PPM Funds NPORT-P PPM Small Cap Value Fund (Mar 2021 report)

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

			Shares/Par1		Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 52.7%
Financials 16.3%
	AerCap Ireland Capital Designated Activity Company
		4.50%, 09/15/23	150,000		161,363
		6.50%, 07/15/25	50,000		58,315
	AIA Group Limited
		3.60%, 04/09/29 (a)	200,000		216,018
	Avolon Holdings Funding Limited
		5.25%, 05/15/24 (a)	158,000		170,905
	Bank of America Corporation
		6.25%, (100, 09/05/24) (b)	75,000		83,010
		6.30%, (100, 03/10/26) (b)	45,000		51,441
		4.00%, 01/22/25	46,000		50,329
		4.25%, 10/22/26	215,000		240,725
		3.56%, 04/23/27	115,000		125,204
		3.25%, 10/21/27	27,000		29,001
		3.59%, 07/21/28	150,000		163,233
		4.27%, 07/23/29	322,000		362,810
		2.68%, 06/19/41	105,000		98,153
	Barclays PLC
		3.56%, 09/23/35 (c)	245,000		244,586
	Berkshire Hathaway Finance Corporation
		2.85%, 10/15/50	83,000		76,782
	BNP Paribas
		2.59%, 08/12/35 (a) (c)	200,000		188,574
	Capital One Financial Corporation
		3.75%, 03/09/27	75,000		82,265
	Citigroup Inc.
		5.00%, (100, 09/12/24) (b)	108,000		111,318
		4.45%, 09/29/27	76,000		85,683
		3.52%, 10/27/28	131,000		141,688
	Credit Suisse Group AG
		5.25%, (100, 02/11/27) (a) (b)	200,000		202,029
		7.50%, (100, 12/11/23) (a) (b) (c)	150,000		161,632
		6.50%, 08/08/23 (a) (c)	250,000		276,254
	Diamond Finance International Limited
		6.02%, 06/15/26 (a) (d)	67,000		79,204
		8.35%, 07/15/46 (a) (d)	100,000		152,443
	Element Fleet Management Corp.
		1.60%, 04/06/24 (a)	42,000		41,951
	FS KKR Capital Corp.
		3.40%, 01/15/26	164,000		162,669
	GA Global Funding Trust
		1.00%, 04/08/24 (a)	80,000		79,910
	Glencore Funding LLC
		4.88%, 03/12/29 (a)	115,000		130,972
	HSBC Holdings PLC
		6.88%, (100, 06/01/21) (b) (c)	200,000		201,750
	Icahn Enterprises L.P.
		4.75%, 09/15/24	50,000		51,952
		6.25%, 05/15/26	69,000		72,562
	Intercontinental Exchange, Inc.
		2.10%, 06/15/30	65,000		62,532
	JPMorgan Chase & Co.
		4.01%, (3 Month USD LIBOR + 3.80%), (100, 05/01/21) (b) (e) (f)	60,000		60,114
		5.00%, (100, 08/01/24) (b)	80,000		82,700
		2.01%, 03/13/26	132,000		135,525
		3.78%, 02/01/28	55,000		60,648
		3.51%, 01/23/29	101,000		109,495
		4.01%, 04/23/29	28,000		31,286
		2.74%, 10/15/30	110,000		111,819
		2.96%, 05/13/31	107,000		108,904
		1.95%, 02/04/32	475,000		450,951
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (b) (c)	109,000		124,941
		3.87%, 07/09/25 (c)	200,000		217,698
	Macquarie Group Limited
		1.34%, 01/12/27 (a)	116,000		113,723
	Markel Corporation
		6.00%, (100, 06/01/25) (b)	78,000		84,798
	Metropolitan Life Global Funding I
		3.60%, 01/11/24 (a)	210,000		226,808
	Morgan Stanley
		4.05%, (3 Month USD LIBOR + 3.81%), (100, 04/15/21) (b) (e)	82,000		82,028
		4.88%, 11/01/22	100,000		106,699
		3.62%, 04/01/31	206,000		224,335
		2.80%, 01/25/52	70,000		64,126
	NatWest Group PLC
		3.07%, 05/22/28 (c)	200,000		207,916
		3.03%, 11/28/35 (c)	170,000		162,554
	Nordic Aviation Capital
		6.83%, 03/14/25 (g) (h) (i)	139,295		95,417
	Owl Rock Capital Corporation
		3.40%, 07/15/26	65,000		65,869
	Rassman, Joel H.
		3.80%, 11/01/29 (f)	140,000		147,858
	The Charles Schwab Corporation
		4.00%, (100, 06/01/26) (b)	140,000		142,072
		2.00%, 03/20/28	55,000		55,222
	The Goldman Sachs Group, Inc.
		3.50%, 04/01/25	82,000		88,765
		1.43%, 03/09/27	280,000		277,291
		3.80%, 03/15/30	241,000		265,478
		6.75%, 10/01/37	70,000		98,767
	The Guardian Life Insurance Company of America
		3.70%, 01/22/70 (a)	57,000		55,001
	Truist Financial Corporation
		4.95%, (100, 09/01/25) (b)	107,000		115,961
	U.S. Bancorp
		3.00%, 07/30/29	31,000		32,709
	Wells Fargo & Company
		2.41%, 10/30/25	143,000		149,338
	Westpac Banking Corporation
		2.67%, 11/15/35 (c)	71,000		67,356
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (a)	65,000		69,536
				8,910,971
Energy 5.4%
	Aker BP ASA
		3.75%, 01/15/30 (a)	155,000		160,284
	Cheniere Corpus Christi Holdings, LLC
		7.00%, 06/30/24	110,000		126,629
		5.88%, 03/31/25	54,000		61,562
	Cheniere Energy, Inc.
		4.63%, 10/15/28 (a)	85,000		88,584
		4.50%, 10/01/29	125,000		129,740
	Chevron Corporation
		2.00%, 05/11/27	133,000		136,174
	Diamondback Energy, Inc.
		4.75%, 05/31/25	46,000		51,438
	Endeavor Energy Resources, L.P.
		5.50%, 01/30/26 (a)	14,000		14,552
		5.75%, 01/30/28 (a)	14,000		14,784
	Energy Transfer LP
		6.75%, (100, 05/15/25) (b)	102,000		97,986
		7.13%, (100, 05/15/30) (b)	119,000		115,385
		4.25%, 03/15/23	173,000		182,546
		3.75%, 05/15/30	67,000		69,163
		5.80%, 06/15/38	45,000		51,114
		6.25%, 04/15/49	40,000		47,180
	Enlink Midstream, LLC
		4.15%, 06/01/25	71,000		69,400
	Enterprise Products Operating LLC
		4.20%, 01/31/50	84,000		89,535
	EQM Midstream Partners, LP
		4.13%, 12/01/26	113,000		112,317
		4.50%, 01/15/29 (a)	49,000		47,769
	Exxon Mobil Corporation
		3.48%, 03/19/30	125,000		135,882
	MPLX LP
		4.00%, 03/15/28	120,000		132,346
	Occidental Petroleum Corporation
		3.50%, 08/15/29	140,000		131,362
		4.30%, 08/15/39	20,000		16,966

