PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
PPM Core Plus Fixed Income Fund | |||||||
CORPORATE BONDS AND NOTES 53.3% | |||||||
Financials 16.0% | |||||||
AerCap Ireland Capital Designated Activity Company | |||||||
4.50%, 09/15/23 | 150,000 | 154,558 | |||||
6.50%, 07/15/25 | 50,000 | 53,903 | |||||
4.63%, 10/15/27 | 65,000 | 63,026 | |||||
AIA Group Limited | |||||||
3.60%, 04/09/29 (a) | 200,000 | 225,108 | |||||
Avolon Holdings Funding Limited | |||||||
5.25%, 05/15/24 (a) | 158,000 | 158,252 | |||||
Bank of America Corporation | |||||||
6.25%, (callable at 100 beginning 09/05/24) (b) | 75,000 | 80,344 | |||||
6.30%, (callable at 100 beginning 03/10/26) (b) | 45,000 | 50,625 | |||||
4.00%, 01/22/25 | 86,000 | 95,467 | |||||
4.25%, 10/22/26 | 215,000 | 247,749 | |||||
3.56%, 04/23/27 | 115,000 | 128,421 | |||||
3.25%, 10/21/27 | 27,000 | 29,844 | |||||
3.59%, 07/21/28 | 150,000 | 167,678 | |||||
4.27%, 07/23/29 | 322,000 | 377,584 | |||||
2.68%, 06/19/41 | 135,000 | 137,718 | |||||
Barclays PLC | |||||||
3.56%, 09/23/35 (c) | 200,000 | 196,988 | |||||
BNP Paribas | |||||||
2.59%, 08/12/35 (a) (c) | 200,000 | 194,076 | |||||
Bunge Limited Finance Corp. | |||||||
1.63%, 08/17/25 | 34,000 | 34,105 | |||||
Capital One Financial Corporation | |||||||
3.75%, 03/09/27 | 75,000 | 83,264 | |||||
Citigroup Inc. | |||||||
5.00%, (callable at 100 beginning 09/12/24) (b) | 108,000 | 107,669 | |||||
4.45%, 09/29/27 | 76,000 | 87,948 | |||||
3.52%, 10/27/28 | 131,000 | 145,587 | |||||
Credit Suisse Group AG | |||||||
5.25%, (callable at 100 beginning 02/11/27) (a) (b) | 200,000 | 200,865 | |||||
7.50%, (callable at 100 beginning 12/11/23) (a) (b) | 200,000 | 218,000 | |||||
6.50%, 08/08/23 (a) | 250,000 | 283,052 | |||||
Diamond Finance International Limited | |||||||
6.02%, 06/15/26 (a) | 67,000 | 78,751 | |||||
8.35%, 07/15/46 (a) | 100,000 | 132,434 | |||||
General Motors Financial Company, Inc. | |||||||
5.20%, 03/20/23 | 81,000 | 87,865 | |||||
Glencore Funding LLC | |||||||
4.88%, 03/12/29 (a) | 115,000 | 134,401 | |||||
HSBC Holdings PLC | |||||||
6.88%, (callable at 100 beginning 06/01/21) (b) (c) | 200,000 | 204,000 | |||||
Icahn Enterprises L.P. | |||||||
4.75%, 09/15/24 | 50,000 | 50,554 | |||||
6.25%, 05/15/26 | 69,000 | 72,085 | |||||
Intercontinental Exchange, Inc. | |||||||
2.10%, 06/15/30 | 127,000 | 131,206 | |||||
JPMorgan Chase & Co. | |||||||
4.05%, (callable at 100 beginning 11/01/20) (b) | 60,000 | 59,212 | |||||
5.00%, (callable at 100 beginning 08/01/24) (b) | 80,000 | 79,774 | |||||
3.22%, 03/01/25 | 114,000 | 122,435 | |||||
2.01%, 03/13/26 | 132,000 | 136,939 | |||||
3.96%, 01/29/27 | 44,000 | 50,133 | |||||
3.78%, 02/01/28 (d) | 55,000 | 62,193 | |||||
3.51%, 01/23/29 | 68,000 | 76,534 | |||||
4.01%, 04/23/29 | 28,000 | 32,423 | |||||
2.74%, 10/15/30 | 110,000 | 118,391 | |||||
2.96%, 05/13/31 | 107,000 | 114,549 | |||||
Lloyds Banking Group PLC | |||||||
7.50%, (callable at 100 beginning 09/27/25) (b) | 109,000 | 116,085 | |||||
3.87%, 07/09/25 (c) | 200,000 | 217,683 | |||||
Markel Corporation | |||||||
6.00%, (callable at 100 beginning on 06/01/25) (b) | 78,000 | 82,258 | |||||
5.00%, 05/20/49 | 39,000 | 51,801 | |||||
Metropolitan Life Global Funding I | |||||||
3.60%, 01/11/24 (a) | 210,000 | 229,514 | |||||
Morgan Stanley | |||||||
4.08%, (callable at 100 beginning 10/15/20) (b) | 82,000 | 79,667 | |||||
4.88%, 11/01/22 | 100,000 | 108,250 | |||||
3.62%, 04/01/31 | 206,000 | 236,121 | |||||
NatWest Group PLC | |||||||
3.07%, 05/22/28 (c) | 200,000 | 212,199 | |||||
NatWest Markets PLC | |||||||
2.38%, 05/21/23 (a) | 200,000 | 205,647 | |||||
Nordic Aviation Capital | |||||||
6.83%, 03/14/25 (e) (f) | 139,295 | 108,929 | |||||
Rassman, Joel H. | |||||||
3.80%, 11/01/29 | 140,000 | 148,301 | |||||
Santander Holdings USA, Inc. | |||||||
3.45%, 06/02/25 | 135,000 | 144,035 | |||||
State Street Corporation | |||||||
2.90%, 03/30/26 (a) | 87,000 | 94,495 | |||||
The Goldman Sachs Group, Inc. | |||||||
3.50%, 04/01/25 | 82,000 | 90,393 | |||||
4.25%, 10/21/25 | 90,000 | 102,187 | |||||
3.80%, 03/15/30 | 241,000 | 277,944 | |||||
6.75%, 10/01/37 | 70,000 | 101,326 | |||||
The Guardian Life Insurance Company of America | |||||||
3.70%, 01/22/70 (a) | 57,000 | 59,195 | |||||
The PNC Financial Services Group, Inc. | |||||||
3.45%, 04/23/29 | 115,000 | 132,186 | |||||
The Travelers Companies, Inc. | |||||||
2.55%, 04/27/50 | 26,000 | 25,374 | |||||
Truist Financial Corporation | |||||||
4.95%, (callable at 100 beginning on 09/01/25) (b) | 107,000 | 112,369 | |||||
U.S. Bancorp | |||||||
3.00%, 07/30/29 | 31,000 | 34,439 | |||||
UBS AG | |||||||
1.75%, 04/21/22 (a) | 125,000 | 127,397 | |||||
Wells Fargo & Company | |||||||
2.41%, 10/30/25 | 173,000 | 181,437 | |||||
3.20%, 06/17/27 | 203,000 | 220,405 | |||||
3.58%, 05/22/28 (d) | 24,000 | 26,777 | |||||
2.88%, 10/30/30 | 125,000 | 133,700 | |||||
8,925,824 | |||||||
Energy 7.6% | |||||||
Aker BP ASA | |||||||
3.75%, 01/15/30 (a) | 255,000 | 247,865 | |||||
Baker Hughes Holdings LLC | |||||||
4.49%, 05/01/30 | 106,000 | 120,560 | |||||
Canadian Natural Resources Limited | |||||||
2.05%, 07/15/25 | 109,000 | 111,087 | |||||
Cheniere Corpus Christi Holdings, LLC | |||||||
7.00%, 06/30/24 | 110,000 | 126,651 | |||||
5.88%, 03/31/25 | 54,000 | 61,520 | |||||
Cheniere Energy Partners, L.P. | |||||||
4.50%, 10/01/29 | 125,000 | 128,134 | |||||
Cheniere Energy, Inc. | |||||||
4.63%, 10/15/28 (a) (c) | 85,000 | 87,321 | |||||
Chevron Corporation | |||||||
2.00%, 05/11/27 | 133,000 | 140,759 | |||||
Diamondback Energy, Inc. | |||||||
4.75%, 05/31/25 | 46,000 | 49,453 | |||||
Endeavor Energy Resources, L.P. | |||||||
5.50%, 01/30/26 (a) | 14,000 | 13,925 | |||||
5.75%, 01/30/28 (a) | 14,000 | 14,099 | |||||
Energy Transfer LP | |||||||
6.75%, (callable at 100 beginning 05/15/25) (b) | 102,000 | 78,594 | |||||
7.13%, (callable at 100 beginning 05/15/30) (b) | 119,000 | 93,892 | |||||
4.25%, 03/15/23 | 173,000 | 180,055 | |||||
5.25%, 04/15/29 | 42,000 | 45,168 | |||||
3.75%, 05/15/30 | 67,000 | 64,934 | |||||
5.80%, 06/15/38 | 70,000 | 68,929 | |||||
6.13%, 12/15/45 | 20,000 | 20,050 | |||||
6.25%, 04/15/49 | 40,000 | 41,248 | |||||
Enlink Midstream, LLC | |||||||
4.15%, 06/01/25 | 71,000 | 61,080 |
Abbreviations and additional footnotes are defined on page 33
1
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
Enterprise Products Operating LLC | |||||||
3.13%, 07/31/29 | 160,000 | 174,179 | |||||
4.20%, 01/31/50 | 84,000 | 88,993 | |||||
EQM Midstream Partners, LP | |||||||
4.13%, 12/01/26 | 113,000 | 107,109 | |||||
Everest Acquisition, LLC | |||||||
0.00%, 05/15/26 (a) (g) (h) | 35,000 | 7,306 | |||||
Exxon Mobil Corporation | |||||||
3.48%, 03/19/30 | 195,000 | 224,765 | |||||
2.61%, 10/15/30 (c) | 40,000 | 43,197 | |||||
Gray Oak Pipeline, LLC | |||||||
2.00%, 09/15/23 (a) | 128,000 | 128,628 | |||||
HollyFrontier Corporation | |||||||
2.63%, 10/01/23 (i) | 35,000 | 35,083 | |||||
Marathon Petroleum Corporation | |||||||
4.50%, 05/01/23 | 133,000 | 143,549 | |||||
MPLX LP | |||||||
4.00%, 03/15/28 | 120,000 | 131,255 | |||||
5.20%, 12/01/47 | 45,000 | 48,101 | |||||
Occidental Petroleum Corporation | |||||||
3.50%, 08/15/29 | 140,000 | 107,401 | |||||
4.30%, 08/15/39 | 20,000 | 13,863 | |||||
4.40%, 08/15/49 | 22,000 | 15,482 | |||||
Phillips 66 | |||||||
3.70%, 04/06/23 | 128,000 | 137,098 | |||||
3.85%, 04/09/25 | 128,000 | 142,250 | |||||
Pioneer Natural Resources Company | |||||||
1.90%, 08/15/30 | 119,000 | 111,811 | |||||
Rattler Midstream LP | |||||||
5.63%, 07/15/25 (a) | 15,000 | 15,112 | |||||
Sabine Pass Liquefaction, LLC | |||||||
4.20%, 03/15/28 | 250,000 | 271,302 | |||||
4.50%, 05/15/30 (a) (c) | 80,000 | 90,094 | |||||
Targa Resource Corporation | |||||||
5.50%, 03/01/30 (a) | 140,000 | 139,226 | |||||
4.88%, 02/01/31 (a) | 56,000 | 54,292 | |||||
Transocean Pontus Limited | |||||||
6.13%, 08/01/25 (a) | 15,600 | 13,919 | |||||
Transocean Poseidon Limited | |||||||
6.88%, 02/01/27 (a) | 49,000 | 39,231 | |||||
Transocean Proteus Limited | |||||||
6.25%, 12/01/24 (a) | 113,750 | 101,537 | |||||
WPX Energy, Inc. | |||||||
5.88%, 06/15/28 | 60,000 | 62,672 | |||||
4.50%, 01/15/30 | 53,000 | 52,200 | |||||
4,254,979 | |||||||
Health Care 6.0% | |||||||
AbbVie Inc. | |||||||
2.95%, 11/21/26 (a) | 170,000 | 185,126 | |||||
4.05%, 11/21/39 (a) | 45,000 | 51,567 | |||||
Amgen Inc. | |||||||
2.20%, 02/21/27 | 133,000 | 140,497 | |||||
2.45%, 02/21/30 | 48,000 | 50,841 | |||||
3.15%, 02/21/40 | 164,000 | 174,262 | |||||
Ascension Health | |||||||
2.53%, 11/15/29 | 28,000 | 30,315 | |||||
Bausch Health Companies Inc. | |||||||
5.50%, 11/01/25 (a) | 22,000 | 22,566 | |||||
8.50%, 01/31/27 (a) | 21,000 | 23,071 | |||||
5.75%, 08/15/27 (a) | 60,000 | 63,865 | |||||
Baxter International Inc. | |||||||
3.75%, 10/01/25 (a) | 50,000 | 56,675 | |||||
3.95%, 04/01/30 (a) | 15,000 | 17,951 | |||||
Bristol-Myers Squibb Company | |||||||
3.40%, 07/26/29 | 205,000 | 237,962 | |||||
4.13%, 06/15/39 | 100,000 | 126,398 | |||||
Centene Corporation | |||||||
5.25%, 04/01/25 (a) | 100,000 | 103,925 | |||||
5.38%, 08/15/26 (a) | 59,000 | 62,180 | |||||
4.25%, 12/15/27 | 106,000 | 110,922 | |||||
4.63%, 12/15/29 | 120,000 | 129,300 | |||||
3.38%, 02/15/30 | 72,000 | 74,700 | |||||
3.00%, 10/15/30 | 123,000 | 125,460 | |||||
Centene Escrow I Corporation | |||||||
5.38%, 06/01/26 (a) | 50,000 | 52,761 | |||||
Cigna Holding Company | |||||||
3.40%, 03/01/27 | 114,000 | 127,923 | |||||
2.40%, 03/15/30 | 59,000 | 61,029 | |||||
CVS Health Corporation | |||||||
4.30%, 03/25/28 | 93,000 | 108,765 | |||||
4.78%, 03/25/38 | 100,000 | 120,749 | |||||
5.05%, 03/25/48 | 100,000 | 127,182 | |||||
HCA Inc. | |||||||
5.38%, 09/01/26 | 75,000 | 82,838 | |||||
Jaguar Holding Company II | |||||||
4.63%, 06/15/25 (a) | 17,000 | 17,503 | |||||
5.00%, 06/15/28 (a) | 17,000 | 17,731 | |||||
Molina Healthcare, Inc. | |||||||
4.38%, 06/15/28 (a) | 17,000 | 17,325 | |||||
Mylan Inc | |||||||
5.20%, 04/15/48 | 23,000 | 28,463 | |||||
Mylan N.V. | |||||||
3.95%, 06/15/26 | 10,000 | 11,236 | |||||
Providence St. Joseph Health | |||||||
2.53%, 10/01/29 | 67,000 | 71,201 | |||||
Regeneron Pharmaceuticals, Inc. | |||||||
1.75%, 09/15/30 | 93,000 | 90,758 | |||||
Royalty Pharma PLC | |||||||
1.75%, 09/02/27 (a) | 72,000 | 72,045 | |||||
3.30%, 09/02/40 (a) | 91,000 | 89,611 | |||||
Tenet Healthcare Corporation | |||||||
4.88%, 01/01/26 (a) | 140,000 | 141,781 | |||||
Universal Health Services, Inc. | |||||||
2.65%, 10/15/30 (a) | 50,000 | 49,457 | |||||
Upjohn Inc. | |||||||
2.30%, 06/22/27 (a) | 29,000 | 29,909 | |||||
3.85%, 06/22/40 (a) | 119,000 | 128,544 | |||||
4.00%, 06/22/50 (a) | 86,000 | 91,364 | |||||
3,325,758 | |||||||
Consumer Staples 4.6% | |||||||
Altria Group, Inc. | |||||||
2.35%, 05/06/25 | 85,000 | 89,683 | |||||
4.80%, 02/14/29 | 54,000 | 63,868 | |||||
Anheuser-Busch Companies, LLC | |||||||
3.65%, 02/01/26 | 74,000 | 82,866 | |||||
4.90%, 02/01/46 | 146,000 | 178,882 | |||||
Archer-Daniels-Midland Company | |||||||
3.25%, 03/27/30 | 70,000 | 79,955 | |||||
BAT Capital Corp. | |||||||
2.26%, 03/25/28 | 126,000 | 126,444 | |||||
4.91%, 04/02/30 | 151,000 | 177,510 | |||||
2.73%, 03/25/31 | 50,000 | 49,630 | |||||
4.39%, 08/15/37 | 74,000 | 79,851 | |||||
Cargill, Incorporated | |||||||
2.13%, 04/23/30 (a) | 35,000 | 36,636 | |||||
Energizer Holdings, Inc. | |||||||
6.38%, 07/15/26 (a) | 48,000 | 51,587 | |||||
JBS Investments II GmbH | |||||||
7.00%, 01/15/26 (a) | 200,000 | 213,470 | |||||
JBS USA Food Company | |||||||
5.88%, 07/15/24 (a) | 8,000 | 8,161 | |||||
6.50%, 04/15/29 (a) | 84,000 | 93,264 | |||||
Kraft Heinz Foods Company | |||||||
4.25%, 03/01/31 (a) | 68,000 | 74,261 | |||||
4.63%, 10/01/39 (a) | 20,000 | 21,063 | |||||
Mars, Incorporated | |||||||
2.38%, 07/16/40 (a) | 60,000 | 59,602 | |||||
3.95%, 04/01/49 (a) | 143,000 | 172,747 | |||||
PepsiCo, Inc. | |||||||
3.38%, 07/29/49 | 110,000 | 126,448 | |||||
Reynolds American Inc. | |||||||
5.70%, 08/15/35 | 46,000 | 56,929 | |||||
7.00%, 08/04/41 | 45,000 | 58,876 | |||||
Safeway Inc. | |||||||
3.50%, 02/15/23 (a) | 83,000 | 84,003 | |||||
Sysco Corporation | |||||||
5.65%, 04/01/25 (i) | 47,000 | 55,530 |
Abbreviations and additional footnotes are defined on page 33
2
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
5.95%, 04/01/30 (i) | 33,000 | 41,647 | |||||
Walmart Inc. | |||||||
2.85%, 07/08/24 | 174,000 | 188,746 | |||||
3.25%, 07/08/29 | 234,000 | 272,357 | |||||
2,544,016 | |||||||
Communication Services 4.5% | |||||||
AT&T Inc. | |||||||
5.25%, 03/01/37 | 61,000 | 76,442 | |||||
4.90%, 08/15/37 | 16,000 | 19,305 | |||||
4.30%, 12/15/42 | 105,000 | 118,235 | |||||
3.10%, 02/01/43 | 131,000 | 127,867 | |||||
Booking Holdings Inc. | |||||||
4.10%, 04/13/25 | 124,000 | 139,665 | |||||
4.63%, 04/13/30 | 130,000 | 155,687 | |||||
CCO Holdings, LLC | |||||||
4.75%, 03/01/30 (a) | 91,000 | 96,337 | |||||
Charter Communications Operating, LLC | |||||||
4.91%, 07/23/25 | 140,000 | 161,482 | |||||
5.38%, 04/01/38 | 45,000 | 54,277 | |||||
6.83%, 10/23/55 | 51,000 | 69,846 | |||||
Comcast Corporation | |||||||
2.35%, 01/15/27 | 200,000 | 214,728 | |||||
4.60%, 10/15/38 | 51,000 | 64,943 | |||||
3.75%, 04/01/40 | 35,000 | 40,885 | |||||
3.40%, 07/15/46 | 50,000 | 55,156 | |||||
CSC Holdings, LLC | |||||||
6.50%, 02/01/29 (a) | 64,000 | 71,357 | |||||
Hughes Satellite Systems Corporation | |||||||
5.25%, 08/01/26 | 71,000 | 75,268 | |||||
Live Nation Entertainment, Inc. | |||||||
6.50%, 05/15/27 (a) | 60,000 | 64,725 | |||||
Sirius XM Radio Inc. | |||||||
5.50%, 07/01/29 (a) | 47,000 | 50,533 | |||||
Sprint Spectrum Co LLC | |||||||
3.36%, 09/20/21 (a) | 50,000 | 50,482 | |||||
TEGNA Inc. | |||||||
5.00%, 09/15/29 (a) | 70,000 | 69,051 | |||||
The Walt Disney Company | |||||||
2.65%, 01/13/31 | 131,000 | 141,343 | |||||
T-Mobile USA, Inc. | |||||||
3.50%, 04/15/25 (a) | 65,000 | 71,310 | |||||
1.50%, 02/15/26 (a) | 132,000 | 132,505 | |||||
Verizon Communications Inc. | |||||||
4.33%, 09/21/28 | 105,000 | 126,950 | |||||
3.15%, 03/22/30 | 87,600 | 98,856 | |||||
Vodafone Group Public Limited Company | |||||||
5.00%, 05/30/38 | 120,000 | 149,312 | |||||
2,496,547 | |||||||
Consumer Discretionary 3.8% | |||||||
Adient US LLC | |||||||
9.00%, 04/15/25 (a) | 38,000 | 42,084 | |||||
Amazon.com, Inc. | |||||||
2.50%, 06/03/50 | 50,000 | 51,001 | |||||
Carnival Corporation | |||||||
11.50%, 04/01/23 (a) | 120,000 | 134,450 | |||||
Cedar Fair, L.P. | |||||||
5.50%, 05/01/25 (a) | 83,000 | 85,081 | |||||
Delta Air Lines Inc / SkyMiles IP Ltd | |||||||
4.50%, 10/20/25 (a) | 10,000 | 10,262 | |||||
4.75%, 10/20/28 (a) | 16,000 | 16,599 | |||||
Delta Air Lines, Inc. | |||||||
7.00%, 05/01/25 (a) | 134,000 | 146,991 | |||||
Fiat Chrysler Automobiles N.V. | |||||||
5.25%, 04/15/23 | 103,000 | 108,205 | |||||
Ford Motor Company | |||||||
8.50%, 04/21/23 | 33,000 | 35,975 | |||||
9.00%, 04/22/25 | 67,000 | 76,761 | |||||
General Motors Company | |||||||
6.13%, 10/01/25 | 51,000 | 59,226 | |||||
6.80%, 10/01/27 | 39,000 | 47,415 | |||||
GLP Financing, LLC | |||||||
5.75%, 06/01/28 | 15,000 | 17,051 | |||||
5.30%, 01/15/29 | 100,000 | 111,245 | |||||
Hanesbrands Inc. | |||||||
5.38%, 05/15/25 (a) | 121,000 | 128,119 | |||||
Hilton Domestic Operating Company Inc. | |||||||
5.38%, 05/01/25 (a) | 33,000 | 34,277 | |||||
5.75%, 05/01/28 (a) | 33,000 | 34,774 | |||||
Hyatt Hotels Corporation | |||||||
5.38%, 04/23/25 (i) | 45,000 | 48,704 | |||||
Hyundai Capital America | |||||||
1.80%, 10/15/25 (a) | 66,000 | 65,563 | |||||
M.D.C. Holdings, Inc. | |||||||
6.00%, 01/15/43 | 11,000 | 13,352 | |||||
Macy's, Inc. | |||||||
8.38%, 06/15/25 (a) | 62,000 | 64,088 | |||||
Marriott International, Inc. | |||||||
5.75%, 05/01/25 (i) | 115,000 | 128,074 | |||||
Mileage Plus Holdings, LLC | |||||||
6.50%, 06/20/27 (a) | 35,026 | 36,484 | |||||
Newell Brands Inc. | |||||||
4.88%, 06/01/25 | 46,000 | 49,600 | |||||
NIKE, Inc. | |||||||
3.25%, 03/27/40 | 74,000 | 84,347 | |||||
Northwestern University | |||||||
2.64%, 12/01/50 | 38,000 | 39,361 | |||||
NVR, Inc. | |||||||
3.00%, 05/15/30 | 134,000 | 144,592 | |||||
Ross Stores, Inc. | |||||||
4.60%, 04/15/25 | 169,000 | 194,314 | |||||
Royal Caribbean Cruises Ltd. | |||||||
11.50%, 06/01/25 (a) | 22,000 | 25,528 | |||||
The Home Depot, Inc. | |||||||
3.35%, 04/15/50 | 74,000 | 85,241 | |||||
2,118,764 | |||||||
Utilities 3.7% | |||||||
Ameren Illinois Company | |||||||
4.50%, 03/15/49 | 90,000 | 119,731 | |||||
Commonwealth Edison Company | |||||||
3.75%, 08/15/47 | 79,000 | 93,900 | |||||
Consolidated Edison Company of New York, Inc. | |||||||
3.95%, 04/01/50 | 57,000 | 68,934 | |||||
DPL Inc. | |||||||
4.13%, 07/01/25 (a) | 102,000 | 106,807 | |||||
Duquesne Light Holdings, Inc. | |||||||
2.53%, 10/01/30 (a) | 61,000 | 61,235 | |||||
Edison International | |||||||
4.95%, 04/15/25 | 70,000 | 76,586 | |||||
Exelon Corporation | |||||||
5.10%, 06/15/45 | 75,000 | 97,248 | |||||
Nevada Power Company | |||||||
3.70%, 05/01/29 | 140,000 | 164,082 | |||||
NextEra Energy Capital Holdings, Inc. | |||||||
2.75%, 05/01/25 | 102,000 | 110,193 | |||||
Oncor Electric Delivery Company LLC | |||||||
2.95%, 04/01/25 | 80,000 | 87,228 | |||||
Pacific Gas And Electric Company | |||||||
2.10%, 08/01/27 | 46,000 | 44,566 | |||||
2.50%, 02/01/31 | 180,000 | 170,512 | |||||
3.30%, 08/01/40 (j) | 86,000 | 78,812 | |||||
San Diego Gas & Electric Company | |||||||
1.70%, 10/01/30 | 168,000 | 167,044 | |||||
Southern California Edison Company | |||||||
4.13%, 03/01/48 | 46,000 | 50,074 | |||||
3.65%, 02/01/50 | 62,000 | 63,977 | |||||
The AES Corporation | |||||||
3.30%, 07/15/25 (a) | 133,000 | 141,615 | |||||
The Narragansett Electric Company | |||||||
3.40%, 04/09/30 (a) | 37,000 | 42,168 | |||||
Vistra Operations Company LLC | |||||||
3.55%, 07/15/24 (a) | 71,000 | 75,624 | |||||
3.70%, 01/30/27 (a) | 220,000 | 231,096 | |||||
2,051,432 | |||||||
Materials 2.9% | |||||||
Anglo American Capital PLC | |||||||
5.38%, 04/01/25 (a) | 200,000 | 230,015 | |||||
4.88%, 05/14/25 (a) | 121,000 | 137,172 |
Abbreviations and additional footnotes are defined on page 33
3
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
4.75%, 04/10/27 (a) | 180,000 | 206,361 | |||||
CEMEX S.A.B. de C.V. | |||||||
5.45%, 11/19/29 (a) | 130,000 | 131,876 | |||||
CF Industries, Inc. | |||||||
4.50%, 12/01/26 (a) | 314,000 | 366,014 | |||||
DuPont de Nemours, Inc. | |||||||
2.17%, 05/01/23 | 94,000 | 94,800 | |||||
Ecolab Inc. | |||||||
4.80%, 03/24/30 | 38,000 | 48,303 | |||||
FMG Resources (August 2006) Pty Ltd | |||||||
4.75%, 05/15/22 (a) | 3,000 | 3,071 | |||||
Freeport-McMoRan Inc. | |||||||
5.00%, 09/01/27 | 61,000 | 63,762 | |||||
5.40%, 11/14/34 | 35,000 | 38,704 | |||||
NOVA Chemicals Corporation | |||||||
4.88%, 06/01/24 (a) | 130,000 | 129,244 | |||||
Nutrition & Biosciences, Inc. | |||||||
1.83%, 10/15/27 (a) | 82,000 | 82,343 | |||||
Teck Resources Limited | |||||||
3.90%, 07/15/30 (a) | 105,000 | 109,854 | |||||
1,641,519 | |||||||
Industrials 2.4% | |||||||
Aircastle Limited | |||||||
5.25%, 08/11/25 (a) | 108,000 | 105,829 | |||||
Ashtead Capital, Inc. | |||||||
5.25%, 08/01/26 (a) | 128,000 | 135,360 | |||||
General Dynamics Corporation | |||||||
4.25%, 04/01/40 | 100,000 | 125,605 | |||||
General Electric Company | |||||||
5.00%, (callable at 100 beginning 01/21/21) (b) | 419,000 | 331,010 | |||||
3.45%, 05/01/27 | 31,000 | 32,762 | |||||
3.63%, 05/01/30 | 73,000 | 75,685 | |||||
Hillenbrand, Inc. | |||||||
5.00%, 09/15/26 (i) | 20,000 | 21,640 | |||||
Howmet Aerospace Inc. | |||||||
6.88%, 05/01/25 | 36,000 | 39,774 | |||||
Lennox International Inc. | |||||||
1.35%, 08/01/25 | 12,000 | 12,070 | |||||
Lockheed Martin Corporation | |||||||
2.80%, 06/15/50 | 32,000 | 33,380 | |||||
Moog Inc. | |||||||
4.25%, 12/15/27 (a) | 44,000 | 44,991 | |||||
Northrop Grumman Corporation | |||||||
4.40%, 05/01/30 | 46,000 | 56,708 | |||||
Park Aerospace Holdings Limited | |||||||
5.25%, 08/15/22 (a) | 190,000 | 190,686 | |||||
Prime Security Services Borrower, LLC | |||||||
3.38%, 08/31/27 (a) | 55,000 | 53,008 | |||||
Roper Technologies, Inc. | |||||||
1.00%, 09/15/25 | 47,000 | 47,114 | |||||
United Rentals (North America), Inc. | |||||||
3.88%, 11/15/27 | 55,000 | 56,586 | |||||
1,362,208 | |||||||
Information Technology 1.2% | |||||||
Broadcom Inc. | |||||||
4.25%, 04/15/26 | 130,000 | 146,443 | |||||
3.88%, 01/15/27 | 57,000 | 63,092 | |||||
Dell International L.L.C. | |||||||
5.85%, 07/15/25 (a) | 6,000 | 6,998 | |||||
4.90%, 10/01/26 (a) (i) | 50,000 | 56,383 | |||||
Equifax Inc. | |||||||
2.60%, 12/01/24 - 12/15/25 | 106,000 | 113,198 | |||||
Hewlett Packard Enterprise Company | |||||||
4.45%, 10/02/23 | 130,000 | 142,883 | |||||
Microsoft Corporation | |||||||
3.95%, 08/08/56 | 72,000 | 94,215 | |||||
2.68%, 06/01/60 | 15,000 | 15,679 | |||||
638,891 | |||||||
Real Estate 0.6% | |||||||
Boston Properties Limited Partnership | |||||||
2.90%, 03/15/30 | 130,000 | 135,609 | |||||
Highwoods Realty Limited Partnership | |||||||
2.60%, 02/01/31 | 36,000 | 35,740 | |||||
Simon Property Group, L.P. | |||||||
2.45%, 09/13/29 | 99,000 | 97,981 | |||||
VICI Properties Inc. | |||||||
4.25%, 12/01/26 (a) | 55,000 | 55,277 | |||||
324,607 | |||||||
Total Corporate Bonds And Notes (cost $27,999,361) | 29,684,545 | ||||||
GOVERNMENT AND AGENCY OBLIGATIONS 36.8% | |||||||
Mortgage-Backed Securities 26.7% | |||||||
Federal Home Loan Mortgage Corporation | |||||||
2.00%, 02/01/35 - 06/01/35 | 239,669 | 249,375 | |||||
4.00%, 10/01/45 - 06/01/48 | 200,292 | 215,007 | |||||
3.50%, 01/01/46 - 08/01/49 | 1,736,643 | 1,843,312 | |||||
3.00%, 07/01/32 - 12/01/49 | 596,349 | 627,204 | |||||
4.50%, 11/01/48 | 36,061 | 38,994 | |||||
2.50%, 05/01/50 - 07/01/50 | 296,798 | 311,545 | |||||
Federal National Mortgage Association, Inc. | |||||||
3.00%, 09/01/32 - 03/01/50 | 2,597,799 | 2,733,122 | |||||
