), 11/02/25 (a) (b)	109,072		92,711
	ADMI Corp.
		2018 Term Loan B, 4.35%, (1M LIBOR + 2.75%), 04/06/24 (a)	147,915		120,995
	Agiliti Health, Inc
		Term Loan, 4.62%, (1M LIBOR + 3.00%), 10/18/25 (a) (b)	62,370		59,563
	Air Methods Corporation
		2017 Term Loan B, 5.44%, (3M LIBOR + 3.50%), 04/12/24 (a)	134,354		93,451
	Aldevron, L.L.C.
		2019 Term Loan B, 6.19%, (3M LIBOR + 4.25%), 09/20/26 (a)	130,000		120,900
	Alliance Healthcare Services, Inc.
		2017 Term Loan B, 6.10%, (1M LIBOR + 4.50%), 10/20/23 (a)	122,642		96,887
	Alphabet Holding Company, Inc.
		2017 1st Lien Term Loan, 5.10%, (1M LIBOR + 3.50%), 08/15/24��(a)	63,854		50,480
	Amneal Pharmaceuticals LLC
		2018 Term Loan B, 5.12%, (1M LIBOR + 3.50%), 03/26/25 (a)	90,680		77,078
	Athenahealth, Inc.
		2019 Term Loan B, 5.28%, (3M LIBOR + 4.50%), 01/25/26 (a)	138,974		129,246
	ATI Holdings Acquisition, Inc.
		2016 Term Loan, 5.10%, (1M LIBOR + 3.50%), 05/10/23 (a)	160,269		112,188
	Auris Luxembourg III S.a.r.l.
		2019 USD Term Loan B2, 4.74%, (1M LIBOR + 3.75%), 07/23/25 (a)	69,102		51,308
	Bausch Health Companies Inc.
		2018 Term Loan B, 3.61%, (1M LIBOR + 3.00%), 05/19/25 (a)	213,388		201,918
	Change Healthcare Holdings LLC
		2017 Term Loan B, 3.50%, (1M LIBOR + 2.50%), 02/02/24 - 02/03/24 (a)	176,903		166,289
	CHG Healthcare Services Inc.
		2017 1st Lien Term Loan B, 4.60%, (1M LIBOR + 3.00%), 06/07/23 (a)	167,113		147,616
	Da Vinci Purchaser Corp.
		2019 Term Loan, 5.87%, (3M LIBOR + 4.00%), 12/10/26 (a)	113,000		106,220
	DaVita, Inc.
		2020 Term Loan B, 3.35%, (1M LIBOR + 1.75%), 07/30/26 (a)	89,551		84,794
	Elanco Animal Health Inc
		Term Loan, 0.00%, (3M LIBOR + 1.75%), 02/04/27 (a) (c)	140,000		132,300
	Endo Luxembourg Finance Company I S.a r.l.
		2017 Term Loan B, 5.25%, (1M LIBOR + 4.25%), 04/12/24 (a)	152,013		135,671
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 4.74%, (1M LIBOR + 3.75%), 09/27/25 (a)	102,792		51,910
	ExamWorks Group, Inc.
		2017 Term Loan, 4.85%, (6M LIBOR + 3.25%), 07/27/23 (a)	166,562		149,073
	Gentiva Health Services, Inc.
		2020 Term Loan, 4.25%, (1M LIBOR + 3.25%), 07/02/25 (a)	139,663		130,584
	GHX Ultimate Parent Corporation
		2017 1st Lien Term Loan, 5.21%, (3M LIBOR + 3.25%), 06/24/24 (a)	127,380		117,827
	Global Medical Response, Inc.
		2018 Term Loan B1, 4.93%, (3M LIBOR + 3.25%), 04/28/22 (a)	132,173		121,930
	Grifols Worldwide Operations USA, Inc.
		USD 2019 Term Loan B, 2.68%, (3M LIBOR + 2.00%), 11/15/27 (a)	116,707		109,997
	Jaguar Holding Company II
		2018 Term Loan , 3.50%, (1M LIBOR + 2.50%), 08/18/22 (a)	126,261		120,174
	Kindred Healthcare LLC
		2018 1st Lien Term Loan, 6.63%, (1M LIBOR + 5.00%), 06/21/25 (a)	93,575		77,199
	MPH Acquisition Holdings LLC
		2016 Term Loan B, 4.20%, (3M LIBOR + 2.75%), 06/07/23 (a)	134,916		118,838
	National Mentor Holdings, Inc.
		2019 Term Loan B, 5.61%, (1M LIBOR + 4.00%), 03/09/26 (a)	114,838		102,206
		2019 Term Loan C, 5.61%, (3M LIBOR + 4.00%), 03/09/26 (a)	7,187		6,396
	Ortho-Clinical Diagnostics SA
		2018 Term Loan B, 4.77%, (1M LIBOR + 3.25%), 06/01/25 (a)	195,808		165,702

Abbreviations and additional footnotes are defined on page 33

11

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	Parexel International Corporation
		Term Loan B, 3.74%, (1M LIBOR + 2.75%), 08/06/24 (a)	87,455		74,227
	Phoenix Guarantor Inc
		2020 Term Loan B, 4.11%, (1M LIBOR + 3.25%), 03/05/26 (a)	136,195		122,916
	Prestige Brands, Inc.
		Term Loan B4, 2.99%, (1M LIBOR + 2.00%), 01/20/24 (a)	115,601		107,013
	Radiology Partners Inc
		2018 1st Lien Term Loan B, 5.98%, (3M LIBOR + 4.25%), 06/28/25 (a)	51,800		42,372
		2018 1st Lien Term Loan B, 5.99%, (3M LIBOR + 4.25%), 06/28/25 (a)	60,415		49,420
	RadNet, Inc.
		Term Loan, 5.35%, (3M LIBOR + 3.50%), 06/30/23 (a)	130,209		112,305
		Reprice Term Loan, 7.25%, (3M LIBOR + 3.50%), 06/30/23 (a)	2,003		1,728
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 5.35%, (1M LIBOR + 3.75%), 11/09/25 (a)	146,513		137,070
	Select Medical Corporation
		2017 Term Loan B, 3.43%, (3M LIBOR + 2.50%), 03/06/25 (a)	161,714		152,820
	Sound Inpatient Physicians
		2018 1st Lien Term Loan, 4.35%, (1M LIBOR + 2.75%), 06/19/25 (a)	135,094		118,433
	Surgery Center Holdings, Inc.
		2017 Term Loan B, 4.86%, (1M LIBOR + 3.25%), 06/18/24 (a)	137,116		104,483
	Team Health Holdings, Inc.
		1st Lien Term Loan, 3.75%, (1M LIBOR + 2.75%), 01/12/24 (a)	136,773		85,483
	Tivity Health Inc
		Term Loan A, 5.85%, (1M LIBOR + 4.25%), 03/08/24 (a)	24,000		19,200
		Term Loan B, 6.85%, (1M LIBOR + 5.25%), 03/08/26 (a)	28,012		22,263
	U.S. Anesthesia Partners, Inc.
		2017 Term Loan, 4.60%, (1M LIBOR + 3.00%), 06/16/24 (a)	102,319		75,887
	U.S. Renal Care, Inc.
		2019 Term Loan B, 6.63%, (1M LIBOR + 5.00%), 06/12/26 (a)	129,350		111,796
	Upstream Newco, Inc.
		2019 Term Loan, 6.10%, (1M LIBOR + 4.50%), 10/21/26 (a) (b)	60,000		48,600
	Vizient, Inc.
		2020 Term Loan B6, 3.61%, (1M LIBOR + 2.00%), 05/06/26 (a)	39,600		36,630
	Wellpath Holdings, Inc.
		2018 1st Lien Term Loan, 7.10%, (6M LIBOR + 5.50%), 09/25/25 (a)	61,500		47,970
		2018 1st Lien Term Loan, 7.28%, (3M LIBOR + 5.50%), 09/25/25 (a)	37,250		29,055
	Zelis Healthcare Corporation
		Term Loan, 0.00%, (1M LIBOR + 4.75%), 09/26/26 (a) (c)	70,000		64,400
		Term Loan B, 6.35%, (1M LIBOR + 4.75%), 09/26/26 (a)	59,850		55,062
				4,870,584
Financials 10.2%
	Acrisure, LLC
		2020 Term Loan B, 5.21%, (3M LIBOR + 3.50%), 01/30/27 (a)	240,877		211,971
	Advisor Group, Inc.
		2019 Term Loan B, 6.60%, (1M LIBOR + 5.00%), 07/31/26 (a)	130,455		95,993
	AlixPartners, LLP
		2017 Term Loan B, 3.50%, (1M LIBOR + 2.50%), 03/28/24 (a)	100,828		96,038
	Alliant Holdings Intermediate, LLC
		2018 Term Loan B, 3.99%, (1M LIBOR + 3.00%), 05/07/25 (a)	197,347		178,796
	AmWINS Group, Inc.
		2017 Term Loan B, 3.75%, (1M LIBOR + 2.75%), 01/19/24 (a)	131,223		120,889
		2017 Term Loan B, 3.77%, (1M LIBOR + 2.75%), 01/19/24 (a)	26,289		24,218
	Aretec Group, Inc.
		2018 Term Loan , 5.85%, (1M LIBOR + 4.25%), 08/15/25 (a)	122,648		80,335
	AssuredPartners, Inc.
		2020 Term Loan B, 4.49%, (1M LIBOR + 3.50%), 08/07/20 (a)	220,618		191,386
	Asurion LLC
		2017 Term Loan B4, 4.60%, (1M LIBOR + 3.00%), 08/04/22 (a)	160,275		151,192
	Avolon TLB Borrower 1 (US) LLC
		Term Loan B3, 2.52%, (1M LIBOR + 1.75%), 01/15/25 (a)	59,627		52,869
	BCP Renaissance Parent LLC
		2017 Term Loan B, 5.44%, (3M LIBOR + 3.50%), 09/20/24 (a)	57,561		28,493
	Belron Finance US LLC
		2018 Term Loan B, 3.96%, (3M LIBOR + 2.25%), 11/19/25 (a)	93,812		88,184
	Blackstone CQP Holdco LP
		Term Loan B, 4.62%, (3M LIBOR + 3.50%), 05/29/24 (a)	79,002		61,464
	Crown Finance US, Inc.
		2018 USD Term Loan, 3.32%, (6M LIBOR + 2.25%), 02/05/25 (a)	235,657		159,069
	Deerfield Dakota Holding, LLC
		2018 Term Loan B, 4.25%, (1M LIBOR + 3.25%), 12/04/24 (a)	127,994		125,435
	Duff & Phelps, LLC
		Term Loan, 0.00%, (3M LIBOR + 3.75%), 03/05/27 (a) (b) (c)	40,000		33,600
	Edelman Financial Center, LLC
		2018 1st Lien Term Loan, 4.18%, (1M LIBOR + 3.25%), 06/26/25 (a)	290,336		244,608
	First American Payment Systems, L.P.
		2020 Term Loan B, 5.77%, (3M LIBOR + 5.00%), 02/24/27 (a)	35,000		30,100
	First Eagle Holdings, Inc.
		2020 Term Loan B, 4.26%, (3M LIBOR + 2.50%), 02/02/27 (a)	118,292		99,069
	Garrett LX III S.a r.l.
		2018 USD Term Loan B, 3.77%, (3M LIBOR + 2.50%), 09/22/25 (a)	178,357		146,253
	Hub International Limited
		2018 Term Loan B, 4.39%, (3M LIBOR + 2.75%), 04/25/25 (a)	6,472		6,013
		2018 Term Loan B, 4.52%, (3M LIBOR + 2.75%), 04/25/25 (a)	346		322
		Term Loan, 4.55%, (3M LIBOR + 2.75%), 04/25/25 (a)	135,737		126,100
	Ineos Enterprises Holdings US Finco LLC
		2020 USD Term Loan B, 5.11%, (3M LIBOR + 3.50%), 07/29/26 (a)	112,297		98,447
	INEOS US Finance LLC
		2017 USD Term Loan B, 3.60%, (1M LIBOR + 2.00%), 03/31/24 (a)	315,702		287,683
	ION Trading Technologies S.a.r.l.
		USD Incremental Term Loan B, 6.06%, (3M LIBOR + 4.00%), 11/21/24 (a)	125,258		102,294
	iStar, Inc.
		2016 Term Loan B, 3.52%, (1M LIBOR + 2.75%), 06/30/20 (a)	88,096		78,406
		2016 Term Loan B, 3.77%, (1M LIBOR + 2.75%), 06/30/20 (a)	159,517		141,970
	Jane Street Group, LLC
		2020 Term Loan, 4.61%, (3M LIBOR + 3.00%), 01/31/25 (a)	300,031		267,028
	Lions Gate Capital Holdings LLC
		2018 Term Loan B, 3.85%, (1M LIBOR + 2.25%), 03/20/25 (a)	203,863		182,458
	LPL Holdings, Inc.
		2019 Term Loan B1, 2.71%, (1M LIBOR + 1.75%), 11/07/26 (a)	121,876		114,259
	NAB Holdings LLC
		2017 Repriced Term Loan, 4.94%, (3M LIBOR + 3.00%), 01/15/25 (a)	148,516		115,843