Abbreviations and additional footnotes are defined on page 15

1

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

			Shares/Par1		Value ($)
		4.40%, 08/15/49	22,000		18,398
	Rattler Midstream LP
		5.63%, 07/15/25 (a)	15,000		15,662
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	250,000		274,724
		4.50%, 05/15/30	80,000		89,780
	Targa Resource Corporation
		5.50%, 03/01/30	140,000		146,976
		4.88%, 02/01/31 (a)	56,000		56,738
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	14,500		13,794
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	49,000		45,176
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	105,000		99,371
	WPX Energy, Inc.
		5.88%, 06/15/28	39,000		42,988
		4.50%, 01/15/30	34,000		36,604
				2,922,909
Communication Services 5.2%
	AT&T Inc.
		1.70%, 03/25/26	180,000		179,951
		5.25%, 03/01/37	116,000		139,939
		4.90%, 08/15/37	16,000		18,815
		4.30%, 12/15/42	105,000		114,538
		3.10%, 02/01/43	131,000		122,413
	CCO Holdings, LLC
		4.75%, 03/01/30 (a)	195,000		202,136
	Charter Communications Operating, LLC
		4.91%, 07/23/25	140,000		158,890
		5.38%, 04/01/38	45,000		53,011
		6.83%, 10/23/55	51,000		70,997
	Comcast Corporation
		2.35%, 01/15/27	95,000		99,135
		4.60%, 10/15/38	51,000		61,530
		3.75%, 04/01/40	35,000		38,414
		3.40%, 07/15/46	50,000		51,715
	CSC Holdings, LLC
		6.50%, 02/01/29 (a)	100,000		110,476
	Hughes Satellite Systems Corporation
		5.25%, 08/01/26	71,000		78,508
	Live Nation Entertainment, Inc.
		6.50%, 05/15/27 (a)	60,000		66,585
	Sirius XM Radio Inc.
		5.50%, 07/01/29 (a)	47,000		50,832
	The Walt Disney Company
		4.63%, 03/23/40	80,000		97,387
	T-Mobile USA, Inc.
		3.50%, 04/15/25 (a)	65,000		70,111
		2.63%, 04/15/26	306,000		310,286
	Verizon Communications Inc.
		2.10%, 03/22/28	205,000		205,836
		4.33%, 09/21/28	105,000		120,077
		1.75%, 01/20/31	80,000		74,493
		2.55%, 03/21/31	74,000		73,756
		4.50%, 08/10/33	47,000		54,755
		3.40%, 03/22/41	58,000		58,923
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	120,000		145,305
				2,828,814
Consumer Discretionary 5.1%
	Adient US LLC
		9.00%, 04/15/25 (a)	38,000		42,232
	Amazon.com, Inc.
		2.50%, 06/03/50	50,000		44,746
	Booking Holdings Inc.
		4.10%, 04/13/25	124,000		138,384
		4.63%, 04/13/30	130,000		151,108
	Carnival Corporation
		11.50%, 04/01/23 (a)	146,000		166,645
	Cedar Fair, L.P.
		5.50%, 05/01/25 (a)	83,000		87,387
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	103,000		111,511
	Ford Motor Company
		8.50%, 04/21/23	33,000		36,796
		9.00%, 04/22/25	67,000		81,108
	General Motors Company
		6.13%, 10/01/25	51,000		60,078
		6.80%, 10/01/27	39,000		48,489
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		17,295
		5.30%, 01/15/29	100,000		112,330
	Hanesbrands Inc.
		5.38%, 05/15/25 (a)	152,000		160,703
	Hilton Domestic Operating Company Inc.
		5.38%, 05/01/25 (a)	33,000		34,780
		5.75%, 05/01/28 (a)	33,000		35,590
	Hyatt Hotels Corporation
		5.38%, 04/23/25 (d)	45,000		50,484
	Hyundai Capital America
		1.80%, 10/15/25 (a)	66,000		65,901
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	36,000		33,623
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43 (d)	11,000		13,892
	Macy's, Inc.
		8.38%, 06/15/25 (a)	85,000		94,167
	Marriott International, Inc.
		5.75%, 05/01/25 (d)	115,000		131,767
	Mattel, Inc.
		3.38%, 04/01/26 (a)	63,000		64,482
	Meritage Homes Corporation
		3.88%, 04/15/29 (a)	80,000		80,000
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	35,026		38,395
	Newell Brands Inc.
		4.88%, 06/01/25	46,000		50,782
	NIKE, Inc.
		3.25%, 03/27/40	74,000		77,659
	NVR, Inc.
		3.00%, 05/15/30	134,000		137,353
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (a)	200,000		200,225
	Restaurant Brands International Limited Partnership
		3.50%, 02/15/29 (a)	35,000		34,038
	Ross Stores, Inc.
		4.60%, 04/15/25	169,000		189,717
		1.88%, 04/15/31	74,000		69,379
	Royal Caribbean Cruises Ltd.
		11.50%, 06/01/25 (a)	22,000		25,603
	The Home Depot, Inc.
		3.35%, 04/15/50	74,000		76,723
				2,763,372
Health Care 4.5%
	AbbVie Inc.
		3.20%, 11/21/29	75,000		79,728
		4.50%, 05/14/35	55,000		64,034
	Amgen Inc.
		3.15%, 02/21/40	164,000		162,893
	Ascension Health
		2.53%, 11/15/29	28,000		28,733
	Bausch Health Companies Inc.
		5.50%, 11/01/25 (a)	22,000		22,615
		8.50%, 01/31/27 (a)	21,000		23,259
		5.75%, 08/15/27 (a)	60,000		64,601
	Baylor Scott & White Holdings
		2.84%, 11/15/50	54,000		50,732
	Bristol-Myers Squibb Company
		3.40%, 07/26/29	205,000		223,934
	Centene Corporation
		5.38%, 08/15/26 (a)	59,000		62,039
		4.25%, 12/15/27	77,000		80,925
		4.63%, 12/15/29	120,000		129,582
		3.38%, 02/15/30	101,000		102,010
		3.00%, 10/15/30	123,000		122,335
	Cigna Holding Company
		3.40%, 03/01/27	114,000		123,826