2.50%, 01/01/33 - 05/01/50 | 1,292,554 | 1,353,745 | |||||
2.00%, 03/01/35 - 07/01/35 | 180,449 | 187,657 | |||||
4.00%, 01/01/47 - 09/01/49 | 1,324,408 | 1,419,330 | |||||
4.50%, 05/01/47 - 12/01/48 | 775,849 | 843,428 | |||||
TBA, 2.50%, 10/15/32 - 11/15/47 (k) | 325,000 | 340,021 | |||||
3.50%, 10/01/46 - 01/01/48 | 509,971 | 544,396 | |||||
3.00%, 10/15/47 - 11/01/49 (k) | 568,776 | 595,599 | |||||
TBA, 2.00%, 04/01/50 (k) | 340,000 | 350,898 | |||||
Government National Mortgage Association | |||||||
TBA, 2.00%, 01/25/39 (k) | 240,000 | 249,380 | |||||
TBA, 2.50%, 10/15/44 (k) | 295,000 | 309,771 | |||||
3.00%, 10/20/46 - 12/20/46 | 72,995 | 76,784 | |||||
3.50%, 05/20/47 - 01/20/50 | 1,107,546 | 1,181,001 | |||||
4.00%, 07/20/47 | 399,931 | 430,677 | |||||
TBA, 3.00%, 10/15/47 (k) | 340,000 | 356,012 | |||||
4.50%, 12/20/48 - 02/20/49 | 202,747 | 218,566 | |||||
3.00%, 04/20/50 | 375,827 | 394,043 | |||||
14,869,867 | |||||||
U.S. Treasury Note 4.7% | |||||||
Treasury, United States Department of | |||||||
1.50%, 10/31/24 - 08/15/26 | 943,000 | 1,000,025 | |||||
2.25%, 11/15/25 | 1,080,000 | 1,186,987 | |||||
2.88%, 08/15/28 | 375,000 | 442,734 | |||||
2,629,746 | |||||||
U.S. Treasury Bond 4.3% | |||||||
Treasury, United States Department of | |||||||
3.75%, 08/15/41 | 461,000 | 676,589 | |||||
3.13%, 11/15/41 | 292,000 | 394,474 | |||||
2.50%, 02/15/45 - 02/15/46 | 772,000 | 951,805 | |||||
3.00%, 02/15/48 | 277,000 | 376,330 | |||||
2,399,198 | |||||||
U.S. Government Agency Obligations 0.4% | |||||||
Federal National Mortgage Association, Inc. | |||||||
0.88%, 08/05/30 (l) | 229,000 | 225,031 | |||||
Sovereign 0.4% | |||||||
Abu Dhabi, Government of | |||||||
3.13%, 04/16/30 (a) | 200,000 | 223,584 | |||||
Municipal 0.3% | |||||||
Dormitory Authority State of New York | |||||||
3.19%, 02/15/43 | 100,000 | 108,867 | |||||
The Port Authority of New York and New Jersey | |||||||
1.09%, 07/01/23 | 75,000 | 76,075 | |||||
184,942 | |||||||
Total Government And Agency Obligations (cost $19,295,993) | 20,532,368 | ||||||
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.4% | |||||||
Air Canada 2020-2 Class A Pass Through Trust | |||||||
Series 2020-A-2, 5.25%, 04/01/29 | 27,000 | 27,676 | |||||
Alaska Airlines 2020-1 Class A Pass Through Trust | |||||||
Series 2020-A-1, 4.80%, 08/15/27 | 94,000 | 98,227 | |||||
American Airlines, Inc. | |||||||
Series 2016-AA-2, 3.20%, 06/15/28 | 166,400 | 156,416 | |||||
American Tower Trust #1 | |||||||
Series 2013-A-2, 3.07%, 03/15/23 | 265,000 | 270,827 | |||||
AmeriCredit Automobile Receivables Trust | |||||||
Series 2018-A3-1, 3.07%, 01/19/21 | 162,503 | 163,768 |
Abbreviations and additional footnotes are defined on page 33
4
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
Ascentium Equipment Receivables Trust | |||||||
Series 2017-A3-2A, 2.31%, 12/10/21 | 56,617 | 56,985 | |||||
Capital One Prime Auto Receivables Trust | |||||||
Series 2019-A2-2, 2.06%, 06/15/21 | 313,070 | 314,740 | |||||
Series 2020-A2-1, 1.64%, 06/15/23 | 209,690 | 210,028 | |||||
Carmax Auto Owner Trust 2019-2 | |||||||
Series 2019-A3-2, 2.68%, 12/15/22 | 300,000 | 308,231 | |||||
CCG Receivables Trust | |||||||
Series 2018-A2-1, 2.50%, 02/14/21 | 13,608 | 13,640 | |||||
Series 2019-A2-2, 2.11%, 03/14/23 | 86,496 | 87,599 | |||||
Citigroup Commercial Mortgage Trust | |||||||
Series 2019-A4-C7, REMIC, 3.10%, 12/17/29 | 275,000 | 310,634 | |||||
COMM Mortgage Trust | |||||||
Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24 | 49,000 | 53,501 | |||||
CSMC Trust | |||||||
Series 2017-A3-HL2, 3.50%, 09/25/24 (d) | 30,161 | 30,429 | |||||
DLL LLC | |||||||
Series 2018-A3-ST2, 3.46%, 04/20/21 | 60,191 | 60,720 | |||||
Series 2019-A2-MT3, 2.13%, 01/20/22 | 130,355 | 131,027 | |||||
Foundation Finance Trust | |||||||
Series 2017-A-1A, 3.30%, 08/15/22 | 28,831 | 29,313 | |||||
GLS Auto Receivables Trust | |||||||
Series 2019-A-1A, 3.37%, 03/15/21 | 28,244 | 28,426 | |||||
Series 2018-A-3A, 3.35%, 08/15/22 | 4,824 | 4,832 | |||||
GM Financial Automobile Leasing Trust 2020-3 | |||||||
Series 2020-A2A-3, 0.35%, 02/20/22 | 179,000 | 179,016 | |||||
GreatAmerica Financial Services Corporation | |||||||
Series 2018-A3-1, 2.60%, 06/15/21 | 16,689 | 16,700 | |||||
Series 2019-A2-1, 2.97%, 06/15/21 | 26,880 | 26,898 | |||||
HPEFS Equipment Trust | |||||||
Series 2019-A2-1A, 2.19%, 09/20/29 | 124,520 | 125,234 | |||||
Series 2019-A3-1A, 2.21%, 09/20/29 | 100,000 | 101,567 | |||||
Hudson Yards Mortgage Trust | |||||||
Series 2019-A-30HY, 3.23%, 07/12/29 | 150,000 | 168,264 | |||||
J.P. Morgan Mortgage Trust | |||||||
Series 2017-A6-6, REMIC, 3.00%, 03/25/25 (d) | 34,654 | 34,979 | |||||
John Deere Owner Trust | |||||||
Series 2019-A2-B, 2.28%, 04/15/21 | 219,218 | 220,285 | |||||
Manhattan West 2020-1MW Mortgage Trust | |||||||
Series 2020-A-OMW, REMIC, 2.13%, 09/10/27 | 201,074 | 208,607 | |||||
Prestige Auto Receivables Trust | |||||||
Series 2019-A2-1A, 2.44%, 12/15/20 | 60,100 | 60,160 | |||||
PSMC Trust | |||||||
Series 2018-A1-3, REMIC, 4.00%, 02/25/41 | 25,769 | 26,302 | |||||
Sequoia Mortgage Trust | |||||||
Series 2019-A4-1, REMIC, 4.00%, 02/25/26 | 2,163 | 2,158 | |||||
Toyota Auto Receivables Owner Trust | |||||||
Series 2018-A3-B, 2.96%, 07/15/21 | 161,045 | 162,997 | |||||
United Airlines, Inc. | |||||||
Series 2012-A-1, 4.15%, 04/11/24 | 49,160 | 47,194 | |||||
Series 2012-A-2, 4.00%, 10/29/24 | 43,843 | 41,432 | |||||
Verizon Owner Trust 2020-B | |||||||
Series 2020-A-B, 0.47%, 02/20/25 | 149,000 | 149,126 | |||||
Volvo Financial Equipment LLC | |||||||
Series 2019-A2-1A, 2.90%, 10/15/20 | 24,120 | 24,158 | |||||
Wells Fargo Commercial Mortgage Trust | |||||||
Series 2017-B-C38, 3.92%, 06/17/27 (d) | 57,000 | 58,956 | |||||
Wells Fargo Mortgage Backed Securities Trust | |||||||
Series 2020-A1-3, REMIC, 3.00%, 12/25/42 | 105,717 | 108,215 | |||||
Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,055,844) | 4,119,267 | ||||||
SENIOR FLOATING RATE INSTRUMENTS 1.4% | |||||||
Communication Services 0.5% | |||||||
CenturyLink, Inc. | |||||||
2020 Term Loan B, 2.40%, (1M USD LIBOR + 2.25%), 03/15/27 (d) | 99,250 | 95,192 | |||||
CSC Holdings, LLC | |||||||
2017 Term Loan B1, 2.40%, (1M USD LIBOR + 2.25%), 07/15/25 (d) | 43,647 | 42,150 | |||||
Diamond Sports Group, LLC | |||||||
Term Loan, 3.40%, (1M USD LIBOR + 3.25%), 08/24/26 (d) | 33,660 | 25,974 | |||||
Nexstar Broadcasting, Inc. | |||||||
2019 Term Loan B4, 2.91%, (1M USD LIBOR + 2.75%), 07/15/26 (d) | 75,458 | 73,697 | |||||
T-Mobile USA, Inc. | |||||||
2020 Term Loan, 3.15%, (1M USD LIBOR + 3.00%), 04/01/27 (d) | 67,500 | 67,397 | |||||
304,410 | |||||||
Consumer Discretionary 0.3% | |||||||
Caesars Resort Collection, LLC | |||||||
2020 Term Loan B1, 4.65%, (1M USD LIBOR + 4.50%), 06/19/25 (d) | 54,667 | 52,829 | |||||
2020 Term Loan B1, 4.77%, (3M USD LIBOR + 4.50%), 06/19/25 (d) | 27,333 | 26,415 | |||||
PCI Gaming Authority | |||||||
Term Loan, 2.65%, (1M USD LIBOR + 2.50%), 05/15/26 (d) | 119,036 | 115,415 | |||||
194,659 | |||||||
Consumer Staples 0.2% | |||||||
JBS USA Lux S.A. | |||||||
2019 Term Loan B, 2.15%, (1M USD LIBOR + 2.00%), 04/27/26 (d) | 94,353 | 91,664 | |||||
Financials 0.1% | |||||||
UFC Holdings, LLC | |||||||
2019 Term Loan, 4.25%, (6M USD LIBOR + 3.25%), 04/25/26 (d) | 58,182 | 57,091 | |||||
Industrials 0.1% | |||||||
Genesee & Wyoming Inc. | |||||||
Term Loan, 2.22%, (3M USD LIBOR + 2.00%), 10/29/26 (d) | 50,745 | 49,865 | |||||
Materials 0.1% | |||||||
BWAY Holding Company | |||||||
2017 Term Loan B, 3.52%, (3M USD LIBOR + 3.25%), 04/03/24 (d) | 48,496 | 45,435 | |||||
Energy 0.1% | |||||||
Traverse Midstream Partners LLC | |||||||
2017 Term Loan, 5.00%, (1M USD LIBOR + 4.00%), 09/22/24 (d) | 32,340 | 29,632 | |||||
Utilities 0.0% | |||||||
Vistra Operations Company LLC | |||||||
1st Lien Term Loan B3, 1.90%, (1M USD LIBOR + 1.75%), 12/11/25 (d) | 10,246 | 10,083 | |||||
Total Senior Floating Rate Instruments (cost $809,973) | 782,839 | ||||||
SHORT TERM INVESTMENTS 4.7% | |||||||
Investment Companies 4.5% | |||||||
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.03% (m) | 2,531,403 | 2,531,403 | |||||
Securities Lending Collateral 0.2% | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (m) | 79,772 | 79,772 | |||||
Total Short Term Investments (cost $2,611,175) | 2,611,175 | ||||||
Total Investments 103.6% (cost $54,772,346) | 57,730,194 | ||||||
Other Derivative Instruments (0.0)% | (9,120) | ||||||
Other Assets and Liabilities, Net (3.6)% | (1,984,352) | ||||||
Total Net Assets 100.0% | 55,736,722 |
(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2020, the value and the percentage of net assets of these securities was $9,760,704 and 17.5% of the Fund.
(b) Perpetual security. Next contractual call date presented, if applicable.
(c) Convertible security.
(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool
Abbreviations and additional footnotes are defined on page 33
5
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.
(e) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the 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 September 30, 2020, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.
(i) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.
(j) All or a portion of the security was on loan as of September 30, 2020.
(k) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2020, the total payable for investments purchased on a delayed delivery basis was $2,203,500.
(l) The security is a direct debt of the agency and not collateralized by mortgages.
(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2020.
PPM Core Plus Fixed Income Fund — Restricted Securities | ||||||||||||||||
Initial Acquisition | Cost ($) | Value ($) | Percent of Net Assets (%) | |||||||||||||
Nordic Aviation Capital, 6.83%, 03/14/25 | 10/01/19 | 139,295 | 108,929 | 0.2 | ||||||||||||
PPM Core Plus Fixed Income Fund — Futures Contracts | |||||||||||||||
Reference Entity | Contracts1 | Expiration | Notional1 | Variation Margin Receivable (Payable) ($) | Unrealized Appreciation (Depreciation) ($) | ||||||||||
Long Contracts | |||||||||||||||
United States 10 Year Note | 1 | December 2020 | 139,548 | (250) | (17) | ||||||||||
United States 2 Year Note | 16 | January 2021 | 3,533,200 | (125) | 2,175 | ||||||||||
United States 5 Year Note | 54 | January 2021 | 6,797,129 | (5,376) | 8,559 | ||||||||||
United States Long Bond | 10 | December 2020 | 1,761,129 | (9,375) | 1,684 | ||||||||||
United States Ultra Bond | 2 | December 2020 | 442,742 | (4,000) | 883 | ||||||||||
(19,126) | 13,284 | ||||||||||||||
Short Contracts | |||||||||||||||
United States 10 Year Ultra Bond | (22) | December 2020 | (3,503,360) | 10,313 | (14,922) | ||||||||||
PPM Core Plus Fixed Income Fund — Centrally Cleared Credit Default Swap Agreements | ||||||||||||||||||
Reference Entity2 | Fixed Receive/ Pay Rate (%) | Expiration | Notional1 | Value ($) | 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 | (3,541) | (307) | (13,489) | ||||||||||||
Abbreviations and additional footnotes are defined on page 33
6
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
PPM Floating Rate Income Fund | |||||||
SENIOR FLOATING RATE INSTRUMENTS 89.5% | |||||||
Information Technology 13.2% | |||||||
Almonde, Inc. | |||||||
USD 1st Lien Term Loan, 4.50%, (6M USD LIBOR + 3.50%), 04/26/24 (a) | 116,672 | 108,826 | |||||
USD 1st Lien Term Loan, 4.50%, (3M USD LIBOR + 3.50%), 04/26/24 (a) | 45,548 | 42,486 | |||||
USD 2nd Lien Term Loan , 8.25%, (6M USD LIBOR + 7.25%), 04/27/25 (a) | 40,000 | 37,460 | |||||
AppLovin Corporation | |||||||
2018 Term Loan B, 3.66%, (1M USD LIBOR + 3.50%), 07/13/26 (a) | 297,081 | 292,550 | |||||
Avast Software B.V. | |||||||
2018 USD Term Loan B, 3.25%, (3M USD LIBOR + 2.25%), 09/30/23 (a) | 13,297 | 13,189 | |||||
Banff Merger Sub Inc. | |||||||
2018 USD Term Loan B, 4.41%, (1M USD LIBOR + 4.25%), 06/30/25 (a) | 124,601 | 120,664 | |||||
Blackhawk Network Holdings, Inc. | |||||||
2018 1st Lien Term Loan, 3.15%, (1M USD LIBOR + 3.00%), 05/31/25 (a) | 112,412 | 105,703 | |||||
Brave Parent Holdings, Inc. | |||||||
1st Lien Term Loan, 4.16%, (1M USD LIBOR + 4.00%), 04/17/25 (a) | 68,745 | 67,714 | |||||
Cabot Microelectronics Corporation | |||||||
2019 Term Loan B1, 2.19%, (1M USD LIBOR + 2.00%), 11/14/25 (a) | 138,999 | 135,872 | |||||
Cardtronics USA, Inc. | |||||||
Term Loan B, 5.00%, (1M USD LIBOR + 4.00%), 06/25/27 (a) (b) | 78,553 | 78,160 | |||||
Castle US Holding Corporation | |||||||
USD Term Loan B, 3.97%, (3M USD LIBOR + 3.75%), 02/28/27 (a) | 32,763 | 31,423 | |||||
CommScope, Inc. | |||||||
2019 Term Loan B, 3.40%, (1M USD LIBOR + 3.25%), 02/07/26 (a) | 250,548 | 243,703 | |||||
Cornerstone OnDemand, Inc. | |||||||
Term Loan B, 4.41%, (1M USD LIBOR + 4.25%), 04/22/27 (a) | 125,000 | 124,661 | |||||
DCert Buyer, Inc. | |||||||
2019 Term Loan B, 4.15%, (1M USD LIBOR + 4.00%), 07/31/26 (a) | 130,345 | 128,512 | |||||
Dell International LLC | |||||||
2019 Term Loan B, 2.75%, (1M USD LIBOR + 2.00%), 09/11/25 (a) | 397,428 | 395,334 | |||||
Dynatrace LLC | |||||||
2018 1st Lien Term Loan, 2.40%, (1M USD LIBOR + 2.25%), 08/08/25 (a) | 42,909 | 42,118 | |||||
Entegris, Inc. | |||||||
2018 Term Loan B, 2.16%, (1M USD LIBOR + 2.00%), 11/05/25 (a) | 16,313 | 16,247 | |||||
Eta Australia Holdings III Pty Ltd | |||||||
Term Loan, 4.16%, (1M USD LIBOR + 4.00%), 03/08/26 (a) | 59,250 | 57,250 | |||||
EVO Payments International LLC | |||||||
2018 1st Lien Term Loan, 3.41%, (1M USD LIBOR + 3.25%), 12/22/23 (a) | 84,900 | 83,733 | |||||
Global Tel*Link Corporation | |||||||
2018 1st Lien Term Loan, 4.41%, (1M USD LIBOR + 4.25%), 11/29/25 (a) | 146,803 | 126,961 | |||||
GlobalLogic Holdings Inc. | |||||||
2018 Add On 1st Lien Term Loan, 2.91%, (3M USD LIBOR + 2.75%), 07/27/25 (a) | 106,056 | 103,006 | |||||
Go Daddy Operating Company, LLC | |||||||
2017 Repriced Term Loan, 1.91%, (1M USD LIBOR + 1.75%), 02/15/24 (a) | 164,246 | 160,807 | |||||
IRI Holdings, Inc. | |||||||
2018 1st Lien Term Loan, 4.40%, (1M USD LIBOR + 4.25%), 11/06/25 (a) | 107,357 | 105,948 | |||||
LogMeIn, Inc. | |||||||
Term Loan B, 4.91%, (3M USD LIBOR + 4.75%), 08/31/27 (a) | 150,000 | 144,704 | |||||
MA FinanceCo., LLC | |||||||
USD Term Loan B3, 2.66%, (1M USD LIBOR + 2.50%), 04/19/24 (a) | 30,907 | 29,285 | |||||
McAfee, LLC | |||||||
2018 USD Term Loan B, 3.90%, (1M USD LIBOR + 3.75%), 09/30/24 (a) | 193,566 | 191,927 | |||||
MH Sub I, LLC | |||||||
2017 1st Lien Term Loan, 4.57%, (1M USD LIBOR + 3.50%), 08/09/24 (a) | 150,085 | 145,770 | |||||
MKS Instruments, Inc. | |||||||
2019 Term Loan B6, 1.91%, (3M USD LIBOR + 1.75%), 02/01/26 (a) | 125,893 | 123,785 | |||||
MLN US HoldCo LLC | |||||||
2018 1st Lien Term Loan, 4.66%, (3M USD LIBOR + 4.50%), 07/13/25 (a) | 128,285 | 109,239 | |||||
NCR Corporation | |||||||
2019 Term Loan, 2.65%, (1M USD LIBOR + 2.50%), 04/12/25 (a) | 182,737 | 177,863 | |||||
NeuStar, Inc. | |||||||
2018 Term Loan B4, 4.57%, (1M USD LIBOR + 3.50%), 08/08/24 (a) | 175,219 | 164,195 | |||||
ON Semiconductor Corporation | |||||||
2019 Term Loan B, 2.16%, (1M USD LIBOR + 2.00%), 09/13/26 (a) | 222,750 | 218,992 | |||||
Presidio, Inc. | |||||||
2020 Term Loan B, 3.77%, (3M USD LIBOR + 3.50%), 12/19/26 (a) | 114,120 | 112,481 | |||||
Rackspace Hosting, Inc. | |||||||
2017 Incremental 1st Lien Term Loan, 4.00%, (1M USD LIBOR + 3.00%), 11/03/23 (a) | 84,845 | 83,138 | |||||
Radiate Holdco, LLC | |||||||
1st Lien Term Loan, 3.75%, (1M USD LIBOR + 3.00%), 12/09/23 (a) | 200,790 | 197,214 | |||||
Refinitiv US Holdings Inc. | |||||||
2018 USD Term Loan, 3.40%, (1M USD LIBOR + 3.25%), 09/12/25 (a) | 256,569 | 253,775 | |||||
Rocket Software, Inc. | |||||||
2018 Term Loan, 4.41%, (1M USD LIBOR + 4.25%), 11/20/25 (a) | 78,701 | 77,019 | |||||
Science Applications International Corporation | |||||||
2020 Incremental Term Loan B, 2.40%, (1M USD LIBOR + 2.25%), 03/05/27 (a) | 57,960 | 57,181 | |||||
Seattle Spinco, Inc. | |||||||
USD Term Loan B3, 2.66%, (1M USD LIBOR + 2.50%), 04/19/24 (a) | 208,725 | 197,767 | |||||
Severin Acquisition, LLC | |||||||
2018 Term Loan B, 3.41%, (1M USD LIBOR + 3.25%), 06/15/25 (a) | 197,057 | 190,899 | |||||
Sirius Computer Solutions, Inc. | |||||||
2020 Term Loan, 3.65%, (1M USD LIBOR + 3.50%), 07/01/26 (a) | 128,380 | 125,277 | |||||
Solera, LLC | |||||||
USD Term Loan B, 2.94%, (3M USD LIBOR + 2.75%), 03/03/23 (a) | 166,087 | 162,443 | |||||
Sophia, L.P. | |||||||
2017 Term Loan B, 4.25%, (1M USD LIBOR + 3.25%), 09/30/22 (a) | 184,184 | 183,225 | |||||
SS&C Technologies Holdings Europe S.A.R.L. | |||||||
2018 Term Loan B4, 1.90%, (1M USD LIBOR + 1.75%), 02/27/25 (a) | 85,095 | 82,258 | |||||
SS&C Technologies Inc. | |||||||
2018 Term Loan B3, 1.90%, (1M USD LIBOR + 1.75%), 02/27/25 (a) | 121,438 | 117,390 | |||||
SurveyMonkey Inc. | |||||||
2018 Term Loan B, 3.86%, (3M USD LIBOR + 3.75%), 10/10/25 (a) | 72,594 | 71,959 | |||||
Tech Data Corporation | |||||||
ABL Term Loan, 3.64%, (1M USD LIBOR + 3.50%), 06/30/25 (a) | 274,500 | 274,980 | |||||
ABL FILO Term Loan, 5.64%, (1M USD LIBOR + 5.50%), 06/30/25 (a) | 67,350 | 65,582 | |||||
TriTech Software Systems | |||||||
2018 1st Lien Term Loan, 3.91%, (3M USD LIBOR + 3.75%), 08/16/25 (a) | 88,650 | 79,287 | |||||
Verifone Systems, Inc. | |||||||
2018 1st Lien Term Loan, 4.25%, (3M USD LIBOR + 4.00%), 08/09/25 (a) | 136,701 | 122,148 | |||||
Western Digital Corporation | |||||||
2018 Term Loan B4, 1.91%, (1M USD LIBOR + 1.75%), 04/29/23 (a) | 213,187 | 211,132 |
Abbreviations and additional footnotes are defined on page 33
7
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
WEX Inc. | |||||||
Term Loan B3, 2.41%, (1M USD LIBOR + 2.25%), 05/17/26 (a) | 295,989 | 285,366 | |||||
Xperi Corporation | |||||||
2020 Term Loan B, 4.16%, (1M USD LIBOR + 4.00%), 06/01/25 (a) | 85,912 | 83,586 | |||||
6,962,194 | |||||||
Industrials 12.6% | |||||||
Advanced Disposal Services Inc. | |||||||
Term Loan B3, 3.00%, (3M USD LIBOR + 2.25%), 11/10/23 (a) | 289,611 | 288,887 | |||||
AI Mistral Holdco Limited | |||||||
2017 Term Loan B, 4.00%, (3M USD LIBOR + 3.00%), 01/26/24 (a) | 72,774 | 54,944 | |||||
Allegiant Travel Company | |||||||
2020 Term Loan, 3.25%, (3M USD LIBOR + 3.00%), 02/05/24 (a) | 58,802 | 54,097 | |||||
Altra Industrial Motion Corp. | |||||||
2018 Term Loan B, 2.16%, (1M USD LIBOR + 2.00%), 09/26/25 (a) | 290,706 | 281,804 | |||||
APi Group DE, Inc. | |||||||
Term Loan B, 2.65%, (1M USD LIBOR + 2.50%), 09/25/26 (a) | 99,461 | 97,306 | |||||
Autokiniton US Holdings, Inc. | |||||||
2018 Term Loan B, 6.53%, (1M USD LIBOR + 6.38%), 05/18/25 (a) (b) | 97,750 | 93,351 | |||||
Beacon Roofing Supply, Inc. | |||||||
2017 Term Loan B, 2.40%, (1M USD LIBOR + 2.25%), 01/02/25 (a) | 108,836 | 105,259 | |||||
Brand Energy & Infrastructure Services, Inc. | |||||||
2017 Term Loan, 5.25%, (3M USD LIBOR + 4.25%), 06/16/24 - 06/17/24 (a) | 56,296 | 52,275 | |||||
Term Loan, 5.25%, (3M USD LIBOR + 4.25%), 06/16/24 (a) | 15,368 | 14,271 | |||||
BrightView Landscapes, LLC | |||||||
2018 1st Lien Term Loan B, 2.69%, (1M USD LIBOR + 2.50%), 08/09/25 - 08/15/25 (a) | 124,142 | 122,746 | |||||
Brookfield WEC Holdings Inc. | |||||||
2020 Term Loan, 3.75%, (1M USD LIBOR + 3.00%), 08/01/25 (a) | 221,062 | 215,220 | |||||
Builders FirstSource, Inc. | |||||||
2017 Term Loan B, 4.00%, (1M USD LIBOR + 3.00%), 02/29/24 (a) | 11,290 | 11,080 | |||||
Camelot U.S. Acquisition 1 Co. | |||||||
Term Loan B, 3.15%, (1M USD LIBOR + 3.00%), 10/31/26 (a) | 135,183 | 132,436 | |||||
DG Investment Intermediate Holdings 2, Inc. | |||||||
2018 1st Lien Term Loan, 3.75%, (1M USD LIBOR + 3.00%), 01/31/25 (a) | 131,281 | 125,784 | |||||
Dynasty Acquisition Co., Inc. | |||||||
2020 CAD Term Loan B2, 3.72%, (3M USD LIBOR + 3.50%), 04/06/26 (a) | 13,677 | 12,026 | |||||
2020 Term Loan B1, 3.72%, (3M USD LIBOR + 3.50%), 04/06/26 (a) | 25,440 | 22,369 | |||||
Electrical Components International, Inc. | |||||||
2018 1st Lien Term Loan, 4.41%, (1M USD LIBOR + 4.25%), 06/22/25 (a) | 80,791 | 71,298 | |||||
Element Materials Technology Group US Holdings Inc. | |||||||
2017 USD Term Loan B, 4.50%, (3M USD LIBOR + 3.50%), 06/28/24 - 06/29/24 (a) | 58,444 | 55,522 | |||||
Encapsys, LLC | |||||||
2020 Term Loan B2, 4.25%, (1M USD LIBOR + 3.25%), 11/07/24 (a) | 107,190 | 105,046 | |||||
Engineered Machinery Holdings, Inc. | |||||||
USD 1st Lien Term Loan, 4.00%, (3M USD LIBOR + 3.00%), 07/25/24 (a) | 43,316 | 42,179 | |||||
EWT Holdings III Corp. | |||||||
2020 Term Loan, 2.91%, (1M USD LIBOR + 2.75%), 12/20/24 (a) | 109,409 | 107,528 | |||||
Filtration Group Corporation | |||||||
2018 1st Lien Term Loan, 3.15%, (3M USD LIBOR + 3.00%), 03/27/25 (a) | 164,407 | 160,939 | |||||
Gardner Denver, Inc. | |||||||
2020 USD Term Loan B2, 1.91%, (1M USD LIBOR + 1.75%), 03/01/27 (a) | 177,393 | 171,234 | |||||
Gates Global LLC | |||||||
2017 USD Repriced Term Loan B, 3.75%, (3M USD LIBOR + 2.75%), 04/01/24 (a) | 294,192 | 289,412 | |||||
Genesee & Wyoming Inc. | |||||||
Term Loan, 2.22%, (3M USD LIBOR + 2.00%), 10/29/26 (a) | 188,055 | 184,794 | |||||
GFL Environmental Inc. | |||||||
2018 USD Term Loan B, 4.00%, (3M USD LIBOR + 3.00%), 05/11/25 (a) | 27,858 | 27,705 | |||||
2018 USD Term Loan B, 4.00%, (1M USD LIBOR + 3.00%), 05/11/25 (a) | 155,688 | 154,831 | |||||
Graham Packaging Company Inc. | |||||||
Term Loan, 4.50%, (1M USD LIBOR + 3.75%), 07/28/27 (a) | 89,000 | 88,370 | |||||
Hamilton Holdco, LLC | |||||||
2018 Term Loan B, 2.31%, (3M USD LIBOR + 2.00%), 06/01/25 (a) | 325,281 | 317,149 | |||||
Harbor Freight Tools USA, Inc. | |||||||
2018 Term Loan B, 3.25%, (1M USD LIBOR + 2.50%), 08/16/23 (a) | 102,605 | 101,017 | |||||
Hillman Group Inc. (The) | |||||||
2018 Term Loan B, 5.07%, (1M USD LIBOR + 4.00%), 05/16/25 (a) | 196,490 | 191,768 | |||||
IBC Capital Limited | |||||||
2018 1st Lien Term Loan, 3.98%, (3M USD LIBOR + 3.75%), 09/11/23 (a) | 140,620 | 131,744 | |||||