Abbreviations and additional footnotes are defined on page 33

12

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	Nuvei Technologies Corp.
		USD Term Loan , 6.60%, (1M LIBOR + 5.00%), 07/22/20 (a) (b)	63,186		56,236
	Sedgwick Claims Management Services, Inc.
		2018 Term Loan B, 4.24%, (1M LIBOR + 3.25%), 11/06/25 (a)	207,375		182,318
	SolarWinds Holdings, Inc.
		2018 Term Loan B, 4.35%, (1M LIBOR + 2.75%), 02/06/24 (a)	196,363		181,964
	TKC Holdings, Inc.
		2017 1st Lien Term Loan, 5.36%, (1M LIBOR + 3.75%), 02/08/23 (a)	95,349		75,994
	Trans Union, LLC
		2019 Term Loan B5, 3.35%, (1M LIBOR + 1.75%), 11/13/26 (a)	135,111		128,963
	Travelport Finance (Luxembourg) S.a.r.l.
		2019 Term Loan, 6.94%, (3M LIBOR + 5.00%), 03/18/26 (a)	89,550		57,357
	UFC Holdings, LLC
		2019 Term Loan, 4.86%, (1M LIBOR + 3.25%), 04/25/26 (a)	126,809		110,323
	VFH Parent LLC
		2019 Term Loan B, 4.01%, (1M LIBOR + 3.00%), 03/02/26 (a)	191,329		173,631
	Victory Capital Holdings, Inc.
		2020 Term Loan B, 4.02%, (1M LIBOR + 2.50%), 07/01/26 (a)	74,782		64,686
				4,772,257
Materials 9.8%
	American Builders & Contractors Supply Co., Inc.
		2019 Term Loan, 3.60%, (1M LIBOR + 2.00%), 01/15/27 (a)	119,400		112,236
	Avantor Funding, Inc.
		USD Term Loan B3, 3.85%, (1M LIBOR + 2.25%), 09/22/24 (a)	69,374		65,211
	Ball Metalpack, LLC
		2018 1st Lien Term Loan B, 6.11%, (3M LIBOR + 4.50%), 07/25/25 (a)	98,250		73,687
	Berry Global, Inc.
		Term Loan W, 2.86%, (3M LIBOR + 2.00%), 10/01/22 (a)	62,850		59,838
		Term Loan Y, 2.86%, (1M LIBOR + 2.00%), 07/01/26 (a)	53,688		50,735
	BWAY Holding Company
		2017 Term Loan B, 5.08%, (3M LIBOR + 3.25%), 04/03/24 (a)	214,613		173,972
	Charter NEX US, Inc.
		Incremental Term Loan, 4.49%, (1M LIBOR + 3.50%), 05/16/24 (a)	136,995		118,501
	Composite Resins Holding B.V.
		2018 Term Loan B, 5.26%, (1M LIBOR + 4.25%), 06/27/25 (a)	113,483		97,880
	Consolidated Container Company LLC
		2017 1st Lien Term Loan, 4.35%, (1M LIBOR + 2.75%), 05/10/24 - 05/22/24 (a)	127,393		118,476
	Diamond (BC) B.V.
		USD Term Loan , 4.78%, (3M LIBOR + 3.00%), 07/24/24 (a)	132,480		98,035
	Element Solutions Inc.
		2019 Term Loan B1, 3.60%, (1M LIBOR + 2.00%), 01/31/26 (a)	128,628		118,981
	Ferro Corporation
		2018 USD Term Loan B1, 4.19%, (3M LIBOR + 2.25%), 02/14/24 (a)	109,014		93,412
		2018 USD Term Loan B2, 4.19%, (3M LIBOR + 2.25%), 02/14/24 (a)	47,469		40,665
		2018 USD Term Loan B3, 4.19%, (3M LIBOR + 2.25%), 02/14/24 (a)	46,459		39,800
	Flex Acquisition Company, Inc.
		1st Lien Term Loan, 4.91%, (3M LIBOR + 3.00%), 12/15/23 (a)	206,959		187,298
		1st Lien Term Loan, 4.58%, (1M LIBOR + 3.00%), 12/29/23 (a)	7,768		7,030
	Gemini HDPE LLC
		Term Loan B, 4.28%, (3M LIBOR + 2.50%), 08/04/24 (a) (b)	42,954		37,370
	GYP Holdings III Corp.
		2018 Term Loan B, 4.35%, (1M LIBOR + 2.75%), 05/15/25 (a)	169,917		152,925
	Hexion Inc
		USD Exit Term Loan, 5.41%, (3M LIBOR + 3.50%), 06/27/26 (a)	125,638		104,594
	Klockner-Pentaplast of America, Inc.
		USD 2017 Term Loan B2, 6.01%, (1M LIBOR + 4.25%), 06/30/22 (a)	195,980		135,091
	LTI Holdings, Inc.
		2018 Add On 1st Lien Term Loan, 5.10%, (1M LIBOR + 3.50%), 08/15/25 (a)	118,200		86,581
	Messer Industries GmbH
		2018 USD Term Loan, 4.44%, (3M LIBOR + 2.50%), 10/10/25 (a)	318,536		281,585
	Momentive Performance Materials Inc.
		Term Loan B, 4.86%, (1M LIBOR + 3.25%), 04/18/24 (a)	140,267		112,725
	Onex TSG Intermediate Corp.
		1st Lien Term Loan, 5.60%, (1M LIBOR + 4.00%), 07/31/22 (a)	100,000		75,900
	Perstorp Holding AB
		USD Term Loan B, 6.69%, (6M LIBOR + 4.75%), 04/03/26 (a)	94,050		73,672
	Plaze, Inc.
		2019 Term Loan B, 5.02%, (1M LIBOR + 3.50%), 08/01/26 (a) (b)	129,675		109,575
	PMHC II, Inc.
		2018 1st Lien Term Loan, 5.44%, (1Y LIBOR + 3.50%), 03/20/25 (a)	88,719		51,013
	Polar US Borrower, LLC
		2018 1st Lien Term Loan, 6.62%, (3M LIBOR + 4.75%), 08/21/25 (a)	233,480		201,960
		2018 1st Lien Term Loan, 6.69%, (1M LIBOR + 4.75%), 08/21/25 (a)	4,118		3,563
	Polymer Additives, Inc.
		2018 1st Lien Term Loan, 7.78%, (3M LIBOR + 6.00%), 07/25/25 (a)	98,750		70,112
	PQ Corporation
		2018 Term Loan B, 4.03%, (3M LIBOR + 2.25%), 02/08/25 (a)	152,007		139,466
	Pro Mach Group, Inc.
		2018 Term Loan B, 3.68%, (1M LIBOR + 2.75%), 03/07/25 (a)	197,222		156,791
	Proampac PG Borrower LLC
		2016 1st Lien Term Loan, 4.50%, (1M LIBOR + 3.50%), 11/18/23 (a)	75,813		62,830
		2016 1st Lien Term Loan, 5.19%, (3M LIBOR + 3.50%), 11/18/23 (a)	44,326		36,735
		2016 1st Lien Term Loan, 5.26%, (3M LIBOR + 3.50%), 11/18/23 (a)	51,591		42,756
		2016 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.50%), 11/18/23 (a)	34,116		28,274
	Quikrete Holdings, Inc.
		2016 1st Lien Term Loan, 4.10%, (1M LIBOR + 2.50%), 11/03/23 (a)	204,487		188,128
	Solenis Holdings LLC
		Term Loan, 4.99%, (3M LIBOR + 4.00%), 12/18/25 (a)	257		202
		2018 1st Lien Term Loan, 5.61%, (3M LIBOR + 4.00%), 06/26/25 - 12/18/25 (a)	101,103		79,535
	Starfruit Finco B.V
		2018 USD Term Loan B, 3.86%, (1M LIBOR + 3.00%), 09/20/25 (a)	235,085		209,225
	TricorBraun Holdings, Inc.
		2016 1st Lien Term Loan, 5.68%, (3M PRIME + 2.75%), 11/29/23 (a)	17,462		14,406
		2016 1st Lien Term Loan, 5.69%, (3M LIBOR + 3.75%), 11/29/23 (a)	194,688		160,618	��
	Trident TPI Holdings, Inc.
		Term Loan, 0.00%, (3M LIBOR + 3.25%), 10/05/24 (a) (c)	60,000		49,200
		2017 USD Term Loan B1, 4.60%, (3M LIBOR + 3.25%), 10/05/24 (a)	48,998		40,178
	Tronox Finance LLC
		Term Loan B, 4.35%, (1M LIBOR + 2.75%), 09/11/24 (a)	56,568		49,254

Abbreviations and additional footnotes are defined on page 33

13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
		Term Loan B, 4.69%, (3M LIBOR + 2.75%), 09/11/24 (a)	39,915		34,754
	Univar Solutions Inc.
		2017 USD Term Loan B3, 3.85%, (3M LIBOR + 2.25%), 07/01/24 (a)	284,503		266,010
	Wilsonart LLC
		2017 Term Loan B, 4.71%, (3M LIBOR + 3.25%), 12/19/23 (a)	92,193		73,755
				4,584,540
Consumer Staples 5.4%
	8th Avenue Food & Provisions, Inc.
		2018 1st Lien Term Loan, 4.30%, (1M LIBOR + 3.50%), 09/19/25 (a)	69,125		62,788
	American Seafoods Group LLC
		2017 1st Lien Term Loan, 3.77%, (1M LIBOR + 2.75%), 07/27/23 (a)	89,399		82,247
		2017 1st Lien Term Loan, 6.50%, (3M LIBOR + 2.75%), 07/27/23 (a)	2,838		2,611
	BellRing Brands, LLC
		2019 Term Loan B, 6.60%, (1M LIBOR + 5.00%), 10/10/24 (a)	59,250		55,251
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 3.05%, (1M LIBOR + 2.25%), 01/26/24 (a)	69,475		66,349
	CHG PPC Parent LLC
		2018 Term Loan B, 4.35%, (1M LIBOR + 2.75%), 03/16/25 (a)	128,765		114,601
	Coty Inc.
		2018 USD Term Loan B, 3.26%, (1M LIBOR + 2.25%), 03/29/25 (a)	132,718		104,947
	Del Monte Foods, Inc.
		1st Lien Term Loan, 4.86%, (3M LIBOR + 3.25%), 01/26/21 (a)	34,269		26,644
		1st Lien Term Loan, 7.00%, (6M PRIME + 2.25%), 01/26/21 (a)	91		71
	Dole Food Company Inc.
		2017 Term Loan B, 3.75%, (1M LIBOR + 2.75%), 03/22/24 (a)	101,989		91,407
		2017 Term Loan B, 4.35%, (1M LIBOR + 2.75%), 03/22/24 (a)	52,330		46,901
	Froneri International Ltd.
		2020 USD Term Loan, 3.24%, (1M LIBOR + 2.25%), 01/29/27 (a)	59,600		56,471
	Hearthside Food Solutions, LLC
		2018 Term Loan B, 5.29%, (1M LIBOR + 3.69%), 05/17/25 (a)	109,562		90,936
	Hostess Brands, Inc.
		2019 Term Loan, 3.85%, (1M LIBOR + 2.25%), 08/03/25 (a)	87,071		80,541
		2019 Term Loan, 4.01%, (3M LIBOR + 2.25%), 08/03/25 (a)	41,443		38,336
		2019 Term Loan, 4.03%, (3M LIBOR + 2.25%), 08/03/25 (a)	194,789		180,180
	JBS USA Lux S.A.
		2019 Term Loan B, 3.60%, (6M LIBOR + 2.00%), 04/27/26 (a)	324,417		301,938
	Portillo's Holdings, LLC
		2019 1st Lien Term Loan B3, 7.44%, (3M LIBOR + 5.50%), 08/02/24 (a) (b)	99,500		79,600
	Reynolds Consumer Products LLC
		Term Loan, 3.50%, (3M LIBOR + 1.75%), 01/30/27 (a)	172,000		161,164
	Sigma Bidco B.V.
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 03/07/25 (a) (c)	55,000		48,033
		2018 USD Term Loan B2, 4.91%, (3M LIBOR + 3.00%), 03/07/25 (a)	123,061		107,473
	United Natural Foods, Inc.
		Term Loan B, 5.85%, (1M LIBOR + 4.25%), 10/22/25 (a)	182,160		154,836
	US Foods, Inc.
		2016 Term Loan B, 3.35%, (1M LIBOR + 1.75%), 06/27/23 (a)	216,025		199,104
		2019 Term Loan B, 3.60%, (6M LIBOR + 2.00%), 08/14/26 (a)	99,500		90,346
	UTZ Quality Foods, LLC
		1st Lien Term Loan, 5.10%, (1M LIBOR + 3.50%), 11/14/24 (a)	128,236		114,009
	Verscend Holding Corp.
		2018 Term Loan B, 5.49%, (1M LIBOR + 4.50%), 08/08/25 (a)	187,150		175,921
				2,532,705
Utilities 1.9%
	Calpine Corporation
		Term Loan B5, 4.20%, (1M LIBOR + 2.25%), 05/23/22 (a)	156,507		149,934
		Term Loan B9, 3.24%, (1M LIBOR + 2.25%), 03/22/26 (a)	168,725		159,867
	Helix Gen Funding, LLC
		Term Loan B, 5.35%, (1M LIBOR + 3.75%), 03/02/24 (a)	57,305		50,428
		Term Loan, 0.00%, (1M LIBOR + 3.75%), 05/31/24 (a) (c)	75,000		66,000
	NEP/NCP Holdco, Inc.
		2018 1st Lien Term Loan, 4.85%, (3M LIBOR + 3.25%), 10/05/25 (a)	148,274		90,632
	PG&E Corp
		DIP Term Loan, 3.12%, (1M LIBOR + 2.25%), 12/31/20 (a)	170,000		164,616
	Vistra Operations Company LLC
		1st Lien Term Loan B3, 2.55%, (1M LIBOR + 1.75%), 12/11/25 (a)	41,247		39,030
		1st Lien Term Loan B3, 3.35%, (1M LIBOR + 1.75%), 12/11/25 (a)	172,333		163,070
				883,577
Energy 0.8%
	EG America LLC
		2018 USD Term Loan, 5.07%, (6M LIBOR + 4.00%), 06/30/25 (a)	196,001		142,101
	EG Group Limited
		2018 USD Term Loan B, 5.96%, (6M LIBOR + 4.00%), 02/01/25 (a)	19,848		14,390
	Lower Cadence Holdings LLC
		Term Loan B, 4.99%, (1M LIBOR + 4.00%), 05/10/26 (a)	89,325		53,595
	Natgasoline LLC
		Term Loan B, 5.28%, (6M LIBOR + 3.50%), 10/31/25 (a) (b)	143,799		123,667
	Summit Midstream Partners Holdings, LLC
		Term Loan B, 7.60%, (1M LIBOR + 6.00%), 05/15/22 (a)	28,680		10,612
	Traverse Midstream Partners LLC
		2017 Term Loan, 5.61%, (1M LIBOR + 4.00%), 09/22/24 (a)	70,960		39,028
				383,393
Real Estate 0.8%
	ESH Hospitality, Inc.
		2019 Term Loan B, 3.60%, (1M LIBOR + 2.00%), 09/18/26 (a)	90,708		80,050
	VICI Properties 1 LLC
		Replacement Term Loan B, 2.67%, (1M LIBOR + 1.75%), 12/13/24 (a)	320,000		293,200
				373,250
	Total Senior Loan Interests (cost $49,712,592)			42,840,674
CORPORATE BONDS AND NOTES 2.7%
Communication Services 0.6%
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (f)	20,000		16,249
	iHeartCommunications, Inc.
		8.38%, 05/01/27	8,172		7,006
	Live Nation Entertainment, Inc.
		4.88%, 11/01/24 (f)	30,000		27,693
	Neptune Finco Corp.
		10.88%, 10/15/25 (f) (g)	157,000		169,519
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (f)	8,000		7,819
	Sirius XM Radio Inc.
		5.50%, 07/01/29 (f) (g)	65,000		66,263
				294,549
Financials 0.4%
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (f) (g)	58,000		58,153

Abbreviations and additional footnotes are defined on page 33

14

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	Icahn Enterprises L.P.
		6.25%, 05/15/26	31,000		29,243
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (f)	10,000		9,031
	Level 3 Financing, Inc.
		5.38%, 01/15/24	30,000		30,142
	Springleaf Finance Corporation
		7.13%, 03/15/26	65,000		63,971
				190,540
Health Care 0.4%
	Bausch Health Companies Inc.
		6.13%, 04/15/25 (f)	13,000		12,883
		5.50%, 11/01/25 (f)	9,000		9,101
		8.50%, 01/31/27 (f)	67,000		70,045
		5.75%, 08/15/27 (f)	20,000		20,609
	Community Health Systems, Inc.
		8.63%, 01/15/24 (f) (g)	30,000		29,950
	Tenet Healthcare Corporation
		5.13%, 05/01/25	30,000		28,658
				171,246
Materials 0.3%
	FMG Resources (August 2006) Pty Ltd
		5.13%, 03/15/23 - 05/15/24 (f)	57,000		56,744
	FXI Holdings, Inc.
		7.88%, 11/01/24 (f)	31,000		21,305
	Olin Corporation
		5.13%, 09/15/27	39,000		35,252
		5.00%, 02/01/30	17,000		14,741
				128,042
Energy 0.3%
	Cheniere Energy Partners, L.P.
		5.63%, 10/01/26	54,000		49,680
	Regency Energy Partners LP
		5.88%, 03/01/22	30,000		28,450
	Transocean Proteus Limited
		6.25%, 12/01/24 (f)	58,800		47,592
				125,722
Industrials 0.2%
	Aircastle Limited
		5.00%, 04/01/23	30,000		28,358
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (f)	93,000		88,933
				117,291
Consumer Staples 0.2%
	Energizer Holdings, Inc.
		7.75%, 01/15/27 (f) (g)	65,000		67,119
	JBS USA Food Company
		5.50%, 01/15/30 (f)	35,000		36,109
				103,228
Utilities 0.2%
	Calpine Corporation
		5.25%, 06/01/26 (f)	50,000		47,670
	The AES Corporation
		5.50%, 04/15/25	30,000		29,351
				77,021
Information Technology 0.1%
	Dell International L.L.C.
		5.30%, 10/01/29 (f) (h)	50,000		49,880
Consumer Discretionary 0.0%
	Eldorado Resorts, Inc.
		6.00%, 09/15/26	10,000		9,040
	Total Corporate Bonds And Notes (cost $1,331,879)			1,266,559
WARRANTS 0.0%
	iHeartMedia, Inc. (d) (i)		703		4,625
	Total Warrants (cost $13,203)			4,625
COMMON STOCKS 0.0%
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (d)		1,875		1,200
	iHeartMedia, Inc. - Class A (d)		94		687
	Total Common Stocks (cost $11,100)			1,887
SHORT TERM INVESTMENTS 3.9%
Investment Companies 3.1%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.31% (j)		1,444,376		1,444,376
Securities Lending Collateral 0.8%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (j)		390,350		390,350
	Total Short Term Investments (cost $1,834,726)			1,834,726
Total Investments 97.8% (cost $52,903,500)					45,948,471
Other Derivative Instruments 0.0%					281
Other Assets and Liabilities, Net 2.2%					1,030,852
Total Net Assets 100.0%					46,979,604

(a)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

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

(c)This senior loan will settle after March 31, 2020. If a reference rate and spread is presented, it will go into effect upon settlement.