Abbreviations and additional footnotes are defined on page 15

2

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

			Shares/Par1		Value ($)
	CVS Health Corporation
		4.30%, 03/25/28	53,000		60,144
		4.78%, 03/25/38	100,000		118,077
		5.05%, 03/25/48	100,000		122,488
	HCA Inc.
		5.38%, 02/01/25	100,000		111,566
	Molina Healthcare, Inc.
		4.38%, 06/15/28 (a)	17,000		17,501
		3.88%, 11/15/30 (a)	19,000		19,538
	Mylan Inc
		5.20%, 04/15/48	23,000		26,941
	Providence St. Joseph Health
		2.53%, 10/01/29	67,000		68,225
	Royalty Pharma PLC
		3.30%, 09/02/40 (a)	91,000		87,942
	Smith & Nephew PLC
		2.03%, 10/14/30	60,000		56,452
	STERIS Irish FinCo Unlimited Company
		3.75%, 03/15/51	56,000		55,845
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (a)	140,000		145,486
	Trinity Healthcare Group Pte. Ltd.
		2.63%, 12/01/40	11,000		10,366
	Universal Health Services, Inc.
		2.65%, 10/15/30 (a)	50,000		48,368
	Upjohn Inc.
		3.85%, 06/22/40 (a)	119,000		121,923
		4.00%, 06/22/50 (a)	71,000		72,456
				2,484,564
Consumer Staples 4.2%
	Altria Group, Inc.
		2.35%, 05/06/25	85,000		88,132
		4.80%, 02/14/29	54,000		61,971
		2.45%, 02/04/32	80,000		76,399
	Anheuser-Busch Companies, LLC
		4.90%, 02/01/46	146,000		173,517
	Archer-Daniels-Midland Company
		3.25%, 03/27/30	70,000		75,097
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (a)	128,000		134,285
	BAT Capital Corp.
		2.26%, 03/25/28	126,000		123,922
		4.91%, 04/02/30	34,000		38,786
		4.39%, 08/15/37	74,000		77,546
	Jaguar Holding Company II
		4.63%, 06/15/25 (a)	17,000		17,702
		5.00%, 06/15/28 (a)	17,000		17,695
	JBS Investments II GmbH
		7.00%, 01/15/26 (a)	200,000		213,148
	JBS USA Food Company
		6.50%, 04/15/29 (a)	84,000		94,970
		5.50%, 01/15/30 (a)	50,000		55,245
	Kraft Heinz Foods Company
		3.88%, 05/15/27	69,000		75,464
		4.63%, 10/01/39	20,000		21,707
	Mars, Incorporated
		2.38%, 07/16/40 (a)	60,000		55,085
		3.95%, 04/01/49 (a)	143,000		161,142
	Northwestern University
		2.64%, 12/01/50	38,000		36,047
	PepsiCo, Inc.
		3.38%, 07/29/49	55,000		57,042
	Reynolds American Inc.
		5.70%, 08/15/35	46,000		54,570
	Safeway Inc.
		3.50%, 02/15/23 (a)	100,000		102,313
	Sysco Corporation
		5.95%, 04/01/30 (d)	33,000		41,266
		6.60%, 04/01/40 (d)	15,000		21,008
	Walmart Inc.
		2.85%, 07/08/24	174,000		186,665
		3.25%, 07/08/29	234,000		256,369
				2,317,093
Utilities 4.2%
	Ameren Illinois Company
		4.50%, 03/15/49	65,000		78,091
	Commonwealth Edison Company
		3.75%, 08/15/47	79,000		84,436
	Consolidated Edison Company of New York, Inc.
		3.95%, 04/01/50	57,000		61,786
	DPL Inc.
		4.13%, 07/01/25 (a)	102,000		108,101
	Duquesne Light Holdings, Inc.
		2.53%, 10/01/30 (a)	61,000		58,450
	Edison International
		5.38%, (100, 03/09/26) (b)	140,000		142,218
		4.95%, 04/15/25	70,000		78,216
	Exelon Corporation
		5.10%, 06/15/45	75,000		92,630
	FirstEnergy Corp.
		4.40%, 07/15/27 (d) (j)	69,000		74,451
	Nevada Power Company
		3.70%, 05/01/29	140,000		154,759
	Oncor Electric Delivery Company LLC
		2.95%, 04/01/25	80,000		84,987
	Pacific Gas And Electric Company
		3.30%, 12/01/27	46,000		48,057
		2.50%, 02/01/31	73,000		68,603
		3.25%, 06/01/31	45,000		44,801
		4.50%, 07/01/40	181,000		183,593
	San Diego Gas & Electric Company
		1.70%, 10/01/30	168,000		157,977
	Southern California Edison Company
		4.13%, 03/01/48	46,000		48,261
		3.65%, 02/01/50	62,000		61,039
	Tampa Electric Company
		3.45%, 03/15/51	87,000		88,842
	The AES Corporation
		3.30%, 07/15/25 (a)	133,000		141,119
		2.45%, 01/15/31 (a)	89,000		84,698
	The Narragansett Electric Company
		3.40%, 04/09/30 (a)	37,000		39,403
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a)	71,000		74,265
		3.70%, 01/30/27 (a)	220,000		228,177
				2,286,960
Industrials 3.4%
	Aircastle Limited
		5.25%, 08/11/25 (a)	108,000		117,966
	American Airlines, Inc.
		5.50%, 04/20/26 (a)	31,000		32,245
		5.75%, 04/20/29 (a)	11,000		11,701
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	134,000		154,268
	General Dynamics Corporation
		4.25%, 04/01/40	100,000		117,682
	General Electric Company
		3.51%, (3 Month USD LIBOR + 3.33%), (100, 06/15/21) (b) (e)	419,000		395,955
		3.45%, 05/01/27	31,000		33,691
		3.63%, 05/01/30	73,000		78,542
	Hillenbrand, Inc.
		5.00%, 09/15/26 (d) (j)	20,000		22,006
	Howmet Aerospace Inc.
		6.88%, 05/01/25	36,000		41,693
	Moog Inc.
		4.25%, 12/15/27 (a)	44,000		44,893
	Northrop Grumman Corporation
		4.40%, 05/01/30	46,000		53,062
	NTT Finance Corporation
		1.16%, 04/03/26 (a)	371,000		365,938
	Park Aerospace Holdings Limited
		5.25%, 08/15/22 (a)	13,000		13,645
	Prime Security Services Borrower, LLC
		3.38%, 08/31/27 (a)	57,000		55,290
	Siemens Financieringsmaatschappij N.V.
		2.15%, 03/11/31 (a)	250,000		243,951