MX Holdings US, Inc. | |||||||
2018 USD Term Loan B1C, 3.50%, (1M USD LIBOR + 2.75%), 06/18/25 (a) | 73,498 | 72,166 | |||||
Navistar International Corporation | |||||||
2017 1st Lien Term Loan B, 3.66%, (1M USD LIBOR + 3.50%), 11/01/24 (a) | 227,591 | 225,315 | |||||
Pelican Products, Inc. | |||||||
2018 1st Lien Term Loan, 4.50%, (3M USD LIBOR + 3.50%), 04/18/25 (a) | 98,000 | 93,284 | |||||
PODS, LLC | |||||||
2018 1st Lien Term Loan, 3.75%, (1M USD LIBOR + 2.75%), 11/21/24 (a) | 125,491 | 122,721 | |||||
Prime Security Services Borrower, LLC | |||||||
2019 Term Loan B1, 4.25%, (3M USD LIBOR + 3.25%), 12/31/22 (a) | 108,460 | 107,356 | |||||
2019 Term Loan B1, 4.25%, (1Y USD LIBOR+ 3.25%), 12/31/22 (a) | 108,461 | 107,356 | |||||
2019 Term Loan B1, 4.25%, (1M USD LIBOR + 3.25%), 12/31/22 (a) | 117,018 | 115,827 | |||||
Rexnord LLC | |||||||
2019 Term Loan B, 1.91%, (1M USD LIBOR + 1.75%), 08/21/24 (a) | 120,690 | 119,763 | |||||
Reynolds Group Holdings Inc. | |||||||
USD 2017 Term Loan, 2.90%, (1M USD LIBOR + 2.75%), 02/05/23 (a) | 26,374 | 26,021 | |||||
USD 2017 Term Loan, 2.91%, (3M USD LIBOR + 2.75%), 02/05/23 (a) | 160,244 | 158,101 | |||||
Sabre Industries, Inc. | |||||||
2019 Term Loan B, 3.40%, (1M USD LIBOR + 3.25%), 04/09/26 (a) | 105,364 | 104,178 | |||||
Spectrum Holdings III Corp. | |||||||
1st Lien Term Loan, 3.56%, (3M USD LIBOR + 3.25%), 01/26/25 (a) | 88,725 | 80,163 | |||||
Tempo Acquisition LLC | |||||||
2020 Extended Term Loan, 3.75%, (1M USD LIBOR + 3.25%), 11/02/26 (a) | 168,414 | 163,099 | |||||
Titan Acquisition Limited | |||||||
2018 Term Loan B, 0.00%, (3M USD LIBOR + 3.00%), 03/16/25 (a) (c) | 100,000 | 94,219 | |||||
TransDigm, Inc. | |||||||
2020 Term Loan G, 2.41%, (1M USD LIBOR + 2.25%), 08/22/24 (a) | 195,018 | 184,270 | |||||
2020 Term Loan E, 2.40%, (1M USD LIBOR + 2.25%), 05/30/25 (a) | 117,309 | 110,696 | |||||
USI, Inc. | |||||||
2017 Repriced Term Loan, 3.31%, (3M USD LIBOR + 3.00%), 05/16/24 (a) | 196,225 | 189,520 | |||||
USIC Holdings, Inc. | |||||||
2017 Term Loan B, 4.25%, (1M USD LIBOR + 3.25%), 12/09/23 (a) | 52,315 | 51,443 |
Abbreviations and additional footnotes are defined on page 33
8
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
VC GB Holdings, Inc. | |||||||
2017 1st Lien Term Loan, 4.00%, (1M USD LIBOR + 3.00%), 02/28/24 (a) | 55,115 | 53,875 | |||||
Ventia Deco LLC | |||||||
2016 Term Loan B, 5.00%, (3M USD LIBOR + 4.00%), 05/21/22 (a) | 158,823 | 156,837 | |||||
Verra Mobility Corporation | |||||||
2020 Term Loan B, 3.56%, (1M USD LIBOR + 3.25%), 02/28/25 (a) | 194,702 | 190,321 | |||||
Vertiv Group Corporation | |||||||
Term Loan B, 3.16%, (3M USD LIBOR + 3.00%), 02/11/27 (a) | 166,250 | 163,424 | |||||
XPO Logistics, Inc. | |||||||
2019 Term Loan B1, 2.65%, (1M USD LIBOR + 2.50%), 02/24/25 (a) | 95,000 | 93,826 | |||||
6,668,172 | |||||||
Consumer Discretionary 12.5% | |||||||
1011778 B.C. Unlimited Liability Company | |||||||
Term Loan B4, 1.90%, (1M USD LIBOR + 1.75%), 11/14/26 (a) | 192,485 | 184,224 | |||||
24 Hour Fitness Worldwide, Inc. | |||||||
2020 DIP Roll-up Term Loan, 11.00%, (3M USD LIBOR + 10.00%), 06/17/21 (a) | 51,601 | 43,087 | |||||
2020 DIP New Money Term Loan, 11.00%, (3M USD LIBOR + 10.00%), 06/21/21 (a) | 140,000 | 116,900 | |||||
2018 Term Loan B, 0.00%, 05/30/25 (d) (e) | 140,422 | 4,213 | |||||
Adient US LLC | |||||||
Term Loan B, 4.40%, (1M USD LIBOR + 4.25%), 05/03/24 (a) | 88,500 | 87,375 | |||||
Term Loan B, 4.49%, (3M USD LIBOR + 4.25%), 05/03/24 (a) | 30,000 | 29,619 | |||||
Allied Universal Holdco LLC | |||||||
2019 Term Loan B, 4.40%, (1M USD LIBOR + 4.25%), 06/18/26 (a) | 153,962 | 152,093 | |||||
Alterra Mountain Company | |||||||
Term Loan B1, 2.90%, (1M USD LIBOR + 2.75%), 06/28/24 (a) | 126,742 | 121,936 | |||||
American Axle and Manufacturing, Inc. | |||||||
Term Loan B, 3.00%, (1M USD LIBOR + 2.25%), 03/10/24 (a) | 132,343 | 125,974 | |||||
Aramark Services, Inc. | |||||||
2019 Term Loan B4, 1.90%, (1M USD LIBOR + 1.75%), 12/04/26 (a) | 189,050 | 180,386 | |||||
Aristocrat Leisure Limited | |||||||
2020 Incremental Term Loan B, 4.75%, (3M USD LIBOR + 3.75%), 10/19/24 (a) | 155,000 | 153,983 | |||||
Bass Pro Group, LLC | |||||||
Term Loan B, 5.75%, (3M USD LIBOR + 5.00%), 11/15/23 (a) | 200,919 | 198,786 | |||||
Bombardier Recreational Products, Inc. | |||||||
2020 Term Loan, 2.16%, (1M USD LIBOR + 2.00%), 05/24/27 (a) | 141,210 | 136,479 | |||||
Boyd Gaming Corporation | |||||||
Term Loan B3, 2.35%, (3M USD LIBOR + 2.25%), 09/15/23 (a) | 237,023 | 230,176 | |||||
Caesars Resort Collection, LLC | |||||||
2017 1st Lien Term Loan B, 2.90%, (1M USD LIBOR + 2.75%), 12/23/24 (a) | 136,796 | 127,825 | |||||
Callaway Golf Company | |||||||
Term Loan B, 4.65%, (3M USD LIBOR + 4.50%), 12/31/25 (a) | 119,559 | 119,659 | |||||
CityCenter Holdings, LLC | |||||||
2017 Term Loan B, 3.00%, (1M USD LIBOR + 2.25%), 04/14/24 (a) | 230,439 | 220,703 | |||||
Coinamatic Canada Inc. | |||||||
Canadian 1st Lien Term Loan, 4.25%, (3M USD LIBOR + 3.25%), 05/13/22 (a) | 3,932 | 3,849 | |||||
Core & Main LP | |||||||
2017 Term Loan B, 3.75%, (6M USD LIBOR + 2.75%), 07/19/24 - 08/01/24 (a) | 92,666 | 90,609 | |||||
2017 Term Loan B, 3.75%, (3M USD LIBOR + 2.75%), 07/19/24 (a) | 60,362 | 59,023 | |||||
Creative Artists Agency, LLC | |||||||
2019 Term Loan B, 3.90%, (1M USD LIBOR + 3.75%), 11/19/26 (a) | 59,550 | 57,079 | |||||
Dana Incorporated | |||||||
Term Loan B, 2.41%, (1M USD LIBOR + 2.25%), 02/27/26 (a) | 100,786 | 98,140 | |||||
Delta 2 (LUX) S.a.r.l. | |||||||
2018 USD Term Loan, 3.50%, (1M USD LIBOR + 2.50%), 02/01/24 (a) | 165,000 | 159,707 | |||||
Delta Air Lines, Inc. | |||||||
Term Loan B, 0.00%, (3M USD LIBOR + 3.75%), 09/16/27 (a) (c) | 15,000 | 15,099 | |||||
DexKo Global Inc. | |||||||
2018 USD Term Loan, 4.50%, (1M USD LIBOR + 3.50%), 07/24/24 (a) | 30 | 29 | |||||
Fitness International, LLC | |||||||
2018 Term Loan B, 4.32%, (3M USD LIBOR + 3.25%), 04/13/25 (a) | 88,438 | 54,168 | |||||
Four Seasons Hotels Limited | |||||||
New 1st Lien Term Loan, 2.16%, (1M USD LIBOR + 2.00%), 11/30/23 (a) | 186,607 | 181,242 | |||||
Golden Nugget, Inc. | |||||||
2017 Incremental Term Loan B, 3.25%, (3M USD LIBOR + 2.50%), 09/07/23 - 10/04/23 (a) | 136,191 | 121,065 | |||||
Hoya Midco, LLC | |||||||
2017 1st Lien Term Loan, 4.57%, (6M USD LIBOR + 3.50%), 06/21/24 - 06/27/24 (a) | 48,290 | 41,288 | |||||
Inmar Holdings, Inc. | |||||||
2017 1st Lien Term Loan, 5.07%, (3M USD LIBOR + 4.00%), 04/25/24 (a) | 66,937 | 63,243 | |||||
Interior Logic Group Holdings IV LLC | |||||||
2018 Term Loan B, 4.16%, (1M USD LIBOR + 4.00%), 05/21/25 (a) (b) | 98,000 | 94,080 | |||||
International Textile Group, Inc. | |||||||
1st Lien Term Loan, 5.30%, (3M USD LIBOR + 5.00%), 04/19/24 (a) | 625 | 506 | |||||
1st Lien Term Loan, 5.37%, (3M USD LIBOR + 5.00%), 04/19/24 (a) | 94,375 | 76,444 | |||||
IRB Holding Corp | |||||||
2020 Term Loan B, 3.75%, (6M USD LIBOR + 2.75%), 02/05/25 (a) | 120,600 | 114,955 | |||||
2020 Term Loan B, 3.75%, (3M USD LIBOR + 2.75%), 02/05/25 (a) | 310 | 296 | |||||
Janus International Group, LLC | |||||||
2018 1st Lien Term Loan, 4.82%, (1M USD LIBOR + 3.75%), 02/07/25 (a) | 90,811 | 88,314 | |||||
Jo-Ann Stores, Inc. | |||||||
2016 Term Loan, 6.00%, (3M USD LIBOR + 5.00%), 09/29/23 (a) | 48,002 | 40,847 | |||||
Kestrel Bidco Inc. | |||||||
Term Loan B, 4.00%, (6M USD LIBOR + 3.00%), 07/31/26 (a) | 47,640 | 41,175 | |||||
Lifetime Brands, Inc. | |||||||
Term Loan B, 3.66%, (1M USD LIBOR + 3.50%), 03/13/25 (a) (b) | 62,167 | 59,990 | |||||
Marriott Ownership Resorts, Inc. | |||||||
2019 Term Loan B, 1.90%, (1M USD LIBOR + 1.75%), 08/29/25 (a) | 91,610 | 87,373 | |||||
Michaels Stores, Inc. | |||||||
2018 Term Loan B, 3.50%, (1M USD LIBOR + 2.50%), 01/01/23 (a) | 55,963 | 55,627 | |||||
2018 Term Loan B, 3.56%, (1M USD LIBOR + 2.50%), 01/01/23 (a) | 33,023 | 32,826 | |||||
2018 Term Loan B, 3.57%, (3M USD LIBOR + 2.50%), 01/01/23 (a) | 32,459 | 32,264 | |||||
Milano Acquisition Corp | |||||||
Term Loan B, 0.00%, (3M USD LIBOR + 4.00%), 08/17/27 (a) (c) | 150,000 | 148,125 | |||||
Mileage Plus Holdings LLC | |||||||
2020 Term Loan B, 6.25%, (3M USD LIBOR + 5.25%), 12/31/23 (a) | 107,600 | 109,274 | |||||
Mohegan Tribal Gaming Authority | |||||||
2016 Term Loan B, 7.37%, (3M USD LIBOR + 6.38%), 10/30/23 (a) | 29,297 | 26,025 | |||||
New Constellis Borrower LLC | |||||||
2020 Priority Term Loan, 11.00%, (3M USD LIBOR + 10.00%), 06/30/21 (a) (b) | 8,724 | 8,550 | |||||
2020 Term Loan, 8.50%, (1M USD LIBOR + 7.50%), 03/27/24 (a) | 19,194 | 17,594 | |||||
2020 2nd Lien PIK Term Loan, 12.00%, (1M USD LIBOR + 11.00%), 03/27/25 (a) | 9,962 | 5,479 |
Abbreviations and additional footnotes are defined on page 33
9
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
Panther BF Aggregator 2 LP | |||||||
USD Term Loan B, 3.65%, (1M USD LIBOR + 3.50%), 03/13/26 (a) | 123,573 | 120,213 | |||||
PCI Gaming Authority | |||||||
Term Loan, 2.65%, (1M USD LIBOR + 2.50%), 05/15/26 (a) | 83,836 | 81,286 | |||||
Penn National Gaming, Inc. | |||||||
2018 1st Lien Term Loan B, 3.00%, (1M USD LIBOR + 2.25%), 08/15/25 (a) | 320,760 | 311,252 | |||||
Playa Resorts Holding B.V. | |||||||
2017 Term Loan B, 3.75%, (1M USD LIBOR + 2.75%), 04/07/24 (a) | 125,730 | 109,880 | |||||
ProQuest LLC | |||||||
2019 Term Loan, 3.66%, (1M USD LIBOR + 3.50%), 10/16/26 (a) | 103,915 | 102,538 | |||||
Rodan & Fields, LLC | |||||||
2018 Term Loan B, 4.15%, (1M USD LIBOR + 4.00%), 06/07/25 (a) | 48,875 | 33,194 | |||||
Scientific Games International, Inc. | |||||||
2018 Term Loan B5, 2.90%, (1M USD LIBOR + 2.75%), 08/14/24 (a) | 32,204 | 30,227 | |||||
2018 Term Loan B5, 3.61%, (6M USD LIBOR + 2.75%), 08/14/24 (a) | 131,643 | 123,562 | |||||
Serta Simmons Bedding, LLC | |||||||
1st Lien Term Loan, 4.50%, (3M USD LIBOR + 3.50%), 10/21/23 (a) | 122,276 | 42,821 | |||||
SIWF Holdings Inc. | |||||||
1st Lien Term Loan, 4.47%, (3M USD LIBOR + 4.25%), 05/25/25 (a) | 112,737 | 108,134 | |||||
Spin Holdco Inc. | |||||||
2017 Term Loan B, 4.25%, (3M USD LIBOR + 3.25%), 11/14/22 (a) | 97,481 | 95,340 | |||||
SRAM, LLC | |||||||
2018 Term Loan B, 3.75%, (6M USD LIBOR + 2.75%), 03/15/24 (a) | 91,534 | 91,076 | |||||
2018 Term Loan B, 3.75%, (6M USD LIBOR + 1.75%), 03/15/24 (a) | 8,130 | 8,090 | |||||
Staples, Inc. | |||||||
7 Year Term Loan, 5.25%, (3M USD LIBOR + 5.00%), 04/05/26 (a) | 60,006 | 55,674 | |||||
Stars Group Holdings B.V. (The) | |||||||
2018 USD Incremental Term Loan, 3.81%, (3M USD LIBOR + 3.50%), 06/29/25 (a) | 146,856 | 146,356 | |||||
Station Casinos LLC | |||||||
2020 Term Loan B, 2.40%, (1M USD LIBOR + 2.25%), 01/30/27 (a) | 93,565 | 89,261 | |||||
Tamko Building Products, LLC | |||||||
Term Loan B, 3.40%, (1M USD LIBOR + 3.25%), 05/15/26 (a) | 49,749 | 48,878 | |||||
Tenneco, Inc. | |||||||
2018 Term Loan B, 3.15%, (3M USD LIBOR + 3.00%), 10/01/25 (a) | 106,082 | 95,408 | |||||
TI Group Automotive Systems, L.L.C. | |||||||
2015 USD Term Loan, 3.25%, (3M USD LIBOR + 2.50%), 06/25/22 (a) | 159,212 | 158,615 | |||||
Trader Corporation | |||||||
2017 Term Loan B, 4.00%, (1M USD LIBOR + 3.00%), 09/28/23 (a) | 85,000 | 82,450 | |||||
TruGreen Limited Partnership | |||||||
2019 Term Loan, 3.91%, (1M USD LIBOR + 3.75%), 03/19/26 (a) | 59,250 | 58,604 | |||||
WASH Multifamily Laundry Systems, LLC | |||||||
2015 1st Lien Term Loan, 4.25%, (3M USD LIBOR + 3.25%), 05/15/22 (a) | 25,374 | 24,839 | |||||
WideOpenWest Finance LLC | |||||||
2017 Term Loan B, 4.25%, (1M USD LIBOR + 3.25%), 08/19/23 (a) | 156,276 | 153,663 | |||||
WMG Acquisition Corp. | |||||||
2018 Term Loan F, 2.28%, (1M USD LIBOR + 2.13%), 11/01/23 (a) | 197,892 | 194,182 | |||||
6,583,246 | |||||||
Communication Services 11.8% | |||||||
Alchemy Copyrights, LLC | |||||||
Term Loan B, 4.00%, (1M USD LIBOR + 3.25%), 08/05/27 (a) | 37,500 | 37,406 | |||||
Altice Financing SA | |||||||
2017 USD Term Loan B, 2.90%, (1M USD LIBOR + 2.75%), 07/31/25 (a) | 102,873 | 98,043 | |||||
Altice France S.A. | |||||||
2018 Term Loan B13, 4.15%, (1M USD LIBOR + 4.00%), 07/13/26 (a) | 275,848 | 267,424 | |||||
AMC Entertainment Holdings, Inc. | |||||||
2019 Term Loan B, 4.08%, (3M USD LIBOR + 3.00%), 04/22/26 (a) | 71,234 | 45,479 | |||||
CenturyLink, Inc. | |||||||
2020 Term Loan B, 2.40%, (1M USD LIBOR + 2.25%), 03/15/27 (a) | 215,894 | 207,066 | |||||
Charter Communications Operating, LLC | |||||||
2019 Term Loan B1, 1.91%, (1M USD LIBOR + 1.75%), 04/30/25 (a) | 307,955 | 302,144 | |||||
Cincinnati Bell, Inc. | |||||||
2017 Term Loan, 4.25%, (1M USD LIBOR + 3.25%), 10/02/24 (a) | 98,000 | 97,939 | |||||
Cogeco Communications (USA) II L.P. | |||||||
Term Loan B, 2.16%, (1M USD LIBOR + 2.00%), 08/11/24 (a) | 319,057 | 309,983 | |||||
Connect Finco Sarl | |||||||
Term Loan B, 4.65%, (1M USD LIBOR + 4.50%), 09/23/26 (a) | 69,825 | 67,600 | |||||
Consolidated Communications, Inc. | |||||||
2016 Term Loan B, 4.00%, (1M USD LIBOR + 3.00%), 09/29/23 (a) | 170,953 | 168,859 | |||||
CSC Holdings, LLC | |||||||
2017 Term Loan B1, 2.40%, (1M USD LIBOR + 2.25%), 07/15/25 (a) | 148,087 | 143,009 | |||||
2019 Term Loan B5, 2.65%, (1M USD LIBOR + 2.50%), 04/15/27 (a) | 246,262 | 238,311 | |||||
Diamond Sports Group, LLC | |||||||
Term Loan, 3.40%, (1M USD LIBOR + 3.25%), 08/24/26 (a) | 54,450 | 42,017 | |||||
Entercom Media Corp. | |||||||
2019 Term Loan, 2.64%, (1M USD LIBOR + 2.50%), 11/18/24 (a) | 121,779 | 114,320 | |||||
2019 Term Loan, 4.75%, (PRIME + 2.50%), 11/18/24 (a) | 221 | 208 | |||||
GoodRx, Inc. | |||||||
1st Lien Term Loan, 2.90%, (1M USD LIBOR + 2.75%), 10/10/25 (a) | 122,288 | 119,841 | |||||
Gray Television, Inc. | |||||||
2018 Term Loan C, 2.66%, (1M USD LIBOR + 2.50%), 10/30/25 (a) | 277,460 | 272,227 | |||||
Hargray Communications Group, Inc. | |||||||
2017 Term Loan B, 4.00%, (1M USD LIBOR + 3.00%), 03/23/24 (a) | 108,321 | 107,531 | |||||
iHeartCommunications, Inc. | |||||||
2020 Term Loan, 3.15%, (1M USD LIBOR + 3.00%), 05/01/26 (a) | 119,349 | 112,990 | |||||
Intelsat Jackson Holdings S.A. | |||||||
2020 DIP Term Loan, 3.60%, (3M USD LIBOR + 5.50%), 07/28/21 (a) | 7,894 | 8,019 | |||||
2017 Term Loan B3, 8.00%, (PRIME + 4.75%), 11/27/23 (a) | 105,000 | 105,364 | |||||
Iridium Satellite LLC | |||||||
Term Loan, 4.75%, (1M USD LIBOR + 3.75%), 10/08/27 (a) | 191,040 | 190,427 | |||||
Level 3 Financing Inc. | |||||||
2019 Term Loan B, 1.90%, (1M USD LIBOR + 1.75%), 03/01/27 (a) | 229,383 | 221,999 | |||||
Maxar Technologies Ltd. | |||||||
Term Loan B, 2.91%, (1M USD LIBOR + 2.75%), 07/07/24 (a) | 104,716 | 100,440 | |||||
MTN Infrastructure TopCo Inc. | |||||||
1st Lien Term Loan B, 4.00%, (3M USD LIBOR + 3.00%), 10/27/24 (a) | 202,169 | 198,530 | |||||
NASCAR Holdings Inc. | |||||||
Term Loan B, 2.89%, (1M USD LIBOR + 2.75%), 07/26/26 (a) | 7,058 | 6,876 | |||||
Nexstar Broadcasting, Inc. | |||||||
2019 Term Loan B4, 2.91%, (1M USD LIBOR + 2.75%), 07/15/26 (a) | 184,191 | 179,894 | |||||
PUG LLC | |||||||
USD Term Loan, 3.65%, (3M USD LIBOR + 3.50%), 01/31/27 (a) | 129,350 | 113,612 |
Abbreviations and additional footnotes are defined on page 33
10
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
SBA Senior Finance II LLC | |||||||
2018 Term Loan B, 1.91%, (3M USD LIBOR + 1.75%), 03/26/25 (a) | 336,380 | 327,244 | |||||
Securus Technologies Holdings, Inc. | |||||||
2017 1st Lien Term Loan, 5.50%, (3M USD LIBOR + 4.50%), 06/20/24 (a) | 99,024 | 81,540 | |||||
Sinclair Television Group Inc. | |||||||
Term Loan B2, 2.41%, (3M USD LIBOR + 2.25%), 01/06/24 (a) | 296,863 | 288,575 | |||||
Telenet Financing USD LLC | |||||||
2020 USD Term Loan AR, 2.15%, (1M USD LIBOR + 2.00%), 04/21/29 (a) | 250,000 | 240,978 | |||||
Telesat Canada | |||||||
Term Loan B5, 2.90%, (1M USD LIBOR + 2.75%), 11/22/26 (a) | 232,435 | 224,106 | |||||
Terrier Media Buyer, Inc. | |||||||
Term Loan B, 4.40%, (1M USD LIBOR + 4.25%), 10/04/26 (a) | 180,772 | 176,059 | |||||
T-Mobile USA, Inc. | |||||||
2020 Term Loan, 3.15%, (1M USD LIBOR + 3.00%), 04/01/27 (a) | 99,337 | 99,187 | |||||
Univision Communications Inc. | |||||||
2020 Replacement Term Loan, 4.75%, (1M USD LIBOR + 3.75%), 03/15/26 (a) | 112,381 | 109,210 | |||||
UPC Broadband Holding B.V. | |||||||
Term Loan, 0.00%, (3M USD LIBOR + 3.50%), 01/19/29 - 01/31/29 (a) (c) | 72,728 | 70,472 | |||||
Vestcom Parent Holdings, Inc. | |||||||
2016 1st Lien Term Loan, 5.07%, (3M USD LIBOR + 4.00%), 12/15/23 (a) | 73,396 | 71,378 | |||||
Virgin Media Bristol LLC | |||||||
USD Term Loan N, 2.65%, (1M USD LIBOR + 2.50%), 10/03/27 (a) | 260,000 | 251,984 | |||||
Zayo Group Holdings, Inc. | |||||||
USD Term Loan, 3.15%, (1M USD LIBOR + 3.00%), 02/20/27 (a) | 228,251 | 221,200 | |||||
Ziggo Financing Partnership | |||||||
USD Term Loan I, 2.65%, (1M USD LIBOR + 2.50%), 04/17/28 (a) | 184,000 | 176,767 | |||||
6,216,258 | |||||||
Health Care 10.8% | |||||||
Accelerated Health Systems, LLC | |||||||
Term Loan B, 3.65%, (3M USD LIBOR + 3.50%), 11/02/25 (a) | 108,795 | 105,532 | |||||
ADMI Corp. | |||||||
2018 Term Loan B, 2.91%, (1M USD LIBOR + 2.75%), 04/06/24 (a) | 147,163 | 141,129 | |||||
Agiliti Health, Inc. | |||||||
Term Loan, 3.15%, (1M USD LIBOR + 3.00%), 10/10/25 (a) | 158 | 152 | |||||
Term Loan, 3.19%, (1M USD LIBOR + 3.00%), 10/18/25 (a) | 62,055 | 60,038 | |||||
Air Methods Corporation | |||||||
2017 Term Loan B, 4.50%, (3M USD LIBOR + 3.50%), 04/12/24 (a) | 133,663 | 116,600 | |||||
Aldevron, L.L.C. | |||||||
2019 Term Loan B, 5.25%, (1M USD LIBOR + 4.25%), 09/20/26 (a) | 129,675 | 129,621 | |||||
Alliance Healthcare Services, Inc. | |||||||
2017 Term Loan B, 5.50%, (1M USD LIBOR + 4.50%), 10/20/23 (a) | 119,371 | 89,528 | |||||
Alphabet Holding Company, Inc. | |||||||
2017 1st Lien Term Loan, 3.66%, (1M USD LIBOR + 3.50%), 08/15/24 (a) | 63,526 | 61,632 | |||||
Amneal Pharmaceuticals LLC | |||||||
2018 Term Loan B, 3.69%, (1M USD LIBOR + 3.50%), 03/26/25 (a) | 90,218 | 84,805 | |||||
Athenahealth, Inc. | |||||||
2019 Term Loan B, 4.63%, (1M USD LIBOR + 4.50%), 01/25/26 (a) | 351 | 345 | |||||
2019 Term Loan B, 4.75%, (3M USD LIBOR + 4.50%), 01/25/26 (a) | 137,921 | 135,508 | |||||
ATI Holdings Acquisition, Inc. | |||||||
2016 Term Loan, 4.57%, (3M USD LIBOR + 3.50%), 05/10/23 (a) | 159,853 | 151,162 | |||||
Auris Luxembourg III S.a.r.l. | |||||||
2019 USD Term Loan B2, 3.90%, (1M USD LIBOR + 3.75%), 07/23/25 (a) | 68,753 | 63,252 | |||||
Bausch Health Companies Inc. | |||||||
2018 Term Loan B, 0.00%, (3M USD LIBOR + 3.00%), 05/17/25 (a) (c) | 35,605 | 34,856 | |||||
2018 Term Loan B, 3.15%, (1M USD LIBOR + 3.00%), 05/19/25 (a) | 198,189 | 194,019 | |||||
Catalent Pharma Solutions Inc. | |||||||
Term Loan B2, 3.25%, (1M USD LIBOR + 2.25%), 05/10/26 (a) | 99,495 | 98,873 | |||||
Change Healthcare Holdings LLC | |||||||
2017 Term Loan B, 3.50%, (3M USD LIBOR + 2.50%), 02/02/24 - 02/03/24 (a) | 263,400 | 257,514 | |||||
CHG Healthcare Services Inc. | |||||||
2017 1st Lien Term Loan B, 4.00%, (6M USD LIBOR + 3.00%), 06/07/23 (a) | 176,203 | 172,994 | |||||
Da Vinci Purchaser Corp. | |||||||
2019 Term Loan, 5.24%, (3M USD LIBOR + 4.00%), 12/10/26 (a) | 112,717 | 111,215 | |||||
DaVita, Inc. | |||||||
2020 Term Loan B, 1.91%, (1M USD LIBOR + 1.75%), 07/30/26 (a) | 248,300 | 243,532 | |||||
Elanco Animal Health Incorporated | |||||||
Term Loan B, 1.91%, (1M USD LIBOR + 1.75%), 02/04/27 (a) | 136,725 | 132,737 | |||||
Endo Luxembourg Finance Company I S.a r.l. | |||||||
2017 Term Loan B, 5.00%, (3M USD LIBOR + 4.25%), 04/12/24 (a) | 151,231 | 143,670 | |||||
Envision Healthcare Corporation | |||||||
2018 1st Lien Term Loan, 3.90%, (3M USD LIBOR + 3.75%), 09/27/25 (a) | 102,532 | 73,732 | |||||
ExamWorks Group, Inc. | |||||||
2017 Term Loan, 4.32%, (1M USD LIBOR + 3.25%), 07/27/23 (a) | 165,702 | 164,335 | |||||
Gentiva Health Services, Inc. | |||||||
2020 Term Loan, 3.44%, (1M USD LIBOR + 3.25%), 07/02/25 (a) | 138,964 | 135,925 | |||||
Global Medical Response, Inc. | |||||||
2018 Term Loan B1, 4.25%, (3M USD LIBOR + 3.25%), 04/28/22 (a) | 131,497 | 131,025 | |||||
Grifols Worldwide Operations USA, Inc. | |||||||
USD 2019 Term Loan B, 2.10%, (3M USD LIBOR + 2.00%), 11/15/27 (a) | 215,621 | 210,906 | |||||
Jaguar Holding Company II | |||||||
2018 Term Loan , 3.50%, (1M USD LIBOR + 2.50%), 08/18/22 (a) | 175,336 | 174,538 | |||||
Kindred Healthcare LLC | |||||||
2018 1st Lien Term Loan, 5.19%, (1M USD LIBOR + 5.00%), 06/21/25 (a) | 93,338 | 91,471 | |||||
MPH Acquisition Holdings LLC | |||||||
2016 Term Loan B, 3.75%, (3M USD LIBOR + 2.75%), 06/07/23 (a) | 134,916 | 132,604 | |||||
National Mentor Holdings, Inc. | |||||||
2019 Term Loan B, 4.41%, (1M USD LIBOR + 4.25%), 03/09/26 (a) | 115,854 | 114,068 | |||||
2019 Term Loan C, 4.41%, (1M USD LIBOR + 4.25%), 03/09/26 (a) | 5,288 | 5,207 | |||||
Ortho-Clinical Diagnostics SA | |||||||
2018 Term Loan B, 3.41%, (1M USD LIBOR + 3.25%), 06/01/25 (a) | 193,254 | 184,655 | |||||
Parexel International Corporation | |||||||
Term Loan B, 2.90%, (1M USD LIBOR + 2.75%), 08/06/24 (a) | 87,455 | 83,793 | |||||
Phoenix Guarantor Inc. | |||||||
2020 Term Loan B, 3.40%, (1M USD LIBOR + 3.25%), 03/05/26 (a) | 135,853 | 132,083 | |||||
Prestige Brands, Inc. | |||||||
Term Loan B4, 2.16%, (1M USD LIBOR + 2.00%), 01/20/24 (a) | 93,821 | 92,942 | |||||
Radiology Partners Inc | |||||||
2018 1st Lien Term Loan B, 5.29%, (1Y USD LIBOR+ 4.25%), 06/28/25 (a) | 51,800 | 49,547 | |||||
2018 1st Lien Term Loan B, 5.99%, (3M USD LIBOR + 4.25%), 06/28/25 (a) | 60,415 | 57,787 | |||||
RadNet, Inc. | |||||||
Reprice Term Loan, 4.75%, (3M USD LIBOR + 3.75%), 06/30/23 (a) | 130,209 | 128,256 |
Abbreviations and additional footnotes are defined on page 33
11
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
RegionalCare Hospital Partners Holdings, Inc. | |||||||
2018 Term Loan B, 3.90%, (1M USD LIBOR + 3.75%), 11/09/25 (a) | 146,513 | 142,118 | |||||
Select Medical Corporation | |||||||