(d)Non-income producing security.

(e)As of March 31, 2020, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(f)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of March 31, 2020, the value and the percentage of net assets of these liquid securities was $912,667 and 1.9% of the Fund.

(g)All or a portion of the security was on loan as of March 31, 2020.

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

(i)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(j)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

Abbreviations and additional footnotes are defined on page 33

15

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

PPM Floating Rate Income Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
United States 10 Year Note	(1)	June 2020		(133,178)	141			(5,509)
United States 5 Year Note	(3)	July 2020		(364,707)	140			(11,372)
					281			(16,881)

Abbreviations and additional footnotes are defined on page 33

16

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 89.9%
Communication Services 21.2%
	Altice Financing S.A.
		5.00%, 01/15/28 (a)	200,000		179,438
	Altice France
		7.38%, 05/01/26 (a)	520,000		524,599
		6.00%, 02/15/28 (a)	84,000		73,228
	Cablevision Systems Corporation
		5.88%, 09/15/22	50,000		50,465
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	264,000		270,576
	CCO Holdings, LLC
		5.88%, 04/01/24 (a) (b)	70,000		71,577
		5.50%, 05/01/26 (a)	78,000		79,067
		5.88%, 05/01/27 (a)	420,000		432,674
		5.00%, 02/01/28 (a)	203,000		203,770
		5.38%, 06/01/29 (a)	351,000		361,338
		4.75%, 03/01/30 (a)	88,000		87,665
		4.50%, 08/15/30 (a)	109,000		106,906
	CenturyLink, Inc.
		5.63%, 04/01/25 (b)	176,000		178,080
		5.13%, 12/15/26 (a)	112,000		111,444
		4.00%, 02/15/27 (a)	62,000		60,140
		7.60%, 09/15/39	24,000		23,304
	Clear Channel Worldwide Holdings, Inc.
		9.25%, 02/15/24 (a)	107,000		91,987
	Comcast Corporation
		3.30%, 04/01/27	105,000		111,161
	Connect Finco SARL
		6.75%, 10/01/26 (a)	278,000		230,696
	Consolidated Communications, Inc.
		6.50%, 10/01/22 (b)	225,000		200,573
	CSC Holdings, LLC
		5.50%, 04/15/27 (a)	250,000		258,731
		7.50%, 04/01/28 (a) (b)	300,000		319,969
		5.75%, 01/15/30 (a)	226,000		229,169
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (a)	93,000		75,559
		6.63%, 08/15/27 (a) (b)	122,000		81,471
	DISH DBS Corporation
		5.13%, 05/01/20	150,000		150,196
		5.00%, 03/15/23	122,000		116,917
		5.88%, 11/15/24	210,000		204,141
		7.75%, 07/01/26 (b)	15,000		15,418
	Embarq Corporation
		8.00%, 06/01/36	77,000		76,202
	Frontier Communications Corporation
		8.50%, 04/01/26 (a)	339,000		312,741
		8.00%, 04/01/27 (a)	102,000		100,579
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26 (b)	250,000		256,204
	iHeartCommunications, Inc.
		6.38%, 05/01/26	38,565		36,757
		8.38%, 05/01/27	183,651		157,442
		5.25%, 08/15/27 (a)	25,000		22,005
		4.75%, 01/15/28 (a)	25,000		22,237
	Intelsat Jackson Holdings S.A.
		8.50%, 10/15/24 (a) (b)	112,000		70,534
		9.75%, 07/15/25 (a) (b)	192,000		120,066
	Lamar Media Corp.
		3.75%, 02/15/28 (a)	22,000		20,661
		4.00%, 02/15/30 (a)	11,000		10,336
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	164,000		163,651
	Liberty Media Corporation
		8.25%, 02/01/30	155,000		114,034
	MDC Partners Inc.
		6.50%, 05/01/24 (a)	140,000		104,257
	Neptune Finco Corp.
		10.88%, 10/15/25 (a)	47,000		50,748
	Netflix, Inc.
		4.38%, 11/15/26	169,000		171,730
		4.88%, 04/15/28	125,000		127,204
		5.88%, 11/15/28 (b)	226,000		243,028
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (a)	130,000		127,055
	Sirius XM Radio Inc.
		4.63%, 05/15/23 - 07/15/24 (a)	89,000		89,591
		5.00%, 08/01/27 (a)	409,000		415,506
		5.50%, 07/01/29 (a)	51,000		51,991
	Sprint Capital Corporation
		6.88%, 11/15/28	200,000		228,288
	Sprint Communications, Inc.
		6.00%, 11/15/22	167,000		173,499
	Sprint Corporation
		7.88%, 09/15/23	25,000		27,501
		7.13%, 06/15/24	424,000		464,770
		7.63%, 03/01/26	25,000		28,306
		7.25%, 02/01/28 (a) (b)	72,000		72,000
	SSL Robotics LLC
		9.75%, 12/31/23 (a)	55,000		57,652
	TEGNA Inc.
		5.00%, 09/15/29 (a)	186,000		167,562
	Telecom Italia Capital
		6.00%, 09/30/34	166,000		164,357
	Telesat Canada
		4.88%, 06/01/27 (a)	85,000		81,173
		6.50%, 10/15/27 (a)	152,000		147,282
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (a)	133,000		113,923
	T-Mobile USA, Inc.
		6.00%, 03/01/23	152,000		152,816
		5.13%, 04/15/25	167,000		170,967
		4.75%, 02/01/28	46,000		47,491
	Uber Technologies, Inc.
		7.50%, 09/15/27 (a)	166,000		163,915
	Univision Communications Inc.
		5.13%, 05/15/23 (a)	139,000		121,749
	Zayo Group Holdings, Inc.
		4.00%, 03/01/27 (a)	16,000		15,329
		6.13%, 03/01/28 (a)	92,000		87,442
				10,250,840
Financials 13.3%
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (a)	267,000		267,705
		5.25%, 08/15/27 (a)	270,000		275,703
	Avolon Holdings Funding Limited
		3.25%, 02/15/27 (a)	138,000		104,844
	CIT Group Inc.
		4.75%, 02/16/24	186,000		181,582
		5.25%, 03/07/25	19,000		18,518
	Citigroup Inc.
		5.00%, (callable at 100 beginning 09/12/24) (c)	166,000		152,563
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	95,000		95,042
		8.25%, 03/01/27 (a)	163,000		158,521
	Credit Suisse Group AG
		6.25%, (callable at 100 beginning 12/18/24) (a) (c)	250,000		235,312
		6.38%, (callable at 100 beginning 08/21/26) (a) (c)	200,000		176,053
	Diamond Finance International Limited
		5.88%, 06/15/21 (a)	94,000		94,022
		7.13%, 06/15/24 (a)	87,000		89,814
		6.02%, 06/15/26 (a)	264,000		278,567
	Ford Motor Credit Company LLC
		5.60%, 01/07/22	63,000		61,265
		3.09%, 01/09/23 (b)	200,000		179,865
	GE Capital International Funding Company Unlimited Company
		2.34%, 11/15/20	50,000		49,257
	HUB International Limited
		7.00%, 05/01/26 (a) (b)	53,000		52,505
	Icahn Enterprises L.P.
		6.25%, 05/15/26	446,000		420,716
		5.25%, 05/15/27	112,000		103,597

Abbreviations and additional footnotes are defined on page 33

17

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	IHS Luxembourg S.A R.L.
		5.75%, 04/15/25 (a)	35,000		30,351
		6.50%, 06/01/26 (a) (b)	125,000		108,150
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (a)	78,000		70,445
	JPMorgan Chase & Co.
		4.60%, (callable at 100 beginning 02/01/25) (c)	88,000		77,480
		5.00%, (callable at 100 beginning 08/01/24) (c)	80,000		77,005
		5.30%, (callable at 100 beginning 05/01/20) (c)	222,000		207,846
	Level 3 Financing, Inc.
		5.38%, 01/15/24	237,000		238,122
		4.63%, 09/15/27 (a)	194,000		193,897
	Lions Gate Capital Holdings LLC
		6.38%, 02/01/24 (a)	55,000		48,482
		5.88%, 11/01/24 (a)	56,000		48,546
	Lloyds Banking Group PLC
		6.75%, (callable at 100 beginning 06/27/26) (c)	122,000		103,709
		7.50%, (callable at 100 beginning 09/27/25) (c)	81,000		72,799
	LPL Holdings, Inc.
		4.63%, 11/15/27 (a)	93,000		86,016
	MSCI Inc.
		4.00%, 11/15/29 (a)	55,000		54,624
	Navient Corporation
		7.25%, 09/25/23	140,000		137,238
		5.88%, 10/25/24	82,000		75,074
	Nordic Aviation Capital DAC
		3.79%, 02/27/23 (d) (e)	80,000		63,396
		5.83%, 03/14/26 (d) (e)	125,000		114,319
	Rassman, Joel H.
		3.80%, 11/01/29 (b)	239,000		209,388
	Resideo Funding Inc.
		6.13%, 11/01/26 (a) (b)	44,000		38,377
	Springleaf Finance Corporation
		6.13%, 03/15/24	73,000		72,045
		7.13%, 03/15/26	175,000		172,231
		6.63%, 01/15/28	63,000		59,485
		5.38%, 11/15/29	27,000		24,866
	Telenet Finance Luxembourg Notes S.A R.L.
		5.50%, 03/01/28 (a)	200,000		191,750
	The Goldman Sachs Group, Inc.
		3.50%, 04/01/25	112,000		113,650
	USA Compression Finance Corp.
		6.88%, 04/01/26 - 09/01/27	231,000		146,897
	Virgin Media Secured Finance PLC
		5.50%, 05/15/29 (a)	51,000		51,196
	ZF North America Capital, Inc.
		4.50%, 04/29/22 (a)	75,000		70,324
	Ziggo B.V.
		4.88%, 01/15/30 (a) (b)	200,000		195,250
	Ziggo Bond Finance B.V.
		6.00%, 01/15/27 (a)	253,000		247,087
				6,395,496
Health Care 13.0%
	Bausch Health Companies Inc.
		6.50%, 03/15/22 (a)	129,000		130,711
		6.13%, 04/15/25 (a)	255,000		252,712
		5.50%, 11/01/25 (a)	69,000		69,774
		8.50%, 01/31/27 (a)	598,000		625,174
		5.75%, 08/15/27 (a) (b)	166,000		171,057
		7.00%, 01/15/28 (a)	75,000		77,725
		5.00%, 01/30/28 (a) (b)	33,000		31,242
		5.25%, 01/30/30 (a)	40,000		37,861
	Catalent Pharma Solutions, Inc.
		5.00%, 07/15/27 (a)	15,000		14,788
	Centene Corporation
		4.75%, 05/15/22	76,000		76,340
		5.25%, 04/01/25 (a)	389,000		393,082
		5.38%, 08/15/26 (a)	48,000		48,960
		4.25%, 12/15/27 (a)	226,000		227,808
		4.63%, 12/15/29 (a)	128,000		128,640
		3.38%, 02/15/30 (a)	77,000		71,610
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	281,000		289,338
	Community Health Systems, Inc.
		6.25%, 03/31/23	27,000		25,671
		8.63%, 01/15/24 (a)	100,000		99,834
		6.63%, 02/15/25 (a)	130,000		121,888
		8.00%, 03/15/26 (a) (b)	125,000		118,854
	CVS Health Corporation
		3.75%, 04/01/30	111,000		114,824
	Endo Finance Co.
		6.00%, 02/01/25 (a)	69,000		47,267
	HCA Inc.
		5.00%, 03/15/24	119,000		123,215
		5.25%, 06/15/26	182,000		197,738
		5.38%, 09/01/26	47,000		48,425
		4.50%, 02/15/27	267,000		274,561
		3.50%, 09/01/30	329,000		299,587
		5.13%, 06/15/39	54,000		55,405
	Hill-Rom Holdings, Inc.
		4.38%, 09/15/27 (a)	42,000		41,348
	Hologic, Inc.
		4.38%, 10/15/25 (a)	104,000		103,889
	IQVIA Inc.
		5.00%, 05/15/27 (a)	125,000		127,736
	Legacy Lifepoint Health, LLC
		9.75%, 12/01/26 (a)	175,000		167,770
	Mednax, Inc.
		6.25%, 01/15/27 (a)	117,000		93,600
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (a)	149,000		131,114
	Mylan Inc
		4.55%, 04/15/28	78,000		79,678
		5.20%, 04/15/48	43,000		43,327
	Ortho-Clinical Diagnostics, Inc.
		6.63%, 05/15/22 (a) (b)	45,000		42,522
		7.25%, 02/01/28 (a)	45,000		39,089
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	234,000		232,723
	Polaris Intermediate School
		8.50%, 12/01/22 (a) (f)	75,000		59,219
	Tenet Healthcare Corporation
		8.13%, 04/01/22	204,000		192,701
		6.75%, 06/15/23	131,000		121,003
		4.63%, 07/15/24	104,000		99,061
		7.00%, 08/01/25 (b)	53,000		45,845
		4.88%, 01/01/26 (a)	304,000		290,064
		5.13%, 11/01/27 (a)	183,000		174,841
				6,259,621
Consumer Discretionary 9.9%
	Adient Global Holdings Ltd
		4.88%, 08/15/26 (a)	30,000		20,850
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (a)	71,000		69,978
		9.75%, 07/15/27 (a)	79,000		74,396
	Aramark Services, Inc.
		4.75%, 06/01/26 (b)	152,000		142,949
	Asbury Automotive Group, Inc.
		4.50%, 03/01/28 (a)	17,000		14,515
		4.75%, 03/01/30 (a)	17,000		14,547
	Beazer Homes USA, Inc.
		6.75%, 03/15/25	75,000		62,555
		5.88%, 10/15/27 (b)	80,000		60,349
		7.25%, 10/15/29	47,000		36,660
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a) (b)	81,000		71,349
	Dana Corporation
		5.38%, 11/15/27	35,000		28,571
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	94,000		89,580
	Ford Motor Company
		7.45%, 07/16/31	79,000		56,642
	Hilton Domestic Operating Company Inc.
		4.25%, 09/01/24	156,000		145,883
	IHOL Verwaltungs GmbH
		6.38%, 05/15/29 (a) (f)	41,000		31,981