Abbreviations and additional footnotes are defined on page 15

3

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

			Shares/Par1		Value ($)
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (a)	10,000		10,673
		4.75%, 10/20/28 (a)	16,000		17,408
	United Rentals (North America), Inc.
		3.88%, 11/15/27	55,000		56,925
				1,867,534
Materials 2.5%
	Anglo American Capital PLC
		5.38%, 04/01/25 (a)	200,000		228,161
		4.88%, 05/14/25 (a)	121,000		136,691
		4.75%, 04/10/27 (a)	180,000		206,434
	CEMEX S.A.B. de C.V.
		5.45%, 11/19/29 (a)	130,000		142,256
	CF Industries, Inc.
		4.50%, 12/01/26 (a)	154,000		173,349
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	61,000		64,789
		5.40%, 11/14/34	35,000		41,699
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (a)	110,000		109,884
	Mercer International Inc.
		5.13%, 02/01/29 (a)	26,000		26,915
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	130,000		136,054
	Teck Resources Limited
		3.90%, 07/15/30	105,000		109,459
				1,375,691
Information Technology 1.7%
	Apple Inc.
		2.38%, 02/08/41	95,000		86,442
		2.65%, 02/08/51	102,000		92,922
	Broadcom Inc.
		3.88%, 01/15/27	27,000		29,329
		3.47%, 04/15/34 (a)	160,000		160,547
		3.50%, 02/15/41 (a)	77,000		73,343
	Dell International L.L.C.
		5.85%, 07/15/25 (a)	6,000		6,997
		4.90%, 10/01/26 (a) (d)	50,000		56,839
	Microsoft Corporation
		2.68%, 06/01/60	15,000		13,638
		3.04%, 03/17/62	72,000		70,603
	Oracle Corporation
		1.65%, 03/25/26	136,000		136,791
		2.88%, 03/25/31	136,000		138,543
		3.65%, 03/25/41	78,000		78,994
				944,988
Real Estate 0.2%
	National Health Investors, Inc.
		3.00%, 02/01/31	66,000		62,079
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	55,000		56,305
				118,384
	Total Corporate Bonds And Notes (cost $27,715,972)			28,821,280
GOVERNMENT AND AGENCY OBLIGATIONS 36.7%
Mortgage-Backed Securities 24.9%
	Federal Home Loan Mortgage Corporation
		3.00%, 07/01/32 - 12/01/49	283,187		296,998
		2.00%, 12/01/35	209,958		215,592
		4.00%, 10/01/45 - 06/01/48	409,557		442,925
		3.50%, 01/01/46 - 08/01/49	1,246,404		1,324,076
		4.50%, 11/01/48	24,406		26,557
		2.50%, 05/01/50 - 07/01/50	252,748		259,445
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 09/01/50	2,342,869		2,457,018
		1.50%, 11/01/35	84,137		84,554
		TBA, 2.50%, 04/15/36 - 05/15/51 (k)	660,000		684,722
		TBA, 2.00%, 05/15/36 - 05/15/51 (k)	1,360,000		1,367,600
		3.50%, 10/01/46 - 01/01/48	371,417		395,272
		4.00%, 01/01/47 - 09/01/49	770,344		830,026
		4.50%, 05/01/47 - 12/01/48	587,656		644,191
		2.50%, 04/01/50 - 11/01/50	608,117		624,313
		2.00%, 11/01/50 - 01/01/51	858,972		857,907
		TBA, 1.50%, 05/15/51 (k)	150,000		144,699
	Government National Mortgage Association
		3.00%, 10/20/46 - 04/20/50	323,734		338,069
		3.50%, 05/20/47 - 03/20/50	787,746		836,875
		4.00%, 07/20/47	296,353		320,264
		4.50%, 12/20/48 - 02/20/49	140,849		152,369
		TBA, 2.00%, 04/15/51 (k)	440,000		444,048
		TBA, 2.50%, 05/15/51 (k)	850,000		875,039
				13,622,559
U.S. Treasury Note 7.2%
	Treasury, United States Department of
		0.13%, 12/15/23	175,000		174,234
		1.50%, 10/31/24 - 08/15/26	943,000		969,291
		0.25%, 07/31/25	125,000		122,246
		2.25%, 11/15/25	980,000		1,043,394
		0.38%, 12/31/25	790,000		771,484
		0.63%, 03/31/27	345,000		333,572
		2.88%, 08/15/28	375,000		412,441
		0.88%, 11/15/30	125,000		115,625
				3,942,287
U.S. Treasury Bond 3.7%
	Treasury, United States Department of
		3.75%, 08/15/41	461,000		573,657
		3.13%, 11/15/41	292,000		332,698
		2.50%, 02/15/45 - 02/15/46	772,000		787,992
		3.00%, 02/15/48	277,000		310,846
				2,005,193
U.S. Government Agency Obligations 0.4%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (l)	229,000		211,777
Municipal 0.3%
	Dormitory Authority State of New York
		3.19%, 02/15/43	100,000		102,102
	The Port Authority of New York and New Jersey
		1.09%, 07/01/23	75,000		76,117
				178,219
Sovereign 0.2%
	Abu Dhabi, Government of
		3.13%, 04/16/30 (a)	100,000		106,987
	Total Government And Agency Obligations (cost $19,613,006)			20,067,022
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.7%
	Air Canada 2020-2 Class A Pass Through Trust
		Series 2020-A-2, 5.25%, 04/01/29	27,000		29,268
	Alaska Airlines 2020-1 Class A Pass Through Trust
		Series 2020-A-1, 4.80%, 08/15/27	90,316		99,121
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	161,900		161,900
	American Tower Trust #1
		Series 2013-A-2, 3.07%, 03/15/23	265,000		267,620
	AmeriCredit Automobile Receivables Trust
		Series 2018-A3-1, 3.07%, 12/19/22	23,650		23,685
	Ascentium Equipment Receivables Trust
		Series 2017-A3-2A, 2.31%, 12/10/21	22,080		22,146
	Capital One Prime Auto Receivables Trust
		Series 2019-A2-2, 2.06%, 06/15/21	63,397		63,474
		Series 2020-A2-1, 1.64%, 06/15/23	104,110		104,496
	CarMax Auto Owner Trust 2019-2
		Series 2019-A3-2, 2.68%, 12/15/22	286,781		292,258
	CCG Receivables Trust
		Series 2019-A2-2, 2.11%, 03/14/23	61,635		62,389
	CIM Trust
		Series 2021-A1-J2, REMIC, 2.50%, 04/25/51 (e)	190,000		192,205
	COMM Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	49,000		53,135
	DLL LLC
		Series 2018-A3-ST2, 3.46%, 04/20/21	8,405		8,421
		Series 2019-A2-MT3, 2.13%, 01/20/22	28,132		28,177
	First Investors Auto Owner Trust 2021-1
		Series 2021-A-1A, 0.45%, 12/15/23	176,214		175,986
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22	20,871		21,211