2017 Term Loan B, 2.78%, (6M USD LIBOR + 2.50%), 03/06/25 (a) | 164,786 | 160,048 | |||||
Sound Inpatient Physicians | |||||||
2018 1st Lien Term Loan, 2.90%, (3M USD LIBOR + 2.75%), 06/19/25 (a) | 134,750 | 131,887 | |||||
Surgery Center Holdings, Inc. | |||||||
2017 Term Loan B, 4.25%, (1M USD LIBOR + 3.25%), 06/18/24 (a) | 136,413 | 128,229 | |||||
Team Health Holdings, Inc. | |||||||
1st Lien Term Loan, 3.75%, (1M USD LIBOR + 2.75%), 01/12/24 (a) | 136,068 | 113,767 | |||||
U.S. Anesthesia Partners, Inc. | |||||||
2017 Term Loan, 4.00%, (6M USD LIBOR + 3.00%), 06/16/24 (a) | 101,793 | 95,940 | |||||
U.S. Renal Care, Inc. | |||||||
2019 Term Loan B, 5.15%, (1M USD LIBOR + 5.00%), 06/12/26 (a) | 128,700 | 125,193 | |||||
Upstream Newco, Inc. | |||||||
2019 Term Loan, 4.65%, (1M USD LIBOR + 4.50%), 10/21/26 (a) | 59,700 | 55,969 | |||||
Vizient, Inc. | |||||||
2020 Term Loan B6, 2.16%, (1M USD LIBOR + 2.00%), 05/06/26 (a) | 39,400 | 38,464 | |||||
Wellpath Holdings, Inc. | |||||||
2018 1st Lien Term Loan, 5.76%, (3M USD LIBOR + 5.50%), 09/25/25 (a) | 37,000 | 34,295 | |||||
2018 1st Lien Term Loan, 6.57%, (3M USD LIBOR + 5.50%), 09/25/25 (a) | 61,250 | 56,771 | |||||
Zelis Healthcare Corporation | |||||||
Term Loan B, 4.90%, (1M USD LIBOR + 4.75%), 09/26/26 (a) | 129,025 | 127,942 | |||||
5,702,211 | |||||||
Financials 10.1% | |||||||
Acrisure, LLC | |||||||
2020 Term Loan B, 3.65%, (1M USD LIBOR + 3.50%), 01/30/27 (a) | 239,672 | 230,984 | |||||
Advisor Group, Inc. | |||||||
2019 Term Loan B, 5.16%, (1M USD LIBOR + 5.00%), 07/31/26 (a) | 132,796 | 128,296 | |||||
AlixPartners, LLP | |||||||
2017 Term Loan B, 2.64%, (1M USD LIBOR + 2.50%), 03/28/24 (a) | 199,792 | 194,642 | |||||
Alliant Holdings Intermediate, LLC | |||||||
2018 Term Loan B, 2.90%, (1M USD LIBOR + 2.75%), 05/07/25 (a) | 196,343 | 190,429 | |||||
AmWINS Group, Inc. | |||||||
2017 Term Loan B, 3.75%, (1M USD LIBOR + 2.75%), 01/19/24 (a) | 156,696 | 155,093 | |||||
Aretec Group, Inc. | |||||||
2018 Term Loan, 4.41%, (1M USD LIBOR + 4.25%), 08/15/25 (a) | 122,027 | 115,926 | |||||
AssuredPartners, Inc. | |||||||
2020 Term Loan B, 3.65%, (1M USD LIBOR + 3.50%), 02/13/27 (a) | 219,512 | 212,847 | |||||
Asurion LLC | |||||||
2017 Term Loan B4, 3.16%, (1M USD LIBOR + 3.00%), 08/04/22 (a) | 268,552 | 265,139 | |||||
Avolon TLB Borrower 1 (US) LLC | |||||||
Term Loan B3, 2.50%, (1M USD LIBOR + 1.75%), 01/15/25 (a) | 59,627 | 57,879 | |||||
BCP Renaissance Parent LLC | |||||||
2017 Term Loan B, 4.50%, (3M USD LIBOR + 3.50%), 09/20/24 (a) | 57,409 | 53,085 | |||||
Belron Finance US LLC | |||||||
2018 Term Loan B, 2.75%, (3M USD LIBOR + 2.50%), 11/19/25 (a) | 93,337 | 91,937 | |||||
Blackstone CQP Holdco LP | |||||||
Term Loan B, 3.73%, (3M USD LIBOR + 3.50%), 05/29/24 (a) | 78,604 | 76,816 | |||||
Crown Finance US, Inc. | |||||||
2018 USD Term Loan, 2.52%, (6M USD LIBOR + 2.25%), 02/05/25 (a) | 124,916 | 82,584 | |||||
Deerfield Dakota Holding, LLC | |||||||
2020 USD Term Loan B, 4.75%, (1M USD LIBOR + 3.75%), 03/05/27 (a) | 62,344 | 61,889 | |||||
Edelman Financial Center, LLC | |||||||
2018 1st Lien Term Loan, 3.14%, (1M USD LIBOR + 3.00%), 06/26/25 (a) | 288,866 | 278,441 | |||||
First American Payment Systems, L.P. | |||||||
2020 Term Loan B, 5.30%, (3M USD LIBOR + 5.00%), 02/24/27 (a) (b) | 33,862 | 32,847 | |||||
First Eagle Holdings, Inc. | |||||||
2020 Term Loan B, 2.81%, (3M USD LIBOR + 2.50%), 02/02/27 (a) | 117,699 | 114,714 | |||||
Garrett LX III S.a r.l. | |||||||
2018 USD Term Loan B, 5.75%, (PRIME + 2.50%), 09/22/25 (a) | 177,904 | 171,487 | |||||
Hub International Limited | |||||||
2018 Term Loan B, 3.22%, (3M USD LIBOR + 3.00%), 04/25/25 (a) | 363 | 350 | |||||
2018 Term Loan B, 3.26%, (3M USD LIBOR + 3.00%), 04/25/25 (a) | 141,451 | 136,527 | |||||
INEOS Enterprises Holdings US Finco LLC | |||||||
2020 USD Term Loan B, 4.50%, (1M USD LIBOR + 3.50%), 07/29/26 (a) | 111,454 | 110,526 | |||||
INEOS US Finance LLC | |||||||
2017 USD Term Loan B, 2.21%, (3M USD LIBOR + 2.00%), 03/31/24 (a) | 314,894 | 305,359 | |||||
ION Trading Technologies S.a.r.l. | |||||||
USD Incremental Term Loan B, 5.00%, (3M USD LIBOR + 4.00%), 11/21/24 (a) | 124,600 | 122,056 | |||||
iStar, Inc. | |||||||
2016 Term Loan B, 2.90%, (1M USD LIBOR + 2.75%), 06/28/23 (a) | 247,613 | 241,423 | |||||
Jane Street Group, LLC | |||||||
2020 Term Loan, 3.16%, (1M USD LIBOR + 3.00%), 01/31/25 (a) | 298,527 | 295,730 | |||||
Lions Gate Capital Holdings LLC | |||||||
2018 Term Loan B, 2.40%, (1M USD LIBOR + 2.25%), 03/20/25 (a) | 202,525 | 194,930 | |||||
NAB Holdings LLC | |||||||
2017 Repriced Term Loan, 4.00%, (3M USD LIBOR + 3.00%), 01/15/25 (a) | 84,629 | 81,455 | |||||
Nielsen Finance LLC | |||||||
2020 USD Term Loan B5, 4.75%, (1M USD LIBOR + 3.75%), 06/06/25 (a) | 124,869 | 124,619 | |||||
Nuvei Technologies Corp. | |||||||
USD Term Loan, 6.00%, (1M USD LIBOR + 5.00%), 09/29/25 (a) | 11,136 | 11,136 | |||||
Ryan Specialty Group, LLC | |||||||
Term Loan, 4.00%, (1M USD LIBOR + 3.25%), 07/23/27 (a) | 132,377 | 130,971 | |||||
Sedgwick Claims Management Services, Inc. | |||||||
2018 Term Loan B, 3.40%, (1M USD LIBOR + 3.25%), 11/06/25 (a) | 206,325 | 198,718 | |||||
SolarWinds Holdings, Inc. | |||||||
2018 Term Loan B, 2.91%, (1M USD LIBOR + 2.75%), 02/06/24 (a) | 195,861 | 191,899 | |||||
TKC Holdings, Inc. | |||||||
2017 1st Lien Term Loan, 4.75%, (6M USD LIBOR + 3.75%), 02/08/23 (a) | 94,852 | 88,821 | |||||
Trans Union, LLC | |||||||
2019 Term Loan B5, 1.91%, (1M USD LIBOR + 1.75%), 11/13/26 (a) | 214,555 | 208,889 | |||||
UFC Holdings, LLC | |||||||
2019 Term Loan, 4.25%, (6M USD LIBOR + 3.25%), 04/25/26 (a) | 126,151 | 123,786 | |||||
VFH Parent LLC | |||||||
2019 Term Loan B, 3.15%, (1M USD LIBOR + 3.00%), 03/02/26 (a) | 161,543 | 160,282 | |||||
Victory Capital Holdings, Inc. | |||||||
2020 Term Loan B1, 2.80%, (3M USD LIBOR + 2.50%), 07/01/26 (a) | 74,398 | 73,220 | |||||
5,315,732 | |||||||
Materials 9.4% | |||||||
American Builders & Contractors Supply Co., Inc. | |||||||
2019 Term Loan, 2.16%, (1M USD LIBOR + 2.00%), 01/15/27 (a) | 168,549 | 163,774 |
Abbreviations and additional footnotes are defined on page 33
12
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
Asplundh Tree Expert, LLC | |||||||
Term Loan B, 0.00%, (3M USD LIBOR + 2.50%), 08/19/27 (a) (c) | 100,000 | 99,813 | |||||
Avantor Funding, Inc. | |||||||
USD Term Loan B3, 3.25%, (1M USD LIBOR + 2.25%), 09/22/24 (a) | 144,012 | 141,912 | |||||
Ball Metalpack, LLC | |||||||
2018 1st Lien Term Loan B, 4.76%, (3M USD LIBOR + 4.50%), 07/25/25 (a) | 98,000 | 93,982 | |||||
Berry Global, Inc. | |||||||
Term Loan W, 2.16%, (1M USD LIBOR + 2.00%), 10/01/22 (a) | 62,850 | 62,251 | |||||
Term Loan Y, 2.16%, (1M USD LIBOR + 2.00%), 07/01/26 (a) | 197,687 | 191,535 | |||||
BWAY Holding Company | |||||||
2017 Term Loan B, 3.52%, (3M USD LIBOR + 3.25%), 04/03/24 (a) | 114,125 | 106,922 | |||||
Charter NEX US, Inc. | |||||||
Incremental Term Loan, 3.40%, (1M USD LIBOR + 3.25%), 05/16/24 (a) | 136,297 | 132,748 | |||||
Composite Resins Holding B.V. | |||||||
2018 Term Loan B, 5.47%, (6M USD LIBOR + 4.25%), 06/27/25 (a) (b) | 112,906 | 111,212 | |||||
Consolidated Container Company LLC | |||||||
2017 1st Lien Term Loan, 3.75%, (1M USD LIBOR + 2.75%), 05/10/24 - 05/22/24 (a) | 126,742 | 125,316 | |||||
Diamond (BC) B.V. | |||||||
USD Term Loan , 3.16%, (1M USD LIBOR + 3.00%), 07/24/24 (a) | 339 | 316 | |||||
Element Solutions Inc. | |||||||
2019 Term Loan B1, 2.16%, (1M USD LIBOR + 2.00%), 01/31/26 (a) | 127,982 | 125,023 | |||||
Ferro Corporation | |||||||
2018 USD Term Loan B1, 2.56%, (3M USD LIBOR + 2.25%), 02/14/24 (a) | 108,736 | 106,748 | |||||
2018 USD Term Loan B2, 2.56%, (3M USD LIBOR + 2.25%), 02/14/24 (a) | 47,348 | 46,508 | |||||
2018 USD Term Loan B3, 2.56%, (3M USD LIBOR + 2.25%), 02/14/24 (a) | 46,222 | 45,402 | |||||
Flex Acquisition Company, Inc. | |||||||
1st Lien Term Loan, 4.00%, (3M USD LIBOR + 3.00%), 12/15/23 (a) | 206,851 | 201,938 | |||||
Gemini HDPE LLC | |||||||
Term Loan B, 2.76%, (3M USD LIBOR + 2.50%), 08/04/24 (a) | 41,966 | 40,970 | |||||
GYP Holdings III Corp. | |||||||
2018 Term Loan B, 2.91%, (1M USD LIBOR + 2.75%), 05/15/25 (a) | 168,954 | 165,702 | |||||
Hexion Inc. | |||||||
USD Exit Term Loan, 3.80%, (3M USD LIBOR + 3.50%), 06/27/26 (a) | 125,321 | 123,128 | |||||
Klockner-Pentaplast of America, Inc. | |||||||
USD 2017 Term Loan B2, 5.25%, (3M USD LIBOR + 4.25%), 06/30/22 (a) | 195,477 | 189,451 | |||||
LTI Holdings, Inc. | |||||||
2018 Add On 1st Lien Term Loan, 3.66%, (1M USD LIBOR + 3.50%), 08/15/25 (a) | 117,600 | 109,055 | |||||
Messer Industries GmbH | |||||||
2018 USD Term Loan, 2.72%, (3M USD LIBOR + 2.50%), 10/10/25 (a) | 316,927 | 309,796 | |||||
Momentive Performance Materials Inc. | |||||||
Term Loan B, 3.41%, (1M USD LIBOR + 3.25%), 04/18/24 (a) | 45,039 | 43,040 | |||||
Onex TSG Intermediate Corp. | |||||||
1st Lien Term Loan, 5.00%, (3M USD LIBOR + 4.00%), 07/31/22 (a) | 99,685 | 94,302 | |||||
Perstorp Holding AB | |||||||
USD Term Loan B, 5.82%, (6M USD LIBOR + 4.75%), 04/03/26 (a) | 93,575 | 84,802 | |||||
Plaze, Inc. | |||||||
2019 Term Loan B, 4.57%, (1M USD LIBOR + 3.50%), 08/01/26 (a) | 129,025 | 125,638 | |||||
PMHC II, Inc. | |||||||
2018 1st Lien Term Loan, 4.50%, (3M USD LIBOR + 3.50%), 03/20/25 (a) | 33,799 | 30,504 | |||||
2018 1st Lien Term Loan, 4.50%, (1Y USD LIBOR+ 3.50%), 03/20/25 (a) | 26,368 | 23,797 | |||||
2018 1st Lien Term Loan, 4.50%, (1Y USD LIBOR + 3.50%), 03/20/25 (a) | 28,326 | 25,564 | |||||
Polar US Borrower, LLC | |||||||
2018 1st Lien Term Loan, 4.91%, (3M USD LIBOR + 4.75%), 08/21/25 (a) | 853 | 818 | |||||
2018 1st Lien Term Loan, 4.91%, (1M USD LIBOR + 4.75%), 08/21/25 (a) | 56,600 | 54,336 | |||||
Polymer Additives, Inc. | |||||||
2018 1st Lien Term Loan, 6.86%, (6M USD LIBOR + 6.00%), 07/25/25 (a) | 98,250 | 77,249 | |||||
PQ Corporation | |||||||
2018 Term Loan B, 2.51%, (3M USD LIBOR + 2.25%), 02/08/25 (a) | 117,007 | 113,935 | |||||
Pro Mach Group, Inc. | |||||||
2020 Delayed Draw Term Loan, 0.00%, (3M USD LIBOR + 1.75%), 03/07/25 (a) (c) | 3,125 | 3,101 | |||||
2018 Term Loan B, 2.89%, (3M USD LIBOR + 2.75%), 03/07/25 (a) | 47,101 | 45,090 | |||||
2020 Delayed Draw Term Loan, 4.50%, (3M USD LIBOR + 3.50%), 03/07/25 (a) | 6,308 | 6,260 | |||||
2020 Incremental Term Loan, 4.50%, (3M USD LIBOR + 3.50%), 03/07/25 (a) | 12,500 | 12,188 | |||||
Proampac PG Borrower LLC | |||||||
2016 1st Lien Term Loan, 4.50%, (3M USD LIBOR + 3.50%), 11/18/23 (a) | 125,196 | 123,443 | |||||
2016 1st Lien Term Loan, 5.75%, (PRIME + 2.50%), 11/18/23 (a) | 325 | 321 | |||||
Quikrete Holdings, Inc. | |||||||
2016 1st Lien Term Loan, 2.66%, (3M USD LIBOR + 2.50%), 11/03/23 (a) | 189,013 | 183,735 | |||||
Reynolds Group Holdings Inc. | |||||||
USD 2017 Term Loan, 0.00%, (3M USD LIBOR + 3.25%), 02/03/26 (a) (c) | 69,273 | 67,957 | |||||
Solenis Holdings LLC | |||||||
2018 1st Lien Term Loan, 4.15%, (1M USD LIBOR + 4.00%), 12/18/25 (a) | 257 | 251 | |||||
2018 1st Lien Term Loan, 4.26%, (3M USD LIBOR + 4.00%), 06/26/25 - 12/18/25 (a) | 100,589 | 98,074 | |||||
Starfruit Finco B.V | |||||||
2018 USD Term Loan B, 3.15%, (1M USD LIBOR + 3.00%), 09/20/25 (a) | 233,866 | 226,099 | |||||
Tosca Services, LLC | |||||||
2020 Term Loan B, 5.25%, (1M USD LIBOR + 4.25%), 07/27/27 (a) | 45,000 | 44,944 | |||||
TricorBraun Holdings, Inc. | |||||||
2016 1st Lien Term Loan, 4.75%, (3M USD LIBOR + 3.75%), 11/29/23 (a) | 207,845 | 205,419 | |||||
Trident TPI Holdings, Inc. | |||||||
2017 USD Term Loan B1, 4.00%, (3M USD LIBOR + 3.00%), 10/05/24 (a) | 118,237 | 115,133 | |||||
Tronox Finance LLC | |||||||
Term Loan B, 3.16%, (1M USD LIBOR + 3.00%), 09/11/24 (a) | 56,568 | 55,598 | |||||
Term Loan B, 3.31%, (3M USD LIBOR + 3.00%), 09/11/24 (a) | 39,915 | 39,231 | |||||
Univar Solutions Inc. | |||||||
2017 USD Term Loan B3, 2.41%, (1M USD LIBOR + 2.25%), 07/01/24 (a) | 284,503 | 280,355 | |||||
Wilsonart LLC | |||||||
2017 Term Loan B, 4.25%, (3M USD LIBOR + 3.25%), 12/19/23 (a) | 91,719 | 90,802 | |||||
4,965,488 | |||||||
Consumer Staples 5.7% | |||||||
8th Avenue Food & Provisions, Inc. | |||||||
2018 1st Lien Term Loan, 3.65%, (1M USD LIBOR + 3.50%), 09/19/25 (a) | 118,522 | 117,263 | |||||
American Seafoods Group LLC | |||||||
2017 1st Lien Term Loan, 3.75%, (3M USD LIBOR + 2.75%), 07/27/23 (a) | 89,399 | 87,835 | |||||
2017 1st Lien Term Loan, 3.75%, (1M USD LIBOR + 2.75%), 07/27/23 (a) | 2,838 | 2,788 | |||||
BellRing Brands, LLC | |||||||
2019 Term Loan B, 6.00%, (1M USD LIBOR + 5.00%), 10/10/24 (a) | 57,750 | 57,774 | |||||
BJ's Wholesale Club, Inc. | |||||||
2017 1st Lien Term Loan, 2.15%, (1M USD LIBOR + 2.00%), 01/26/24 (a) | 149,944 | 147,149 |
Abbreviations and additional footnotes are defined on page 33
13
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
CHG PPC Parent LLC | |||||||
2018 Term Loan B, 2.90%, (1M USD LIBOR + 2.75%), 03/16/25 (a) | 128,110 | 122,985 | |||||
Diamond (BC) B.V. | |||||||
USD Term Loan, 3.26%, (1M USD LIBOR + 3.00%), 07/24/24 (a) | 131,463 | 122,590 | |||||
Dole Food Company Inc. | |||||||
2017 Term Loan B, 3.75%, (1M USD LIBOR + 2.75%), 03/22/24 (a) | 152,247 | 149,806 | |||||
Froneri International Ltd. | |||||||
2020 USD Term Loan, 2.40%, (3M USD LIBOR + 2.25%), 01/29/27 (a) | 159,600 | 153,045 | |||||
Hearthside Food Solutions, LLC | |||||||
2018 Term Loan B, 3.83%, (3M USD LIBOR + 3.69%), 05/17/25 (a) | 109,283 | 105,891 | |||||
Hostess Brands, Inc. | |||||||
2019 Term Loan, 3.00%, (3M USD LIBOR + 2.25%), 08/03/25 (a) | 233,801 | 229,579 | |||||
2019 Term Loan, 3.00%, (1M USD LIBOR + 2.25%), 08/03/25 (a) | 87,071 | 85,498 | |||||
JBS USA Lux S.A. | |||||||
2019 Term Loan B, 2.15%, (1M USD LIBOR + 2.00%), 04/27/26 (a) | 322,779 | 313,580 | |||||
Portillo's Holdings, LLC | |||||||
2019 1st Lien Term Loan B3, 6.50%, (3M USD LIBOR + 5.50%), 08/02/24 (a) | 99,000 | 93,803 | |||||
Reynolds Consumer Products LLC | |||||||
Term Loan, 1.90%, (1M USD LIBOR + 1.75%), 01/30/27 (a) | 241,188 | 237,872 | |||||
Shearer's Foods, Inc. | |||||||
2020 Term Loan B, 0.00%, (3M USD LIBOR + 4.00%), 09/15/27 (a) (c) | 25,000 | 24,797 | |||||
Sigma Bidco B.V. | |||||||
2018 USD Term Loan B2, 3.37%, (6M USD LIBOR + 3.00%), 03/07/25 (a) | 177,468 | 172,366 | |||||
United Natural Foods, Inc. | |||||||
Term Loan B, 4.40%, (1M USD LIBOR + 4.25%), 10/22/25 (a) | 173,880 | 169,126 | |||||
US Foods, Inc. | |||||||
2016 Term Loan B, 1.91%, (1M USD LIBOR + 1.75%), 06/27/23 (a) | 195,007 | 187,207 | |||||
2019 Term Loan B, 2.75%, (1M USD LIBOR + 2.00%), 08/14/26 (a) | 99,000 | 94,360 | |||||
UTZ Quality Foods, LLC | |||||||
1st Lien Term Loan, 3.66%, (1M USD LIBOR + 3.50%), 11/14/24 (a) | 100,536 | 99,594 | |||||
Verscend Holding Corp. | |||||||
2018 Term Loan B, 4.65%, (1M USD LIBOR + 4.50%), 08/08/25 (a) | 221,021 | 218,535 | |||||
2,993,443 | |||||||
Utilities 1.6% | |||||||
Calpine Corporation | |||||||
Term Loan B5, 2.41%, (1M USD LIBOR + 2.25%), 05/23/22 (a) | 155,685 | 151,294 | |||||
Term Loan B9, 2.40%, (1M USD LIBOR + 2.25%), 03/22/26 (a) | 167,875 | 163,188 | |||||
Helix Gen Funding, LLC | |||||||
Term Loan B, 4.75%, (1M USD LIBOR + 3.75%), 03/02/24 (a) | 122,582 | 121,188 | |||||
Pacific Gas And Electric Company | |||||||
2020 Term Loan, 5.50%, (3M USD LIBOR + 4.50%), 06/18/25 (a) | 187,261 | 183,204 | |||||
Vistra Operations Company LLC | |||||||
1st Lien Term Loan B3, 1.90%, (1M USD LIBOR + 1.75%), 12/11/25 (a) | 212,407 | 209,036 | |||||
827,910 | |||||||
Energy 1.1% | |||||||
American Airlines, Inc. | |||||||
Repriced TL B due 2023, 2.15%, (1M USD LIBOR + 2.00%), 04/28/23 (a) | 84,124 | 68,603 | |||||
EG America LLC | |||||||
2018 USD Term Loan, 4.22%, (3M USD LIBOR + 4.00%), 06/30/25 (a) | 195,003 | 190,767 | |||||
EG Group Limited | |||||||
2018 USD Term Loan B, 5.07%, (3M USD LIBOR + 4.00%), 02/01/25 (a) | 19,747 | 19,318 | |||||
Lower Cadence Holdings LLC | |||||||
Term Loan B, 4.15%, (1M USD LIBOR + 4.00%), 05/10/26 (a) | 88,875 | 81,898 | |||||
Natgasoline LLC | |||||||
Term Loan B, 3.81%, (3M USD LIBOR + 3.50%), 10/31/25 (a) | 143,072 | 135,919 | |||||
Summit Midstream Partners Holdings, LLC | |||||||
Term Loan B, 7.00%, (3M USD LIBOR + 6.00%), 05/15/22 (a) | 27,690 | 5,538 | |||||
Traverse Midstream Partners LLC | |||||||
2017 Term Loan, 5.00%, (1M USD LIBOR + 4.00%), 09/22/24 (a) | 70,599 | 64,687 | |||||
566,730 | |||||||
Real Estate 0.7% | |||||||
ESH Hospitality, Inc. | |||||||
2019 Term Loan B, 2.16%, (3M USD LIBOR + 2.00%), 09/18/26 (a) | 90,480 | 87,854 | |||||
VICI Properties 1 LLC | |||||||
Replacement Term Loan B, 1.93%, (1M USD LIBOR + 1.75%), 12/13/24 (a) | 320,000 | 308,765 | |||||
396,619 | |||||||
Total Senior Floating Rate Instruments (cost $48,824,997) | 47,198,003 | ||||||
INVESTMENT COMPANIES 3.5% | |||||||
Invesco Senior Loan ETF (f) | 18,000 | 391,320 | |||||
SPDR Blackstone/ GSO Senior Loan ETF (f) | 31,800 | 1,422,096 | |||||
Total Investment Companies (cost $1,753,762) | 1,813,416 | ||||||
CORPORATE BONDS AND NOTES 2.5% | |||||||
Health Care 0.6% | |||||||
Bausch Health Companies Inc. | |||||||
6.13%, 04/15/25 (g) | 13,000 | 13,306 | |||||
5.50%, 11/01/25 (g) | 9,000 | 9,231 | |||||
8.50%, 01/31/27 (g) | 67,000 | 73,607 | |||||
5.75%, 08/15/27 (g) | 20,000 | 21,288 | |||||
6.25%, 02/15/29 (g) | 74,000 | 76,171 | |||||
Community Health Systems, Inc. | |||||||
8.63%, 01/15/24 (g) | 30,000 | 29,846 | |||||
Tenet Healthcare Corporation | |||||||
5.13%, 05/01/25 | 30,000 | 30,271 | |||||
4.63%, 06/15/28 (g) | 46,000 | 46,412 | |||||
300,132 | |||||||
Financials 0.3% | |||||||
Icahn Enterprises L.P. | |||||||
4.75%, 09/15/24 | 13,000 | 13,144 | |||||
6.25%, 05/15/26 | 18,000 | 18,805 | |||||
James Hardie International Finance Designated Activity Company | |||||||
5.00%, 01/15/28 (g) | 10,000 | 10,484 | |||||
Springleaf Finance Corporation | |||||||
8.88%, 06/01/25 | 49,000 | 54,162 | |||||
7.13%, 03/15/26 | 65,000 | 72,583 | |||||
169,178 | |||||||
Communication Services 0.3% | |||||||
Diamond Sports Group, LLC | |||||||
5.38%, 08/15/26 (g) | 20,000 | 14,152 | |||||
iHeartCommunications, Inc. | |||||||
8.38%, 05/01/27 | 8,172 | 8,068 | |||||
Lamar Media Corp. | |||||||
4.88%, 01/15/29 (g) | 38,000 | 39,591 | |||||
Live Nation Entertainment, Inc. | |||||||
4.88%, 11/01/24 (g) | 30,000 | 29,055 | |||||
Nexstar Escrow Inc. | |||||||
5.63%, 07/15/27 (g) | 8,000 | 8,391 | |||||
Sirius XM Radio Inc. | |||||||
5.50%, 07/01/29 (g) | 65,000 | 69,886 | |||||
169,143 | |||||||
Energy 0.3% | |||||||
Cheniere Energy Partners, L.P. | |||||||
5.63%, 10/01/26 | 54,000 | 56,168 | |||||
Regency Energy Partners LP | |||||||
5.88%, 03/01/22 | 30,000 | 31,292 | |||||
Transocean Proteus Limited | |||||||
6.25%, 12/01/24 (g) | 54,600 | 48,738 | |||||
136,198 |
Abbreviations and additional footnotes are defined on page 33
14
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
Industrials 0.2% | |||||||
Aircastle Limited | |||||||
5.00%, 04/01/23 | 30,000 | 30,082 | |||||
Ashtead Capital, Inc. | |||||||
5.25%, 08/01/26 (g) | 93,000 | 98,348 | |||||
128,430 | |||||||
Consumer Staples 0.2% | |||||||
Energizer Holdings, Inc. | |||||||
7.75%, 01/15/27 (g) | 65,000 | 71,008 | |||||
JBS USA Food Company | |||||||
5.50%, 01/15/30 (g) | 35,000 | 38,149 | |||||
109,157 | |||||||
Materials 0.2% | |||||||
Ardagh Packaging Finance Public Limited Company | |||||||
6.00%, 02/15/25 (g) | 16,000 | 16,612 | |||||
FMG Resources (August 2006) Pty Ltd | |||||||
5.13%, 03/15/23 - 05/15/24 (g) | 57,000 | 60,166 | |||||
FXI Holdings, Inc. | |||||||
7.88%, 11/01/24 (g) | 31,000 | 29,601 | |||||
106,379 | |||||||
Utilities 0.2% | |||||||
Calpine Corporation | |||||||
5.25%, 06/01/26 (g) | 50,000 | 51,978 | |||||
The AES Corporation | |||||||
5.50%, 04/15/25 | 30,000 | 30,926 | |||||
82,904 | |||||||
Information Technology 0.1% | |||||||
Dell International L.L.C. | |||||||
5.30%, 10/01/29 (g) (h) | 50,000 | 57,304 | |||||
Real Estate 0.1% | |||||||
MGM Growth Properties Operating Partnership LP | |||||||
4.63%, 06/15/25 (g) | 45,000 | 45,909 | |||||
Total Corporate Bonds And Notes (cost $1,269,912) | 1,304,734 | ||||||
WARRANTS 0.0% | |||||||
iHeartMedia, Inc. (d) (i) | 703 | 5,138 | |||||
Total Warrants (cost $13,203) | 5,138 | ||||||
COMMON STOCKS 0.0% | |||||||
Communication Services 0.0% | |||||||
Clear Channel Outdoor Holdings, Inc. (d) | 1,875 | 1,875 | |||||
iHeartMedia, Inc. - Class A (d) (f) | 94 | 763 | |||||
2,638 | |||||||
Consumer Discretionary 0.0% | |||||||
Constellis Holdings, Inc. (b) (d) | 628 | 628 | |||||
Total Common Stocks (cost $11,178) | 3,266 | ||||||
SHORT TERM INVESTMENTS 7.2% | |||||||
Investment Companies 4.5% | |||||||
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.03% (j) | 2,396,148 | 2,396,148 | |||||
Securities Lending Collateral 2.7% | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (j) | 1,419,994 | 1,419,994 | |||||
Total Short Term Investments (cost $3,816,142) | 3,816,142 | ||||||
Total Investments 102.7% (cost $55,689,194) | 54,140,699 | ||||||
Other Derivative Instruments 0.0% | 555 | ||||||
Other Assets and Liabilities, Net (2.7)% | (1,398,281) | ||||||
Total Net Assets 100.0% | 52,742,973 |
(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.
(b) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.
(c) This senior floating rate interest will settle after September 30, 2020. If a reference rate and spread is presented, it will go into effect upon settlement.
(d) Non-income producing security.
(e) As of September 30, 2020, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.
(f) All or a portion of the security was on loan as of September 30, 2020.
(g) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2020, the value and the percentage of net assets of these securities was $959,233 and 1.8% of the Fund.
(h) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.
(i) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.
(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2020.