Abbreviations and additional footnotes are defined on page 33

18

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	Jaguar Land Rover Automotive PLC
		5.63%, 02/01/23 (a) (b)	28,000		24,333
	KB Home
		7.63%, 05/15/23	201,000		203,031
		4.80%, 11/15/29	181,000		154,084
	L Brands, Inc.
		7.50%, 06/15/29 (b)	305,000		242,411
	Lennar Corporation
		4.75%, 11/29/27	113,000		112,837
	M.D.C. Holdings, Inc.
		3.85%, 01/15/30	140,000		126,383
		6.00%, 01/15/43	80,000		75,513
	Marriott Ownership Resorts, Inc.
		6.50%, 09/15/26	90,000		77,550
		4.75%, 01/15/28 (a)	64,000		48,664
	Mattel, Inc.
		6.75%, 12/31/25 (a) (b)	52,000		53,004
		5.88%, 12/15/27 (a) (b)	164,000		168,726
	MCE Finance Limited
		5.38%, 12/04/29 (a)	79,000		67,150
	MGM Resorts International
		5.75%, 06/15/25	49,000		43,855
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (a)	106,000		79,201
	New Golden Nugget Inc.
		8.75%, 10/01/25 (a)	70,000		36,161
	Newell Brands Inc.
		4.20%, 04/01/26 (g)	131,000		128,052
	PetSmart, Inc.
		5.88%, 06/01/25 (a)	322,000		320,751
	QVC, Inc.
		4.75%, 02/15/27	37,000		32,768
	Restaurant Brands International Limited Partnership
		5.00%, 10/15/25 (a)	250,000		240,986
	Sally Holdings, LLC
		5.63%, 12/01/25 (b)	177,000		144,352
	Scientific Games International, Inc.
		5.00%, 10/15/25 (a)	291,000		255,738
		8.25%, 03/15/26 (a)	80,000		51,225
		7.00%, 05/15/28 (a)	38,000		23,544
	Shea Homes Limited Partnership, A California Limited Partnership
		4.75%, 02/15/28 (a)	140,000		120,491
	Staples, Inc.
		7.50%, 04/15/26 (a)	122,000		107,726
		10.75%, 04/15/27 (a)	128,000		98,243
	Stars Group Holdings B.V.
		7.00%, 07/15/26 (a)	136,000		128,847
	Station Casinos LLC
		4.50%, 02/15/28 (a) (b)	139,000		112,170
	Stena International S.A R.L.
		6.13%, 02/01/25 (a)	56,000		45,954
	Taylor Morrison Communities, Inc.
		5.88%, 06/15/27 (a)	73,000		67,840
	The TJX Companies, Inc.
		3.50%, 04/15/25	56,000		57,277
	Viking Cruises Limited
		5.88%, 09/15/27 (a)	36,000		21,538
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a) (b)	139,000		101,796
	Williams Scotsman International, Inc.
		6.88%, 08/15/23 (a)	119,000		109,457
	Wyndham Destinations, Inc.
		5.40%, 04/01/24 (h)	100,000		84,913
		5.75%, 04/01/27 (b) (g)	65,000		54,814
	Yum! Brands, Inc.
		7.75%, 04/01/25 (a)	32,000		33,618
				4,775,808
Industrials 8.0%
	ACCO Brands Corporation
		5.25%, 12/15/24 (a)	120,000		114,229
	Aircastle Limited
		4.25%, 06/15/26	130,000		111,466
	Ashtead Capital, Inc.
		4.13%, 08/15/25 (a)	33,000		31,240
		5.25%, 08/01/26 (a)	139,000		132,921
		4.38%, 08/15/27 (a)	66,000		61,050
		4.00%, 05/01/28 (a)	9,000		8,175
	Bombardier Inc.
		6.13%, 01/15/23 (a)	169,000		119,120
		7.50%, 03/15/25 (a)	177,000		124,363
		7.88%, 04/15/27 (a)	31,000		21,375
	Cargo Aircraft Management, Inc.
		4.75%, 02/01/28 (a)	192,000		177,986
	Foxtrot Escrow Issuer LLC
		12.25%, 11/15/26 (a)	96,000		74,988
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (b) (c)	53,000		43,844
	Hertz Vehicle Financing II LP
		7.63%, 06/01/22 (a)	28,000		22,642
		5.50%, 10/15/24 (a)	200,000		114,373
	Howmet Aerospace Inc.
		5.40%, 04/15/21	70,000		68,600
	Masonite International Corporation
		5.38%, 02/01/28 (a)	60,000		59,034
	Navistar International Corporation
		6.63%, 11/01/25 (a)	200,000		169,050
	Park Aerospace Holdings Limited
		4.50%, 03/15/23 (a)	45,000		37,493
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (a)	52,000		50,984
		5.75%, 04/15/26 (a)	278,000		272,458
	Reynolds Group Holdings Inc.
		5.13%, 07/15/23 (a)	276,000		275,810
		7.00%, 07/15/24 (a)	50,000		50,894
	Sensata Technologies B.V.
		5.00%, 10/01/25 (a)	125,000		119,066
	Standard Industries Inc.
		4.75%, 01/15/28 (a)	170,000		156,561
	Tempo Acquisition, LLC
		6.75%, 06/01/25 (a)	235,000		217,941
	The Nielsen Company (Luxembourg) S.A R.L.
		5.00%, 02/01/25 (a) (b)	72,000		67,810
	TransDigm Inc.
		6.50%, 07/15/24 - 05/15/25	155,000		147,280
		6.25%, 03/15/26 (a)	321,000		319,487
		5.50%, 11/15/27 (a)	110,000		98,857
	Transdigm UK Holdings PLC
		6.88%, 05/15/26	51,000		47,897
	United Rentals (North America), Inc.
		3.88%, 11/15/27	356,000		338,596
		4.88%, 01/15/28	174,000		169,918
	Univar Solutions USA Inc.
		5.13%, 12/01/27 (a)	35,000		31,023
				3,856,531
Energy 6.7%
	Antero Midstream Partners LP
		5.38%, 09/15/24	65,000		45,568
		5.75%, 03/01/27 (a)	35,000		22,599
	Archrock Partners, L.P.
		6.25%, 04/01/28 (a)	60,000		42,298
	Ascent Resources - Utica, LLC
		10.00%, 04/01/22 (a)	126,000		67,405
		7.00%, 11/01/26 (a)	70,000		20,076
	Baytex Energy Corp.
		8.75%, 04/01/27 (a)	62,000		23,625
	Buckeye Partners, L.P.
		4.50%, 03/01/28 (a)	97,000		79,698
	Callon Petroleum Company
		6.38%, 07/01/26	162,000		25,933
	Chaparral Energy, Inc.
		8.75%, 07/15/23 (a)	165,000		7,508
	Cheniere Energy Partners, L.P.
		5.25%, 10/01/25	119,000		109,480
		5.63%, 10/01/26 (b)	248,000		228,160
		4.50%, 10/01/29 (a)	248,000		220,324
	Chesapeake Energy Corporation
		4.88%, 04/15/22	40,000		5,072

Abbreviations and additional footnotes are defined on page 33

19

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

				Shares/Par1		Value ($)
	CVR Energy, Inc.
		5.25%, 02/15/25 (a) (b)		110,000		85,452
	Endeavor Energy Resources, L.P.
		5.50%, 01/30/26 (a)		81,000		55,857
		5.75%, 01/30/28 (a)		52,000		35,142
	Energy Transfer LP
		6.63%, (callable at 100 beginning 02/15/28) (c)		42,000		20,790
		6.75%, (callable at 100 beginning 05/15/25) (c)		139,000		84,687
		7.13%, (callable at 100 beginning 05/15/30) (c)		155,000		94,291
		5.25%, 04/15/29		94,000		79,521
	Enlink Midstream, LLC
		5.38%, 06/01/29		52,000		27,736
	EQM Midstream Partners, LP
		4.13%, 12/01/26 (b)		60,000		34,686
	EQT Corporation
		6.13%, 02/01/25 (g)		115,000		86,802
	Everest Acquisition, LLC
		0.00%, 11/29/24 - 05/15/26 (a) (i) (j)		120,000		11,693
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (a)		91,000		65,273
	Hess Midstream Operations LP
		5.13%, 06/15/28 (a)		46,000		32,441
	MEG Energy Corp.
		7.13%, 02/01/27 (a)		143,000		71,123
	Murphy Oil Corporation
		5.75%, 08/15/25		135,000		72,239
	Murphy Oil USA, Inc.
		4.75%, 09/15/29		21,000		19,663
	Noble Corporation
		7.88%, 02/01/26 (a)		106,000		26,488
	Parsley Energy, LLC
		5.25%, 08/15/25 (a)		150,000		113,969
	PBF Holding Company LLC
		6.00%, 02/15/28 (a)		85,000		57,139
	PBF Logistics LP
		6.88%, 05/15/23		200,000		123,924
	Seven Generations Energy Ltd.
		5.38%, 09/30/25 (a)		30,000		16,582
	Shelf Drilling Management Services DMCC
		8.25%, 02/15/25 (a)		204,000		87,234
	SM Energy Company
		6.63%, 01/15/27		61,000		18,357
	Southwestern Energy Company
		7.50%, 04/01/26 (b)		98,000		64,816
	Targa Resource Corporation
		5.88%, 04/15/26		165,000		137,041
		5.00%, 01/15/28		167,000		136,275
		5.50%, 03/01/30 (a)		228,000		176,481
	Transocean Inc
		7.50%, 01/15/26 (a)		203,000		93,880
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)		69,000		55,279
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)		196,000		158,640
	Valaris PLC
		7.75%, 02/01/26		91,000		8,358
	Viper Energy Partners LP
		5.38%, 11/01/27 (a)		44,000		36,743
	Whiting Petroleum Corporation
		1.25%, 06/05/20 (k)		20,000		9,995
	WPX Energy, Inc.
		5.25%, 09/15/24 - 10/15/27		105,000		60,994
		5.75%, 06/01/26		47,000		27,061
		4.50%, 01/15/30		50,000		27,096
					3,211,494
Consumer Staples 5.7%
	Albertsons Companies, Inc.
		6.63%, 06/15/24		125,000		126,925
		5.75%, 03/15/25 (b)		50,000		50,548
	BAT Capital Corp.
		4.70%, 04/02/27	��	118,000		120,304
	Cott Holdings Inc.
		5.50%, 04/01/25 (a)		161,000		155,923
	Energizer Holdings, Inc.
		6.38%, 07/15/26 (a) (b)		42,000		42,415
	JBS Investments II GmbH
		5.75%, 01/15/28 (a)		297,000		288,218
	JBS USA Food Company
		6.50%, 04/15/29 (a)		96,000		102,880
	Kraft Foods Group, Inc.
		5.00%, 06/04/42		122,000		115,297
	Kraft Heinz Foods Company
		4.63%, 10/01/39 (a)		218,000		199,266
		4.88%, 10/01/49 (a)		153,000		141,143
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (a)		72,000		58,138
	Pilgrim's Pride Corporation
		5.75%, 03/15/25 (a)		159,000		159,778
		5.88%, 09/30/27 (a)		104,000		104,565
	Post Holdings, Inc.
		5.63%, 01/15/28 (a) (b)		142,000		144,422
		4.63%, 04/15/30 (a)		77,000		73,682
	Safeway Inc.
		3.50%, 02/15/23 (a)		54,000		53,238
		4.63%, 01/15/27 (a)		100,000		99,461
		5.88%, 02/15/28 (a)		259,000		263,819
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a)		181,000		162,808
	Spectrum Brands, Inc.
		5.75%, 07/15/25		49,000		46,163
		5.00%, 10/01/29 (a)		68,000		59,078
	Sysco Corporation
		5.65%, 04/01/25 (g)		44,000		45,776
	Verscend Holding Corp.
		9.75%, 08/15/26 (a)		147,000		146,913
					2,760,760
Materials 5.7%
	ARD Finance S.A.
		6.50%, 06/30/27 (a) (f)		137,000		119,515
	Berry Global Escrow Corporation
		4.88%, 07/15/26 (a)		195,000		196,950
	Berry Global, Inc.
		5.13%, 07/15/23		125,000		125,433
	Cascades Inc.
		5.13%, 01/15/26 (a)		23,000		22,254
		5.38%, 01/15/28 (a)		31,000		29,594
	CEMEX S.A.B. de C.V.
		5.70%, 01/11/25 (a)		250,000		213,827
		5.45%, 11/19/29 (a) (b)		200,000		163,041
	CF Industries, Inc.
		5.38%, 03/15/44		50,000		47,581
	FMG Resources (August 2006) Pty Ltd
		5.13%, 03/15/23 - 05/15/24 (a)		315,000		313,627
		4.50%, 09/15/27 (a)		134,000		121,269
	Freeport-McMoRan Inc.
		4.55%, 11/14/24		74,000		69,748
		5.00%, 09/01/27 (b)		117,000		108,730
		5.40%, 11/14/34		217,000		199,288
		5.45%, 03/15/43		44,000		39,416
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)		83,000		57,043
	Mauser Packaging Solutions Holding Company
		7.25%, 04/15/25 (a) (b)		164,000		126,494
	Mercer International Inc.
		7.38%, 01/15/25		132,000		114,507
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)		128,000		112,272
		5.25%, 08/01/23 - 06/01/27 (a)		143,000		120,893
	Novelis Corporation
		4.75%, 01/30/30 (a)		85,000		76,213
	Olin Corporation
		5.63%, 08/01/29		38,000		34,920
		5.00%, 02/01/30		99,000		85,842
	Sealed Air Corporation
		4.00%, 12/01/27 (a)		116,000		107,860
	Silgan Holdings Inc.
		4.13%, 02/01/28 (a)		101,000		94,324