Abbreviations and additional footnotes are defined on page 15

4

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

				Shares/Par1		Value ($)
	GLS Auto Receivables Trust
		Series 2019-A-1A, 3.37%, 01/17/23		879		880
	GM Financial Automobile Leasing Trust 2020-1
		Series 2020-A3-1, 1.67%, 12/20/22		300,000		302,998
	GM Financial Automobile Leasing Trust 2020-3
		Series 2020-A2A-3, 0.35%, 02/20/22		171,535		171,686
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30		177,000		176,743
	HPEFS Equipment Trust
		Series 2019-A2-1A, 2.19%, 09/20/29		23,416		23,446
		Series 2019-A3-1A, 2.21%, 09/20/29		100,000		100,661
	Hudson Yards Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29		150,000		160,016
	J.P. Morgan Mortgage Trust
		Series 2017-A6-6, REMIC, 3.00%, 03/25/25 (e)		5,338		5,346
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27		201,074		201,193
	PSMC Trust
		Series 2018-A1-3, REMIC, 4.00%, 02/25/41 (e)		8,107		8,211
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (e)		124,174		125,857
	Sprint Spectrum Co LLC
		Series 2016-A1-1, 3.36%, 09/20/21 (a)		25,000		25,188
	Toyota Auto Receivables Owner Trust
		Series 2018-A3-B, 2.96%, 07/15/21		77,534		78,098
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24		47,314		49,207
		Series 2012-A-2, 4.00%, 10/29/24		42,271		43,645
	Verizon Owner Trust 2019-C
		Series 2019-A1A-C, 1.94%, 11/21/22		275,000		279,726
	Verizon Owner Trust 2020-B
		Series 2020-A-B, 0.47%, 02/20/25		149,000		149,174
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, REMIC, 3.92%, 06/17/27 (e)		57,000		61,954
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (e)		77,980		79,671
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,623,924)				3,649,192
SENIOR FLOATING RATE INSTRUMENTS 1.7%
Consumer Discretionary 0.5%
	Caesars Resort Collection, LLC
		2020 Term Loan B1, 4.61%, (1 Month USD LIBOR + 4.50%), 06/19/25 (e)		81,590		81,692
	PCI Gaming Authority
		Term Loan, 2.61%, (1 Month USD LIBOR + 2.50%), 05/15/26 (e)		119,036		118,099
	UFC Holdings, LLC
		2021 Term Loan B, 3.75%, (3 Month USD LIBOR + 3.00%), 04/29/26 (e)		58,030		57,758
					257,549
Communication Services 0.4%
	CenturyLink, Inc.
		2020 Term Loan B, 2.36%, (3 Month USD LIBOR + 2.25%), 03/15/27 (e)		98,750		97,596
	CSC Holdings, LLC
		2017 Term Loan B1, 2.36%, (1 Month USD LIBOR + 2.25%), 07/15/25 (e)		43,421		42,779
	Diamond Sports Group, LLC
		Term Loan, 3.36%, (1 Month USD LIBOR + 3.25%), 08/24/26 (e)		33,490		22,857
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 2.62%, (3 Month USD LIBOR + 2.50%), 07/15/26 (e)	��	67,769		67,202
					230,434
Industrials 0.4%
	American Airlines, Inc.
		1st Lien Term Loan, 0.00%, (3 Month USD LIBOR + 4.75%), 03/10/28 (e) (m)		21,000		21,492
	Berry Global, Inc.
		2021 Term Loan Z, 0.00%, (1 Month USD LIBOR + 1.75%), 07/01/26 (e) (m)		129,675		128,520
	Genesee & Wyoming Inc.
		Term Loan, 2.20%, (3 Month USD LIBOR + 2.00%), 10/29/26 (e)		50,490		50,285
	Ineos Styrolution US Holding LLC
		2021 USD Term Loan B, 3.25%, (3 Month USD LIBOR + 2.75%), 01/21/26 (e)		27,000		26,899
					227,196
Consumer Staples 0.2%
	JBS USA Lux S.A.
		2019 Term Loan B, 0.00%, (1 Month USD LIBOR + 2.00%), 04/27/26 (e) (m)		93,874		93,229
Information Technology 0.1%
	Peraton Corp.
		1st Lien Term Loan B, 0.00%, (3 Month USD LIBOR + 3.75%), 02/01/28 (e) (m)		45,236		45,199
	Peraton Holding Corp
		Term Loan B, 0.00%, (3 Month USD LIBOR + 3.75%), 02/22/28 (e) (m)		25,704		25,682
					70,881
Energy 0.1%
	Traverse Midstream Partners LLC
		2017 Term Loan, 6.50%, (3 Month USD LIBOR + 5.50%), 09/22/24 (e)		30,784		30,491
	Total Senior Floating Rate Instruments (cost $921,695)				909,780
SHORT TERM INVESTMENTS 7.4%
Investment Companies 7.0%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.04% (n)			3,857,975		3,857,975
Securities Lending Collateral 0.4%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.03% (n)			210,585		210,585
	Total Short Term Investments (cost $4,068,560)				4,068,560
Total Investments 105.2% (cost $55,943,157)						57,515,834
Other Derivative Instruments (0.0)%						(8,577)
Other Assets and Liabilities, Net (5.2)%						(2,841,175)
Total Net Assets 100.0%						54,666,082

(a)Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2021, the value and the percentage of net assets of these securities was $9,337,416 and 17.1% of the Fund.

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

(c)Convertible security.

(d)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2021.

(e)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(f)All or a portion of the security was on loan as of March 31, 2021.

(g)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.

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

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

(j)Security is a step-up bond where the coupon may increase or step up at a future

Abbreviations and additional footnotes are defined on page 15

5

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2021.

(k)All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2021, the total payable for investments purchased on a delayed delivery basis was $3,533,514.

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

(m)This senior floating rate interest will settle after March 31, 2021. If a reference rate and spread is presented, it will go into effect upon settlement.

(n)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2021.

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	95,417	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	18	June 2021		2,401,350	(4,409)			(44,475)
United States 2 Year Note	14	July 2021		3,093,299	(696)			(3,127)
United States 5 Year Note	46	July 2021		5,743,030	(7,525)			(66,701)
United States Long Bond	10	June 2021		1,591,735	(4,375)			(45,798)
United States Ultra Bond	2	June 2021		380,863	(2,313)			(18,426)
					(19,318)			(178,527)
Short Contracts
United States 10 Year Ultra Bond	(30)	June 2021		(4,447,631)	10,741			137,006