PPM Floating Rate Income Fund – Unfunded Commitments
Unfunded Commitment ($) | Appreciation/ (Depreciation) ($) | |||||
Intelsat Jackson Holdings S.A. - 2020 DIP Term Loan | 7,776 | 243 | ||||
Pro Mach Group, Inc. - 2020 Delayed Draw Term Loan | 2,914 | 130 | ||||
10,690 | 373 |
PPM Floating Rate Income Fund — Futures Contracts | |||||||||||||||
Reference Entity | Contracts1 | Expiration | Notional1 | Variation Margin Receivable (Payable) ($) | Unrealized Appreciation (Depreciation) ($) | ||||||||||
Short Contracts | |||||||||||||||
United States 10 Year Note | (1) | December 2020 | (138,961) | 250 | (570) | ||||||||||
United States 5 Year Note | (3) | January 2021 | (377,564) | 305 | (530) | ||||||||||
555 | (1,100) |
Abbreviations and additional footnotes are defined on page 33
15
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
PPM High Yield Core Fund | |||||||
CORPORATE BONDS AND NOTES 91.5% | |||||||
Communication Services 18.3% | |||||||
Altice Financing S.A. | |||||||
5.00%, 01/15/28 (a) | 102,000 | 99,047 | |||||
Altice France | |||||||
7.38%, 05/01/26 (a) | 460,000 | 482,444 | |||||
6.00%, 02/15/28 (a) | 84,000 | 80,018 | |||||
CB Escrow Corp. | |||||||
8.00%, 10/15/25 (a) | 194,000 | 204,961 | |||||
CCO Holdings, LLC | |||||||
5.50%, 05/01/26 (a) | 78,000 | 81,244 | |||||
5.13%, 05/01/27 (a) | 108,000 | 113,626 | |||||
5.88%, 05/01/27 (a) | 420,000 | 440,756 | |||||
5.00%, 02/01/28 (a) | 203,000 | 213,296 | |||||
5.38%, 06/01/29 (a) | 351,000 | 380,292 | |||||
CenturyLink, Inc. | |||||||
5.63%, 04/01/25 | 100,000 | 106,974 | |||||
5.13%, 12/15/26 (a) | 112,000 | 114,699 | |||||
7.60%, 09/15/39 | 24,000 | 27,135 | |||||
Clear Channel International B.V. | |||||||
6.63%, 08/01/25 (a) | 30,000 | 30,726 | |||||
Clear Channel Worldwide Holdings, Inc. | |||||||
9.25%, 02/15/24 | 78,000 | 75,637 | |||||
Connect Finco SARL | |||||||
6.75%, 10/01/26 (a) | 136,000 | 136,529 | |||||
Consolidated Communications, Inc. | |||||||
6.50%, 10/01/22 | 275,000 | 275,556 | |||||
6.50%, 10/01/28 (a) | 288,000 | 294,053 | |||||
CSC Holdings, LLC | |||||||
5.50%, 04/15/27 (a) | 478,000 | 502,999 | |||||
7.50%, 04/01/28 (a) | 300,000 | 331,042 | |||||
Cumulus Media New Holdings Inc. | |||||||
6.75%, 07/01/26 (a) | 210,000 | 194,396 | |||||
Diamond Sports Group, LLC | |||||||
5.38%, 08/15/26 (a) | 93,000 | 65,809 | |||||
6.63%, 08/15/27 (a) | 113,000 | 58,761 | |||||
DISH DBS Corporation | |||||||
5.00%, 03/15/23 | 122,000 | 124,137 | |||||
5.88%, 11/15/24 | 170,000 | 175,209 | |||||
7.75%, 07/01/26 | 15,000 | 16,497 | |||||
Embarq Corporation | |||||||
8.00%, 06/01/36 | 77,000 | 91,110 | |||||
Frontier Communications Corporation | |||||||
8.50%, 04/01/26 (a) | 273,000 | 275,167 | |||||
8.00%, 04/01/27 (a) | 102,000 | 102,000 | |||||
Hughes Satellite Systems Corporation | |||||||
6.63%, 08/01/26 | 274,000 | 296,110 | |||||
iHeartCommunications, Inc. | |||||||
6.38%, 05/01/26 | 38,565 | 40,193 | |||||
8.38%, 05/01/27 | 326,651 | 322,500 | |||||
5.25%, 08/15/27 (a) | 25,000 | 24,452 | |||||
4.75%, 01/15/28 (a) | 25,000 | 23,607 | |||||
Intelsat Jackson Holdings S.A. | |||||||
8.00%, 02/15/24 (a) | 125,000 | 126,966 | |||||
LCPR Senior Secured Financing Designated Activity Company | |||||||
6.75%, 10/15/27 (a) | 164,000 | 171,294 | |||||
Level 3 Financing, Inc. | |||||||
5.38%, 01/15/24 | 105,000 | 105,964 | |||||
4.63%, 09/15/27 (a) | 194,000 | 199,253 | |||||
3.63%, 01/15/29 (a) | 140,000 | 138,325 | |||||
Liberty Media Corporation | |||||||
8.25%, 02/01/30 | 155,000 | 166,394 | |||||
Live Nation Entertainment, Inc. | |||||||
4.88%, 11/01/24 (a) | 86,000 | 83,292 | |||||
6.50%, 05/15/27 (a) | 34,000 | 36,678 | |||||
MDC Partners Inc. | |||||||
6.50%, 05/01/24 (a) | 287,000 | 263,954 | |||||
Netflix, Inc. | |||||||
4.38%, 11/15/26 | 169,000 | 184,198 | |||||
4.88%, 04/15/28 | 125,000 | 140,409 | |||||
5.88%, 11/15/28 | 137,000 | 163,460 | |||||
Nexstar Escrow Inc. | |||||||
5.63%, 07/15/27 (a) | 110,000 | 115,378 | |||||
Sirius XM Radio Inc. | |||||||
5.00%, 08/01/27 (a) | 128,000 | 133,631 | |||||
Sprint Capital Corporation | |||||||
6.88%, 11/15/28 | 94,000 | 117,072 | |||||
Sprint Communications, Inc. | |||||||
6.00%, 11/15/22 | 101,000 | 108,817 | |||||
Sprint Corporation | |||||||
7.88%, 09/15/23 | 25,000 | 28,671 | |||||
7.13%, 06/15/24 | 424,000 | 487,681 | |||||
7.63%, 03/01/26 | 25,000 | 30,210 | |||||
SSL Robotics LLC | |||||||
9.75%, 12/31/23 (a) | 55,000 | 60,742 | |||||
TEGNA Inc. | |||||||
5.00%, 09/15/29 (a) | 186,000 | 183,478 | |||||
Telecom Italia Capital | |||||||
6.00%, 09/30/34 | 166,000 | 192,682 | |||||
Telesat Canada | |||||||
6.50%, 10/15/27 (a) | 152,000 | 153,099 | |||||
Terrier Media Buyer, Inc. | |||||||
8.88%, 12/15/27 (a) | 263,000 | 265,030 | |||||
TripAdvisor, Inc. | |||||||
7.00%, 07/15/25 (a) | 36,000 | 37,586 | |||||
Uber Technologies, Inc. | |||||||
7.50%, 05/15/25 - 09/15/27 (a) | 241,000 | 257,089 | |||||
6.25%, 01/15/28 (a) | 37,000 | 37,965 | |||||
Univision Communications Inc. | |||||||
6.63%, 06/01/27 (a) | 184,000 | 180,495 | |||||
Virgin Media Secured Finance PLC | |||||||
5.50%, 05/15/29 (a) | 51,000 | 54,725 | |||||
Windstream Escrow, LLC | |||||||
7.75%, 08/15/28 (a) | 70,000 | 68,791 | |||||
Zayo Group Holdings, Inc. | |||||||
4.00%, 03/01/27 (a) | 16,000 | 15,752 | |||||
10,110,063 | |||||||
Consumer Discretionary 14.7% | |||||||
Adient Global Holdings Ltd | |||||||
4.88%, 08/15/26 (a) (b) | 144,000 | 137,160 | |||||
Allied Universal Holdco LLC | |||||||
6.63%, 07/15/26 (a) | 137,000 | 145,657 | |||||
9.75%, 07/15/27 (a) | 79,000 | 85,916 | |||||
Aramark Services, Inc. | |||||||
6.38%, 05/01/25 (a) | 30,000 | 31,206 | |||||
4.75%, 06/01/26 | 152,000 | 153,689 | |||||
Beazer Homes USA, Inc. | |||||||
6.75%, 03/15/25 | 75,000 | 77,407 | |||||
5.88%, 10/15/27 | 43,000 | 43,570 | |||||
7.25%, 10/15/29 | 47,000 | 50,538 | |||||
Boyd Gaming Corporation | |||||||
8.63%, 06/01/25 (a) | 70,000 | 76,726 | |||||
6.38%, 04/01/26 | 191,000 | 198,587 | |||||
Carnival Corporation | |||||||
11.50%, 04/01/23 (a) | 150,000 | 168,062 | |||||
Churchill Downs Incorporated | |||||||
4.75%, 01/15/28 (a) | 45,000 | 45,661 | |||||
Dana Corporation | |||||||
5.38%, 11/15/27 | 35,000 | 35,895 | |||||
Delta Air Lines Inc / SkyMiles IP Ltd | |||||||
4.50%, 10/20/25 (a) | 9,000 | 9,236 | |||||
4.75%, 10/20/28 (a) | 42,000 | 43,573 | |||||
Delta Air Lines, Inc. | |||||||
7.00%, 05/01/25 (a) | 164,000 | 179,899 | |||||
Eldorado Resorts, Inc. | |||||||
8.13%, 07/01/27 (a) | 256,000 | 271,216 | |||||
Fiat Chrysler Automobiles N.V. | |||||||
5.25%, 04/15/23 | 94,000 | 98,751 | |||||
Ford Motor Company | |||||||
8.50%, 04/21/23 | 64,000 | 69,769 | |||||
9.00%, 04/22/25 | 64,000 | 73,324 | |||||
4.35%, 12/08/26 | 72,000 | 71,027 | |||||
6.63%, 10/01/28 | 83,000 | 89,640 | |||||
9.63%, 04/22/30 | 64,000 | 82,669 | |||||
7.45%, 07/16/31 | 79,000 | 90,876 |
Abbreviations and additional footnotes are defined on page 33
16
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
Hilton Domestic Operating Company Inc. | |||||||
4.25%, 09/01/24 | 56,000 | 56,241 | |||||
5.75%, 05/01/28 (a) | 32,000 | 33,721 | |||||
IHOL Verwaltungs GmbH | |||||||
6.38%, 05/15/29 (a) (c) | 41,000 | 43,884 | |||||
IRB Holding Corp. | |||||||
7.00%, 06/15/25 (a) | 90,000 | 96,087 | |||||
6.75%, 02/15/26 (a) | 166,000 | 166,137 | |||||
Jaguar Land Rover Automotive PLC | |||||||
5.63%, 02/01/23 (a) (b) | 28,000 | 27,208 | |||||
KB Home | |||||||
7.63%, 05/15/23 | 201,000 | 221,526 | |||||
4.80%, 11/15/29 | 66,000 | 72,718 | |||||
L Brands, Inc. | |||||||
6.88%, 07/01/25 (a) | 46,000 | 49,612 | |||||
7.50%, 06/15/29 | 305,000 | 320,076 | |||||
6.63%, 10/01/30 (a) | 128,000 | 130,616 | |||||
M.D.C. Holdings, Inc. | |||||||
3.85%, 01/15/30 | 198,000 | 207,630 | |||||
6.00%, 01/15/43 | 80,000 | 97,105 | |||||
Macy's, Inc. | |||||||
8.38%, 06/15/25 (a) | 130,000 | 134,378 | |||||
Marriott Ownership Resorts, Inc. | |||||||
6.13%, 09/15/25 (a) | 51,000 | 53,338 | |||||
6.50%, 09/15/26 | 90,000 | 91,915 | |||||
4.75%, 01/15/28 | 64,000 | 60,632 | |||||
Mattel, Inc. | |||||||
6.75%, 12/31/25 (a) | 52,000 | 54,846 | |||||
5.88%, 12/15/27 (a) | 164,000 | 176,551 | |||||
MGM Resorts International | |||||||
5.50%, 04/15/27 | 82,000 | 85,571 | |||||
Michaels Stores, Inc. | |||||||
8.00%, 07/15/27 (a) (b) | 118,000 | 123,973 | |||||
Mileage Plus Holdings, LLC | |||||||
6.50%, 06/20/27 (a) | 88,053 | 91,719 | |||||
New Golden Nugget Inc. | |||||||
8.75%, 10/01/25 (a) (b) | 70,000 | 55,197 | |||||
Newell Brands Inc. | |||||||
4.88%, 06/01/25 | 44,000 | 47,443 | |||||
4.70%, 04/01/26 (d) | 131,000 | 138,961 | |||||
Panther BF Aggregator 2 LP | |||||||
8.50%, 05/15/27 (a) | 130,000 | 134,497 | |||||
PetSmart, Inc. | |||||||
5.88%, 06/01/25 (a) | 217,000 | 222,258 | |||||
Picasso Finance Sub, Inc. | |||||||
6.13%, 06/15/25 (a) | 53,000 | 57,103 | |||||
PM General Purchaser LLC | |||||||
9.50%, 10/01/28 (a) | 140,000 | 145,182 | |||||
QVC, Inc. | |||||||
5.45%, 08/15/34 | 185,000 | 183,001 | |||||
Restaurant Brands International Limited Partnership | |||||||
5.00%, 10/15/25 (a) | 250,000 | 256,338 | |||||
Royal Caribbean Cruises Ltd. | |||||||
10.88%, 06/01/23 (a) | 127,000 | 141,160 | |||||
9.13%, 06/15/23 (a) | 80,000 | 84,753 | |||||
11.50%, 06/01/25 (a) | 50,000 | 58,018 | |||||
Sally Holdings, LLC | |||||||
5.63%, 12/01/25 | 77,000 | 77,966 | |||||
Scientific Games International, Inc. | |||||||
5.00%, 10/15/25 (a) | 107,000 | 107,672 | |||||
8.25%, 03/15/26 (a) | 246,000 | 257,057 | |||||
7.00%, 05/15/28 (a) | 38,000 | 38,116 | |||||
Shea Homes Limited Partnership, A California Limited Partnership | |||||||
4.75%, 02/15/28 - 04/01/29 (a) | 232,000 | 231,239 | |||||
Spirit Airlines, Inc. | |||||||
8.00%, 09/20/25 (a) | 140,462 | 148,749 | |||||
Staples, Inc. | |||||||
7.50%, 04/15/26 (a) | 122,000 | 112,488 | |||||
10.75%, 04/15/27 (a) | 209,000 | 166,916 | |||||
Station Casinos LLC | |||||||
4.50%, 02/15/28 (a) | 108,000 | 99,895 | |||||
Stena International S.A R.L. | |||||||
6.13%, 02/01/25 (a) | 142,000 | 137,068 | |||||
Studio City Finance Limited | |||||||
6.50%, 01/15/28 (a) | 80,000 | 81,610 | |||||
Viking Cruises Limited | |||||||
5.88%, 09/15/27 (a) | 36,000 | 27,963 | |||||
VOC Escrow Ltd. | |||||||
5.00%, 02/15/28 (a) | 187,000 | 165,825 | |||||
Williams Scotsman International, Inc. | |||||||
4.63%, 08/15/28 (a) | 26,000 | 26,131 | |||||
Wyndham Destinations, Inc. | |||||||
5.65%, 04/01/24 (e) | 100,000 | 101,806 | |||||
6.63%, 07/31/26 (a) | 22,000 | 23,204 | |||||
6.00%, 04/01/27 (d) | 65,000 | 66,763 | |||||
8,119,917 | |||||||
Energy 11.8% | |||||||
Antero Midstream Partners LP | |||||||
5.38%, 09/15/24 | 65,000 | 55,563 | |||||
5.75%, 03/01/27 - 01/15/28 (a) | 127,000 | 104,659 | |||||
Antero Resources Corp. | |||||||
5.00%, 03/01/25 (b) | 83,000 | 51,773 | |||||
Apache Corporation | |||||||
4.88%, 11/15/27 | 69,000 | 65,258 | |||||
Archrock Partners, L.P. | |||||||
6.25%, 04/01/28 (a) | 60,000 | 56,539 | |||||
Ascent Resources - Utica, LLC | |||||||
7.00%, 11/01/26 (a) | 70,000 | 53,634 | |||||
Baytex Energy Corp. | |||||||
8.75%, 04/01/27 (a) | 62,000 | 28,089 | |||||
Buckeye Partners, L.P. | |||||||
4.50%, 03/01/28 (a) | 97,000 | 93,708 | |||||
5.85%, 11/15/43 | 24,000 | 22,274 | |||||
5.60%, 10/15/44 | 19,000 | 16,872 | |||||
Callon Petroleum Company | |||||||
6.38%, 07/01/26 | 162,000 | 39,579 | |||||
Cenovus Energy Inc. | |||||||
5.40%, 06/15/47 | 76,000 | 63,984 | |||||
Cheniere Energy Partners, L.P. | |||||||
5.25%, 10/01/25 | 119,000 | 121,690 | |||||
5.63%, 10/01/26 | 248,000 | 257,958 | |||||
Cheniere Energy, Inc. | |||||||
4.63%, 10/15/28 (a) (f) | 140,000 | 143,823 | |||||
Citgo Petroleum Corporation | |||||||
7.00%, 06/15/25 (a) | 135,000 | 131,790 | |||||
Comstock Resources, Inc. | |||||||
9.75%, 08/15/26 | 173,000 | 177,318 | |||||
Continental Resources, Inc. | |||||||
4.50%, 04/15/23 | 120,000 | 114,409 | |||||
3.80%, 06/01/24 | 97,000 | 89,930 | |||||
Endeavor Energy Resources, L.P. | |||||||
6.63%, 07/15/25 (a) | 5,000 | 5,136 | |||||
5.50%, 01/30/26 (a) | 81,000 | 80,564 | |||||
5.75%, 01/30/28 (a) | 93,000 | 93,658 | |||||
Energy Transfer LP | |||||||
6.63%, (callable at 100 beginning 02/15/28) (g) | 42,000 | 28,620 | |||||
6.75%, (callable at 100 beginning 05/15/25) (g) | 139,000 | 107,104 | |||||
7.13%, (callable at 100 beginning 05/15/30) (g) | 62,000 | 48,919 | |||||
5.25%, 04/15/29 | 94,000 | 101,091 | |||||
Enlink Midstream, LLC | |||||||
5.38%, 06/01/29 | 52,000 | 42,083 | |||||
EQM Midstream Partners, LP | |||||||
4.13%, 12/01/26 | 163,000 | 154,503 | |||||
6.50%, 07/01/27 (a) | 77,000 | 81,561 | |||||
6.50%, 07/15/48 | 82,000 | 77,285 | |||||
EQT Corporation | |||||||
3.90%, 10/01/27 | 77,000 | 70,198 | |||||
8.75%, 02/01/30 (d) | 55,000 | 64,956 | |||||
Everest Acquisition, LLC | |||||||
0.00%, 11/29/24 (a) (h) (i) | 55,000 | 45 | |||||
Hess Midstream Operations LP | |||||||
5.13%, 06/15/28 (a) | 46,000 | 45,891 | |||||
MEG Energy Corp. | |||||||
6.50%, 01/15/25 (a) | 163,000 | 159,573 | |||||
7.13%, 02/01/27 (a) | 143,000 | 128,350 | |||||
Murphy Oil Corporation | |||||||
5.75%, 08/15/25 | 90,000 | 78,636 |
Abbreviations and additional footnotes are defined on page 33
17
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
Newfield Exploration Co. | |||||||
5.63%, 07/01/24 | 149,000 | 144,500 | |||||
Noble Corporation | |||||||
0.00%, 02/01/26 (a) (h) (i) | 106,000 | 25,763 | |||||
NuStar Logistics, L.P. | |||||||
6.75%, 02/01/21 | 133,000 | 133,818 | |||||
6.00%, 06/01/26 | 134,000 | 134,510 | |||||
5.63%, 04/28/27 | 93,000 | 91,944 | |||||
6.38%, 10/01/30 | 139,000 | 144,272 | |||||
Occidental Petroleum Corporation | |||||||
2.70%, 02/15/23 | 87,000 | 79,083 | |||||
6.95%, 07/01/24 | 198,000 | 192,004 | |||||
2.90%, 08/15/24 | 108,000 | 90,275 | |||||
3.50%, 06/15/25 | 95,000 | 79,339 | |||||
3.20%, 08/15/26 | 139,000 | 110,331 | |||||
8.88%, 07/15/30 | 80,000 | 82,052 | |||||
7.50%, 05/01/31 | 100,000 | 96,105 | |||||
6.45%, 09/15/36 | 234,000 | 198,892 | |||||
7.95%, 06/15/39 | 55,000 | 51,791 | |||||
4.30%, 08/15/39 | 168,000 | 116,446 | |||||
Ovintiv Exploration Inc. | |||||||
5.38%, 01/01/26 | 84,000 | 78,960 | |||||
Parsley Energy, LLC | |||||||
5.25%, 08/15/25 (a) | 74,000 | 73,200 | |||||
PBF Holding Company LLC | |||||||
6.00%, 02/15/28 (a) | 85,000 | 56,412 | |||||
SM Energy Company | |||||||
6.63%, 01/15/27 | 246,000 | 109,760 | |||||
Southwestern Energy Company | |||||||
7.50%, 04/01/26 (b) | 98,000 | 95,783 | |||||
7.75%, 10/01/27 | 90,000 | 87,404 | |||||
8.38%, 09/15/28 | 69,000 | 67,681 | |||||
Targa Resource Corporation | |||||||
5.13%, 02/01/25 | 94,000 | 94,047 | |||||
5.00%, 01/15/28 | 107,000 | 104,385 | |||||
5.50%, 03/01/30 (a) | 228,000 | 226,739 | |||||
Transocean Inc | |||||||
11.50%, 01/30/27 (a) | 94,000 | 37,619 | |||||
Transocean Poseidon Limited | |||||||
6.88%, 02/01/27 (a) | 126,000 | 100,880 | |||||
Transocean Proteus Limited | |||||||
6.25%, 12/01/24 (a) | 182,000 | 162,459 | |||||
Viper Energy Partners LP | |||||||
5.38%, 11/01/27 (a) | 44,000 | 43,566 | |||||
Western Midstream Operating, LP | |||||||
6.25%, 02/01/50 (d) | 168,000 | 155,889 | |||||
WPX Energy, Inc. | |||||||
5.25%, 09/15/24 | 18,000 | 18,823 | |||||
5.88%, 06/15/28 (b) | 57,000 | 59,538 | |||||
4.50%, 01/15/30 | 101,000 | 99,476 | |||||
6,500,769 | |||||||
Financials 11.3% | |||||||
Advisor Group Holdings, Inc. | |||||||
10.75%, 08/01/27 (a) | 188,000 | 190,496 | |||||
AerCap Ireland Capital Designated Activity Company | |||||||
2.88%, 08/14/24 | 76,000 | 73,085 | |||||
Avolon Holdings Funding Limited | |||||||
3.25%, 02/15/27 (a) | 138,000 | 123,035 | |||||
CIT Group Inc. | |||||||
4.75%, 02/16/24 | 186,000 | 191,638 | |||||
5.25%, 03/07/25 | 19,000 | 20,104 | |||||
Citigroup Inc. | |||||||
5.00%, (callable at 100 beginning 09/12/24) (g) | 166,000 | 165,490 | |||||
Commscope Finance LLC | |||||||
6.00%, 03/01/26 (a) | 95,000 | 99,024 | |||||
8.25%, 03/01/27 (a) | 93,000 | 96,691 | |||||
Credit Suisse Group AG | |||||||
5.25%, (callable at 100 beginning 02/11/27) (a) (g) | 200,000 | 200,865 | |||||
6.25%, (callable at 100 beginning 12/18/24) (a) (g) | 250,000 | 268,750 | |||||
Diamond Finance International Limited | |||||||
5.88%, 06/15/21 (a) | 94,000 | 94,158 | |||||
EG Global Finance PLC | |||||||
6.75%, 02/07/25 (a) | 180,000 | 183,825 | |||||
8.50%, 10/30/25 (a) | 86,000 | 90,558 | |||||
FirstCash, Inc. | |||||||
4.63%, 09/01/28 (a) | 91,000 | 92,620 | |||||
Ford Motor Credit Company LLC | |||||||
3.20%, 01/15/21 | 66,000 | 65,984 | |||||
5.60%, 01/07/22 | 63,000 | 64,323 | |||||
3.09%, 01/09/23 | 200,000 | 195,753 | |||||
3.10%, 05/04/23 | 136,000 | 132,736 | |||||
3.66%, 09/08/24 | 66,000 | 64,588 | |||||
4.06%, 11/01/24 | 68,000 | 67,869 | |||||
5.13%, 06/16/25 | 132,000 | 136,052 | |||||
HUB International Limited | |||||||
7.00%, 05/01/26 (a) | 129,000 | 133,612 | |||||
Icahn Enterprises L.P. | |||||||
4.75%, 09/15/24 | 161,000 | 162,785 | |||||
6.25%, 05/15/26 | 259,000 | 270,581 | |||||
5.25%, 05/15/27 | 35,000 | 36,516 | |||||
IHS Luxembourg S.A R.L. | |||||||
5.75%, 04/15/25 (a) | 35,000 | 35,897 | |||||
6.50%, 06/01/26 (a) (b) | 125,000 | 130,378 | |||||
James Hardie International Finance Designated Activity Company | |||||||
5.00%, 01/15/28 (a) | 78,000 | 81,775 | |||||
JPMorgan Chase & Co. | |||||||
5.00%, (callable at 100 beginning 08/01/24) (g) | 80,000 | 79,774 | |||||
Lions Gate Capital Holdings LLC | |||||||
6.38%, 02/01/24 (a) | 128,000 | 127,159 | |||||
5.88%, 11/01/24 (a) | 56,000 | 55,141 | |||||
LPL Holdings, Inc. | |||||||
4.63%, 11/15/27 (a) | 93,000 | 94,577 | |||||
Markel Corporation | |||||||
6.00%, (callable at 100 beginning on 06/01/25) (g) | 129,000 | 136,042 | |||||
Morgan Stanley | |||||||
4.08%, (callable at 100 beginning 10/15/20) (g) | 88,000 | 85,496 | |||||
Navient Corporation | |||||||
7.25%, 09/25/23 | 140,000 | 144,551 | |||||
5.88%, 10/25/24 | 82,000 | 81,583 | |||||
6.75%, 06/15/26 | 84,000 | 83,296 | |||||
Nesco Holdings, Inc. | |||||||
10.00%, 08/01/24 (a) | 81,000 | 85,039 | |||||
NFP Corp. | |||||||
6.88%, 08/15/28 (a) | 218,000 | 220,602 | |||||
Nielsen Finance LLC | |||||||
5.88%, 10/01/30 (a) | 140,000 | 145,535 | |||||
Nordic Aviation Capital | |||||||
5.04%, 02/27/24 (j) (k) | 81,782 | 63,626 | |||||
7.08%, 03/14/27 (j) (k) | 129,133 | 100,337 | |||||
Rassman, Joel H. | |||||||
3.80%, 11/01/29 | 87,000 | 92,158 | |||||
Springleaf Finance Corporation | |||||||
6.13%, 03/15/24 | 73,000 | 76,263 | |||||
8.88%, 06/01/25 | 51,000 | 56,373 | |||||
7.13%, 03/15/26 | 105,000 | 117,249 | |||||
6.63%, 01/15/28 | 63,000 | 69,866 | |||||
Telenet Finance Luxembourg Notes S.A R.L. | |||||||
5.50%, 03/01/28 (a) | 200,000 | 209,250 | |||||
USA Compression Finance Corp. | |||||||
6.88%, 04/01/26 - 09/01/27 | 231,000 | 228,338 | |||||
ZF North America Capital, Inc. | |||||||
4.50%, 04/29/22 (a) | 125,000 | 128,247 | |||||
Ziggo B.V. | |||||||
4.88%, 01/15/30 (a) | 200,000 | 207,000 | |||||
Ziggo Bond Finance B.V. | |||||||
6.00%, 01/15/27 (a) | 103,000 | 106,601 | |||||
6,263,291 | |||||||
Health Care 8.9% | |||||||
AdaptHealth, LLC | |||||||
6.13%, 08/01/28 (a) | 45,000 | 46,599 | |||||
Bausch Health Companies Inc. | |||||||
6.13%, 04/15/25 (a) | 255,000 | 260,999 | |||||
5.50%, 11/01/25 (a) | 69,000 | 70,774 | |||||
8.50%, 01/31/27 (a) | 446,000 | 489,980 |
Abbreviations and additional footnotes are defined on page 33
18
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
5.75%, 08/15/27 (a) | 93,000 | 98,990 | |||||
7.00%, 01/15/28 (a) | 51,000 | 54,083 | |||||
5.00%, 01/30/28 (a) | 40,000 | 38,873 | |||||
6.25%, 02/15/29 (a) | 50,000 | 51,467 | |||||
Catalent Pharma Solutions, Inc. | |||||||
5.00%, 07/15/27 (a) | 15,000 | 15,682 | |||||
Centene Corporation | |||||||
5.25%, 04/01/25 (a) | 389,000 | 404,268 | |||||
5.38%, 08/15/26 (a) | 48,000 | 50,587 | |||||
4.25%, 12/15/27 | 130,000 | 136,036 | |||||
4.63%, 12/15/29 | 53,000 | 57,107 | |||||
3.00%, 10/15/30 | 72,000 | 73,440 | |||||
Centene Escrow I Corporation | |||||||
5.38%, 06/01/26 (a) | 181,000 | 190,995 | |||||
Community Health Systems, Inc. | |||||||
6.25%, 03/31/23 | 27,000 | 26,377 | |||||
8.63%, 01/15/24 (a) | 100,000 | 99,486 | |||||
6.63%, 02/15/25 (a) | 130,000 | 125,829 | |||||
8.00%, 03/15/26 (a) | 132,000 | 129,526 | |||||
Endo Designated Activity Company | |||||||
9.50%, 07/31/27 (a) | 258,000 | 269,633 | |||||
6.00%, 06/30/28 (a) | 118,000 | 87,184 | |||||
HCA Inc. | |||||||
5.25%, 06/15/26 | 182,000 | 212,107 | |||||
5.38%, 09/01/26 | 47,000 | 51,912 | |||||
3.50%, 09/01/30 | 142,000 | 144,616 | |||||
IQVIA Inc. | |||||||
5.00%, 05/15/27 (a) | 125,000 | 131,017 | |||||
Mednax, Inc. | |||||||
6.25%, 01/15/27 (a) | 117,000 | 121,241 | |||||
MPH Acquisition Holdings LLC | |||||||
7.13%, 06/01/24 (a) | 149,000 | 153,065 | |||||
Ortho-Clinical Diagnostics, Inc. | |||||||
7.38%, 06/01/25 (a) | 58,000 | 59,148 | |||||
7.25%, 02/01/28 (a) | 45,000 | 46,743 | |||||
Par Pharmaceutical, Inc. | |||||||
7.50%, 04/01/27 (a) | 89,000 | 93,152 | |||||
Polaris Intermediate School | |||||||
8.50%, 12/01/22 (a) (c) | 160,000 | 162,861 | |||||
Tenet Healthcare Corporation | |||||||
8.13%, 04/01/22 | 204,000 | 226,797 | |||||
6.75%, 06/15/23 | 131,000 | 137,932 | |||||
7.50%, 04/01/25 (a) | 118,000 | 127,443 | |||||
7.00%, 08/01/25 (b) | 53,000 | 54,540 | |||||
4.88%, 01/01/26 (a) | 93,000 | 94,183 | |||||
5.13%, 11/01/27 (a) | 183,000 | 188,161 | |||||
6.13%, 10/01/28 (a) | 140,000 | 136,410 | |||||
4,919,243 | |||||||
Industrials 8.5% | |||||||
Aircastle Limited | |||||||
5.25%, 08/11/25 (a) | 53,000 | 51,935 | |||||
4.25%, 06/15/26 | 313,000 | 289,794 | |||||
American Airlines, Inc. | |||||||
11.75%, 07/15/25 (a) | 135,000 | 130,314 | |||||
Ashtead Capital, Inc. | |||||||
4.13%, 08/15/25 (a) | 33,000 | 33,841 | |||||
5.25%, 08/01/26 (a) | 139,000 | 146,992 | |||||
4.00%, 05/01/28 (a) | 9,000 | 9,300 | |||||
Aviation Capital Group LLC | |||||||
5.50%, 12/15/24 (a) | 80,000 | 82,400 | |||||
Bombardier Inc. | |||||||
6.00%, 10/15/22 (a) | 147,000 | 136,618 | |||||
7.50%, 03/15/25 (a) | 182,000 | 136,457 | |||||
Builders FirstSource, Inc. | |||||||
6.75%, 06/01/27 (a) | 53,000 | 56,771 | |||||
Cargo Aircraft Management, Inc. | |||||||
4.75%, 02/01/28 (a) | 192,000 | 193,926 | |||||
Cornerstone Building Brands, Inc. | |||||||
6.13%, 01/15/29 (a) | 147,000 | 148,952 | |||||
Foxtrot Escrow Issuer LLC | |||||||
12.25%, 11/15/26 (a) | 148,000 | 159,573 | |||||
General Electric Company | |||||||
5.00%, (callable at 100 beginning 01/21/21) (g) | 53,000 | 41,870 | |||||
Graham Packaging Company Europe LLC | |||||||
7.13%, 08/15/28 (a) | 138,000 | 143,607 | |||||
Howmet Aerospace Inc. | |||||||
6.88%, 05/01/25 | 108,000 | 119,321 | |||||
Masonite International Corporation | |||||||
5.38%, 02/01/28 (a) | 60,000 | 64,053 | |||||
Navistar International Corporation | |||||||
6.63%, 11/01/25 (a) | 268,000 | 274,998 | |||||
Park Aerospace Holdings Limited | |||||||
5.25%, 08/15/22 (a) | 55,000 | 55,199 | |||||
4.50%, 03/15/23 (a) | 45,000 | 44,541 | |||||
Prime Security Services Borrower, LLC | |||||||
5.25%, 04/15/24 (a) | 52,000 | 54,321 | |||||
5.75%, 04/15/26 (a) | 81,000 | 86,589 | |||||
3.38%, 08/31/27 (a) | 55,000 | 53,008 | |||||
6.25%, 01/15/28 (a) | 136,000 | 138,634 | |||||
Sensata Technologies B.V. | |||||||
5.00%, 10/01/25 (a) | 125,000 | 134,300 | |||||
Standard Industries Inc. | |||||||
4.75%, 01/15/28 (a) | 170,000 | 176,055 | |||||
Tempo Acquisition, LLC | |||||||
5.75%, 06/01/25 (a) | 75,000 | 78,478 | |||||
6.75%, 06/01/25 (a) | 119,000 | 121,407 | |||||
TransDigm Inc. | |||||||
6.50%, 05/15/25 | 155,000 | 154,509 | |||||
8.00%, 12/15/25 (a) | 34,000 | 36,967 | |||||
6.25%, 03/15/26 (a) | 296,000 | 309,146 | |||||
5.50%, 11/15/27 | 110,000 | 105,700 | |||||
Transdigm UK Holdings PLC | |||||||
6.88%, 05/15/26 | 51,000 | 51,254 | |||||
Triumph Group, Inc. | |||||||
8.88%, 06/01/24 (a) | 56,000 | 59,629 | |||||
United Rentals (North America), Inc. | |||||||
3.88%, 11/15/27 | 356,000 | 366,264 | |||||
Univar Solutions USA Inc. | |||||||
5.13%, 12/01/27 (a) | 35,000 | 35,930 | |||||
Vertical Holdco GmbH | |||||||
7.63%, 07/15/28 (a) | 208,000 | 219,678 | |||||
Watco Companies, L.L.C. | |||||||
6.50%, 06/15/27 (a) | 128,000 | 130,990 | |||||
WESCO Distribution, Inc. | |||||||
7.13%, 06/15/25 (a) | 68,000 | 74,026 | |||||
