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

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

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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

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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

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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.

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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

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

²Unfunded 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