Abbreviations and additional footnotes are defined on page 15

6

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

			Shares/Par1		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 92.6%
Communication Services 17.4%
	Advantage Sales & Marketing Inc.
		6.50%, 11/15/28 (a)	220,000		228,617
	Altice Financing S.A.
		5.00%, 01/15/28 (a)	102,000		100,675
	Altice France S.A.
		7.38%, 05/01/26 (a)	460,000		478,474
		6.00%, 02/15/28 (a)	84,000		82,849
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	194,000		206,254
	CBS Radio Inc.
		7.25%, 11/01/24 (a) (b)	140,000		145,189
	CCO Holdings, LLC
		5.13%, 05/01/27 (a)	108,000		114,185
		5.88%, 05/01/27 (a)	379,000		391,447
		5.00%, 02/01/28 (a)	203,000		214,730
		5.38%, 06/01/29 (a)	351,000		377,489
		4.50%, 05/01/32 (a)	111,000		112,387
	CenturyLink, Inc.
		5.13%, 12/15/26 (a)	112,000		117,929
		7.60%, 09/15/39	24,000		27,478
	Clear Channel International B.V.
		6.63%, 08/01/25 (a)	30,000		31,353
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a)	144,000		142,709
	Clear Channel Worldwide Holdings, Inc.
		9.25%, 02/15/24	39,000		40,662
	Consolidated Communications, Inc.
		6.50%, 10/01/28 (a)	288,000		308,950
	CSC Holdings, LLC
		5.50%, 04/15/27 (a)	308,000		323,378
		7.50%, 04/01/28 (a)	300,000		330,778
	Cumulus Media New Holdings Inc.
		6.75%, 07/01/26 (a)	296,000		301,519
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (a)	93,000		66,970
		6.63%, 08/15/27 (a)	113,000		60,235
	DISH DBS Corporation
		5.88%, 11/15/24	142,000		148,590
		7.75%, 07/01/26	156,000		172,229
	Embarq Corporation
		8.00%, 06/01/36	77,000		88,551
	Entercom Communications Corp.
		6.75%, 03/31/29 (a)	159,000		165,362
	Frontier Communications Corporation
		5.88%, 10/15/27 (a)	13,000		13,777
		5.00%, 05/01/28 (a)	93,000		94,655
		6.75%, 05/01/29 (a)	139,000		146,493
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26	274,000		303,774
	iHeartCommunications, Inc.
		6.38%, 05/01/26	38,565		40,935
		8.38%, 05/01/27	326,651		350,360
		5.25%, 08/15/27 (a)	25,000		25,732
		4.75%, 01/15/28 (a)	50,000		50,464
	Intelsat Jackson Holdings S.A.
		8.00%, 02/15/24 (a)	125,000		129,319
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	164,000		174,846
		5.13%, 07/15/29 (a)	145,000		147,971
	Level 3 Financing, Inc.
		4.63%, 09/15/27 (a)	194,000		199,570
		3.63%, 01/15/29 (a)	140,000		135,781
	Liberty Media Corporation
		8.25%, 02/01/30	199,000		228,377
	Live Nation Entertainment, Inc.
		4.88%, 11/01/24 (a)	86,000		87,493
		6.50%, 05/15/27 (a)	34,000		37,732
		3.75%, 01/15/28 (a)	40,000		39,450
	MDC Partners Inc.
		7.50%, 05/01/24 (a) (c)	287,000		290,998
	Netflix, Inc.
		4.88%, 04/15/28	125,000		141,409
		5.88%, 11/15/28	90,000		108,898
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (a)	110,000		115,402
	Nielsen Finance LLC
		5.88%, 10/01/30 (a)	140,000		151,699
	Radiate HoldCo, LLC
		6.50%, 09/15/28 (a)	289,000		305,144
	Sprint Corporation
		6.00%, 11/15/22	101,000		108,007
		7.88%, 09/15/23	25,000		28,567
		7.13%, 06/15/24	331,000		382,200
		7.63%, 03/01/26	25,000		30,627
		6.88%, 11/15/28	94,000		118,476
	SSL Robotics LLC
		9.75%, 12/31/23 (a)	32,000		35,965
	TEGNA Inc.
		5.00%, 09/15/29	186,000		192,899
	Telecom Italia SpA
		6.00%, 09/30/34	109,000		123,593
	Telesat Canada
		6.50%, 10/15/27 (a)	152,000		152,128
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (a)	263,000		282,928
	T-Mobile USA, Inc.
		3.38%, 04/15/29	191,000		193,250
	Townsquare Media, Inc.
		6.88%, 02/01/26 (a)	54,000		57,468
	Univision Communications Inc.
		6.63%, 06/01/27 (a)	184,000		196,526
	Virgin Media Finance PLC
		5.00%, 07/15/30 (a)	39,000		39,137
	Virgin Media Secured Finance PLC
		4.50%, 08/15/30 (a)	71,000		71,643
				10,112,682
Consumer Discretionary 14.2%
	Adient Global Holdings Ltd
		4.88%, 08/15/26 (a) (b)	144,000		148,827
	Beazer Homes USA, Inc.
		6.75%, 03/15/25	75,000		77,394
		5.88%, 10/15/27	43,000		44,544
		7.25%, 10/15/29	47,000		51,351
	Carnival Corporation
		11.50%, 04/01/23 (a)	200,000		228,281
		7.63%, 03/01/26 (a)	93,000		99,976
		5.75%, 03/01/27 (a)	137,000		140,643
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a)	45,000		46,680
	Dana Corporation
		5.38%, 11/15/27	35,000		36,860
	Eldorado Resorts, Inc.
		8.13%, 07/01/27 (a)	261,000		287,202
	Ford Motor Company
		8.50%, 04/21/23	64,000		71,362
		9.00%, 04/22/25	64,000		77,476
		4.35%, 12/08/26	72,000		75,728
		6.63%, 10/01/28	83,000		96,059
		9.63%, 04/22/30	64,000		89,411
		7.45%, 07/16/31	79,000		99,405
	Guitar Center Escrow Issuer II, Inc.
		8.50%, 01/15/26 (a)	139,000		147,000
	Hawaiian Brand Intellectual Property, Ltd.
		5.75%, 01/20/26 (a)	183,000		193,969
	Hilton Domestic Operating Company Inc.
		5.75%, 05/01/28 (a)	32,000		34,512
	IHOL Verwaltungs GmbH
		6.38%, 05/15/29 (a) (d)	41,000		44,684
	IHS Luxembourg S.A R.L.
		5.75%, 04/15/25 (a)	35,000		36,092
		6.50%, 06/01/26 (a)	125,000		130,166
	IRB Holding Corp.
		7.00%, 06/15/25 (a)	90,000		97,023
		6.75%, 02/15/26 (a)	115,000		118,987