4,707,347 | |||||||
Materials 7.2% | |||||||
ARD Finance S.A. | |||||||
6.50%, 06/30/27 (a) (c) | 137,000 | 136,162 | |||||
Ardagh Packaging Finance Public Limited Company | |||||||
5.25%, 08/15/27 (a) | 217,000 | 221,312 | |||||
Berry Global Escrow Corporation | |||||||
4.88%, 07/15/26 (a) | 142,000 | 149,073 | |||||
Berry Global, Inc. | |||||||
5.13%, 07/15/23 | 53,000 | 53,794 | |||||
Carpenter Technology Corporation | |||||||
6.38%, 07/15/28 | 63,000 | 66,015 | |||||
Cascades Inc. | |||||||
5.13%, 01/15/26 (a) | 23,000 | 24,097 | |||||
5.38%, 01/15/28 (a) | 61,000 | 64,205 | |||||
CEMEX S.A.B. de C.V. | |||||||
5.70%, 01/11/25 (a) | 30,000 | 30,611 | |||||
5.45%, 11/19/29 (a) | 205,000 | 207,958 | |||||
CF Industries, Inc. | |||||||
5.38%, 03/15/44 | 50,000 | 60,201 | |||||
Cleveland-Cliffs Inc. | |||||||
6.75%, 03/15/26 (a) | 161,000 | 163,847 | |||||
5.88%, 06/01/27 | 69,000 | 64,105 | |||||
CVR Partners, LP | |||||||
9.25%, 06/15/23 (a) | 219,000 | 202,599 | |||||
Flex Acquisition Company, Inc. | |||||||
7.88%, 07/15/26 (a) | 80,000 | 81,410 | |||||
FMG Resources (August 2006) Pty Ltd | |||||||
5.13%, 03/15/23 (a) | 174,000 | 181,849 | |||||
5.13%, 05/15/24 (a) (b) | 65,000 | 69,364 | |||||
Freeport-McMoRan Inc. | |||||||
4.55%, 11/14/24 | 74,000 | 79,013 |
Abbreviations and additional footnotes are defined on page 33
19
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
5.00%, 09/01/27 | 117,000 | 122,298 | |||||
4.38%, 08/01/28 | 80,000 | 82,763 | |||||
5.40%, 11/14/34 | 217,000 | 239,967 | |||||
5.45%, 03/15/43 | 44,000 | 48,811 | |||||
FXI Holdings, Inc. | |||||||
7.88%, 11/01/24 (a) | 108,000 | 103,126 | |||||
Hudbay Minerals Inc. | |||||||
6.13%, 04/01/29 (a) | 139,000 | 137,564 | |||||
Intelligent Packaging Limited Purchaser Inc. | |||||||
6.00%, 09/15/28 (a) | 36,000 | 36,543 | |||||
Mauser Packaging Solutions Holding Company | |||||||
7.25%, 04/15/25 (a) | 70,000 | 65,883 | |||||
Mercer International Inc. | |||||||
7.38%, 01/15/25 | 192,000 | 194,422 | |||||
NOVA Chemicals Corporation | |||||||
4.88%, 06/01/24 (a) | 128,000 | 127,255 | |||||
5.25%, 08/01/23 - 06/01/27 (a) | 186,000 | 177,596 | |||||
Novelis Corporation | |||||||
4.75%, 01/30/30 (a) | 85,000 | 83,015 | |||||
Reynolds Group Holdings Inc. | |||||||
5.13%, 07/15/23 (a) | 276,000 | 279,455 | |||||
7.00%, 07/15/24 (a) | 41,000 | 41,739 | |||||
Silgan Holdings Inc. | |||||||
4.13%, 02/01/28 | 101,000 | 103,013 | |||||
The Chemours Company | |||||||
6.63%, 05/15/23 | 96,000 | 97,254 | |||||
5.38%, 05/15/27 | 88,000 | 87,375 | |||||
United States Steel Corporation | |||||||
12.00%, 06/01/25 (a) | 60,000 | 63,881 | |||||
3,947,575 | |||||||
Consumer Staples 4.3% | |||||||
Albertsons Companies, Inc. | |||||||
5.75%, 03/15/25 | 40,000 | 41,340 | |||||
Cott Holdings Inc. | |||||||
5.50%, 04/01/25 (a) | 161,000 | 165,023 | |||||
Edgewell Personal Care Colombia S A S | |||||||
5.50%, 06/01/28 (a) | 47,000 | 49,461 | |||||
JBS Investments II GmbH | |||||||
5.75%, 01/15/28 (a) | 208,000 | 217,880 | |||||
JBS USA Food Company | |||||||
6.50%, 04/15/29 (a) | 48,000 | 53,294 | |||||
Kraft Foods Group, Inc. | |||||||
5.00%, 06/04/42 | 122,000 | 133,118 | |||||
Kraft Heinz Foods Company | |||||||
3.88%, 05/15/27 (a) | 37,000 | 39,169 | |||||
4.25%, 03/01/31 (a) | 89,000 | 97,195 | |||||
4.63%, 10/01/39 (a) | 218,000 | 229,589 | |||||
4.88%, 10/01/49 (a) | 153,000 | 160,650 | |||||
Matterhorn Merger Sub, LLC | |||||||
8.50%, 06/01/26 (a) | 142,000 | 139,478 | |||||
Performance Food Group, Inc. | |||||||
6.88%, 05/01/25 (a) (b) | 12,000 | 12,780 | |||||
Pilgrim's Pride Corporation | |||||||
5.75%, 03/15/25 (a) | 159,000 | 162,230 | |||||
5.88%, 09/30/27 (a) | 104,000 | 108,067 | |||||
Post Holdings, Inc. | |||||||
5.63%, 01/15/28 (a) | 142,000 | 150,443 | |||||
4.63%, 04/15/30 (a) | 77,000 | 79,201 | |||||
Safeway Inc. | |||||||
5.88%, 02/15/28 (a) | 157,000 | 167,636 | |||||
Sigma Holdco B.V. | |||||||
7.88%, 05/15/26 (a) | 181,000 | 184,029 | |||||
Verscend Holding Corp. | |||||||
9.75%, 08/15/26 (a) | 147,000 | 159,865 | |||||
2,350,448 | |||||||
Information Technology 4.2% | |||||||
ams AG | |||||||
7.00%, 07/31/25 (a) | 264,000 | 279,079 | |||||
Banff Merger Sub Inc. | |||||||
9.75%, 09/01/26 (a) | 236,000 | 249,348 | |||||
Boxer Parent Company Inc. | |||||||
7.13%, 10/02/25 (a) | 46,000 | 49,128 | |||||
CommScope Holding Company, Inc. | |||||||
6.00%, 06/15/25 (a) | 32,000 | 32,426 | |||||
Commscope, Inc. | |||||||
7.13%, 07/01/28 (a) | 135,000 | 138,712 | |||||
Dell Inc. | |||||||
6.50%, 04/15/38 | 51,000 | 59,052 | |||||
Entegris, Inc. | |||||||
4.38%, 04/15/28 (a) | 82,000 | 84,840 | |||||
LogMeIn, Inc. | |||||||
5.50%, 09/01/27 (a) | 67,000 | 67,984 | |||||
Microchip Technology Incorporated | |||||||
4.25%, 09/01/25 (a) | 49,000 | 50,820 | |||||
NCR Corporation | |||||||
8.13%, 04/15/25 (a) | 65,000 | 71,864 | |||||
5.75%, 09/01/27 (a) | 79,000 | 82,546 | |||||
5.25%, 10/01/30 (a) | 80,000 | 79,975 | |||||
Open Text Corporation | |||||||
3.88%, 02/15/28 (a) | 112,000 | 113,094 | |||||
Presidio Holdings, Inc. | |||||||
8.25%, 02/01/28 (a) | 72,000 | 75,395 | |||||
Radiate HoldCo, LLC | |||||||
4.50%, 09/15/26 (a) | 70,000 | 70,378 | |||||
6.50%, 09/15/28 (a) | 289,000 | 296,727 | |||||
Sabre GLBL Inc. | |||||||
7.38%, 09/01/25 (a) | 74,000 | 74,651 | |||||
SS&C Technologies, Inc. | |||||||
5.50%, 09/30/27 (a) | 126,000 | 133,694 | |||||
ViaSat, Inc. | |||||||
5.63%, 09/15/25 - 04/15/27 (a) | 230,000 | 230,030 | |||||
6.50%, 07/15/28 (a) | 91,000 | 91,219 | |||||
2,330,962 | |||||||
Real Estate 1.2% | |||||||
CSL Capital, LLC | |||||||
6.00%, 04/15/23 (a) | 60,000 | 60,340 | |||||
Cushman & Wakefield PLC | |||||||
6.75%, 05/15/28 (a) | 93,000 | 96,466 | |||||
ESH Hospitality, Inc. | |||||||
5.25%, 05/01/25 (a) | 106,000 | 106,981 | |||||
MGM Growth Properties Operating Partnership LP | |||||||
5.75%, 02/01/27 | 76,000 | 81,812 | |||||
4.50%, 01/15/28 | 6,000 | 6,116 | |||||
Retail Opportunity Investments Partnership, LP | |||||||
4.00%, 12/15/24 | 140,000 | 140,126 | |||||
Uniti Group Inc. | |||||||
7.88%, 02/15/25 (a) | 55,000 | 58,275 | |||||
VICI Properties Inc. | |||||||
4.25%, 12/01/26 (a) | 51,000 | 51,256 | |||||
3.75%, 02/15/27 (a) | 59,000 | 58,035 | |||||
4.63%, 12/01/29 (a) | 15,000 | 15,328 | |||||
674,735 | |||||||
Utilities 1.1% | |||||||
Calpine Corporation | |||||||
5.25%, 06/01/26 (a) | 213,000 | 221,428 | |||||
4.50%, 02/15/28 (a) | 67,000 | 68,670 | |||||
Pacific Gas And Electric Company | |||||||
5.00%, 07/01/28 | 39,000 | 37,803 | |||||
5.25%, 07/01/30 | 100,000 | 96,710 | |||||
The AES Corporation | |||||||
5.13%, 09/01/27 | 160,000 | 170,365 | |||||
3.95%, 07/15/30 (a) | 25,000 | 27,630 | |||||
622,606 | |||||||
Total Corporate Bonds And Notes (cost $49,677,513) | 50,546,956 | ||||||
SENIOR FLOATING RATE INSTRUMENTS 2.6% | |||||||
Consumer Discretionary 0.7% | |||||||
Adient US LLC | |||||||
Term Loan B, 4.40%, (1M USD LIBOR + 4.25%), 05/03/24 (l) | 55,451 | 54,746 | |||||
Term Loan B, 4.49%, (3M USD LIBOR + 4.25%), 05/03/24 (l) | 18,797 | 18,558 | |||||
Bass Pro Group, LLC | |||||||
Term Loan B, 5.75%, (3M USD LIBOR + 5.00%), 11/15/23 (l) | 171,110 | 169,293 | |||||
Caesars Resort Collection, LLC | |||||||
2020 Term Loan B1, 4.65%, (1M USD LIBOR + 4.50%), 06/19/25 (l) | 33,333 | 32,213 |
Abbreviations and additional footnotes are defined on page 33
20
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
2020 Term Loan B1, 4.77%, (3M USD LIBOR + 4.50%), 06/19/25 (l) | 16,667 | 16,107 | |||||
Delta Air Lines, Inc. | |||||||
Term Loan B, 0.00%, (3M USD LIBOR + 3.75%), 09/16/27 (l) (m) | 14,000 | 14,093 | |||||
Mileage Plus Holdings LLC | |||||||
2020 Term Loan B, 6.25%, (3M USD LIBOR + 5.25%), 12/31/23 (l) | 49,200 | 49,966 | |||||
Mohegan Tribal Gaming Authority | |||||||
2016 Term Loan B, 7.37%, (3M USD LIBOR + 6.38%), 10/30/23 (l) | 39,368 | 34,972 | |||||
389,948 | |||||||
Information Technology 0.6% | |||||||
Almonde, Inc. | |||||||
USD 1st Lien Term Loan, 4.50%, (6M USD LIBOR + 3.50%), 04/26/24 (l) | 47,708 | 44,500 | |||||
USD 1st Lien Term Loan, 4.50%, (3M USD LIBOR + 3.50%), 04/26/24 (l) | 18,625 | 17,373 | |||||
Banff Merger Sub Inc. | |||||||
2018 USD Term Loan B, 4.41%, (1M USD LIBOR + 4.25%), 06/30/25 (l) | 78,995 | 76,500 | |||||
Cornerstone OnDemand, Inc. | |||||||
Term Loan B, 4.41%, (1M USD LIBOR + 4.25%), 04/22/27 (l) | 75,000 | 74,797 | |||||
LogMeIn, Inc. | |||||||
Term Loan B, 4.91%, (3M USD LIBOR + 4.75%), 08/31/27 (l) | 68,000 | 65,599 | |||||
Verifone Systems, Inc. | |||||||
2018 1st Lien Term Loan, 4.25%, (3M USD LIBOR + 4.00%), 08/09/25 (l) | 63,284 | 56,547 | |||||
335,316 | |||||||
Communication Services 0.5% | |||||||
Consolidated Communications, Inc. | |||||||
2016 Term Loan B, 0.00%, (3M USD LIBOR + 4.75%), 09/15/27 (l) (m) | 57,143 | 56,482 | |||||
Frontier Communications Corporation | |||||||
2017 Term Loan B1, 6.00%, (PRIME + 2.75%), 05/31/24 (l) | 97,494 | 95,693 | |||||
iHeartCommunications, Inc. | |||||||
2020 Term Loan, 3.15%, (1M USD LIBOR + 3.00%), 05/01/26 (l) | 52,603 | 49,800 | |||||
Zayo Group Holdings, Inc. | |||||||
USD Term Loan, 3.15%, (1M USD LIBOR + 3.00%), 02/20/27 (l) | 67,660 | 65,570 | |||||
267,545 | |||||||
Financials 0.3% | |||||||
Acrisure, LLC | |||||||
2020 Term Loan B, 3.65%, (1M USD LIBOR + 3.50%), 01/30/27 (l) | 97,261 | 93,736 | |||||
Advisor Group, Inc. | |||||||
2019 Term Loan B, 5.16%, (1M USD LIBOR + 5.00%), 07/31/26 (l) | 84,786 | 81,913 | |||||
175,649 | |||||||
Materials 0.2% | |||||||
BWAY Holding Company | |||||||
2017 Term Loan B, 3.52%, (3M USD LIBOR + 3.25%), 04/03/24 (l) | 89,419 | 83,774 | |||||
Health Care 0.1% | |||||||
Alphabet Holding Company, Inc. | |||||||
2017 1st Lien Term Loan, 3.66%, (1M USD LIBOR + 3.50%), 08/15/24 (l) | 84,906 | 82,374 | |||||
Industrials 0.1% | |||||||
Dynasty Acquisition Co., Inc. | |||||||
2020 CAD Term Loan B2, 3.72%, (3M USD LIBOR + 3.50%), 04/06/26 (l) | 23,885 | 21,002 | |||||
2020 Term Loan B1, 3.72%, (3M USD LIBOR + 3.50%), 04/06/26 (l) | 44,425 | 39,063 | |||||
60,065 | |||||||
Energy 0.1% | |||||||
Lower Cadence Holdings LLC | |||||||
Term Loan B, 4.15%, (1M USD LIBOR + 4.00%), 05/10/26 (l) | 64,154 | 59,118 | |||||
Total Senior Floating Rate Instruments (cost $1,491,372) | 1,453,789 | ||||||
INVESTMENT COMPANIES 1.5% | |||||||
Eaton Vance Senior Floating-Rate Trust | 3,750 | 43,613 | |||||
SPDR Bloomberg Barclays High Yield Bond ETF | 7,364 | 767,843 | |||||
Total Investment Companies (cost $786,270) | 811,456 | ||||||
PREFERRED STOCKS 0.3% | |||||||
Consumer Discretionary 0.3% | |||||||
Qurate Retail, Inc. (h) | 1,409 | 138,786 | |||||
Total Preferred Stocks (cost $140,393) | 138,786 | ||||||
COMMON STOCKS 0.1% | |||||||
Energy 0.1% | |||||||
MPLX LP | 2,200 | 34,628 | |||||
Communication Services 0.0% | |||||||
Clear Channel Outdoor Holdings, Inc. (h) | 8,143 | 8,143 | |||||
iHeartMedia, Inc. - Class A (b) (h) | 386 | 3,134 | |||||
11,277 | |||||||
Total Common Stocks (cost $121,632) | 45,905 | ||||||
WARRANTS 0.0% | |||||||
iHeartMedia, Inc. (h) (n) | 2,897 | 21,171 | |||||
Total Warrants (cost $53,585) | 21,171 | ||||||
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0% | |||||||
Air Canada 2020-2 Class A Pass Through Trust | |||||||
Series 2020-A-2, 5.25%, 04/01/29 | 20,000 | 20,500 | |||||
Total Non-U.S. Government Agency Asset-Backed Securities (cost $20,000) | 20,500 | ||||||
SHORT TERM INVESTMENTS 4.0% | |||||||
Investment Companies 3.0% | |||||||
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.03% (o) | 1,662,437 | 1,662,437 | |||||
Securities Lending Collateral 1.0% | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (o) | 550,971 | 550,971 | |||||
Total Short Term Investments (cost $2,213,408) | 2,213,408 | ||||||
Total Investments 100.0% (cost $54,504,173) | 55,251,971 | ||||||
Other Assets and Liabilities, Net (0.0)% | (26,405) | ||||||
Total Net Assets 100.0% | 55,225,566 |
(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2020, the value and the percentage of net assets of these securities was $32,360,628 and 58.6% of the Fund.
(b) All or a portion of the security was on loan as of September 30, 2020.
(c) 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.
(d) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.
(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2020.
(f) Convertible security.
(g) Perpetual security. Next contractual call date presented, if applicable.
(h) Non-income producing security.
(i) As of September 30, 2020, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.
(j) 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.
(k) Security is restricted to resale to institutional investors. See Restricted Securities table following the Schedules of Investments.
(l) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage
Abbreviations and additional footnotes are defined on page 33
21
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
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) This senior floating rate interest will settle after September 30, 2020. If a reference rate and spread is presented, it will go into effect upon settlement.
(n) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the 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.
(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2020.
PPM High Yield Core Fund — Restricted Securities | |||||||||
Initial Acquisition | Cost ($) | Value ($) | Percent of Net Assets (%) | ||||||
Nordic Aviation Capital, 5.04%, 02/27/24 | 02/06/20 | 81,782 | 63,626 | 0.1 | |||||
Nordic Aviation Capital, 7.08%, 03/14/27 | 10/01/19 | 129,133 | 100,337 | 0.2 | |||||
210,915 | 163,963 | 0.3 |
PPM High Yield Core Fund – Unfunded Commitments
Unfunded Commitment ($) | Appreciation/ (Depreciation) ($) | |||||
Intelsat Jackson Holdings S.A. - 2020 DIP Term Loan | 9,398 | 149 | ||||
9,398 | 149 |
Abbreviations and additional footnotes are defined on page 33
22
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
PPM Long Short Credit Fund | |||||||
CORPORATE BONDS AND NOTES 77.2% | |||||||
Financials 24.6% | |||||||
Acrisure, LLC | |||||||
7.00%, 11/15/25 (a) | 80,000 | 78,433 | |||||
AerCap Ireland Capital Designated Activity Company | |||||||
4.50%, 09/15/23 | 150,000 | 154,559 | |||||
6.50%, 07/15/25 | 40,000 | 43,122 | |||||
Avolon Holdings Funding Limited | |||||||
3.63%, 05/01/22 (a) | 125,000 | 122,813 | |||||
5.25%, 05/15/24 (a) (b) | 342,000 | 342,546 | |||||
Bank of America Corporation | |||||||
6.30%, (callable at 100 beginning 03/10/26) (c) | 40,000 | 45,000 | |||||
1.26%, (3M USD LIBOR + 1.00%), 04/24/23 (d) | 166,000 | 168,421 | |||||
4.00%, 01/22/25 | 209,000 | 232,007 | |||||
4.25%, 10/22/26 | 105,000 | 120,994 | |||||
3.59%, 07/21/28 | 41,000 | 45,832 | |||||
4.27%, 07/23/29 | 170,000 | 199,346 | |||||
2.68%, 06/19/41 | 100,000 | 102,013 | |||||
4.33%, 03/15/50 (b) | 1,199,000 | 1,522,919 | |||||
Barclays PLC | |||||||
1.70%, 05/12/22 (e) | 200,000 | 203,366 | |||||
3.56%, 09/23/35 (e) | 200,000 | 196,988 | |||||
BNP Paribas | |||||||
2.59%, 08/12/35 (a) (e) | 200,000 | 194,076 | |||||
Bunge Limited Finance Corp. | |||||||
1.63%, 08/17/25 | 25,000 | 25,077 | |||||
Capital One Financial Corporation | |||||||
3.75%, 03/09/27 | 40,000 | 44,407 | |||||
CIT Group Inc. | |||||||
3.93%, 06/19/24 | 202,000 | 203,587 | |||||
Citigroup Inc. | |||||||
5.00%, (callable at 100 beginning 09/12/24) (c) | 52,000 | 51,840 | |||||
1.20%, (3M USD LIBOR + 0.96%), 04/25/22 (b) (d) | 249,000 | 251,320 | |||||
4.45%, 09/29/27 | 41,000 | 47,445 | |||||
3.89%, 01/10/28 (d) | 67,000 | 75,795 | |||||
4.13%, 07/25/28 | 10,000 | 11,482 | |||||
3.52%, 10/27/28 | 91,000 | 101,133 | |||||
Credit Suisse Group AG | |||||||
5.25%, (callable at 100 beginning 02/11/27) (a) (c) | 200,000 | 200,865 | |||||
7.50%, (callable at 100 beginning 07/17/23) (a) (c) | 200,000 | 210,065 | |||||
6.50%, 08/08/23 (a) | 175,000 | 198,137 | |||||
Diamond Finance International Limited | |||||||
6.02%, 06/15/26 (a) | 48,000 | 56,419 | |||||
8.35%, 07/15/46 (a) | 99,000 | 131,110 | |||||
Ford Motor Credit Company LLC | |||||||
3.42%, (3M USD LIBOR + 3.14%), 01/07/22 (b) (d) | 250,000 | 246,483 | |||||
General Motors Financial Company, Inc. | |||||||
5.20%, 03/20/23 | 60,000 | 65,085 | |||||
Glencore Funding LLC | |||||||
4.88%, 03/12/29 (a) | 125,000 | 146,088 | |||||
HSBC Holdings PLC | |||||||
1.27%, (3M USD LIBOR + 1.00%), 05/18/24 (d) | 150,000 | 149,719 | |||||
Icahn Enterprises L.P. | |||||||
4.75%, 09/15/24 | 37,000 | 37,410 | |||||
6.25%, 05/15/26 | 52,000 | 54,325 | |||||
Intercontinental Exchange, Inc. | |||||||
2.10%, 06/15/30 | 92,000 | 95,047 | |||||
JPMorgan Chase & Co. | |||||||
4.05%, (callable at 100 beginning 11/01/20) (c) | 150,000 | 148,031 | |||||
5.00%, (callable at 100 beginning 08/01/24) (c) | 70,000 | 69,802 | |||||
3.54%, 05/01/28 | 9,000 | 10,096 | |||||
3.51%, 01/23/29 | 66,000 | 74,283 | |||||
2.74%, 10/15/30 | 116,000 | 124,849 | |||||
2.96%, 05/13/31 | 77,000 | 82,433 | |||||
Lloyds Banking Group PLC | |||||||
3.87%, 07/09/25 (b) (e) | 200,000 | 217,683 | |||||
Markel Corporation | |||||||
6.00%, (callable at 100 beginning on 06/01/25) (c) | 56,000 | 59,057 | |||||
Metropolitan Life Global Funding I | |||||||
3.60%, 01/11/24 (a) | 160,000 | 174,868 | |||||
Morgan Stanley | |||||||
4.08%, (callable at 100 beginning 10/15/20) (c) | 60,000 | 58,293 | |||||
1.19%, (3M USD LIBOR + 0.93%), 07/22/22 (d) | 125,000 | 126,207 | |||||
4.10%, 05/22/23 (b) | 225,000 | 243,079 | |||||
3.62%, 04/01/31 | 143,000 | 163,909 | |||||
NatWest Group PLC | |||||||
3.07%, 05/22/28 (e) | 200,000 | 212,199 | |||||
NatWest Markets PLC | |||||||
2.38%, 05/21/23 (a) | 200,000 | 205,647 | |||||
Rassman, Joel H. | |||||||
3.80%, 11/01/29 | 138,000 | 146,182 | |||||
Santander Holdings USA, Inc. | |||||||
3.45%, 06/02/25 | 99,000 | 105,625 | |||||
Springleaf Finance Corporation | |||||||
5.38%, 11/15/29 | 34,000 | 35,393 | |||||
The Goldman Sachs Group, Inc. | |||||||
3.50%, 04/01/25 | 57,000 | 62,834 | |||||
3.80%, 03/15/30 | 176,000 | 202,980 | |||||
The Guardian Life Insurance Company of America | |||||||
3.70%, 01/22/70 (a) | 46,000 | 47,771 | |||||
The Travelers Companies, Inc. | |||||||
2.55%, 04/27/50 | 19,000 | 18,543 | |||||
Truist Financial Corporation | |||||||
4.95%, (callable at 100 beginning on 09/01/25) (c) | 75,000 | 78,763 | |||||
U.S. Bancorp | |||||||
3.00%, 07/30/29 | 30,000 | 33,328 | |||||
UBS AG | |||||||
1.75%, 04/21/22 (a) | 200,000 | 203,835 | |||||
USA Compression Finance Corp. | |||||||
6.88%, 09/01/27 | 67,000 | 66,171 | |||||
Wells Fargo & Company | |||||||
2.41%, 10/30/25 | 189,000 | 198,217 | |||||
3.20%, 06/17/27 | 25,000 | 27,144 | |||||
3.58%, 05/22/28 (d) | 26,000 | 29,009 | |||||
2.88%, 10/30/30 | 124,000 | 132,630 | |||||
Wells Fargo Bank, National Association | |||||||
2.08%, 09/09/22 (b) | 750,000 | 760,565 | |||||
10,294,700 | |||||||
Energy 11.0% | |||||||
Aker BP ASA | |||||||
3.75%, 01/15/30 (a) | 210,000 | 204,124 | |||||
Baker Hughes Holdings LLC | |||||||
4.49%, 05/01/30 | 77,000 | 87,577 | |||||
Callon Petroleum Company | |||||||
6.38%, 07/01/26 | 100,000 | 24,432 | |||||
Canadian Natural Resources Limited | |||||||
2.05%, 07/15/25 | 81,000 | 82,551 | |||||
Cheniere Corpus Christi Holdings, LLC | |||||||
7.00%, 06/30/24 | 100,000 | 115,137 | |||||
5.88%, 03/31/25 | 41,000 | 46,710 | |||||
Cheniere Energy Partners, L.P. | |||||||
4.50%, 10/01/29 | 110,000 | 112,758 | |||||
Chevron Corporation | |||||||
2.00%, 05/11/27 | 97,000 | 102,659 | |||||
Diamondback Energy, Inc. | |||||||
4.75%, 05/31/25 | 33,000 | 35,477 | |||||
Endeavor Energy Resources, L.P. | |||||||
6.63%, 07/15/25 (a) | 4,000 | 4,108 | |||||
5.75%, 01/30/28 (a) | 69,000 | 69,488 | |||||
Energy Transfer LP | |||||||
6.75%, (callable at 100 beginning 05/15/25) (c) | 83,000 | 63,954 | |||||
7.13%, (callable at 100 beginning 05/15/30) (c) | 96,000 | 75,745 | |||||
4.25%, 03/15/23 | 192,000 | 199,830 | |||||
3.75%, 05/15/30 | 57,000 | 55,243 | |||||
5.80%, 06/15/38 | 95,000 | 93,547 | |||||
6.25%, 04/15/49 | 40,000 | 41,248 | |||||
Enlink Midstream, LLC | |||||||
4.15%, 06/01/25 | 69,000 | 59,360 |
Abbreviations and additional footnotes are defined on page 33
23
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
Enterprise Products Operating LLC | |||||||
3.35%, 03/15/23 | 43,000 | 45,398 | |||||
3.13%, 07/31/29 | 123,000 | 133,900 | |||||
4.20%, 01/31/50 | 84,000 | 88,993 | |||||
EQM Midstream Partners, LP | |||||||
4.13%, 12/01/26 | 108,000 | 102,370 | |||||
Everest Acquisition, LLC | |||||||
0.00%, 11/29/24 (a) (b) (f) (g) | 85,000 | 69 | |||||
0.00%, 05/15/26 (a) (f) (g) | 35,000 | 7,306 | |||||
Exxon Mobil Corporation | |||||||
3.48%, 03/19/30 | 141,000 | 162,522 | |||||
Gray Oak Pipeline, LLC | |||||||
2.00%, 09/15/23 (a) | 96,000 | 96,471 | |||||
HollyFrontier Corporation | |||||||
2.63%, 10/01/23 (h) | 26,000 | 26,062 | |||||
Marathon Petroleum Corporation | |||||||
4.50%, 05/01/23 | 96,000 | 103,614 | |||||
MPLX LP | |||||||
4.00%, 03/15/28 | 97,000 | 106,098 | |||||
5.20%, 12/01/47 | 44,000 | 47,032 | |||||
Murphy Oil Corporation | |||||||
5.88%, 12/01/27 | 44,000 | 37,582 | |||||
NGPL PipeCo LLC | |||||||
4.88%, 08/15/27 (a) | 23,000 | 25,198 | |||||
Occidental Petroleum Corporation | |||||||
1.50%, (3M USD LIBOR + 1.25%), 08/13/21 (d) | 300,000 | 284,250 | |||||
3.50%, 08/15/29 | 103,000 | 79,016 | |||||
4.30%, 08/15/39 | 19,000 | 13,169 | |||||
4.40%, 08/15/49 | 21,000 | 14,779 | |||||
Parsley Energy, LLC | |||||||
5.38%, 01/15/25 (a) | 91,000 | 90,826 | |||||
Patterson-UTI Energy, Inc. | |||||||
5.15%, 11/15/29 | 130,000 | 99,686 | |||||
Phillips 66 | |||||||
3.70%, 04/06/23 | 90,000 | 96,397 | |||||
3.85%, 04/09/25 | 90,000 | 100,020 | |||||
Pioneer Natural Resources Company | |||||||
1.90%, 08/15/30 | 87,000 | 81,744 | |||||
Rattler Midstream LP | |||||||
5.63%, 07/15/25 (a) | 11,000 | 11,083 | |||||
Sabine Pass Liquefaction, LLC | |||||||
5.63%, 03/01/25 | 88,000 | 100,697 | |||||
4.20%, 03/15/28 | 165,000 | 179,060 | |||||
4.50%, 05/15/30 (a) (e) | 60,000 | 67,571 | |||||
Southwestern Energy Company | |||||||
7.75%, 10/01/27 (b) | 500,000 | 485,579 | |||||
Targa Resource Corporation | |||||||
5.50%, 03/01/30 (a) | 108,000 | 107,403 | |||||
4.88%, 02/01/31 (a) | 41,000 | 39,750 | |||||
Transocean Pontus Limited | |||||||
6.13%, 08/01/25 (a) (b) | 15,600 | 13,919 | |||||
Transocean Poseidon Limited | |||||||
6.88%, 02/01/27 (a) | 49,000 | 39,231 | |||||
Transocean Proteus Limited | |||||||
6.25%, 12/01/24 (a) | 144,950 | 129,387 | |||||
WPX Energy, Inc. | |||||||
5.88%, 06/15/28 | 44,000 | 45,959 | |||||
4.50%, 01/15/30 | 43,000 | 42,351 | |||||
4,578,440 | |||||||
Health Care 7.7% | |||||||
AbbVie Inc. | |||||||
3.25%, 10/01/22 (a) | 233,000 | 243,502 | |||||
2.95%, 11/21/26 (a) | 121,000 | 131,766 | |||||
Amgen Inc. | |||||||
2.20%, 02/21/27 | 96,000 | 101,411 | |||||
2.45%, 02/21/30 | 39,000 | 41,308 | |||||
3.15%, 02/21/40 | 131,000 | 139,197 | |||||
Ascension Health | |||||||
2.53%, 11/15/29 | 20,000 | 21,654 | |||||
Bausch Health Companies Inc. | |||||||
8.50%, 01/31/27 (a) | 63,000 | 69,212 | |||||
5.75%, 08/15/27 (a) | 82,000 | 87,282 | |||||
7.00%, 01/15/28 (a) | 24,000 | 25,451 | |||||
5.00%, 01/30/28 (a) | 32,000 | 31,098 | |||||
6.25%, 02/15/29 (a) | 58,000 | 59,702 | |||||
Baxter International Inc. | |||||||
3.75%, 10/01/25 (a) | 35,000 | 39,672 | |||||
3.95%, 04/01/30 (a) | 11,000 | 13,164 | |||||
Bristol-Myers Squibb Company | |||||||
3.40%, 07/26/29 | 218,000 | 253,052 | |||||
4.13%, 06/15/39 | 55,000 | 69,519 | |||||
Centene Corporation | |||||||
5.25%, 04/01/25 (a) | 61,000 | 63,394 | |||||
5.38%, 08/15/26 (a) | 64,000 | 67,450 | |||||
4.25%, 12/15/27 | 28,000 | 29,300 | |||||
4.63%, 12/15/29 | 123,000 | 132,533 | |||||
3.38%, 02/15/30 | 57,000 | 59,138 | |||||
3.00%, 10/15/30 | 91,000 | 92,820 | |||||
Centene Escrow I Corporation | |||||||
5.38%, 06/01/26 (a) | 65,000 | 68,589 | |||||
Cigna Holding Company | |||||||
3.40%, 03/01/27 | 50,000 | 56,106 | |||||
4.38%, 10/15/28 | 120,000 | 142,203 | |||||
2.40%, 03/15/30 | 45,000 | 46,548 | |||||
Community Health Systems, Inc. | |||||||
8.63%, 01/15/24 (a) | 50,000 | 49,743 | |||||
8.00%, 03/15/26 (a) | 85,000 | 83,407 | |||||
CVS Health Corporation | |||||||
4.78%, 03/25/38 | 62,000 | 74,864 | |||||