Abbreviations and additional footnotes are defined on page 33

20

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	The Chemours Company
		6.63%, 05/15/23	67,000		56,885
				2,757,526
Information Technology 2.8%
	Banff Merger Sub Inc.
		9.75%, 09/01/26 (a)	51,000		44,671
	CommScope Holding Company, Inc.
		6.00%, 06/15/25 (a)	34,000		31,132
	Dell Inc.
		6.50%, 04/15/38	51,000		47,430
	NCR Corporation
		5.75%, 09/01/27 (a)	105,000		96,293
		6.13%, 09/01/29 (a) (b)	53,000		49,748
	Open Text Corporation
		3.88%, 02/15/28 (a)	112,000		105,739
		4.13%, 02/15/30 (a)	145,000		136,545
	Presidio Holdings, Inc.
		4.88%, 02/01/27 (a)	68,000		60,034
		8.25%, 02/01/28 (a) (b)	72,000		63,450
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (a)	88,000		79,391
		6.63%, 02/15/25 (a)	165,000		138,004
	SS&C Technologies, Inc.
		5.50%, 09/30/27 (a)	126,000		131,265
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (a)	280,000		268,771
	Western Digital Corporation
		4.75%, 02/15/26 (b)	92,000		92,556
				1,345,029
Utilities 2.5%
	Calpine Corporation
		5.25%, 06/01/26 (a) (b)	239,000		227,861
		4.50%, 02/15/28 (a)	67,000		64,904
	DPL Inc.
		4.35%, 04/15/29 (a) (b)	198,000		189,307
	The AES Corporation
		4.00%, 03/15/21	69,000		68,352
		4.50%, 03/15/23	52,000		50,957
		5.50%, 04/15/25 (b)	369,000		361,023
		5.13%, 09/01/27	185,000		185,704
	Vistra Operations Company LLC
		4.30%, 07/15/29 (a)	61,000		59,726
				1,207,834
Real Estate 1.1%
	CSL Capital, LLC
		6.00%, 04/15/23 (a)	110,000		101,201
	ESH Hospitality, Inc.
		5.25%, 05/01/25 (a) (b)	281,000		237,661
	MGM Growth Properties Operating Partnership LP
		4.50%, 01/15/28	6,000		5,040
	Service Properties Trust
		4.95%, 10/01/29	16,000		12,177
	Uniti Group Inc.
		7.88%, 02/15/25 (a) (b)	55,000		51,173
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	51,000		46,852
		3.75%, 02/15/27 (a)	59,000		55,599
		4.63%, 12/01/29 (a)	15,000		13,645
				523,348
	Total Corporate Bonds And Notes (cost $47,825,117)			43,344,287
SENIOR LOAN INTERESTS 3.9%
Health Care 0.8%
	Alphabet Holding Company, Inc.
		2017 1st Lien Term Loan, 5.10%, (1M LIBOR + 3.50%), 08/15/24 (l)	243,750		192,699
	MPH Acquisition Holdings LLC
		2016 Term Loan B, 4.20%, (3M LIBOR + 2.75%), 06/07/23 (l)	150,000		132,124
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 5.35%, (1M LIBOR + 3.75%), 11/09/25 (l)	69,390		64,918
				389,741
Communication Services 0.7%
	Ancestry.com Operations Inc.
		Non-Extended Term Loan B, 5.36%, (1M LIBOR + 3.75%), 10/19/23 (l)	74,623		64,176
	Frontier Communications Corp.
		2017 Term Loan B1, 5.21%, (3M LIBOR + 3.75%), 05/31/24 (l)	325		307
		2017 Term Loan B1, 5.35%, (3M LIBOR + 3.75%), 05/31/24 (l)	97,169		91,931
	iHeartCommunications, Inc.
		2020 Term Loan, 3.99%, (1M LIBOR + 3.00%), 05/01/26 (l)	52,867		44,277
	Windstream Holdings Inc.
		DIP Term Loan, 4.11%, (1M LIBOR + 2.50%), 03/08/21 (l)	77,000		74,690
	Zayo Group Holdings, Inc.
		USD Term Loan , 4.01%, (1M LIBOR + 3.00%), 02/20/27 (l)	68,000		63,920
				339,301
Consumer Discretionary 0.7%
	Adient US LLC
		Term Loan B, 5.74%, (3M LIBOR + 4.00%), 05/03/24 (l)	18,423		15,936
		Term Loan B, 5.94%, (3M LIBOR + 4.00%), 05/03/24 (l)	56,015		48,453
	Bass Pro Group, LLC
		Term Loan B, 5.99%, (1M LIBOR + 5.00%), 11/15/23 (l)	171,992		143,614
	Mohegan Tribal Gaming Authority
		2016 Term Loan B, 5.98%, (1M LIBOR + 4.38%), 10/30/23 (l)	79,578		56,102
	Panther BF Aggregator 2 LP
		USD Term Loan B, 4.44%, (1M LIBOR + 3.50%), 03/13/26 (l)	69,351		63,110
				327,215
Information Technology 0.5%
	Almonde, Inc.
		USD 1st Lien Term Loan, 5.28%, (3M LIBOR + 3.50%), 04/26/24 (l)	133,387		113,379
	Banff Merger Sub Inc
		2018 USD Term Loan B, 5.85%, (1M LIBOR + 4.25%), 06/30/25 (l)	79,397		65,522
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 5.69%, (3M LIBOR + 4.00%), 08/09/25 (l)	128,771		79,409
				258,310
Materials 0.5%
	BWAY Holding Company
		2017 Term Loan B, 5.08%, (3M LIBOR + 3.25%), 04/03/24 (l)	164,881		133,657
	Flex Acquisition Company, Inc.
		1st Lien Term Loan, 4.91%, (3M LIBOR + 3.00%), 12/15/23 (l)	53,932		48,808
		1st Lien Term Loan, 4.58%, (1M LIBOR + 3.00%), 12/29/23 (l)	2,024		1,832
	Proampac PG Borrower LLC
		2016 1st Lien Term Loan, 4.50%, (1M LIBOR + 3.50%), 11/18/23 (l)	15,212		12,607
		2016 1st Lien Term Loan, 5.19%, (3M LIBOR + 3.50%), 11/18/23 (l)	8,894		7,371
		2016 1st Lien Term Loan, 5.26%, (3M LIBOR + 3.50%), 11/18/23 (l)	10,352		8,579
		2016 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.50%), 11/18/23 (l)	6,845		5,673
				218,527
Financials 0.4%
	Acrisure, LLC
		2020 Term Loan B, 5.21%, (3M LIBOR + 3.50%), 01/30/27 (l)	97,750		86,020
	UFC Holdings, LLC
		2019 Term Loan, 4.86%, (1M LIBOR + 3.25%), 04/25/26 (l)	98,721		85,887
				171,907

Abbreviations and additional footnotes are defined on page 33

21

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
Energy 0.2%
	Chesapeake Energy Corporation
		2019 Last Out Term Loan, 9.00%, (1M LIBOR + 8.00%), 06/09/24 (l)	125,000		48,125
	Lower Cadence Holdings LLC
		Term Loan B, 4.99%, (1M LIBOR + 4.00%), 05/10/26 (l)	113,145		67,887
				116,012
Industrials 0.1%
	Dynasty Acquisition Co., Inc.
		2020 CAD Term Loan B2, 5.21%, (3M LIBOR + 3.50%), 04/06/26 (l)	24,005		18,994
		2020 Term Loan B1, 5.21%, (3M LIBOR + 3.50%), 04/06/26 (l)	44,650		35,329
				54,323
	Total Senior Loan Interests (cost $2,298,173)			1,875,336
INVESTMENT COMPANIES 2.0%
	Eaton Vance Senior Floating-Rate Trust		3,750		37,050
	SPDR Bloomberg Barclays High Yield Bond ETF		9,910		938,872
	Total Investment Companies (cost $1,102,490)			975,922
COMMON STOCKS 0.1%
Energy 0.1%
	Chaparral Energy, Inc. - Class A (i)		6,908		3,247
	MPLX LP		2,200		25,564
				28,811
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (i)		8,143		5,212
	iHeartMedia, Inc. - Class A (i)		386		2,822
				8,034
	Total Common Stocks (cost $242,030)			36,845
WARRANTS 0.0%
	iHeartMedia, Inc. (i) (m)		2,897		19,059
	Total Warrants (cost $53,585)			19,059
SHORT TERM INVESTMENTS 13.8%
Securities Lending Collateral 11.0%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (n)		5,302,253		5,302,253
Investment Companies 2.8%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.31% (n)		1,330,064		1,330,064
	Total Short Term Investments (cost $6,632,317)			6,632,317
Total Investments 109.7% (cost $58,153,712)					52,883,766
Other Derivative Instruments 0.0%					647
Other Assets and Liabilities, Net (9.7)%					(4,658,870)
Total Net Assets 100.0%					48,225,543

(a)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of March 31, 2020, the value and the percentage of net assets of these liquid securities was $27,875,365 and 57.8% of the Fund.

(b)All or a portion of the security was on loan as of March 31, 2020.

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

(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 Schedules of Investments.

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

(f)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.

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

(h)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 March 31, 2020.

(i)Non-income producing security.

(j)As of March 31, 2020, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k)Convertible security.

(l)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(m)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(n)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

PPM High Yield Core Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Nordic Aviation Capital DAC, 3.79%, 02/27/23	02/06/20	80,000	63,396	0.1
	Nordic Aviation Capital DAC, 5.83%, 03/14/26	02/27/19	125,000	114,319	0.3
			205,000	177,715	0.4

PPM High Yield Core Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
United States 10 Year Note	(3)	June 2020		(403,668)	319			(12,395)
United States 5 Year Note	(7)	July 2020		(850,982)	328			(26,534)
					647			(38,929)

Abbreviations and additional footnotes are defined on page 33

22

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
PPM Long Short Credit Fund
CORPORATE BONDS AND NOTES 78.5%
Financials 21.4%
	Acrisure, LLC
		7.00%, 11/15/25 (a)	88,000		74,473
	AFLAC Incorporated
		3.60%, 04/01/30	43,000		43,529
	Athene Global Funding
		3.14%, (3M USD LIBOR + 1.23%), 07/01/22 (a) (b)	183,000		178,691
		2.50%, 01/14/25 (a)	130,000		122,715
	Avolon Holdings Funding Limited
		3.63%, 05/01/22 (a)	125,000		107,409
		5.25%, 05/15/24 (a)	342,000		275,672
	Bank of America Corporation
		6.30%, (callable at 100 beginning 03/10/26) (c)	40,000		41,850
		2.80%, (3M USD LIBOR + 1.00%), 04/24/23 (b)	166,000		159,430
		4.00%, 01/22/25	209,000		219,968
		4.25%, 10/22/26	105,000		110,480
		3.59%, 07/21/28	41,000		42,613
		4.33%, 03/15/50 (d)	1,199,000		1,415,738
		4.08%, 03/20/51	93,000		104,835
	Capital One Financial Corporation
		3.75%, 03/09/27	40,000		39,118
	Citigroup Inc.
		5.00%, (callable at 100 beginning 09/12/24) (c)	52,000		47,791
		2.75%, (3M USD LIBOR + 0.96%), 04/25/22 (b) (d)	249,000		238,110
		4.45%, 09/29/27	123,000		127,816
		3.89%, 01/10/28 (b)	67,000		69,474
		4.13%, 07/25/28	10,000		10,154
		4.41%, 03/31/31	68,000		74,702
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 07/17/23) (a) (c)	200,000		187,760
		6.50%, 08/08/23 (a)	175,000		177,337
	Diamond Finance International Limited
		8.35%, 07/15/46 (a)	99,000		116,529
	Ford Motor Credit Company LLC
		5.01%, (3M USD LIBOR + 3.14%), 01/07/22 (b)	250,000		222,009
	Glencore Funding LLC
		4.88%, 03/12/29 (a)	125,000		121,381
	HSBC Holdings PLC
		2.69%, (3M USD LIBOR + 1.00%), 05/18/24 (b)	150,000		139,301
	Icahn Enterprises L.P.
		6.25%, 05/15/26	89,000		83,955
	JPMorgan Chase & Co.
		4.60%, (callable at 100 beginning 02/01/25) (c)	132,000		116,220
		5.00%, (callable at 100 beginning 08/01/24) (c)	70,000		67,379
		5.30%, (callable at 100 beginning 05/01/20) (c)	150,000		140,436
		3.54%, 05/01/28	9,000		9,439
		3.51%, 01/23/29	66,000		68,774
		2.74%, 10/15/30	116,000		116,182
	Metropolitan Life Global Funding I
		3.60%, 01/11/24 (a)	160,000		176,672
	Mitsubishi UFJ Financial Group Inc
		2.56%, 02/25/30	200,000		191,347
	Morgan Stanley
		2.73%, (3M USD LIBOR + 0.93%), 07/22/22 (b)	125,000		121,521
		4.10%, 05/22/23	225,000		232,263
		3.62%, 04/01/31	143,000		148,826
	Nordic Aviation Capital DAC
		5.58%, 03/14/24 (e) (f)	135,000		109,867
	Rassman, Joel H.
		3.80%, 11/01/29	138,000		120,902
	Springleaf Finance Corporation
		5.38%, 11/15/29	34,000		31,312
	The Goldman Sachs Group, Inc.
		2.91%, 07/24/23 (d)	20,000		20,184
		3.50%, 04/01/25	115,000		116,694
		3.80%, 03/15/30	176,000		183,121
	The Guardian Life Insurance Company of America
		3.70%, 01/22/70 (a)	46,000		40,190
	U.S. Bancorp
		3.00%, 07/30/29	66,000		65,710
	USA Compression Finance Corp.
		6.88%, 09/01/27	67,000		42,479
	Wells Fargo & Company
		2.41%, 10/30/25	189,000		186,000
		3.20%, 06/17/27	25,000		25,878
		3.58%, 05/22/28 (b)	26,000		26,988
		2.88%, 10/30/30	214,000		209,747
	Wells Fargo Bank, National Association
		2.08%, 09/09/22 (d)	750,000		746,088
				7,867,059
Communication Services 11.2%
	AT&T Inc.
		1.96%, (3M USD LIBOR + 1.18%), 06/12/24 (b)	350,000		326,451
		5.25%, 03/01/37	80,000		93,235
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	95,000		97,366
	CCO Holdings, LLC
		4.75%, 03/01/30 (a)	84,000		83,681
	CenturyLink, Inc.
		4.00%, 02/15/27 (a)	47,000		45,590
	Charter Communications Operating, LLC
		4.91%, 07/23/25	250,000		268,466
		6.83%, 10/23/55	40,000		48,052
	Comcast Corporation
		3.30%, 04/01/27	110,000		116,455
		4.60%, 10/15/38	32,000		38,917
		3.75%, 04/01/40	25,000		27,383
		4.95%, 10/15/58	44,000		60,600
	Connect Finco SARL
		6.75%, 10/01/26 (a)	50,000		41,492
	DISH DBS Corporation
		7.75%, 07/01/26	66,000		67,839
	Hughes Satellite Systems Corporation
		5.25%, 08/01/26	83,000		82,128
	iHeartCommunications, Inc.
		6.38%, 05/01/26	14,918		14,218
		8.38%, 05/01/27	27,038		23,179
		5.25%, 08/15/27 (a)	25,000		22,005
		4.75%, 01/15/28 (a)	24,000		21,347
	Intelsat Jackson Holdings S.A.
		8.50%, 10/15/24 (a) (d)	38,000		23,931
	Sirius XM Radio Inc.
		5.50%, 07/01/29 (a)	46,000		46,894
	Sprint Corporation
		7.13%, 06/15/24	58,000		63,577
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (a)	87,500		87,071
	TEGNA Inc.
		5.00%, 09/15/29 (a)	64,000		57,656
	Telesat Canada
		6.50%, 10/15/27 (a)	40,000		38,758
	The Walt Disney Company
		1.83%, (3M USD LIBOR + 0.25%), 09/01/21 (b) (d)	500,000		492,103
	Verizon Communications Inc.
		3.00%, 03/22/27	24,000		25,317
		4.02%, 12/03/29 (d)	1,510,000		1,700,342
		4.00%, 03/22/50	25,000		29,494
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	90,000		99,696
				4,143,243
Energy 9.6%
	Aker BP ASA
		3.75%, 01/15/30 (a)	210,000		155,625
	Baker Hughes, a GE Company, LLC
		3.14%, 11/07/29	49,000		42,363
	Callon Petroleum Company
		6.38%, 07/01/26	125,000		20,010
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	41,000		36,681
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29 (a)	110,000		97,725