Abbreviations and additional footnotes are defined on page 15

7

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

			Shares/Par1		Value ($)
	Jaguar Land Rover Automotive PLC
		5.63%, 02/01/23 (a) (b)	83,000		83,039
	KB Home
		4.80%, 11/15/29	66,000		69,274
	L Brands, Inc.
		7.50%, 06/15/29	140,000		159,115
		6.63%, 10/01/30 (a)	128,000		146,103
		6.88%, 11/01/35	165,000		195,953
	Life Time, Inc.
		5.75%, 01/15/26 (a)	142,000		146,109
		8.00%, 04/15/26 (a)	90,000		92,700
	M.D.C. Holdings, Inc.
		3.85%, 01/15/30	101,000		105,861
		6.00%, 01/15/43 (e)	80,000		101,032
	Macy's, Inc.
		8.38%, 06/15/25 (a)	200,000		221,569
	Marriott Ownership Resorts, Inc.
		6.13%, 09/15/25 (a)	51,000		54,251
		6.50%, 09/15/26	90,000		93,973
		4.75%, 01/15/28	64,000		64,604
	Mattel, Inc.
		6.75%, 12/31/25 (a)	10,000		10,512
		5.88%, 12/15/27 (a)	55,000		60,371
	MCE Finance Limited
		5.38%, 12/04/29 (a)	110,000		115,379
	Meritage Homes Corporation
		3.88%, 04/15/29 (a)	109,000		109,000
	MGM Resorts International
		5.50%, 04/15/27	82,000		88,137
	Michaels Stores, Inc.
		8.00%, 07/15/27 (a)	118,000		130,570
		4.75%, 10/01/27 (a)	118,000		128,485
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	88,053		96,523
	New Golden Nugget Inc.
		6.75%, 10/15/24 (a)	70,000		70,796
	NMG Holding Company, Inc.
		7.13%, 04/01/26 (a)	75,000		76,676
	Panther BF Aggregator 2 LP
		8.50%, 05/15/27 (a)	130,000		139,946
	PetSmart, Inc.
		7.75%, 02/15/29 (a)	220,000		237,837
	PM General Purchaser LLC
		9.50%, 10/01/28 (a)	140,000		149,493
	QVC, Inc.
		5.45%, 08/15/34	185,000		186,850
	Rent-A-Center, Inc.
		6.38%, 02/15/29 (a)	85,000		90,037
	Royal Caribbean Cruises Ltd.
		10.88%, 06/01/23 (a)	127,000		145,832
		9.13%, 06/15/23 (a)	80,000		88,107
		5.50%, 04/01/28 (a)	76,000		76,389
	Scientific Games International, Inc.
		5.00%, 10/15/25 (a)	107,000		110,788
		8.25%, 03/15/26 (a)	246,000		264,520
		7.00%, 05/15/28 (a)	91,000		97,303
	Shea Homes Limited Partnership, A California Limited Partnership
		4.75%, 02/15/28 - 04/01/29 (a)	232,000		235,492
	Staples, Inc.
		7.50%, 04/15/26 (a)	122,000		128,983
		10.75%, 04/15/27 (a)	209,000		206,424
	Station Casinos LLC
		4.50%, 02/15/28 (a)	108,000		107,719
	Stena International S.A R.L.
		6.13%, 02/01/25 (a)	142,000		142,832
	Studio City Finance Limited
		6.50%, 01/15/28 (a)	135,000		144,800
		5.00%, 01/15/29 (a)	53,000		53,196
	Tenneco Inc.
		5.00%, 07/15/26 (b)	121,000		114,620
		7.88%, 01/15/29 (a)	23,000		25,807
		5.13%, 04/15/29 (a)	143,000		141,135
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	187,000		185,059
	Wyndham Destinations, Inc.
		5.65%, 04/01/24 (c) (e)	100,000		108,453
		6.63%, 07/31/26 (a)	74,000		83,965
		6.00%, 04/01/27 (c) (e)	65,000		71,986
				8,231,237
Energy 13.9%
	Aethon United BR LP
		8.25%, 02/15/26 (a)	222,000		229,361
	Antero Midstream Partners LP
		5.38%, 09/15/24	65,000		65,608
		7.88%, 05/15/26 (a)	90,000		96,771
	Apache Corporation
		4.88%, 11/15/27	69,000		70,687
	Archrock Partners, L.P.
		6.25%, 04/01/28 (a)	325,000		331,021
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	70,000		69,978
		8.25%, 12/31/28 (a)	56,000		58,293
	Baytex Energy Corp.
		8.75%, 04/01/27 (a)	153,000		139,084
	Blue Racer Midstream, LLC
		7.63%, 12/15/25 (a)	35,000		37,716
	Buckeye Partners, L.P.
		4.50%, 03/01/28 (a)	97,000		97,258
		5.85%, 11/15/43	24,000		23,371
		5.60%, 10/15/44	19,000		18,312
	California Resources Corporation
		7.13%, 02/01/26 (a)	142,000		144,518
	Callon Petroleum Company
		6.38%, 07/01/26	162,000		128,017
	Cheniere Energy Partners, L.P.		��
		4.00%, 03/01/31 (a)	70,000		71,353
	Cheniere Energy, Inc.
		5.63%, 10/01/26	153,000		160,079
		4.63%, 10/15/28 (a)	140,000		145,904
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (a)	135,000		138,831
		6.38%, 06/15/26 (a)	46,000		46,397
	Continental Resources, Inc.
		4.50%, 04/15/23	25,000		25,807
		3.80%, 06/01/24	97,000		99,801
		5.75%, 01/15/31 (a)	101,000		113,722
	Endeavor Energy Resources, L.P.
		6.63%, 07/15/25 (a)	5,000		5,344
		5.50%, 01/30/26 (a)	81,000		84,193
		5.75%, 01/30/28 (a)	93,000		98,211
	Energean Israel Finance Ltd
		4.88%, 03/30/26	145,000		145,181
	Energy Transfer LP
		6.63%, (100, 02/15/28) (f)	42,000		37,154
		6.75%, (100, 05/15/25) (f)	106,000		101,829
		7.13%, (100, 05/15/30) (f)	62,000		60,116
		5.25%, 04/15/29	94,000		107,151
	EQM Midstream Partners, LP
		4.13%, 12/01/26	163,000		162,015
		6.50%, 07/01/27 (a)	77,000		83,694
		4.75%, 01/15/31 (a)	140,000		135,852
		6.50%, 07/15/48	82,000		81,830
	EQT Corporation
		3.90%, 10/01/27	77,000		78,542
		5.00%, 01/15/29	33,000		35,303
		8.50%, 02/01/30 (c) (e)	55,000		70,131
	Hess Midstream Operations LP
		5.13%, 06/15/28 (a)	46,000		46,562
	Husky Energy Inc.
		13.00%, 02/15/25 (a) (d)	242,000		264,195
	MEG Energy Corp.
		6.50%, 01/15/25 (a)	78,000		80,575
		7.13%, 02/01/27 (a)	91,000		95,177
	Murphy Oil Corporation
		5.75%, 08/15/25	90,000		89,982
		5.88%, 12/01/27	170,000		166,735
	Nabors Industries Ltd
		7.50%, 01/15/28 (a)	102,000		83,783