5.05%, 03/25/48 | 109,000 | 138,628 | |||||
HCA Inc. | |||||||
5.38%, 09/01/26 | 55,000 | 60,748 | |||||
Jaguar Holding Company II | |||||||
4.63%, 06/15/25 (a) | 12,000 | 12,355 | |||||
5.00%, 06/15/28 (a) | 12,000 | 12,516 | |||||
Molina Healthcare, Inc. | |||||||
4.38%, 06/15/28 (a) | 12,000 | 12,230 | |||||
Par Pharmaceutical, Inc. | |||||||
7.50%, 04/01/27 (a) (b) | 89,000 | 93,152 | |||||
Providence St. Joseph Health | |||||||
2.53%, 10/01/29 | 62,000 | 65,887 | |||||
Regeneron Pharmaceuticals, Inc. | |||||||
1.75%, 09/15/30 | 68,000 | 66,360 | |||||
Royalty Pharma PLC | |||||||
1.75%, 09/02/27 (a) | 53,000 | 53,033 | |||||
3.30%, 09/02/40 (a) | 67,000 | 65,977 | |||||
Tenet Healthcare Corporation | |||||||
4.88%, 01/01/26 (a) | 130,000 | 131,654 | |||||
Universal Health Services, Inc. | |||||||
2.65%, 10/15/30 (a) | 38,000 | 37,587 | |||||
Upjohn Inc. | |||||||
2.30%, 06/22/27 (a) | 22,000 | 22,689 | |||||
3.85%, 06/22/40 (a) | 89,000 | 96,138 | |||||
4.00%, 06/22/50 (a) | 64,000 | 67,992 | |||||
3,230,031 | |||||||
Communication Services 6.2% | |||||||
AT&T Inc. | |||||||
5.25%, 03/01/37 | 64,000 | 80,201 | |||||
4.90%, 08/15/37 | 16,000 | 19,305 | |||||
4.30%, 12/15/42 | 75,000 | 84,453 | |||||
3.10%, 02/01/43 | 96,000 | 93,704 | |||||
Booking Holdings Inc. | |||||||
4.10%, 04/13/25 | 88,000 | 99,117 | |||||
4.63%, 04/13/30 | 90,000 | 107,783 | |||||
CB Escrow Corp. | |||||||
8.00%, 10/15/25 (a) | 95,000 | 100,368 | |||||
CCO Holdings, LLC | |||||||
4.75%, 03/01/30 (a) | 84,000 | 88,927 | |||||
CenturyLink, Inc. | |||||||
4.00%, 02/15/27 (a) | 47,000 | 47,686 | |||||
Charter Communications Operating, LLC | |||||||
4.91%, 07/23/25 | 250,000 | 288,360 | |||||
6.83%, 10/23/55 | 40,000 | 54,781 | |||||
Comcast Corporation | |||||||
2.35%, 01/15/27 (b) | 220,000 | 236,201 | |||||
4.60%, 10/15/38 | 32,000 | 40,748 | |||||
3.75%, 04/01/40 | 25,000 | 29,203 |
Abbreviations and additional footnotes are defined on page 33
24
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
Connect Finco SARL | |||||||
6.75%, 10/01/26 (a) | 50,000 | 50,194 | |||||
CSC Holdings, LLC | |||||||
6.50%, 02/01/29 (a) | 48,000 | 53,517 | |||||
DISH DBS Corporation | |||||||
7.75%, 07/01/26 | 66,000 | 72,588 | |||||
Hughes Satellite Systems Corporation | |||||||
5.25%, 08/01/26 | 83,000 | 87,989 | |||||
iHeartCommunications, Inc. | |||||||
6.38%, 05/01/26 | 14,918 | 15,548 | |||||
8.38%, 05/01/27 | 27,038 | 26,694 | |||||
5.25%, 08/15/27 (a) | 25,000 | 24,452 | |||||
4.75%, 01/15/28 (a) | 24,000 | 22,662 | |||||
Live Nation Entertainment, Inc. | |||||||
6.50%, 05/15/27 (a) | 43,000 | 46,387 | |||||
Sirius XM Radio Inc. | |||||||
5.50%, 07/01/29 (a) | 46,000 | 49,458 | |||||
Sprint Corporation | |||||||
7.13%, 06/15/24 | 58,000 | 66,711 | |||||
Sprint Spectrum Co LLC | |||||||
3.36%, 09/20/21 (a) | 50,000 | 50,483 | |||||
TEGNA Inc. | |||||||
5.00%, 09/15/29 (a) | 64,000 | 63,132 | |||||
Telesat Canada | |||||||
6.50%, 10/15/27 (a) | 40,000 | 40,289 | |||||
The Walt Disney Company | |||||||
2.65%, 01/13/31 | 97,000 | 104,659 | |||||
T-Mobile USA, Inc. | |||||||
3.50%, 04/15/25 (a) | 45,000 | 49,369 | |||||
1.50%, 02/15/26 (a) | 103,000 | 103,394 | |||||
Verizon Communications Inc. | |||||||
4.33%, 09/21/28 | 75,000 | 90,678 | |||||
3.15%, 03/22/30 | 62,500 | 70,530 | |||||
Vodafone Group Public Limited Company | |||||||
5.00%, 05/30/38 | 90,000 | 111,984 | |||||
2,571,555 | |||||||
Utilities 5.6% | |||||||
Ameren Illinois Company | |||||||
4.50%, 03/15/49 | 104,000 | 138,356 | |||||
Consolidated Edison Company of New York, Inc. | |||||||
3.95%, 04/01/50 | 40,000 | 48,375 | |||||
Dominion Energy, Inc. | |||||||
0.78%, (3M USD LIBOR + 0.53%), 09/15/23 (b) (d) | 400,000 | 400,331 | |||||
DPL Inc. | |||||||
4.13%, 07/01/25 (a) | 98,000 | 102,618 | |||||
Duquesne Light Holdings, Inc. | |||||||
2.53%, 10/01/30 (a) | 46,000 | 46,177 | |||||
Edison International | |||||||
4.95%, 04/15/25 | 50,000 | 54,704 | |||||
Exelon Corporation | |||||||
5.10%, 06/15/45 | 112,000 | 145,224 | |||||
Florida Power & Light Company | |||||||
0.64%, (3M USD LIBOR + 0.38%), 07/28/23 (b) (d) | 498,000 | 498,357 | |||||
Nevada Power Company | |||||||
3.70%, 05/01/29 | 119,000 | 139,469 | |||||
Pacific Gas And Electric Company | |||||||
1.75%, 06/16/22 | 202,000 | 202,152 | |||||
2.10%, 08/01/27 | 51,000 | 49,410 | |||||
San Diego Gas & Electric Company | |||||||
1.70%, 10/01/30 | 125,000 | 124,289 | |||||
Southern California Edison Company | |||||||
4.13%, 03/01/48 | 46,000 | 50,074 | |||||
3.65%, 02/01/50 | 50,000 | 51,595 | |||||
The AES Corporation | |||||||
3.30%, 07/15/25 (a) | 96,000 | 102,218 | |||||
The Narragansett Electric Company | |||||||
3.40%, 04/09/30 (a) | 26,000 | 29,631 | |||||
Vistra Operations Company LLC | |||||||
3.55%, 07/15/24 (a) (b) | 69,000 | 73,494 | |||||
4.30%, 07/15/29 (a) | 60,000 | 65,437 | |||||
2,321,911 | |||||||
Consumer Staples 4.9% | |||||||
Altria Group, Inc. | |||||||
2.35%, 05/06/25 | 61,000 | 64,361 | |||||
4.80%, 02/14/29 | 39,000 | 46,127 | |||||
Anheuser-Busch Companies, LLC | |||||||
3.65%, 02/01/26 | 71,000 | 79,507 | |||||
4.90%, 02/01/46 | 102,000 | 124,972 | |||||
Archer-Daniels-Midland Company | |||||||
3.25%, 03/27/30 | 48,000 | 54,826 | |||||
BAT Capital Corp. | |||||||
2.26%, 03/25/28 | 94,000 | 94,331 | |||||
4.91%, 04/02/30 | 107,000 | 125,785 | |||||
4.39%, 08/15/37 | 50,000 | 53,953 | |||||
Cargill, Incorporated | |||||||
2.13%, 04/23/30 (a) | 25,000 | 26,168 | |||||
Energizer Holdings, Inc. | |||||||
6.38%, 07/15/26 (a) | 35,000 | 37,615 | |||||
JBS USA Finance, Inc. | |||||||
6.75%, 02/15/28 (a) | 100,000 | 108,977 | |||||
JBS USA Food Company | |||||||
5.88%, 07/15/24 (a) | 7,000 | 7,141 | |||||
6.50%, 04/15/29 (a) | 74,000 | 82,161 | |||||
Kraft Heinz Foods Company | |||||||
4.25%, 03/01/31 (a) | 69,000 | 75,353 | |||||
Mars, Incorporated | |||||||
2.38%, 07/16/40 (a) | 44,000 | 43,708 | |||||
3.95%, 04/01/49 (a) | 117,000 | 141,338 | |||||
Matterhorn Merger Sub, LLC | |||||||
8.50%, 06/01/26 (a) | 100,000 | 98,224 | |||||
PepsiCo, Inc. | |||||||
3.38%, 07/29/49 | 80,000 | 91,962 | |||||
Post Holdings, Inc. | |||||||
5.63%, 01/15/28 (a) | 82,000 | 86,876 | |||||
Reynolds American Inc. | |||||||
4.45%, 06/12/25 | 119,000 | 133,837 | |||||
Safeway Inc. | |||||||
3.50%, 02/15/23 (a) | 67,000 | 67,810 | |||||
Spectrum Brands, Inc. | |||||||
5.00%, 10/01/29 (a) | 63,000 | 65,480 | |||||
Sysco Corporation | |||||||
5.65%, 04/01/25 (h) | 33,000 | 38,989 | |||||
5.95%, 04/01/30 (h) | 23,000 | 29,027 | |||||
Walmart Inc. | |||||||
2.85%, 07/08/24 | 75,000 | 81,356 | |||||
3.25%, 07/08/29 | 150,000 | 174,588 | |||||
2,034,472 | |||||||
Consumer Discretionary 4.6% | |||||||
Adient US LLC | |||||||
9.00%, 04/15/25 (a) | 27,000 | 29,902 | |||||
7.00%, 05/15/26 (a) | 13,000 | 13,929 | |||||
Amazon.com, Inc. | |||||||
2.50%, 06/03/50 | 37,000 | 37,741 | |||||
Aramark Services, Inc. | |||||||
6.38%, 05/01/25 (a) | 35,000 | 36,407 | |||||
Carnival Corporation | |||||||
11.50%, 04/01/23 (a) | 87,000 | 97,476 | |||||
Cedar Fair, L.P. | |||||||
5.50%, 05/01/25 (a) | 60,000 | 61,505 | |||||
Colt Merger Sub, Inc. | |||||||
5.75%, 07/01/25 (a) | 35,000 | 36,061 | |||||
Delta Air Lines Inc / SkyMiles IP Ltd | |||||||
4.50%, 10/20/25 (a) | 7,000 | 7,184 | |||||
4.75%, 10/20/28 (a) | 12,000 | 12,450 | |||||
Delta Air Lines, Inc. | |||||||
7.00%, 05/01/25 (a) | 94,000 | 103,113 | |||||
Eldorado Resorts, Inc. | |||||||
8.13%, 07/01/27 (a) | 61,000 | 64,626 | |||||
Fiat Chrysler Automobiles N.V. | |||||||
5.25%, 04/15/23 | 103,000 | 108,205 | |||||
General Motors Company | |||||||
6.13%, 10/01/25 | 37,000 | 42,968 | |||||
6.80%, 10/01/27 | 27,000 | 32,826 | |||||
GLP Financing, LLC | |||||||
5.75%, 06/01/28 | 14,000 | 15,914 |
Abbreviations and additional footnotes are defined on page 33
25
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
5.30%, 01/15/29 | 110,000 | 122,370 | |||||
Hanesbrands Inc. | |||||||
5.38%, 05/15/25 (a) | 81,000 | 85,765 | |||||
Hilton Domestic Operating Company Inc. | |||||||
5.38%, 05/01/25 (a) | 24,000 | 24,929 | |||||
5.75%, 05/01/28 (a) | 24,000 | 25,290 | |||||
Hyatt Hotels Corporation | |||||||
5.38%, 04/23/25 (h) | 32,000 | 34,634 | |||||
Hyundai Capital America | |||||||
1.80%, 10/15/25 (a) | 50,000 | 49,669 | |||||
KB Home | |||||||
7.63%, 05/15/23 | 67,000 | 73,842 | |||||
M.D.C. Holdings, Inc. | |||||||
6.00%, 01/15/43 | 14,000 | 16,993 | |||||
Macy's, Inc. | |||||||
8.38%, 06/15/25 (a) | 48,000 | 49,616 | |||||
Marriott International, Inc. | |||||||
5.75%, 05/01/25 (h) | 83,000 | 92,436 | |||||
NCL Corporation Ltd. | |||||||
3.63%, 12/15/24 (a) | 75,000 | 52,550 | |||||
Newell Brands Inc. | |||||||
4.88%, 06/01/25 | 33,000 | 35,582 | |||||
NIKE, Inc. | |||||||
3.25%, 03/27/40 | 51,000 | 58,131 | |||||
Northwestern University | |||||||
2.64%, 12/01/50 | 28,000 | 29,003 | |||||
NVR, Inc. | |||||||
3.00%, 05/15/30 | 97,000 | 104,667 | |||||
Ross Stores, Inc. | |||||||
4.60%, 04/15/25 | 119,000 | 136,825 | |||||
Royal Caribbean Cruises Ltd. | |||||||
11.50%, 06/01/25 (a) | 16,000 | 18,566 | |||||
Scientific Games International, Inc. | |||||||
7.25%, 11/15/29 (a) | 70,000 | 71,037 | |||||
The Home Depot, Inc. | |||||||
3.35%, 04/15/50 | 51,000 | 58,747 | |||||
VOC Escrow Ltd. | |||||||
5.00%, 02/15/28 (a) | 70,000 | 62,073 | |||||
Williams Scotsman International, Inc. | |||||||
4.63%, 08/15/28 (a) | 13,000 | 13,066 | |||||
Wyndham Destinations, Inc. | |||||||
6.63%, 07/31/26 (a) | 22,000 | 23,204 | |||||
1,939,302 | |||||||
Information Technology 4.4% | |||||||
Apple Inc. | |||||||
3.20%, 05/11/27 (b) | 1,150,000 | 1,304,437 | |||||
Broadcom Inc. | |||||||
4.25%, 04/15/26 | 75,000 | 84,486 | |||||
3.88%, 01/15/27 | 100,000 | 110,687 | |||||
Dell International L.L.C. | |||||||
5.85%, 07/15/25 (a) | 5,000 | 5,831 | |||||
4.90%, 10/01/26 (a) (h) | 30,000 | 33,830 | |||||
Equifax Inc. | |||||||
2.60%, 12/01/24 - 12/15/25 | 93,000 | 99,306 | |||||
Hewlett Packard Enterprise Company | |||||||
4.45%, 10/02/23 | 91,000 | 100,018 | |||||
Microsoft Corporation | |||||||
3.95%, 08/08/56 | 42,000 | 54,959 | |||||
2.68%, 06/01/60 | 8,000 | 8,362 | |||||
Radiate HoldCo, LLC | |||||||
4.50%, 09/15/26 (a) | 39,000 | 39,211 | |||||
1,841,127 | |||||||
Materials 4.2% | |||||||
Anglo American Capital PLC | |||||||
5.38%, 04/01/25 (a) | 200,000 | 230,015 | |||||
4.88%, 05/14/25 (a) | 121,000 | 137,172 | |||||
4.75%, 04/10/27 (a) | 135,000 | 154,771 | |||||
Avantor Funding, Inc. | |||||||
4.63%, 07/15/28 (a) | 11,000 | 11,404 | |||||
CEMEX S.A.B. de C.V. | |||||||
5.45%, 11/19/29 (a) | 150,000 | 152,165 | |||||
CF Industries, Inc. | |||||||
4.50%, 12/01/26 (a) | 287,000 | 334,542 | |||||
DuPont de Nemours, Inc. | |||||||
2.17%, 05/01/23 | 94,000 | 94,800 | |||||
Ecolab Inc. | |||||||
4.80%, 03/24/30 | 27,000 | 34,321 | |||||
FMG Resources (August 2006) Pty Ltd | |||||||
4.75%, 05/15/22 (a) | 105,000 | 107,471 | |||||
Freeport-McMoRan Inc. | |||||||
5.00%, 09/01/27 | 47,000 | 49,128 | |||||
5.40%, 11/14/34 | 60,000 | 66,350 | |||||
FXI Holdings, Inc. | |||||||
7.88%, 11/01/24 (a) | 74,000 | 70,661 | |||||
NOVA Chemicals Corporation | |||||||
4.88%, 06/01/24 (a) | 175,000 | 173,982 | |||||
Nutrition & Biosciences, Inc. | |||||||
1.83%, 10/15/27 (a) | 61,000 | 61,255 | |||||
Teck Resources Limited | |||||||
3.90%, 07/15/30 (a) | 76,000 | 79,513 | |||||
1,757,550 | |||||||
Industrials 3.3% | |||||||
Aircastle Limited | |||||||
5.25%, 08/11/25 (a) | 80,000 | 78,392 | |||||
Ashtead Capital, Inc. | |||||||
5.25%, 08/01/26 (a) | 124,000 | 131,130 | |||||
Caterpillar Financial Services Corporation | |||||||
0.50%, (3M USD LIBOR + 0.22%), 01/06/22 (b) (d) | 300,000 | 300,305 | |||||
Foxtrot Escrow Issuer LLC | |||||||
12.25%, 11/15/26 (a) | 74,000 | 79,786 | |||||
General Dynamics Corporation | |||||||
4.25%, 04/01/40 | 70,000 | 87,924 | |||||
General Electric Company | |||||||
5.00%, (callable at 100 beginning 01/21/21) (b) (c) | 379,000 | 299,410 | |||||
3.45%, 05/01/27 | 22,000 | 23,251 | |||||
3.63%, 05/01/30 | 52,000 | 53,912 | |||||
Hillenbrand, Inc. | |||||||
5.00%, 09/15/26 (h) | 18,000 | 19,476 | |||||
Howmet Aerospace Inc. | |||||||
6.88%, 05/01/25 | 25,000 | 27,621 | |||||
Lennox International Inc. | |||||||
1.35%, 08/01/25 | 9,000 | 9,053 | |||||
Lockheed Martin Corporation | |||||||
2.80%, 06/15/50 | 24,000 | 25,035 | |||||
Northrop Grumman Corporation | |||||||
4.40%, 05/01/30 | 33,000 | 40,682 | |||||
Prime Security Services Borrower, LLC | |||||||
3.38%, 08/31/27 (a) | 40,000 | 38,551 | |||||
Roper Technologies, Inc. | |||||||
1.00%, 09/15/25 | 35,000 | 35,085 | |||||
United Rentals (North America), Inc. | |||||||
3.88%, 11/15/27 | 51,000 | 52,470 | |||||
WESCO Distribution, Inc. | |||||||
7.13%, 06/15/25 (a) | 52,000 | 56,608 | |||||
7.25%, 06/15/28 (a) | 30,000 | 32,858 | |||||
1,391,549 | |||||||
Real Estate 0.7% | |||||||
Boston Properties Limited Partnership | |||||||
2.90%, 03/15/30 | 110,000 | 114,746 | |||||
Highwoods Realty Limited Partnership | |||||||
2.60%, 02/01/31 | 27,000 | 26,805 | |||||
Simon Property Group, L.P. | |||||||
2.45%, 09/13/29 | 75,000 | 74,228 | |||||
VICI Properties Inc. | |||||||
4.25%, 12/01/26 (a) | 65,000 | 65,327 | |||||
281,106 | |||||||
Total Corporate Bonds And Notes (cost $30,877,858) | 32,241,743 | ||||||
SENIOR FLOATING RATE INSTRUMENTS 15.2% | |||||||
Consumer Discretionary 4.2% | |||||||
1011778 B.C. Unlimited Liability Company | |||||||
Term Loan B4, 1.90%, (1M USD LIBOR + 1.75%), 11/14/26 (d) | 202,599 | 193,903 | |||||
Adient US LLC | |||||||
Term Loan B, 4.40%, (1M USD LIBOR + 4.25%), 05/03/24 (d) | 55,451 | 54,746 |
Abbreviations and additional footnotes are defined on page 33
26
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
Term Loan B, 4.49%, (3M USD LIBOR + 4.25%), 05/03/24 (d) | 18,797 | 18,558 | |||||
American Axle and Manufacturing, Inc. | |||||||
Term Loan B, 3.00%, (1M USD LIBOR + 2.25%), 03/10/24 (d) | 145,834 | 138,816 | |||||
Aramark Services, Inc. | |||||||
2018 Term Loan B3, 1.90%, (1M USD LIBOR + 1.75%), 03/01/25 (d) | 187,000 | 178,445 | |||||
Caesars Resort Collection, LLC | |||||||
2017 1st Lien Term Loan B, 2.90%, (1M USD LIBOR + 2.75%), 12/23/24 (d) | 75,900 | 70,923 | |||||
2020 Term Loan B1, 4.65%, (1M USD LIBOR + 4.50%), 06/19/25 (d) | 78,667 | 76,023 | |||||
2020 Term Loan B1, 4.77%, (3M USD LIBOR + 4.50%), 06/19/25 (d) | 39,333 | 38,011 | |||||
CityCenter Holdings, LLC | |||||||
2017 Term Loan B, 3.00%, (1M USD LIBOR + 2.25%), 04/14/24 (d) | 96,478 | 92,401 | |||||
Four Seasons Hotels Limited | |||||||
New 1st Lien Term Loan, 2.16%, (1M USD LIBOR + 2.00%), 11/30/23 (d) | 122,145 | 118,633 | |||||
Marriott Ownership Resorts, Inc. | |||||||
2019 Term Loan B, 1.90%, (1M USD LIBOR + 1.75%), 08/29/25 (d) | 243,550 | 232,285 | |||||
Mileage Plus Holdings LLC | |||||||
2020 Term Loan B, 6.25%, (3M USD LIBOR + 5.25%), 12/31/23 (d) | 122,900 | 124,812 | |||||
Mohegan Tribal Gaming Authority | |||||||
2016 Term Loan B, 7.37%, (3M USD LIBOR + 6.38%), 10/30/23 (d) | 130,656 | 116,066 | |||||
Numericable Group SA | |||||||
USD Term Loan B11, 2.90%, (1M USD LIBOR + 2.75%), 07/31/25 (d) | 193,951 | 184,727 | |||||
PCI Gaming Authority | |||||||
Term Loan, 2.65%, (1M USD LIBOR + 2.50%), 05/15/26 (d) | 125,393 | 121,579 | |||||
1,759,928 | |||||||
Communication Services 3.7% | |||||||
Ancestry.com Operations Inc. | |||||||
2019 Extended Term Loan B, 4.41%, (1M USD LIBOR + 4.25%), 08/15/26 (d) | 112,512 | 112,190 | |||||
CenturyLink, Inc. | |||||||
2020 Term Loan B, 2.40%, (1M USD LIBOR + 2.25%), 03/15/27 (d) | 133,987 | 128,509 | |||||
CSC Holdings, LLC | |||||||
2017 Term Loan B1, 2.40%, (1M USD LIBOR + 2.25%), 07/15/25 (d) | 156,760 | 151,384 | |||||
Diamond Sports Group, LLC | |||||||
Term Loan, 3.40%, (1M USD LIBOR + 3.25%), 08/24/26 (d) | 89,100 | 68,756 | |||||
Frontier Communications Corporation | |||||||
2017 Term Loan B1, 6.00%, (PRIME + 2.75%), 05/31/24 (d) | 122,167 | 119,911 | |||||
Level 3 Financing Inc. | |||||||
2019 Term Loan B, 1.90%, (1M USD LIBOR + 1.75%), 03/01/27 (d) | 168,664 | 163,235 | |||||
Nexstar Broadcasting, Inc. | |||||||
2019 Term Loan B4, 2.91%, (1M USD LIBOR + 2.75%), 07/15/26 (d) | 239,342 | 233,758 | |||||
Terrier Media Buyer, Inc. | |||||||
Term Loan B, 4.40%, (1M USD LIBOR + 4.25%), 10/04/26 (d) | 38,707 | 37,698 | |||||
T-Mobile USA, Inc. | |||||||
2020 Term Loan, 3.15%, (1M USD LIBOR + 3.00%), 04/01/27 (d) | 62,500 | 62,405 | |||||
Univision Communications Inc. | |||||||
2020 Replacement Term Loan, 4.75%, (1M USD LIBOR + 3.75%), 03/15/26 (d) | 112,569 | 109,394 | |||||
Virgin Media Bristol LLC | |||||||
USD Term Loan N, 2.65%, (1M USD LIBOR + 2.50%), 10/03/27 (d) | 150,000 | 145,376 | |||||
Zayo Group Holdings, Inc. | |||||||
USD Term Loan, 3.15%, (1M USD LIBOR + 3.00%), 02/20/27 (d) | 221,506 | 214,664 | |||||
1,547,280 | |||||||
Materials 2.0% | |||||||
Berry Global, Inc. | |||||||
Term Loan Y, 2.16%, (1M USD LIBOR + 2.00%), 07/01/26 (d) | 194,414 | 188,364 | |||||
BWAY Holding Company | |||||||
2017 Term Loan B, 3.52%, (3M USD LIBOR + 3.25%), 04/03/24 (d) | 284,315 | 266,369 | |||||
Diamond (BC) B.V. | |||||||
USD Term Loan , 3.16%, (1M USD LIBOR + 3.00%), 07/24/24 (d) | 427 | 398 | |||||
Hexion Inc. | |||||||
USD Exit Term Loan, 3.80%, (3M USD LIBOR + 3.50%), 06/27/26 (d) | 120,631 | 118,520 | |||||
Klockner-Pentaplast of America, Inc. | |||||||
USD 2017 Term Loan B2, 5.25%, (3M USD LIBOR + 4.25%), 06/30/22 (d) | 146,977 | 142,446 | |||||
Messer Industries GmbH | |||||||
2018 USD Term Loan, 2.72%, (3M USD LIBOR + 2.50%), 10/10/25 (d) | 119,185 | 116,503 | |||||
832,600 | |||||||
Health Care 1.4% | |||||||
Air Methods Corporation | |||||||
2017 Term Loan B, 4.50%, (3M USD LIBOR + 3.50%), 04/12/24 (d) | 88,541 | 77,238 | |||||
Alphabet Holding Company, Inc. | |||||||
2017 1st Lien Term Loan, 3.66%, (1M USD LIBOR + 3.50%), 08/15/24 (d) | 87,960 | 85,337 | |||||
Endo Luxembourg Finance Company I S.a r.l. | |||||||
2017 Term Loan B, 5.00%, (3M USD LIBOR + 4.25%), 04/12/24 (d) | 131,932 | 125,335 | |||||
Phoenix Guarantor Inc. | |||||||
2020 Term Loan B, 3.40%, (1M USD LIBOR + 3.25%), 03/05/26 (d) | 165,004 | 160,425 | |||||
RegionalCare Hospital Partners Holdings, Inc. | |||||||
2018 Term Loan B, 3.90%, (1M USD LIBOR + 3.75%), 11/09/25 (d) | 130,936 | 127,008 | |||||
575,343 | |||||||
Energy 1.2% | |||||||
Buckeye Partners, L.P. | |||||||
2019 Term Loan B, 2.90%, (1M USD LIBOR + 2.75%), 10/10/26 (d) | 248,750 | 243,775 | |||||
Lower Cadence Holdings LLC | |||||||
Term Loan B, 4.15%, (1M USD LIBOR + 4.00%), 05/10/26 (d) | 192,253 | 177,161 | |||||
Traverse Midstream Partners LLC | |||||||
2017 Term Loan, 5.00%, (1M USD LIBOR + 4.00%), 09/22/24 (d) | 98,000 | 89,793 | |||||
510,729 | |||||||
Consumer Staples 0.9% | |||||||
BJ's Wholesale Club, Inc. | |||||||
2017 1st Lien Term Loan, 2.15%, (1M USD LIBOR + 2.00%), 01/26/24 (d) | 88,458 | 86,809 | |||||
Diamond (BC) B.V. | |||||||
USD Term Loan, 3.26%, (1M USD LIBOR + 3.00%), 07/24/24 (d) | 165,729 | 154,542 | |||||
JBS USA Lux S.A. | |||||||
2019 Term Loan B, 2.15%, (1M USD LIBOR + 2.00%), 04/27/26 (d) | 145,159 | 141,022 | |||||
382,373 | |||||||
Industrials 0.9% | |||||||
Genesee & Wyoming Inc. | |||||||
Term Loan, 2.22%, (3M USD LIBOR + 2.00%), 10/29/26 (d) | 75,620 | 74,309 | |||||
Graham Packaging Company Inc. | |||||||
Term Loan, 4.50%, (1M USD LIBOR + 3.75%), 07/28/27 (d) | 108,000 | 107,235 | |||||
Tempo Acquisition LLC | |||||||
2020 Extended Term Loan, 3.75%, (1M USD LIBOR + 3.25%), 11/02/26 (d) | 197,885 | 191,640 | |||||
373,184 | |||||||
Utilities 0.5% | |||||||
Calpine Corporation | |||||||
Term Loan B5, 2.41%, (1M USD LIBOR + 2.25%), 05/23/22 (d) | 195,361 | 189,850 |
Abbreviations and additional footnotes are defined on page 33
27
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
Information Technology 0.2% | |||||||
Radiate Holdco, LLC | |||||||
1st Lien Term Loan, 3.75%, (1M USD LIBOR + 3.00%), 12/09/23 (d) | 101,862 | 100,048 | |||||
Financials 0.2% | |||||||
BCP Renaissance Parent LLC | |||||||
2017 Term Loan B, 4.50%, (3M USD LIBOR + 3.50%), 09/20/24 (d) | 100,062 | 92,526 | |||||
Total Senior Floating Rate Instruments (cost $6,582,860) | 6,363,861 | ||||||
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.5% | |||||||
Air Canada 2020-2 Class A Pass Through Trust | |||||||
Series 2020-A-2, 5.25%, 04/01/29 | 20,000 | 20,500 | |||||
Alaska Airlines 2020-1 Class A Pass Through Trust | |||||||
Series 2020-A-1, 4.80%, 08/15/27 | 62,000 | 64,788 | |||||
AmeriCredit Automobile Receivables Trust | |||||||
Series 2018-A3-1, 3.07%, 01/19/21 (b) | 304,694 | 307,064 | |||||
Ascentium Equipment Receivables Trust | |||||||
Series 2017-A3-2A, 2.31%, 12/10/21 | 33,701 | 33,920 | |||||
BX Commercial Mortgage Trust | |||||||
Series 2018-A-IND, 0.90%, (1M USD LIBOR + 0.75%), 10/15/20 (b) (d) | 295,835 | 295,491 | |||||
Series 2020-A-BXLP, REMIC, 0.95%, (1M USD LIBOR + 0.80%), 12/15/21 (b) (d) | 799,268 | 798,832 | |||||
Capital One Prime Auto Receivables Trust | |||||||
Series 2020-A2-1, 1.64%, 06/15/23 | 167,392 | 167,662 | |||||
Carmax Auto Owner Trust 2019-2 | |||||||
Series 2019-A3-2, 2.68%, 12/15/22 | 250,000 | 256,859 | |||||
CCG Receivables Trust | |||||||
Series 2018-A2-1, 2.50%, 02/14/21 | 12,259 | 12,289 | |||||
DLL LLC | |||||||
Series 2018-A3-ST2, 3.46%, 04/20/21 | 47,880 | 48,300 | |||||
Series 2019-A2-MT3, 2.13%, 01/20/22 | 186,222 | 187,182 | |||||
GLS Auto Receivables Trust | |||||||
Series 2019-A-1A, 3.37%, 03/15/21 | 27,362 | 27,537 | |||||
Series 2018-A-3A, 3.35%, 08/15/22 | 4,824 | 4,832 | |||||
GreatAmerica Financial Services Corporation | |||||||
Series 2019-A2-1, 2.97%, 06/15/21 | 26,112 | 26,129 | |||||
HPEFS Equipment Trust | |||||||
Series 2019-A2-1A, 2.19%, 09/20/29 | 62,260 | 62,617 | |||||
John Deere Owner Trust | |||||||
Series 2019-A2-B, 2.28%, 04/15/21 (b) | 175,729 | 176,585 | |||||
Prestige Auto Receivables Trust | |||||||
Series 2019-A2-1A, 2.44%, 12/15/20 (b) | 204,146 | 204,350 | |||||
Verizon Owner Trust | |||||||
Series 2018-A1A-1A, 2.82%, 03/22/21 (b) | 224,138 | 225,767 | |||||
Verizon Owner Trust 2020-B | |||||||
Series 2020-A-B, 0.47%, 02/20/25 | 187,000 | 187,158 | |||||
Volvo Financial Equipment LLC | |||||||
Series 2019-A2-1A, 2.90%, 10/15/20 | 23,274 | 23,310 | |||||
Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,122,336) | 3,131,172 | ||||||
INVESTMENT COMPANIES 2.3% | |||||||
Kayne Anderson MLP Investment Co. | 2,582 | 10,302 | |||||
SPDR Bloomberg Barclays High Yield Bond ETF (b) | 9,300 | 969,710 | |||||
Total Investment Companies (cost $1,040,179) | 980,012 | ||||||
GOVERNMENT AND AGENCY OBLIGATIONS 1.3% | |||||||
Sovereign 0.5% | |||||||
Abu Dhabi, Government of | |||||||
3.13%, 04/16/30 (a) | 200,000 | 223,584 | |||||
U.S. Government Agency Obligations 0.4% | |||||||
Federal National Mortgage Association, Inc. | |||||||
0.88%, 08/05/30 (i) | 163,000 | 160,175 | |||||
Municipal 0.4% | |||||||
Dormitory Authority State of New York | |||||||
3.19%, 02/15/43 | 80,000 | 87,094 | |||||
The Port Authority of New York and New Jersey | |||||||
1.09%, 07/01/23 | 55,000 | 55,788 | |||||
142,882 | |||||||
Total Government And Agency Obligations (cost $496,023) | 526,641 | ||||||
COMMON STOCKS 0.1% | |||||||
Energy 0.1% | |||||||
Summit Midstream Partners LP | 25,000 | 16,358 | |||||
Communication Services 0.0% | |||||||
Clear Channel Outdoor Holdings, Inc. (f) | 6,438 | 6,438 | |||||
iHeartMedia, Inc. - Class A (f) | 310 | 2,517 | |||||
8,955 | |||||||
Total Common Stocks (cost $160,360) | 25,313 | ||||||
WARRANTS 0.0% | |||||||
iHeartMedia, Inc. (f) (j) | 2,328 | 17,013 | |||||
Total Warrants (cost $42,970) | 17,013 | ||||||
SHORT TERM INVESTMENTS 4.9% | |||||||
Investment Companies 4.9% | |||||||
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.03% (k) | 2,043,667 | 2,043,667 | |||||
Total Short Term Investments (cost $2,043,667) | 2,043,667 | ||||||
Total Investments 108.5% (cost $44,366,253) | 45,329,422 | ||||||
Total Securities Sold Short (10.2)% (proceeds $3,822,708) | (4,266,149) | ||||||
Other Derivative Instruments 0.1% | 40,432 | ||||||
Other Assets and Liabilities, Net 1.6% | 658,039 | ||||||
Total Net Assets 100.0% | 41,761,744 |
(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2020, the value and the percentage of net assets of these securities was $10,144,583 and 24.3% of the Fund.