Abbreviations and additional footnotes are defined on page 33

23

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	Denbury Resources Inc.
		9.25%, 03/31/22 (a) (d)	14,000		3,329
		7.75%, 02/15/24 (a)	80,000		11,704
	Endeavor Energy Resources, L.P.
		5.75%, 01/30/28 (a)	69,000		46,631
	Energy Transfer LP
		6.75%, (callable at 100 beginning 05/15/25) (c)	83,000		50,568
		7.13%, (callable at 100 beginning 05/15/30) (c)	96,000		58,399
		4.25%, 03/15/23	192,000		172,403
		3.75%, 05/15/30	57,000		44,571
		5.80%, 06/15/38	95,000		83,233
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	40,000		33,855
	Enlink Midstream, LLC
		4.15%, 06/01/25	69,000		33,431
	Enterprise Products Operating LLC
		3.35%, 03/15/23	43,000		42,189
		3.13%, 07/31/29	123,000		112,056
		4.20%, 01/31/50	84,000		79,534
	EQM Midstream Partners, LP
		4.13%, 12/01/26	108,000		62,435
	Everest Acquisition, LLC
		0.00%, 11/29/24 (a) (d) (g) (h)	85,000		2,257
		0.00%, 05/15/26 (a) (g) (h)	35,000		5,510
	Exxon Mobil Corporation
		3.48%, 03/19/30	186,000		205,786
	MEG Energy Corp.
		7.13%, 02/01/27 (a)	17,000		8,455
	MPLX LP
		1.90%, (3M USD LIBOR + 0.90%), 09/09/21 (b) (d)	500,000		482,500
		4.00%, 03/15/28	97,000		82,127
		5.20%, 12/01/47 (a)	44,000		35,290
	Murphy Oil Corporation
		5.88%, 12/01/27	66,000		34,741
	National Oilwell Varco, Inc.
		3.60%, 12/01/29	100,000		77,845
	NGPL PipeCo LLC
		4.88%, 08/15/27 (a)	23,000		20,461
	Occidental Petroleum Corporation
		2.96%, (3M USD LIBOR + 1.25%), 08/13/21 (b) (d)	300,000		223,500
		3.50%, 08/15/29	103,000		48,410
		4.30%, 08/15/39	19,000		8,075
		4.40%, 08/15/49	21,000		9,072
	ONEOK, Inc.
		3.10%, 03/15/30	100,000		75,279
	Parsley Energy, LLC
		5.38%, 01/15/25 (a)	91,000		70,426
	Patterson-UTI Energy, Inc.
		5.15%, 11/15/29	130,000		48,699
	Sabine Pass Liquefaction, LLC
		5.63%, 03/01/25	88,000		80,603
		4.20%, 03/15/28	165,000		143,126
	SM Energy Company
		1.50%, 07/01/21 (i)	48,000		17,513
	Southwestern Energy Company
		7.75%, 10/01/27	500,000		334,606
	Summit Midstream Holdings, LLC
		5.75%, 04/15/25	29,000		3,600
	Summit Midstream Partners, LP
		9.50%, (callable at 104 beginning 12/15/22) (c)	125,000		1,787
	Targa Resource Corporation
		5.50%, 03/01/30 (a)	108,000		83,596
	Transocean Pontus Limited
		6.13%, 08/01/25 (a) (d)	16,700		13,249
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	49,000		39,256
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	156,100		126,345
	Viper Energy Partners LP
		5.38%, 11/01/27 (a)	26,000		21,712
	Whiting Petroleum Corporation
		1.25%, 06/05/20 (i)	13,000		6,497
	WPX Energy, Inc.
		4.50%, 01/15/30	43,000		23,302
				3,520,367
Health Care 9.0%
	AbbVie Inc.
		2.95%, 11/21/26 (a)	121,000		123,816
		4.30%, 05/14/36	36,000		39,048
		4.05%, 11/21/39 (a)	94,000		98,079
		4.25%, 11/21/49 (a)	133,000		142,765
	Actavis LLC
		3.25%, 10/01/22	233,000		233,396
	Amgen Inc.
		2.45%, 02/21/30	82,000		81,307
		3.15%, 02/21/40	131,000		130,057
	Bausch Health Companies Inc.
		8.50%, 01/31/27 (a)	63,000		65,863
		5.75%, 08/15/27 (a)	82,000		84,498
		7.00%, 01/15/28 (a)	24,000		24,872
		5.00%, 01/30/28 (a)	32,000		30,295
	Baxter International Inc.
		3.75%, 10/01/25 (a)	35,000		37,090
		3.95%, 04/01/30 (a)	11,000		11,891
	Becton, Dickinson and Company
		2.25%, (3M USD LIBOR + 0.88%), 12/29/20 (b) (d)	300,000		295,089
	Bristol-Myers Squibb Company
		3.40%, 07/26/29 (a)	218,000		239,683
		4.13%, 06/15/39 (a)	55,000		66,101
	Centene Corporation
		5.25%, 04/01/25 (a)	61,000		61,640
		5.38%, 08/15/26 (a)	64,000		65,280
		4.25%, 12/15/27 (a)	28,000		28,224
		4.63%, 12/15/29 (a)	123,000		123,615
		3.38%, 02/15/30 (a)	57,000		53,010
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	65,000		66,929
	Cigna Holding Company
		3.40%, 03/01/27 (a)	50,000		50,980
		4.38%, 10/15/28	120,000		129,017
		2.40%, 03/15/30	45,000		42,287
		3.20%, 03/15/40	36,000		33,395
		3.40%, 03/15/50	75,000		72,040
	Community Health Systems, Inc.
		8.63%, 01/15/24 (a)	50,000		49,917
		8.00%, 03/15/26 (a)	85,000		80,821
	CVS Health Corporation
		4.78%, 03/25/38	62,000		68,123
		5.05%, 03/25/48	109,000		123,033
	HCA Inc.
		5.13%, 06/15/39	99,000		101,577
	Legacy Lifepoint Health, LLC
		9.75%, 12/01/26 (a)	125,000		119,835
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a) (d)	89,000		88,514
	Providence St. Joseph Health
		2.53%, 10/01/29	62,000		60,813
	Quest Diagnostics Incorporated
		2.95%, 06/30/30	40,000		39,366
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (a)	130,000		124,041
	Thermo Fisher Scientific Inc.
		4.13%, 03/25/25	39,000		41,802
				3,328,109
Consumer Staples 5.6%
	Anheuser-Busch Companies, LLC
		3.65%, 02/01/26	71,000		74,554
		4.90%, 02/01/46	102,000		112,361
	Archer-Daniels-Midland Company
		2.75%, 03/27/25	13,000		13,161
		3.25%, 03/27/30	48,000		50,811
	BAT Capital Corp.
		4.91%, 04/02/30	107,000		109,870
		4.39%, 08/15/37	168,000		155,249

Abbreviations and additional footnotes are defined on page 33

24

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	JBS USA Finance, Inc.
		6.75%, 02/15/28 (a)	100,000		106,919
	JBS USA Food Company
		5.88%, 07/15/24 (a)	15,000		15,198
		6.50%, 04/15/29 (a)	74,000		79,303
	Kimberly-Clark Corporation
		3.10%, 03/26/30	12,000		12,865
	Kraft Heinz Foods Company
		2.30%, (3M USD LIBOR + 0.57%), 02/10/21 (b)	333,000		320,881
	Mars, Incorporated
		3.95%, 04/01/49 (a)	117,000		129,496
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (a)	100,000		80,747
	PepsiCo, Inc.
		3.63%, 03/19/50	80,000		94,199
	Post Holdings, Inc.
		5.63%, 01/15/28 (a)	82,000		83,399
	Reynolds American Inc.
		4.45%, 06/12/25	119,000		120,363
	Safeway Inc.
		3.50%, 02/15/23 (a)	67,000		66,055
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a)	100,000		89,949
	Spectrum Brands, Inc.
		5.00%, 10/01/29 (a)	63,000		54,734
	Sysco Corporation
		5.65%, 04/01/25 (j)	33,000		34,332
		5.95%, 04/01/30 (j)	23,000		24,266
		6.60%, 04/01/40 (j)	16,000		17,205
	The Procter & Gamble Company
		3.60%, 03/25/50	23,000		28,367
	Walmart Inc.
		2.85%, 07/08/24	125,000		131,903
		2.95%, 09/24/49	56,000		60,959
				2,067,146
Utilities 5.5%
	Ameren Illinois Company
		4.50%, 03/15/49	104,000		123,947
	Basin Electric Power Cooperative
		4.75%, 04/26/47 (a)	100,000		110,064
	Berkshire Hathaway Energy Company
		4.05%, 04/15/25 (a)	88,000		94,911
	Consolidated Edison Company of New York, Inc.
		3.35%, 04/01/30	7,000		7,001
		3.95%, 04/01/50	40,000		42,115
	DPL Inc.
		4.35%, 04/15/29 (a)	98,000		93,697
	Edison International
		4.95%, 04/15/25	15,000		14,964
	Exelon Corporation
		4.05%, 04/15/30	25,000		25,036
		5.10%, 06/15/45	112,000		121,102
	Florida Power & Light Company
		2.14%, (3M USD LIBOR + 0.40%), 05/06/22 (b) (d)	500,000		469,175
		2.85%, 04/01/25	47,000		49,048
	Nevada Power Company
		3.70%, 05/01/29	119,000		126,300
	NSTAR Electric Company
		3.95%, 04/01/30	31,000		33,665
	Ohio Power Company
		2.60%, 04/01/30	38,000		37,557
	Sempra Energy
		2.33%, (3M USD LIBOR + 0.50%), 01/15/21 (b)	333,000		319,897
	Southern California Edison Company
		4.13%, 03/01/48	46,000		47,780
		3.65%, 02/01/50	50,000		48,556
	The AES Corporation
		4.00%, 03/15/21	140,000		138,686
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a) (d)	69,000		64,913
		4.30%, 07/15/29 (a)	60,000		58,747
				2,027,161
Industrials 5.1%
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (a)	124,000		118,577
	Bombardier Inc.
		5.75%, 03/15/22 (a)	34,000		25,751
		7.50%, 03/15/25 (a)	65,000		45,670
		7.88%, 04/15/27 (a)	35,000		24,133
	Canadian Pacific Railway Limited
		2.05%, 03/05/30	24,000		22,331
	Carlisle Companies Incorporated
		2.75%, 03/01/30	140,000		121,524
	Caterpillar Inc.
		3.25%, 09/19/49	100,000		100,791
	Equifax Inc.
		2.60%, 12/01/24	74,000		71,292
	Foxtrot Escrow Issuer LLC
		12.25%, 11/15/26 (a)	75,000		58,584
	General Dynamics Corporation
		4.25%, 04/01/40	70,000		83,188
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (c) (d)	379,000		313,526
	Hillenbrand, Inc.
		4.50%, 09/15/26 (j)	18,000		17,946
	John Deere Capital Corporation
		1.75%, 03/09/27	42,000		40,391
	Northrop Grumman Corporation
		4.40%, 05/01/30	33,000		36,543
	Reynolds Group Holdings Inc.
		5.33%, (3M USD LIBOR + 3.50%), 07/15/21 (a) (b)	161,000		156,664
	Textron Inc.
		3.00%, 06/01/30	130,000		118,652
	United Parcel Service, Inc.
		4.45%, 04/01/30	90,000		102,113
	United Rentals (North America), Inc.
		3.88%, 11/15/27	51,000		48,507
	Westinghouse Air Brake Technologies Corporation
		2.04%, (3M USD LIBOR + 1.30%), 09/15/21 (b) (d)	375,000		376,712
				1,882,895
Materials 4.4%
	Anglo American Capital PLC
		5.38%, 04/01/25 (a)	200,000		202,219
		4.88%, 05/14/25 (a)	121,000		117,802
		4.75%, 04/10/27 (a)	135,000		130,197
	ARD Finance S.A.
		6.50%, 06/30/27 (a) (k)	130,000		113,409
	Avery Dennison Corporation
		2.65%, 04/30/30	36,000		33,461
	CEMEX S.A.B. de C.V.
		5.45%, 11/19/29 (a)	150,000		122,281
	CF Industries, Inc.
		4.50%, 12/01/26 (a)	287,000		301,758
	Ecolab Inc.
		4.80%, 03/24/30	27,000		30,713
	FMG Resources (August 2006) Pty Ltd
		4.75%, 05/15/22 (a)	105,000		105,126
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	47,000		43,678
		5.40%, 11/14/34	60,000		55,103
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	75,000		51,545
	LYB International Finance III, LLC
		4.20%, 10/15/49	63,000		61,586
	Martin Marietta Materials, Inc.
		2.50%, 03/15/30	55,000		50,035
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	175,000		153,497
	Olin Corporation
		5.63%, 08/01/29	36,000		33,082
				1,605,492

Abbreviations and additional footnotes are defined on page 33

25

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
Consumer Discretionary 2.9%
	Adient US LLC
		7.00%, 05/15/26 (a)	13,000		12,034
	Asbury Automotive Group, Inc.
		4.50%, 03/01/28 (a)	18,000		15,369
	Dollar Tree, Inc.
		2.54%, (3M USD LIBOR + 0.70%), 04/17/20 (b) (d)	133,000		133,007
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	103,000		98,157
	GLP Financing, LLC
		5.75%, 06/01/28	14,000		12,184
		5.30%, 01/15/29	110,000		91,270
	KB Home
		7.63%, 05/15/23	67,000		67,677
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43	14,000		13,215
	McDonald's Corporation
		3.50%, 07/01/27	121,000		126,493
	NCL Corporation Ltd.
		3.63%, 12/15/24 (a)	75,000		47,908
	NIKE, Inc.
		3.25%, 03/27/40	51,000		53,356
	Scientific Games International, Inc.
		7.25%, 11/15/29 (a)	70,000		43,995
	Starbucks Corporation
		2.25%, 03/12/30	107,000		100,559
	The Home Depot, Inc.
		3.35%, 04/15/50	51,000		54,033
	The TJX Companies, Inc.
		3.50%, 04/15/25	85,000		86,939
		4.50%, 04/15/50	30,000		32,153
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	70,000		51,264
	Yum! Brands, Inc.
		7.75%, 04/01/25 (a)	24,000		25,213
				1,064,826
Information Technology 2.2%
	Broadcom Corporation
		3.88%, 01/15/27	100,000		95,230
	Broadcom Inc.
		4.25%, 04/15/26 (a)	75,000		76,064
	Corning Incorporated
		5.85%, 11/15/68	58,000		64,019
	Dell International L.L.C.
		4.90%, 10/01/26 (a) (j)	30,000		29,868
	MasterCard Incorporated
		3.30%, 03/26/27	61,000		66,345
		3.85%, 03/26/50	16,000		19,537
	Microsoft Corporation
		3.95%, 08/08/56	50,000		62,590
	NXP B.V.
		4.13%, 06/01/21 (a)	200,000		201,819
	Paypal Holdings, Inc.
		2.40%, 10/01/24	115,000		115,579
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (a)	85,000		76,685
				807,736
Real Estate 1.6%
	Boston Properties Limited Partnership
		2.75%, 10/01/26	36,000		34,405
		2.90%, 03/15/30	110,000		100,858
	Equinix, Inc.
		2.63%, 11/18/24	125,000		117,662
	Service Properties Trust
		4.35%, 10/01/24	62,000		45,412
	Simon Property Group, L.P.
		2.45%, 09/13/29	250,000		232,312
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	65,000		59,714
				590,363
	Total Corporate Bonds And Notes (cost $30,462,214)			28,904,397
SENIOR LOAN INTERESTS 17.4%
Consumer Discretionary 5.1%
	1011778 B.C. Unlimited Liability Company
		Term Loan B4, 3.35%, (1M LIBOR + 1.75%), 11/14/26 (b)	203,620		187,330
	Adient US LLC
		Term Loan B, 5.74%, (3M LIBOR + 4.00%), 05/03/24 (b)	18,423		15,936
		Term Loan B, 5.94%, (3M LIBOR + 4.00%), 05/03/24 (b)	56,015		48,453
	American Axle and Manufacturing, Inc.
		Term Loan B, 3.18%, (1M LIBOR + 2.25%), 03/10/24 (b)	175,834		145,415
	Aramark Services, Inc.
		2018 Term Loan B3, 3.35%, (1M LIBOR + 1.75%), 03/01/25 (b)	187,000		173,910
	Caesars Entertainment Operating Company
		Exit Term Loan, 3.60%, (1M LIBOR + 2.00%), 04/03/24 (b)	183,354		148,211
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 3.74%, (1M LIBOR + 2.75%), 12/23/24 (b)	76,188		61,256
	CityCenter Holdings, LLC
		2017 Term Loan B, 3.24%, (1M LIBOR + 2.25%), 04/14/24 (b)	96,976		84,175
	Four Seasons Hotels Limited
		New 1st Lien Term Loan, 2.99%, (1M LIBOR + 2.00%), 11/30/23 (b)	122,779		110,501
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 3.70%, (3M LIBOR + 2.50%), 09/07/23 (b)	83,829		64,968
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 10/04/23 (b) (l)	80,000		62,000
		2017 Incremental Term Loan B, 4.10%, (1M LIBOR + 2.50%), 10/04/23 (b)	98,207		76,111
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 3.35%, (1M LIBOR + 1.75%), 08/29/25 (b)	245,390		213,489
	Mohegan Tribal Gaming Authority
		2016 Term Loan B, 5.98%, (1M LIBOR + 4.38%), 10/30/23 (b)	196,353		138,429
	Numericable Group SA
		USD Term Loan B11, 3.74%, (1M LIBOR + 2.75%), 07/31/25 (b)	194,953		178,870
	PCI Gaming Authority
		Term Loan, 4.10%, (1M LIBOR + 2.50%), 05/15/26 (b)	206,393		167,179
				1,876,233
Communication Services 4.5%
	Ancestry.com Operations Inc.
		2019 Extended Term Loan B, 5.86%, (1M LIBOR + 4.25%), 08/15/26 (b)	112,797		89,110
	CenturyLink, Inc.
		2020 Term Loan B, 3.24%, (1M LIBOR + 2.25%), 03/15/27 (b)	134,662		124,984
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 2.86%, (1M LIBOR + 2.25%), 07/15/25 (b)	157,570		149,954
	Diamond Sports Group, LLC
		Term Loan, 4.18%, (1M LIBOR + 3.25%), 08/24/26 (b)	89,550		68,954
	Frontier Communications Corp.
		2017 Term Loan B1, 5.21%, (3M LIBOR + 3.75%), 05/31/24 (b)	407		385
		2017 Term Loan B1, 5.35%, (3M LIBOR + 3.75%), 05/31/24 (b)	121,760		115,196
	Level 3 Financing Inc.
		2019 Term Loan B, 3.35%, (1M LIBOR + 1.75%), 03/01/27 (b)	168,664		156,857
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 4.33%, (1M LIBOR + 2.75%), 07/15/26 (b)	239,342		221,870
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.12%, (1M LIBOR + 2.50%), 02/01/24 (b)	147,342		146,237

Abbreviations and additional footnotes are defined on page 33

26

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	Terrier Media Buyer, Inc.
		Term Loan B, 6.15%, (3M LIBOR + 4.25%), 10/04/26 (b)	38,902		34,331
	Univision Communications Inc.
		Term Loan C5, 3.75%, (1M LIBOR + 2.75%), 03/15/24 (b)	120,475		101,500
	Virgin Media Bristol LLC
		USD Term Loan N, 3.20%, (1M LIBOR + 2.50%), 10/03/27 (b)	150,000		138,000
	Windstream Services, LLC
		Repriced Term Loan B6, 8.25%, (3M PRIME + 5.00%), 03/29/21 (b)	149,237		91,781
	Zayo Group Holdings, Inc.
		USD Term Loan , 4.01%, (1M LIBOR + 3.00%), 02/20/27 (b)	222,619		209,262
				1,648,421
Materials 2.6%
	Berry Global, Inc.
		Term Loan Y, 2.86%, (1M LIBOR + 2.00%), 07/01/26 (b)	195,398		184,652
	BWAY Holding Company
		2017 Term Loan B, 5.08%, (3M LIBOR + 3.25%), 04/03/24 (b)	285,785		231,666
	Diamond (BC) B.V.
		USD Term Loan , 4.78%, (3M LIBOR + 3.00%), 07/24/24 (b)	167,010		123,587
	Flex Acquisition Company, Inc.
		1st Lien Term Loan, 4.91%, (3M LIBOR + 3.00%), 12/15/23 (b)	66,763		60,421
		1st Lien Term Loan, 4.58%, (1M LIBOR + 3.00%), 12/29/23 (b)	2,506		2,268
	Hexion Inc
		USD Exit Term Loan, 5.41%, (3M LIBOR + 3.50%), 06/27/26 (b)	121,241		100,933
	Klockner-Pentaplast of America, Inc.
		USD 2017 Term Loan B2, 6.01%, (1M LIBOR + 4.25%), 06/30/22 (b)	147,355		101,573
	Messer Industries GmbH
		2018 USD Term Loan, 4.44%, (3M LIBOR + 2.50%), 10/10/25 (b)	119,790		105,894
	Proampac PG Borrower LLC
		2016 1st Lien Term Loan, 4.50%, (1M LIBOR + 3.50%), 11/18/23 (b)	15,212		12,607
		2016 1st Lien Term Loan, 5.19%, (3M LIBOR + 3.50%), 11/18/23 (b)	8,894		7,371
		2016 1st Lien Term Loan, 5.26%, (3M LIBOR + 3.50%), 11/18/23 (b)	10,352		8,579
		2016 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.50%), 11/18/23 (b)	6,845		5,673
				945,224
Health Care 1.4%
	Air Methods Corporation
		2017 Term Loan B, 5.44%, (3M LIBOR + 3.50%), 04/12/24 (b)	88,999		61,904
	Alphabet Holding Company, Inc.
		2017 1st Lien Term Loan, 5.10%, (1M LIBOR + 3.50%), 08/15/24 (b)	88,413		69,896
	Endo Luxembourg Finance Company I S.a r.l.
		2017 Term Loan B, 5.25%, (1M LIBOR + 4.25%), 04/12/24 (b)	132,614		118,358
	Phoenix Guarantor Inc
		2020 Term Loan B, 4.11%, (1M LIBOR + 3.25%), 03/05/26 (b)	165,419		149,290
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 5.35%, (1M LIBOR + 3.75%), 11/09/25 (b)	130,936		122,496
				521,944
Energy 1.2%
	Buckeye Partners, L.P.
		2019 Term Loan B, 4.27%, (1M LIBOR + 2.75%), 10/10/26 (b)	250,000		228,000
	California Resources Corporation
		2017 1st Lien Term Loan, 6.36%, (3M LIBOR + 4.75%), 11/08/22 (b)	125,000		27,500
	Chesapeake Energy Corporation
		2019 Last Out Term Loan, 9.00%, (1M LIBOR + 8.00%), 06/09/24 (b)	50,000		19,250
	Lower Cadence Holdings LLC
		Term Loan B, 4.99%, (1M LIBOR + 4.00%), 05/10/26 (b)	193,227		115,936
	Traverse Midstream Partners LLC
		2017 Term Loan, 5.61%, (1M LIBOR + 4.00%), 09/22/24 (b)	98,500		54,175
				444,861
Utilities 0.8%
	Calpine Corporation
		Term Loan B5, 4.20%, (1M LIBOR + 2.25%), 05/23/22 (b)	196,392		188,143
	PG&E Corp
		DIP Term Loan, 3.12%, (1M LIBOR + 2.25%), 12/31/20 (b)	100,000		96,833
				284,976
Industrials 0.7%
	Genesee & Wyoming Inc. (New)
		Term Loan, 3.96%, (3M LIBOR + 2.00%), 10/29/26 (b)	76,000		72,438
	Tempo Acquisition LLC
		Term Loan, 3.74%, (1M LIBOR + 2.75%), 04/20/24 (b)	225,934		201,082
				273,520
Consumer Staples 0.6%
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 3.05%, (1M LIBOR + 2.25%), 01/26/24 (b)	100,129		95,623
	JBS USA Lux S.A.
		2019 Term Loan B, 3.60%, (6M LIBOR + 2.00%), 04/27/26 (b)	145,896		135,787
				231,410
Information Technology 0.4%
	Radiate Holdco, LLC
		1st Lien Term Loan, 4.60%, (1M LIBOR + 3.00%), 12/09/23 (b)	152,254		139,567
Financials 0.1%
	BCP Renaissance Parent LLC
		2017 Term Loan B, 5.44%, (3M LIBOR + 3.50%), 09/20/24 (b)	100,327		49,662
	Total Senior Loan Interests (cost $7,573,692)			6,415,818
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 13.7%
	American Airlines, Inc.
		Series 2013-B-2, 5.60%, 07/15/20	43,548		43,222
	AmeriCredit Automobile Receivables Trust
		Series 2018-A3-1, 3.07%, 01/19/21 (d)	589,272		579,610
	Ascentium Equipment Receivables Trust
		Series 2017-A3-2A, 2.31%, 12/10/21	56,044		55,194
	BX Commercial Mortgage Trust
		Series 2018-A-IND, 1.46%, (1M USD LIBOR + 0.75%), 10/15/20 (b) (d)	424,093		400,767
		Series 2020-A-BXLP, REMIC, 1.50%, (1M USD LIBOR + 0.80%), 12/15/21 (b) (d)	800,000		741,984
	Capital One Prime Auto Receivables Trust
		Series 2020-A2-1, 1.64%, 06/15/23	186,000		184,322
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21	28,122		28,069
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23	6,746		6,587
	Citibank Credit Card Issuance Trust
		Series 2017-A4-A4, 1.23%, (1M USD LIBOR + 0.22%), 04/07/22 (b) (d)	500,000		499,634
	COMM Mortgage Trust
		Series 2014-A3-CR21, REMIC, 3.53%, 12/12/24	231,437		240,091
	Dell Equipment Finance Trust
		Series 2018-A2A-1, 2.97%, 10/22/20	2,361		2,361
	DLL LLC
		Series 2018-A3-ST2, 3.46%, 04/20/21	103,524		103,693
		Series 2019-A2-MT3, 2.13%, 01/20/22	250,000		244,838
	GLS Auto Receivables Trust
		Series 2019-A-1A, 3.37%, 03/15/21	58,688		58,147
		Series 2018-A-3A, 3.35%, 08/15/22	19,121		18,879
	GreatAmerica Financial Services Corporation
		Series 2019-A2-1, 2.97%, 09/15/20	90,533		88,536

Abbreviations and additional footnotes are defined on page 33

27

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

			Shares/Par1		Value ($)
	GS Mortgage Securities Corp Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22	175,000		173,214
	HPEFS Equipment Trust
		Series 2019-A2-1A, 2.19%, 09/20/29	100,000		97,999
	John Deere Owner Trust
		Series 2019-A2-B, 2.28%, 04/15/21 (d)	393,586		382,040
	Prestige Auto Receivables Trust
		Series 2019-A2-1A, 2.44%, 12/15/20 (d)	531,561		524,217
	Verizon Owner Trust
		Series 2018-A1A-1A, 2.82%, 03/22/21 (d)	500,000		493,953
	Volvo Financial Equipment LLC
		Series 2019-A2-1A, 2.90%, 10/15/20	75,347		73,726
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,181,509)			5,041,083
INVESTMENT COMPANIES 2.4%
	Kayne Anderson MLP Investment Co.		2,582		9,373
	SPDR Bloomberg Barclays High Yield Bond ETF (d)		9,300		881,081
	Total Investment Companies (cost $1,040,179)			890,454
GOVERNMENT AND AGENCY OBLIGATIONS 0.2%
Municipal 0.2%
	Dormitory Authority State of New York
		3.19%, 02/15/43	80,000		79,166
	Total Government And Agency Obligations (cost $80,000)			79,166
WARRANTS 0.1%
	iHeartMedia, Inc. (g) (m)		2,328		15,316
	Total Warrants (cost $42,970)			15,316
COMMON STOCKS 0.1%
Communication Services 0.1%
	Clear Channel Outdoor Holdings, Inc. (g)		6,438		4,120
	iHeartMedia, Inc. - Class A (g)		310		2,266
				6,386
Energy 0.0%
	Chaparral Energy, Inc. - Class A (g)		8,604		4,044
	Total Common Stocks (cost $196,887)			10,430
SHORT TERM INVESTMENTS 0.0%
Investment Companies 0.0%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.31% (n)		9,440		9,440
	Total Short Term Investments (cost $9,440)			9,440
Total Investments 112.4% (cost $44,586,891)					41,366,104
Total Securities Sold Short(15.2)% (proceeds $5,162,158)					(5,610,870)
Other Derivative Instruments 0.2%					58,623
Other Assets and Liabilities, Net 2.6%					1,000,536
Total Net Assets 100.0%					36,814,393

(a)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of March 31, 2020, the value and the percentage of net assets of these liquid securities was $8,219,228 and 22.3% of the Fund.

(b)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

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

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

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

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

(g)Non-income producing security.

(h)As of March 31, 2020, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(i)Convertible security.

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

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

(l)This senior loan will settle after March 31, 2020. If a reference rate and spread is presented, it will go into effect upon settlement.

(m)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(n)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

			Shares/Par1		Value ($)
SECURITIES SOLD SHORT (15.2%)
CORPORATE BONDS AND NOTES (13.5%)
Financials (5.4%)
	Bank of America Corporation
		3.95%, 01/23/49	(1,250,000)		(1,408,359)
	Tanger Properties Limited Partnership
		3.13%, 09/01/26	(600,000)		(583,656)
				(1,992,015)
Communication Services (3.9%)
	Verizon Communications Inc.
		4.52%, 09/15/48	(1,123,000)		(1,444,080)
Materials (1.4%)
	International Paper Company
		3.00%, 02/15/27	(500,000)		(518,482)
Consumer Discretionary (1.1%)
	Harley-Davidson, Inc.
		3.50%, 07/28/25	(400,000)		(379,387)
Information Technology (0.9%)
	Intel Corporation
		4.10%, 05/11/47	(275,000)		(339,229)
Energy (0.8%)
	Southwestern Energy Company
		6.20%, 01/23/25 (a)	(432,000)		(294,927)
	Total Corporate Bonds And Notes (proceeds $4,506,208)			(4,968,120)
GOVERNMENT AND AGENCY OBLIGATIONS (1.7%)
Sovereign (1.7%)
	El Gobierno De La Republica Oriental Del Uruguay
		4.38%, 10/27/27	(600,000)		(642,750)
	Total Government And Agency Obligations (proceeds $655,950)			(642,750)
	Total Securities Sold Short (15.2%) (proceeds $5,162,158)				(5,610,870)

(a)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2020.

Abbreviations and additional footnotes are defined on page 33

28

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

PPM Long Short Credit Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Nordic Aviation Capital DAC, 5.58%, 03/14/24	02/27/19	135,000	109,867	0.3

PPM Long Short Credit Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
United States 10 Year Note	(17)	June 2020		(2,289,033)	2,732			(68,654)
United States 10 Year Ultra Bond	(35)	June 2020		(5,222,836)	11,484			(238,258)
United States 2 Year Note	(5)	July 2020		(1,086,572)	156			(15,342)
United States 5 Year Note	(39)	July 2020		(4,744,326)	1,828			(144,690)
United States Long Bond	(12)	June 2020		(2,028,041)	19,875			(120,709)
United States Ultra Bond	(4)	June 2020		(808,120)	13,000			(79,380)
					49,075			(667,033)

PPM Long Short Credit Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate (%)	Expiration	Notional1		Value ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection
CDX.NA.IG.34 (Q)	1.00	06/20/25		3,380,000		22,960		9,548		(44,284)

Abbreviations and additional footnotes are defined on page 33

29

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

		Shares/Par1		Value ($)
PPM Large Cap Value Fund
COMMON STOCKS 99.1%
Health Care 18.3%
	AbbVie Inc.	2,000		152,380
	Cigna Holding Company	950		168,321
	CVS Health Corporation	2,300		136,459
	Johnson & Johnson	1,100		144,243
	McKesson Corporation	1,100		148,786
	Merck & Co., Inc.	1,600		123,104
	Pfizer Inc.	4,100		133,824
			1,007,117
Information Technology 17.4%
	ADS Alliance Data Systems, Inc.	1,000		33,650
	Apple Inc.	600		152,574
	Avnet, Inc.	2,000		50,200
	Cisco Systems, Inc.	2,800		110,068
	Cognizant Technology Solutions Corp. - Class A	1,300		60,411
	Intel Corporation	1,400		75,768
	Leidos Holdings Inc.	1,800		164,970
	Microsoft Corporation	800		126,168
	Nuance Communications, Inc. (a)	4,800		80,544
	Qualcomm Incorporated	1,500		101,475
			955,828
Financials 16.9%
	Bank of America Corporation	3,100		65,813
	Citigroup Inc.	2,500		105,300
	Huntington Bancshares Incorporated	9,900		81,279
	JPMorgan Chase & Co.	1,600		144,048
	Morgan Stanley	3,800		129,200
	Synovus Financial Corp.	4,600		80,776
	The Allstate Corporation	1,600		146,768
	The Hartford Financial Services Group, Inc.	3,200		112,768
	The PNC Financial Services Group, Inc.	700		67,004
			932,956
Consumer Staples 9.2%
	Altria Group, Inc.	3,800		146,946
	Archer-Daniels-Midland Company	3,700		130,166
	Campbell Soup Company	2,100		96,936
	The Kroger Co.	4,500		135,540
			509,588
Industrials 7.9%
	Caterpillar Inc.	1,100		127,644
	Delta Air Lines Inc.	4,350		124,105
	Robert Half International Inc.	2,050		77,387
	Spirit Aerosystems Holdings Inc. - Class A	1,600		38,288
	Textron Inc.	2,500		66,675
			434,099
Utilities 7.8%
	Exelon Corporation	3,900		143,559
	The AES Corporation	10,400		141,440
	Vistra Energy Corp.	9,000		143,640
			428,639
Communication Services 6.6%
	AT&T Inc.	4,700		137,005
	Comcast Corporation - Class A	4,400		151,272
	ViacomCBS Inc. - Class B	5,300		74,253
			362,530
Consumer Discretionary 6.5%
	Best Buy Co., Inc.	1,000		57,000
	Foot Locker, Inc.	3,000		66,150
	General Motors Company	5,200		108,056
	Newell Brands Inc.	6,000		79,680
	Royal Caribbean Cruises Ltd.	1,450		46,647
			357,533
Energy 4.2%
	Chevron Corporation	1,600		115,936
	Exxon Mobil Corporation	2,100		79,737
	Halliburton Company	5,500		37,675
			233,348
Materials 3.3%
	Berry Global Group, Inc. (a)	3,100		104,501
	Nucor Corporation	2,100		75,642
			180,143
Real Estate 1.0%
	Simon Property Group, Inc.	1,000		54,860
	Total Common Stocks (cost $7,404,728)		5,456,641
SHORT TERM INVESTMENTS 0.7%
Investment Companies 0.7%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.31% (b)	39,921		39,921
	Total Short Term Investments (cost $39,921)		39,921
Total Investments 99.8% (cost $7,444,649)				5,496,562
Other Assets and Liabilities, Net 0.2%				9,372
Total Net Assets 100.0%				5,505,934

(a)Non-income producing security.