(b) All or a portion of the security is pledged or segregated as collateral.
(c) Perpetual security. Next contractual call date presented, if applicable.
(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.
(e) Convertible security.
(f) Non-income producing security.
(g) As of September 30, 2020, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.
(h) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.
(i) The security is a direct debt of the agency and not collateralized by mortgages.
(j) 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.
(k) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2020.
Abbreviations and additional footnotes are defined on page 33
28
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | ||||||
SECURITIES SOLD SHORT (10.2%) | |||||||
CORPORATE BONDS AND NOTES (8.5%) | |||||||
Financials (3.6%) | |||||||
Bank of America Corporation | |||||||
3.95%, 01/23/49 | (1,250,000) | (1,527,290) | |||||
Information Technology (2.9%) | |||||||
Apple Inc. | |||||||
1.25%, 08/20/30 | (850,000) | (848,855) | |||||
Intel Corporation | |||||||
4.10%, 05/11/47 | (275,000) | (349,307) | |||||
(1,198,162) | |||||||
Consumer Discretionary (1.0%) | |||||||
Harley-Davidson, Inc. | |||||||
3.50%, 07/28/25 | (400,000) | (424,035) | |||||
Energy (1.0%) | |||||||
Southwestern Energy Company | |||||||
6.45%, 01/23/25 (a) | (432,000) | (420,287) | |||||
Total Corporate Bonds And Notes (proceeds $3,170,078) | (3,569,774) | ||||||
GOVERNMENT AND AGENCY OBLIGATIONS (1.7%) | |||||||
Sovereign (1.7%) | |||||||
El Gobierno De La Republica Oriental Del Uruguay | |||||||
4.38%, 10/27/27 | (600,000) | (696,375) | |||||
Total Government And Agency Obligations (proceeds $652,630) | (696,375) | ||||||
Total Securities Sold Short (10.2%) (proceeds $3,822,708) | (4,266,149) |
(a) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2020.
PPM Long Short Credit Fund — Futures Contracts | |||||||||||||||
Reference Entity | Contracts1 | Expiration | Notional1 | Variation Margin Receivable (Payable) ($) | Unrealized Appreciation (Depreciation) ($) | ||||||||||
Short Contracts | |||||||||||||||
United States 10 Year Note | (26) | December 2020 | (3,617,211) | 6,500 | (10,601) | ||||||||||
United States 10 Year Ultra Bond | (31) | December 2020 | (4,936,175) | 14,531 | (21,403) | ||||||||||
United States 2 Year Note | (5) | January 2021 | (1,104,230) | 39 | (575) | ||||||||||
United States 5 Year Note | (40) | January 2021 | (5,034,332) | 4,063 | (6,918) | ||||||||||
United States Long Bond | (10) | December 2020 | (1,760,925) | 9,375 | (1,888) | ||||||||||
United States Ultra Bond | (4) | December 2020 | (886,836) | 8,000 | (414) | ||||||||||
42,508 | (41,799) |
PPM Long Short Credit Fund — Centrally Cleared Credit Default Swap Agreements | ||||||||||||||||||
Reference Entity2 | Fixed Receive/ Pay Rate (%) | Expiration | Notional1 | Value ($) | 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 | (23,938) | (2,076) | (91,182) | ||||||||||||
Abbreviations and additional footnotes are defined on page 33
29
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | |||||
PPM Large Cap Value Fund | ||||||
COMMON STOCKS 99.4% | ||||||
Financials 18.6% | ||||||
Bank of America Corporation | 3,600 | 86,724 | ||||
Berkshire Hathaway Inc. - Class B (a) | 1,000 | 212,940 | ||||
Citigroup Inc. | 3,500 | 150,885 | ||||
Huntington Bancshares Incorporated | 12,200 | 111,874 | ||||
JPMorgan Chase & Co. | 1,800 | 173,286 | ||||
Morgan Stanley | 3,900 | 188,565 | ||||
Synovus Financial Corp. | 6,500 | 137,605 | ||||
The Allstate Corporation | 2,000 | 188,280 | ||||
The Hartford Financial Services Group, Inc. | 5,000 | 184,300 | ||||
The PNC Financial Services Group, Inc. | 900 | 98,919 | ||||
1,533,378 | ||||||
Health Care 17.5% | ||||||
AbbVie Inc. | 2,200 | 192,698 | ||||
Cigna Holding Company | 1,000 | 169,410 | ||||
CVS Health Corporation | 2,900 | 169,360 | ||||
Hologic Inc. (a) | 2,100 | 139,587 | ||||
Johnson & Johnson | 1,300 | 193,544 | ||||
McKesson Corporation | 1,400 | 208,502 | ||||
Merck & Co., Inc. | 2,000 | 165,900 | ||||
Pfizer Inc. | 5,500 | 201,850 | ||||
1,440,851 | ||||||
Information Technology 14.8% | ||||||
Apple Inc. | 1,500 | 173,715 | ||||
Avnet, Inc. | 2,000 | 51,680 | ||||
Cisco Systems, Inc. | 3,600 | 141,804 | ||||
Cognizant Technology Solutions Corp. - Class A | 2,600 | 180,492 | ||||
Intel Corporation | 1,700 | 88,026 | ||||
Leidos Holdings Inc. | 1,400 | 124,810 | ||||
Microsoft Corporation | 800 | 168,264 | ||||
Nuance Communications, Inc. (a) | 3,400 | 112,846 | ||||
Qualcomm Incorporated | 1,500 | 176,520 | ||||
1,218,157 | ||||||
Consumer Discretionary 9.3% | ||||||
Best Buy Co., Inc. | 1,400 | 155,806 | ||||
Delta Air Lines, Inc. | 3,900 | 119,262 | ||||
Foot Locker, Inc. | 3,400 | 112,302 | ||||
General Motors Company | 6,000 | 177,540 | ||||
Newell Brands Inc. | 6,100 | 104,676 | ||||
Royal Caribbean Cruises Ltd. | 1,500 | 97,095 | ||||
766,681 | ||||||
Consumer Staples 8.4% | ||||||
Altria Group, Inc. | 4,700 | 181,608 | ||||
Archer-Daniels-Midland Company | 3,900 | 181,311 | ||||
Campbell Soup Company | 2,900 | 140,273 | ||||
The Kroger Co. | 5,700 | 193,287 | ||||
696,479 | ||||||
Utilities 7.8% | ||||||
Exelon Corporation | 5,000 | 178,800 | ||||
The AES Corporation | 14,000 | 253,540 | ||||
Vistra Energy Corp. | 11,000 | 207,460 | ||||
639,800 | ||||||
Industrials 7.1% | ||||||
Caterpillar Inc. | 1,500 | 223,725 | ||||
Robert Half International Inc. | 3,200 | 169,408 | ||||
Spirit Aerosystems Holdings Inc. - Class A | 3,300 | 62,403 | ||||
Textron Inc. | 3,500 | 126,315 | ||||
581,851 | ||||||
Communication Services 7.0% | ||||||
AT&T Inc. | 6,500 | 185,315 | ||||
Comcast Corporation - Class A | 4,800 | 222,048 | ||||
ViacomCBS Inc. - Class B | 6,000 | 168,060 | ||||
575,423 | ||||||
Energy 4.4% | ||||||
Chevron Corporation | 2,100 | 151,200 | ||||
Exxon Mobil Corporation | 3,000 | 102,990 | ||||
Halliburton Company | 9,000 | 108,450 | ||||
362,640 | ||||||
Materials 3.6% | ||||||
Berry Global Group, Inc. (a) | 3,600 | 173,952 | ||||
Nucor Corporation | 2,800 | 125,608 | ||||
299,560 | ||||||
Real Estate 0.9% | ||||||
Simon Property Group, Inc. | 1,100 | 71,148 | ||||
Total Common Stocks (cost $8,619,710) | 8,185,968 | |||||
SHORT TERM INVESTMENTS 0.5% | ||||||
Investment Companies 0.5% | ||||||
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.03% (b) | 42,963 | 42,963 | ||||
Total Short Term Investments (cost $42,963) | 42,963 | |||||
Total Investments 99.9% (cost $8,662,673) | 8,228,931 | |||||
Other Assets and Liabilities, Net 0.1% | 12,152 | |||||
Total Net Assets 100.0% | 8,241,083 |
(a) Non-income producing security.
(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2020.
Abbreviations and additional footnotes are defined on page 33
30
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | |||||
PPM Mid Cap Value Fund | ||||||
COMMON STOCKS 99.2% | ||||||
Financials 18.6% | ||||||
American Financial Group, Inc. | 2,000 | 133,960 | ||||
Home BancShares, Inc. | 5,500 | 83,380 | ||||
Huntington Bancshares Incorporated | 7,600 | 69,692 | ||||
Janus Henderson Group PLC | 6,000 | 130,320 | ||||
Reinsurance Group of America, Incorporated | 950 | 90,431 | ||||
Sterling Bancorp | 4,100 | 43,132 | ||||
Synovus Financial Corp. | 4,100 | 86,797 | ||||
TCF Financial Corporation | 4,100 | 95,776 | ||||
The Allstate Corporation | 1,200 | 112,968 | ||||
The Hartford Financial Services Group, Inc. | 2,700 | 99,522 | ||||
945,978 | ||||||
Consumer Discretionary 13.0% | ||||||
Best Buy Co., Inc. | 850 | 94,596 | ||||
Delta Air Lines, Inc. | 3,400 | 103,972 | ||||
Foot Locker, Inc. | 2,900 | 95,787 | ||||
Helen of Troy Ltd (a) | 700 | 135,464 | ||||
Newell Brands Inc. | 5,500 | 94,380 | ||||
Penske Automotive Group, Inc. | 1,700 | 81,022 | ||||
Royal Caribbean Cruises Ltd. | 900 | 58,257 | ||||
663,478 | ||||||
Industrials 11.4% | ||||||
Kennametal Inc. | 4,300 | 124,442 | ||||
MasTec Inc. (a) | 2,400 | 101,280 | ||||
Robert Half International Inc. | 1,800 | 95,292 | ||||
Spirit Aerosystems Holdings Inc. - Class A | 3,000 | 56,730 | ||||
Terex Corp. | 3,450 | 66,792 | ||||
Textron Inc. | 3,800 | 137,142 | ||||
581,678 | ||||||
Information Technology 11.1% | ||||||
Avnet, Inc. | 1,800 | 46,512 | ||||
Belden Inc. | 2,200 | 68,464 | ||||
CACI International Inc. - Class A (a) | 225 | 47,961 | ||||
Cognizant Technology Solutions Corp. - Class A | 1,200 | 83,304 | ||||
Leidos Holdings Inc. | 600 | 53,490 | ||||
Nuance Communications, Inc. (a) | 1,700 | 56,423 | ||||
Semtech Corp. (a) | 1,800 | 95,328 | ||||
Teradyne Inc. | 1,000 | 79,460 | ||||
Western Digital Corporation | 1,000 | 36,550 | ||||
567,492 | ||||||
Utilities 10.0% | ||||||
Exelon Corporation | 2,800 | 100,128 | ||||
PNM Resources, Inc. | 2,500 | 103,325 | ||||
Sempra Energy | 400 | 47,344 | ||||
The AES Corporation | 7,500 | 135,825 | ||||
Vistra Energy Corp. | 6,400 | 120,704 | ||||
507,326 | ||||||
Health Care 8.6% | ||||||
Cigna Holding Company | 600 | 101,646 | ||||
Hologic Inc. (a) | 1,300 | 86,411 | ||||
Magellan Health Services Inc. (a) | 1,700 | 128,826 | ||||
McKesson Corporation | 800 | 119,144 | ||||
436,027 | ||||||
Materials 8.2% | ||||||
Berry Global Group, Inc. (a) | 1,800 | 86,976 | ||||
Huntsman Corp. | 5,700 | 126,597 | ||||
Reliance Steel & Aluminum Co. | 1,200 | 122,448 | ||||
Steel Dynamics Inc. | 2,800 | 80,164 | ||||
416,185 | ||||||
Real Estate 6.8% | ||||||
Healthpeak Properties, Inc. | 4,400 | 119,460 | ||||
Physicians Realty Trust | 7,500 | 134,325 | ||||
Regency Centers Corp. | 2,500 | 95,050 | ||||
348,835 | ||||||
Consumer Staples 6.4% | ||||||
Campbell Soup Company | 2,100 | 101,577 | ||||
Ingredion Inc. | 1,500 | 113,520 | ||||
The Kroger Co. | 3,200 | 108,512 | ||||
323,609 | ||||||
Energy 3.0% | ||||||
Cimarex Energy Co. | 3,200 | 77,856 | ||||
Halliburton Company | 3,500 | 42,175 | ||||
National Oilwell Varco, Inc. | 3,700 | 33,522 | ||||
153,553 | ||||||
Communication Services 2.1% | ||||||
ViacomCBS Inc. - Class B | 3,800 | 106,438 | ||||
Total Common Stocks (cost $5,647,855) | 5,050,599 | |||||
SHORT TERM INVESTMENTS 0.7% | ||||||
Investment Companies 0.7% | ||||||
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.03% (b) | 35,758 | 35,758 | ||||
Total Short Term Investments (cost $35,758) | 35,758 | |||||
Total Investments 99.9% (cost $5,683,613) | 5,086,357 | |||||
Other Assets and Liabilities, Net 0.1% | 5,059 | |||||
Total Net Assets 100.0% | 5,091,416 |
(a) Non-income producing security.
(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2020.
Abbreviations and additional footnotes are defined on page 33
31
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
Shares/Par1 | Value ($) | |||||
PPM Small Cap Value Fund | ||||||
COMMON STOCKS 98.6% | ||||||
Financials 28.3% | ||||||
Ameris Bancorp | 8,200 | 186,796 | ||||
Axos Financial, Inc. (a) | 13,300 | 310,023 | ||||
Banc of California, Inc. | 18,400 | 186,208 | ||||
Evercore Inc. - Class A | 3,250 | 212,745 | ||||
First Horizon National Corporation | 20,300 | 191,429 | ||||
Home BancShares, Inc. | 19,700 | 298,652 | ||||
Houlihan Lokey Inc. - Class A | 5,400 | 318,870 | ||||
Independent Bank Corp. | 6,100 | 319,518 | ||||
Janus Henderson Group PLC | 11,400 | 247,608 | ||||
PacWest Bancorp | 7,000 | 119,560 | ||||
Renasant Corporation | 13,600 | 308,992 | ||||
Sterling Bancorp | 30,100 | 316,652 | ||||
TCF Financial Corporation | 13,400 | 313,024 | ||||
Western Alliance Bancorp | 6,700 | 211,854 | ||||
3,541,931 | ||||||
Industrials 17.5% | ||||||
Aerojet Rocketdyne Holdings, Inc. (a) | 5,200 | 207,428 | ||||
Apogee Enterprises, Inc. | 13,000 | 277,810 | ||||
GATX Corporation | 3,900 | 248,625 | ||||
Kennametal Inc. | 10,700 | 309,658 | ||||
MasTec Inc. (a) | 6,300 | 265,860 | ||||
SkyWest Inc. | 10,400 | 310,544 | ||||
Spirit Aerosystems Holdings Inc. - Class A | 6,600 | 124,806 | ||||
Steelcase Inc. - Class A | 17,400 | 175,914 | ||||
Terex Corp. | 14,200 | 274,912 | ||||
2,195,557 | ||||||
Information Technology 11.7% | ||||||
Avaya Holdings Corp. (a) | 12,800 | 194,560 | ||||
Belden Inc. | 4,000 | 124,480 | ||||
Benchmark Electronics, Inc. | 6,100 | 122,915 | ||||
CACI International Inc. - Class A (a) | 600 | 127,896 | ||||
CSG Systems International, Inc. | 2,900 | 118,755 | ||||
KBR, Inc. | 5,500 | 122,980 | ||||
Photronics Inc. (a) | 16,000 | 159,360 | ||||
Semtech Corp. (a) | 3,700 | 195,952 | ||||
SYNNEX Corporation | 900 | 126,054 | ||||
Teradata Corporation (a) | 2,250 | 51,075 | ||||
Verint Systems Inc. (a) | 2,500 | 120,450 | ||||
1,464,477 | ||||||
Consumer Discretionary 11.0% | ||||||
American Axle & Manufacturing Holdings, Inc. (a) | 44,600 | 257,342 | ||||
Foot Locker, Inc. | 5,800 | 191,574 | ||||
Helen of Troy Ltd (a) | 1,550 | 299,956 | ||||
Penske Automotive Group, Inc. | 6,400 | 305,024 | ||||
Skechers U.S.A. Inc. - Class A (a) | 10,900 | 329,398 | ||||
1,383,294 | ||||||
Real Estate 7.3% | ||||||
Brandywine Realty Trust | 18,500 | 191,290 | ||||
DiamondRock Hospitality Co. | 38,050 | 192,913 | ||||
Kite Realty Naperville, LLC | 22,000 | 254,760 | ||||
Physicians Realty Trust | 15,300 | 274,023 | ||||
912,986 | ||||||
Health Care 7.3% | ||||||
Integer Holdings Corporation (a) | 5,300 | 312,753 | ||||
Magellan Health Services Inc. (a) | 4,200 | 318,276 | ||||
Premier Healthcare Solutions, Inc. - Class A | 8,500 | 279,055 | ||||
910,084 | ||||||
Materials 5.3% | ||||||
Allegheny Technologies Incorporated (a) | 14,200 | 123,824 | ||||
Huntsman Corp. | 14,200 | 315,382 | ||||
Reliance Steel & Aluminum Co. | 2,200 | 224,488 | ||||
663,694 | ||||||
Energy 3.1% | ||||||
Cimarex Energy Co. | 8,500 | 206,805 | ||||
PBF Energy Inc. - Class A | 31,700 | 180,373 | ||||
387,178 | ||||||
Consumer Staples 2.9% | ||||||
Ingredion Inc. | 600 | 45,408 | ||||
Primo Water Holdings LLC | 14,200 | 201,640 | ||||
Sanderson Farms Inc. | 1,000 | 117,970 | ||||
365,018 | ||||||
Utilities 2.5% | ||||||
PNM Resources, Inc. | 7,600 | 314,108 | ||||
Communication Services 1.7% | ||||||
Meredith Corporation | 16,450 | 215,824 | ||||
Total Common Stocks (cost $13,541,749) | 12,354,151 | |||||
SHORT TERM INVESTMENTS 16.3% | ||||||
Investment Companies 16.3% | ||||||
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.03% (b) | 2,044,326 | 2,044,326 | ||||
Total Short Term Investments (cost $2,044,326) | 2,044,326 | |||||
Total Investments 114.9% (cost $15,586,075) | 14,398,477 | |||||
Other Assets and Liabilities, Net (14.9)% | (1,863,893) | |||||
Total Net Assets 100.0% | 12,534,584 |
(a) Non-income producing security.
(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2020.
Abbreviations and additional footnotes are defined on page 33
32
PPMFunds
Schedules of Investments
September 30, 2020
Currency Abbreviations:
USD - United States Dollar |
Abbreviations:
ABL - Asset-Based Lending | |
CDX.NA.IG - Credit Derivatives Index - North American - Investment Grade | |
DIP - Debtor-in-Possession | |
ETF - Exchange Traded Fund | |
FILO - First-in, last-out | |
LIBOR – London Interbank Offered Rate | |
PRIME - Wall Street Journal Prime Rate | |
REMIC - Real Estate Mortgage Investment Conduit | |
SPDR - Standard & Poor Depositary Receipt | |
TBA - To Be Announced (Securities purchased on a delayed delivery basis) | |
U.S. or US - United States | |
1Par and notional amounts are listed in USD unless otherwise noted. Futures are quoted in contracts.
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)
September 30, 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). However, consistent with legal requirements, calculation of the Fund’s NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the 1940 Act. Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter (“OTC”) market. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. Debt securities are generally valued by independent pricing services approved by the Board. If a valuation from a third-party pricing service is unavailable or it is determined that such valuation does not approximate fair market value, debt obligations with remaining maturities of sixty (60) days or less may be valued at their amortized cost, unless it is determined that such practice also does not approximate fair market value. Pricing services utilized to value debt and derivative instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. Term loans are generally valued at the composite bid prices provided by approved pricing services. Futures contracts traded on an exchange are generally valued at the exchange’s settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. If the last trade is determined to not be representative of fair value, exchange traded options are valued at the current day’s mid-price. Centrally cleared swap agreements, listed on a multilateral or trade facility platform, such as a registered exchange, are valued by the respective exchange. The exchange determines a daily settlement price via pricing models which use, as appropriate, its members’ actionable levels across complete term structures along with information obtained from external third-party price providers.
Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent fair value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of US securities markets. Securities are fair valued based on observable and unobservable inputs, including the Administrator's or Valuation Committee’s own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Administrator may utilize pricing services or other sources in determining the fair value of an investment. Factors considered to determine fair value may include fundamental analytical data relating to 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
34
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
currency exchange activity; changes in the interest rate environment; trading prices of financial products that are tied to baskets of foreign securities; and any other matters considered relevant.
If an investment is valued at a fair value for purposes of calculating a Fund’s NAV, the value may be different from the last quoted price for the investment depending on the source and method used to determine the value. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.
Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, "Fair Value Measurement". This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund’s investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories:
Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for securities listed on a national or foreign stock exchange or investments in mutual funds.
Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include broker quotes, third-party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities, including certain term loans, OTC derivatives, centrally cleared swap agreements, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost, swap agreements valued by pricing services, American Depositary Receipts and Global Depositary Receipts for which quoted prices in active markets are not available or securities limited by foreign ownership.
Level 3 includes valuations determined from significant unobservable inputs including the Administrator's own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features, maturity or anticipated cash flows; or industry specific inputs such as: trading activity of similar markets or securities, changes in the security’s underlying index or changes in comparable securities’ models. Level 3 valuations include securities; term loans that do not meet certain liquidity thresholds; securities where prices may be unavailable due to halted trading, restricted to resale due to market events, or newly issued; private placements; or investments for which reliable quotes are otherwise not available.
To assess the continuing appropriateness of security valuation, the Administrator regularly compares current day prices with prior day prices, transaction prices and alternative vendor prices. When the comparison results exceed pre-defined thresholds, the Administrator challenges the prices exceeding tolerance levels with the pricing service or broker. To verify Level 3 unobservable inputs, the Administrator uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes each Fund’s investments in securities and other financial instruments as of September 30, 2020, by valuation level.
. Level 1 ($) . | . Level 2 ($) . | . Level 3 ($) . | . Total ($) . | |||||
PPM Core Plus Fixed Income Fund | ||||||||
Assets - Securities | ||||||||
Corporate Bonds And Notes | — | 29,575,616 | 108,929 | 29,684,545 | ||||
Government And Agency Obligations | — | 20,532,368 | — | 20,532,368 | ||||
Non-U.S. Government Agency Asset-Backed Securities | — | 4,119,267 | — | 4,119,267 | ||||
Senior Floating Rate Instruments | — | 782,839 | — | 782,839 | ||||
Short Term Investments | 2,611,175 | — | — | 2,611,175 | ||||
2,611,175 | 55,010,090 | 108,929 | 57,730,194 | |||||
Assets - Investments in Other Financial Instruments1 | ||||||||
Futures Contracts | 13,301 | — | — | 13,301 | ||||
13,301 | — | — | 13,301 | |||||
Liabilities - Investments in Other Financial Instruments1 | ||||||||
Futures Contracts | (14,939 | ) | — | — | (14,939 | ) | ||
Centrally Cleared Credit Default Swap Agreements | — | (13,489 | ) | — | (13,489 | ) | ||
(14,939 | ) | (13,489 | ) | — | (28,428 | ) | ||
PPM Floating Rate Income Fund | ||||||||
Assets - Securities | ||||||||
Senior Floating Rate Instruments2 | — | 46,720,186 | 478,190 | 47,198,376 | ||||
Investment Companies | 1,813,416 | — | — | 1,813,416 | ||||
Corporate Bonds And Notes | — | 1,304,734 | — | 1,304,734 | ||||
Warrants | — | 5,138 | — | 5,138 | ||||
Common Stocks | 2,638 | — | 628 | 3,266 | ||||
Short Term Investments | 3,816,142 | — | — | 3,816,142 | ||||
5,632,196 | 48,030,058 | 478,818 | 54,141,072 | |||||
Liabilities - Investments in Other Financial Instruments1 | ||||||||
Futures Contracts | (1,100 | ) | — | — | (1,100 | ) | ||
(1,100 | ) | — | — | (1,100 | ) |
35
PPMFunds
Schedules of Investments (Unaudited)
September 30, 2020
. Level 1 ($) . | . Level 2 ($) . | . Level 3 ($) . | . Total ($) . | |||||
PPM High Yield Core Fund | ||||||||
Assets - Securities | ||||||||
Corporate Bonds And Notes | — | 50,382,993 | 163,963 | 50,546,956 | ||||
Senior Floating Rate Instruments2 | — | 1,453,938 | — | 1,453,938 | ||||
Investment Companies | 811,456 | — | — | 811,456 | ||||
Preferred Stocks | 138,786 | — | — | 138,786 | ||||
Common Stocks | 45,905 | — | — | 45,905 | ||||
Warrants | — | 21,171 | — | 21,171 | ||||
Non-U.S. Government Agency Asset-Backed Securities | — | 20,500 | — | 20,500 | ||||
Short Term Investments | 2,213,408 | — | — | 2,213,408 | ||||
3,209,555 | 51,878,602 | 163,963 | 55,252,120 | |||||
PPM Long Short Credit Fund | ||||||||
Assets - Securities | ||||||||
Corporate Bonds And Notes | — | 32,241,743 | — | 32,241,743 | ||||
Senior Floating Rate Instruments | — | 6,363,861 | — | 6,363,861 | ||||
Non-U.S. Government Agency Asset-Backed Securities | — | 3,131,172 | — | 3,131,172 | ||||
Investment Companies | 980,012 | — | — | 980,012 | ||||
Government And Agency Obligations | — | 526,641 | — | 526,641 | ||||
Common Stocks | 25,313 | — | — | 25,313 | ||||
Warrants | — | 17,013 | — | 17,013 | ||||
Short Term Investments | 2,043,667 | — | — | 2,043,667 | ||||
3,048,992 | 42,280,430 | — | 45,329,422 | |||||
Liabilities - Securities | ||||||||
Corporate Bonds And Notes | — | (3,569,774 | ) | — | (3,569,774 | ) | ||
Government And Agency Obligations | — | (696,375 | ) | — | (696,375 | ) | ||
— | (4,266,149 | ) | — | (4,266,149 | ) | |||
Liabilities - Investments in Other Financial Instruments1 | ||||||||
Futures Contracts | (41,799 | ) | — | — | (41,799 | ) | ||
Centrally Cleared Credit Default Swap Agreements | — | (91,182 | ) | — | (91,182 | ) | ||
(41,799 | ) | (91,182 | ) | — | (132,981 | ) | ||
PPM Large Cap Value Fund | ||||||||
Assets - Securities | ||||||||
Common Stocks | 8,185,968 | — | — | 8,185,968 | ||||
Short Term Investments | 42,963 | — | — | 42,963 | ||||
8,228,931 | — | — | 8,228,931 | |||||
PPM Mid Cap Value Fund | ||||||||
Assets - Securities | ||||||||
Common Stocks | 5,050,599 | — | — | 5,050,599 | ||||
Short Term Investments | 35,758 | — | — | 35,758 | ||||
5,086,357 | — | — | 5,086,357 | |||||
PPM Small Cap Value Fund | ||||||||
Assets - Securities | ||||||||
Common Stocks | 12,354,151 | — | — | 12,354,151 | ||||
Short Term Investments | 2,044,326 | — | — | 2,044,326 | ||||
14,398,477 | — | — | 14,398,477 |
1 Derivatives are reflected at the unrealized appreciation (depreciation) on the instrument.
2 Unfunded commitments are not reflected in Total Investments in the Schedules of Investments. Net unrealized appreciation (depreciation) is reflected as an asset or liability in the table. See Unfunded Commitments table following the Schedules of Investments.
Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security’s valuation. The Funds recognize transfers between levels as of the beginning of the year for financial reporting purposes. There were no significant transfers into or out of Level 3 for the period. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at September 30, 2020.
Unfunded Commitments. Certain Funds may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers’ discretion. Unfunded loan commitments and funded portions of credit agreements are marked-to-market daily.
Subsequent Events. On October 6, 2020, the Board approved Plans of Liquidation (the “Plans”) of PPM Floating Rate Income Fund, PPM Long Short Credit Fund, PPM Large Cap Value Fund and PPM Mid Cap Value Fund. On October 7, 2020, PPM Floating Rate Income Fund, PPM Long Short Credit Fund, PPM Large Cap Value Fund and PPM Mid Cap Value Fund stopped accepting new investments. On October 22, 2020, PPM Large Cap Value Fund and PPM Mid Cap Value Fund ceased business as investment companies.
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