(b)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

Abbreviations and additional footnotes are defined on page 33

30

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

		Shares/Par1		Value ($)
PPM Mid Cap Value Fund
COMMON STOCKS 99.3%
Financials 19.8%
	American Financial Group, Inc.	1,300		91,104
	Home BancShares, Inc.	4,600		55,154
	Huntington Bancshares Incorporated	6,800		55,828
	Janus Henderson Group PLC	6,000		91,920
	Reinsurance Group of America, Incorporated	900		75,726
	Sterling Bancorp	2,700		28,215
	Synovus Financial Corp.	3,900		68,484
	TCF Financial Corporation	3,200		72,512
	The Allstate Corporation	1,200		110,076
	The Hartford Financial Services Group, Inc.	2,400		84,576
			733,595
Information Technology 15.5%
	Avnet, Inc.	1,800		45,180
	Belden Inc.	1,600		57,728
	CACI International Inc. - Class A (a)	300		63,345
	Cognizant Technology Solutions Corp. - Class A	900		41,823
	Leidos Holdings Inc.	1,000		91,650
	Nuance Communications, Inc. (a)	4,200		70,476
	Semtech Corp. (a)	2,000		75,000
	Teradata Corporation (a)	1,800		36,882
	Teradyne Inc.	1,000		54,170
	Western Digital Corporation	900		37,458
			573,712
Industrials 11.4%
	Delta Air Lines Inc.	2,450		69,898
	Kennametal Inc.	4,000		74,480
	MasTec Inc. (a)	2,400		78,552
	Robert Half International Inc.	1,200		45,300
	Spirit Aerosystems Holdings Inc. - Class A	1,200		28,716
	Terex Corp.	3,450		49,542
	Textron Inc.	2,800		74,676
			421,164
Utilities 10.9%
	Exelon Corporation	2,100		77,301
	PNM Resources, Inc.	2,500		95,000
	Sempra Energy	400		45,196
	The AES Corporation	7,500		102,000
	Vistra Energy Corp.	5,400		86,184
			405,681
Consumer Discretionary 9.7%
	Best Buy Co., Inc.	1,000		57,000
	Foot Locker, Inc.	2,000		44,100
	Helen of Troy Ltd (a)	700		100,821
	Newell Brands Inc.	5,500		73,040
	Penske Automotive Group, Inc.	1,700		47,600
	Royal Caribbean Cruises Ltd.	1,200		38,604
			361,165
Health Care 8.4%
	Cigna Holding Company	600		106,308
	Magellan Health Services Inc. (a)	1,400		67,354
	McKesson Corporation	800		108,208
	Mednax, Inc. (a)	2,400		27,936
			309,806
Consumer Staples 8.1%
	Campbell Soup Company	2,100		96,936
	Ingredion Inc.	1,500		113,250
	The Kroger Co.	3,000		90,360
			300,546
Materials 7.8%
	Berry Global Group, Inc. (a)	1,800		60,678
	Huntsman Corp.	4,700		67,821
	Reliance Steel & Aluminum Co.	1,100		96,349
	Steel Dynamics Inc.	2,800		63,112
			287,960
Real Estate 4.2%
	Physicians Realty Trust	5,600		78,064
	Regency Centers Corp.	2,000		76,860
			154,924
Communication Services 1.9%
	Meredith Corporation (b)	1,600		19,552
	ViacomCBS Inc. - Class B	3,577		50,114
			69,666
Energy 1.6%
	National Oilwell Varco, Inc.	2,700		26,541
	PBF Energy Inc. - Class A	4,500		31,860
			58,401
	Total Common Stocks (cost $5,473,467)		3,676,620
SHORT TERM INVESTMENTS 0.6%
Investment Companies 0.6%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.31% (c)	19,962		19,962
	Total Short Term Investments (cost $19,962)		19,962
Total Investments 99.9% (cost $5,493,429)				3,696,582
Other Assets and Liabilities, Net 0.1%				4,612
Total Net Assets 100.0%				3,701,194

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of March 31, 2020.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

Abbreviations and additional footnotes are defined on page 33

31

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

		Shares/Par1		Value ($)
PPM Small Cap Value Fund
COMMON STOCKS 99.2%
Financials 26.9%
	Ameris Bancorp	5,000		118,800
	Axos Financial, Inc. (a)	9,500		172,235
	Banc of California, Inc.	11,300		90,400
	Hancock Whitney Co.	4,200		81,984
	Home BancShares, Inc.	13,500		161,865
	Houlihan Lokey Inc. - Class A	3,500		182,420
	Independent Bank Corp.	2,800		180,236
	Janus Henderson Group PLC	9,000		137,880
	National General Holdings Corp.	7,500		124,125
	Renasant Corporation	8,000		174,720
	Sterling Bancorp	11,000		114,950
	TCF Financial Corporation	6,300		142,758
	Western Alliance Bancorp	3,100		94,891
			1,777,264
Information Technology 17.5%
	Avaya Holdings Corp. (a) (b)	12,700		102,743
	Belden Inc.	2,500		90,200
	Benchmark Electronics, Inc.	5,200		103,948
	CACI International Inc. - Class A (a)	800		168,920
	CSG Systems International, Inc.	2,100		87,885
	KBR, Inc.	5,500		113,740
	Photronics Inc. (a)	8,000		82,080
	Semtech Corp. (a)	4,500		168,750
	SYNNEX Corporation	900		65,790
	Teradata Corporation (a)	4,000		81,960
	Verint Systems Inc. (a)	2,000		86,000
			1,152,016
Industrials 15.5%
	Aerojet Rocketdyne Holdings, Inc. (a)	3,300		138,039
	Apogee Enterprises, Inc.	6,500		135,330
	GATX Corporation	3,200		200,192
	Kennametal Inc.	8,300		154,546
	MasTec Inc. (a)	2,200		72,006
	SkyWest Inc.	4,300		112,617
	Steelcase Inc. - Class A	7,000		69,090
	Terex Corp.	10,000		143,600
			1,025,420
Health Care 9.0%
	Integer Holdings Corporation (a)	2,800		176,008
	Magellan Health Services Inc. (a)	3,700		178,007
	Mednax, Inc. (a)	6,000		69,840
	Premier Healthcare Solutions, Inc. - Class A (a)	5,300		173,416
			597,271
Consumer Discretionary 8.6%
	American Axle & Manufacturing Holdings, Inc. (a)	19,500		70,395
	Helen of Troy Ltd (a)	1,500		216,045
	Penske Automotive Group, Inc.	5,200		145,600
	Skechers U.S.A. Inc. - Class A (a)	5,700		135,318
			567,358
Real Estate 6.9%
	Brandywine Realty Trust	10,400		109,408
	DiamondRock Hospitality Co.	18,800		95,504
	Kite Realty Naperville, LLC	11,800		111,746
	Physicians Realty Trust	10,000		139,400
			456,058
Materials 4.8%
	Allegheny Technologies Incorporated (a)	10,500		89,250
	Olin Corporation	9,700		113,199
	Reliance Steel & Aluminum Co.	1,300		113,867
			316,316
Consumer Staples 4.4%
	Ingredion Inc.	1,200		90,600
	Primo Water Corporation	16,000		144,960
	Sanderson Farms Inc.	450		55,494
			291,054
Utilities 3.2%
	PNM Resources, Inc.	5,500		209,000
Energy 1.4%
	Helix Energy Solutions Group, Inc. (a)	25,000		41,000
	PBF Energy Inc. - Class A	6,800		48,144
			89,144
Communication Services 1.0%
	Meredith Corporation	5,500		67,210
	Total Common Stocks (cost $10,242,483)		6,548,111
SHORT TERM INVESTMENTS 2.5%
Securities Lending Collateral 1.7%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (c)	114,300		114,300
Investment Companies 0.8%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.31% (c)	51,735		51,735
	Total Short Term Investments (cost $166,035)		166,035
Total Investments 101.7% (cost $10,408,518)				6,714,146
Other Assets and Liabilities, Net (1.7)%				(113,102)
Total Net Assets 100.0%				6,601,044

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of March 31, 2020.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

Abbreviations and additional footnotes are defined on page 33

32

PPMFunds

Schedules of Investments

March 31, 2020

Currency Abbreviations:

USD - United States Dollar

CAD - Canadian Dollar

Abbreviations:

CDX.NA.IG - Credit Derivatives Index - North American - Investment Grade

DIP - Debtor-in-Possession

ETF - Exchange Traded Fund

PRIME - Wall Street Journal Prime Rate

REMIC - Real Estate Mortgage Investment Conduit

SPDR - Standard & Poor Depositary Receipt

U.S. or US - United States

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

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

33

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

Securities Lending and Securities Lending Collateral. All Funds are approved to participate in agency based securities lending with State Street Bank and Trust Company (“State Street” or “Custodian”). Per the securities lending agreements, State Street is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Generally, cash and non-cash collateral received for the following types of securities on loan are as follows: US equities – 102%; US corporate fixed income – 102%; US government fixed income – 102%; international equities – 105%; international corporate fixed income – 105%; sovereign fixed income – 102%; and asset backed investments – 102%. Collateral requirements are evaluated at the close of each business day; any additional collateral required is 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. 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 Investment Company Act of 1940, as amended (“the1940 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.

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 Jackson National Asset Management LLC ("JNAM" or "Administrator") Valuation Committee (“Valuation Committee”), which consists of certain officers of the Trust and certain members of JNAM management. The Valuation Committee is responsible for determining fair valuations for any security for which market quotations are not readily available or are determined to be not reflective of market value. For those securities fair valued under procedures adopted by the Board, the Valuation Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Valuation Committee’s fair valuation determinations are subject to review by the Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. For fair valuation determinations that are deemed material, the Board is promptly notified of the fair valuation.

The net asset value ("NAV") of a Fund's shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter (“OTC”) market. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. Short-term securities maturing within sixty (60) days are valued at amortized cost, unless it is determined that such practice does not approximate market value. Debt securities are generally valued by independent pricing services approved by the Board. Pricing services utilized to value debt and derivative instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. Term loans are generally valued at the composite bid prices provided by approved pricing services. Futures contracts traded on an exchange are generally valued at the exchange’s settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. If the last trade is determined to not be representative of fair value, exchange traded options are valued at the current day’s mid-price. Centrally cleared swap agreements, listed on a multilateral or trade facility platform, such as a registered exchange, are valued by the respective exchange. The exchange determines a daily settlement price via pricing models which use, as appropriate, its members’ actionable levels across complete term structures along with information obtained from external third party price providers.

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent fair value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of US securities markets. Securities are fair valued based on observable and unobservable inputs, including the Administrator's or Valuation Committee’s own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Administrator may utilize pricing services or other sources in determining the fair value of an investment. Factors considered to determine fair value may include fundamental analytical data relating to the security; the nature and duration of restrictions, if any, on the disposition of the security; trading volume on markets, exchanges, or among dealers; evaluation of the forces which influence the market in which the security is traded; the type of security; the financial statements of the issuer, or other 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.

34

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

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.

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, ADRs and GDRs for which quoted prices in active markets are not available or securities limited by foreign ownership.

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

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

The following table summarizes each Fund’s investments in securities and other financial instruments as of March 31, 2020, by valuation level.

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		23,294,296		109,867	23,404,163
Government And Agency Obligations	—		20,295,338		—	20,295,338
Non-U.S. Government Agency Asset-Backed Securities	—		5,926,514		—	5,926,514
Senior Loan Interests	—		843,826		—	843,826
Short Term Investments	3,365,677		—		—	3,365,677
	3,365,677		50,359,974		109,867	53,835,518
Assets - Investments in Other Financial Instruments1
Futures Contracts	304,359		—		—	304,359
	304,359		—		—	304,359
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(151,519	)	—		—	(151,519	)
Centrally Cleared Credit Default Swap Agreements	—		(6,551	)	—	(6,551	)
	(151,519	)	(6,551	)	—	(158,070	)
PPM Floating Rate Income Fund
Assets - Securities
Senior Loan Interests	—		41,480,134		1,360,540	42,840,674
Corporate Bonds And Notes	—		1,266,559		—	1,266,559
Warrants	—		4,625		—	4,625
Common Stocks	1,887		—		—	1,887
Short Term Investments	1,834,726		—		—	1,834,726
	1,836,613		42,751,318		1,360,540	45,948,471
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(16,881	)	—		—	(16,881	)
	(16,881	)	—		—	(16,881	)

35

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2020

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		43,166,572		177,715	43,344,287
Senior Loan Interests	—		1,875,336		—	1,875,336
Investment Companies	975,922		—		—	975,922
Common Stocks	36,845		—		—	36,845
Warrants	—		19,059		—	19,059
Short Term Investments	6,632,317		—		—	6,632,317
	7,645,084		45,060,967		177,715	52,883,766
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(38,929	)	—		—	(38,929	)
	(38,929	)	—		—	(38,929	)
PPM Long Short Credit Fund
Assets - Securities
Corporate Bonds And Notes	—		28,794,530		109,867	28,904,397
Senior Loan Interests	—		6,415,818		—	6,415,818
Non-U.S. Government Agency Asset-Backed Securities	—		5,041,083		—	5,041,083
Investment Companies	890,454		—		—	890,454
Government And Agency Obligations	—		79,166		—	79,166
Warrants	—		15,316		—	15,316
Common Stocks	10,430		—		—	10,430
Short Term Investments	9,440		—		—	9,440
	910,324		40,345,913		109,867	41,366,104
Liabilities - Securities
Corporate Bonds And Notes	—		(4,968,120	)	—	(4,968,120	)
Government And Agency Obligations	—		(642,750	)	—	(642,750	)
	—		(5,610,870	)	—	(5,610,870	)
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(667,033	)	—		—	(667,033	)
Centrally Cleared Credit Default Swap Agreements	—		(44,284	)	—	(44,284	)
	(667,033	)	(44,284	)	—	(711,317	)
PPM Large Cap Value Fund
Assets - Securities
Common Stocks	5,456,641		—		—	5,456,641
Short Term Investments	39,921		—		—	39,921
	5,496,562		—		—	5,496,562
PPM Mid Cap Value Fund
Assets - Securities
Common Stocks	3,676,620		—		—	3,676,620
Short Term Investments	19,962		—		—	19,962
	3,696,582		—		—	3,696,582
PPM Small Cap Value Fund
Assets - Securities
Common Stocks	6,548,111		—		—	6,548,111
Short Term Investments	166,035		—		—	166,035
	6,714,146		—		—	6,714,146

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. The Funds recognize transfers between levels as of the beginning of the year for financial reporting purposes. There were no significant transfers into or out of Level 3 for the period. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at March 31, 2020.

For additional information on the Funds’ policies regarding valuation of investments and other significant accounting matters, please refer to the Funds’ most recent annual or semi-annual report.

36