Abbreviations and additional footnotes are defined on page 15

8

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

			Shares/Par1		Value ($)
	Newfield Exploration Co.
		5.63%, 07/01/24	149,000		163,678
	NuStar Logistics, L.P.
		6.00%, 06/01/26	134,000		144,601
		5.63%, 04/28/27	93,000		97,341
		6.38%, 10/01/30	139,000		150,353
	Occidental Petroleum Corporation
		2.70%, 02/15/23	42,000		41,865
		6.95%, 07/01/24	198,000		217,790
		2.90%, 08/15/24	49,000		48,463
		3.50%, 06/15/25	95,000		94,032
		3.20%, 08/15/26	139,000		133,372
		8.88%, 07/15/30	80,000		100,915
		6.13%, 01/01/31	90,000		99,230
		7.50%, 05/01/31	100,000		116,616
		6.45%, 09/15/36	234,000		257,809
		7.95%, 06/15/39	55,000		64,730
		4.30%, 08/15/39	168,000		142,515
	Ovintiv Exploration Inc.
		5.38%, 01/01/26	84,000		92,253
	PBF Holding Company LLC
		9.25%, 05/15/25 (a)	85,000		86,806
		6.00%, 02/15/28	85,000		62,788
	Precision Drilling Corporation
		7.13%, 01/15/26 (a)	87,000		84,373
	Shelf Drilling Management Services DMCC
		8.88%, 11/15/24 (a)	79,000		80,143
	SM Energy Company
		6.63%, 01/15/27	202,000		185,684
	Southwestern Energy Company
		7.50%, 04/01/26 (b)	98,000		103,748
		7.75%, 10/01/27	90,000		96,260
		8.38%, 09/15/28	69,000		75,755
	Targa Resource Corporation
		5.00%, 01/15/28	107,000		111,349
		5.50%, 03/01/30	228,000		239,362
		4.88%, 02/01/31 (a)	56,000		56,738
		4.00%, 01/15/32 (a)	75,000		70,768
	Transocean Inc
		11.50%, 01/30/27 (a)	94,000		80,577
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	150,000		141,958
	Viper Energy Partners LP
		5.38%, 11/01/27 (a)	44,000		45,784
	Western Midstream Operating, LP
		6.50%, 02/01/50 (c) (e)	168,000		181,534
				8,094,634
Financials 10.9%
	Advisor Group Holdings, Inc.
		10.75%, 08/01/27 (a)	188,000		210,389
	Citigroup Inc.
		5.00%, (100, 09/12/24) (f)	166,000		171,100
	Credit Suisse Group AG
		5.25%, (100, 02/11/27) (a) (f)	200,000		202,029
		6.25%, (100, 12/18/24) (a) (f) (g)	60,000		64,052
	Diamond Finance International Limited
		5.88%, 06/15/21 (a)	42,000		42,108
	EG Global Finance PLC
		6.75%, 02/07/25 (a)	180,000		185,175
		8.50%, 10/30/25 (a)	150,000		159,762
	FirstCash, Inc.
		4.63%, 09/01/28 (a)	91,000		92,923
	Ford Motor Credit Company LLC
		3.09%, 01/09/23	200,000		203,418
		3.66%, 09/08/24	66,000		67,981
		4.06%, 11/01/24	68,000		71,308
		5.13%, 06/16/25	132,000		142,508
		4.00%, 11/13/30	140,000		138,890
	Freedom Mortgage Corporation
		7.63%, 05/01/26 (a)	250,000		261,812
	HUB International Limited
		7.00%, 05/01/26 (a)	129,000		133,943
	Icahn Enterprises L.P.
		4.75%, 09/15/24	161,000		167,286
		6.25%, 05/15/26	259,000		272,369
		5.25%, 05/15/27	35,000		36,066
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (a) (d)	39,000		39,714
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (a)	78,000		82,841
	JPMorgan Chase & Co.
		5.00%, (100, 08/01/24) (f)	80,000		82,700
	Lions Gate Capital Holdings LLC
		6.38%, 02/01/24 (a)	128,000		132,081
		5.88%, 11/01/24 (a)	166,000		170,877
		5.50%, 04/15/29 (a)	289,000		288,722
	LPL Holdings, Inc.
		4.63%, 11/15/27 (a)	93,000		96,984
	Markel Corporation
		6.00%, (100, 06/01/25) (f)	129,000		140,242
	Morgan Stanley
		4.05%, (3 Month USD LIBOR + 3.81%), (100, 04/15/21) (f) (h)	88,000		88,030
	Navient Corporation
		7.25%, 09/25/23	140,000		151,619
		5.88%, 10/25/24	82,000		86,411
		6.75%, 06/25/25 - 06/15/26	282,000		305,927
		4.88%, 03/15/28	61,000		59,712
	NFP Corp.
		6.88%, 08/15/28 (a)	283,000		293,600
	Nordic Aviation Capital
		5.04%, 02/27/24 (d) (i) (j)	81,782		53,772
		7.08%, 03/14/27 (d) (i) (j)	129,133		91,039
	PennyMac Financial Services, Inc.
		4.25%, 02/15/29 (a)	191,000		182,593
	SLM Corporation
		5.63%, 08/01/33	90,000		84,342
	Springleaf Finance Corporation
		8.88%, 06/01/25	51,000		56,510
		7.13%, 03/15/26	105,000		121,643
		6.63%, 01/15/28	63,000		71,442
	Telenet Finance Luxembourg Notes S.A R.L.
		5.50%, 03/01/28 (a)	200,000		209,750
	USA Compression Finance Corp.
		6.88%, 04/01/26 - 09/01/27	231,000		237,769
	VistaJet Malta Finance P.L.C.
		10.50%, 06/01/24 (a)	132,000		144,025
	ZF North America Capital, Inc.
		4.50%, 04/29/22 (a)	125,000		128,262
	Ziggo B.V.
		4.88%, 01/15/30 (a)	200,000		204,616
	Ziggo Bond Finance B.V.
		6.00%, 01/15/27 (a)	103,000		107,802
				6,336,144
Industrials 10.8%
	Aircastle Limited
		5.25%, 08/11/25 (a)	53,000		57,891
		4.25%, 06/15/26	216,000		228,407
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (a)	137,000		145,264
		9.75%, 07/15/27 (a)	79,000		86,721
	American Airlines, Inc.
		11.75%, 07/15/25 (a)	112,000		138,488
		5.75%, 04/20/29 (a)	144,000		153,178
	Avolon Holdings Funding Limited
		3.25%, 02/15/27 (a)	138,000		137,219
	Bombardier Inc.
		6.00%, 10/15/22 (a)	207,000		206,952
		7.50%, 03/15/25 (a)	92,000		90,580
	Builders FirstSource, Inc.
		6.75%, 06/01/27 (a)	47,000		50,605
	Cargo Aircraft Management, Inc.
		4.75%, 02/01/28 (a)	166,000		171,376
	Cornerstone Building Brands, Inc.
		6.13%, 01/15/29 (a)	147,000		156,532
	CP Atlas Buyer, Inc.
		7.00%, 12/01/28 (a)	277,000		290,533

Abbreviations and additional footnotes are defined on page 15

9

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

			Shares/Par1		Value ($)
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	164,000		188,805
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (a)	100,000		104,560
	Foxtrot Escrow Issuer LLC
		12.25%, 11/15/26 (a)	148,000		169,091
	General Electric Company
		3.51%, (3 Month USD LIBOR + 3.33%), (100, 06/15/21) (f) (h)	53,000		50,085
	GFL Environmental Inc.
		4.00%, 08/01/28 (a)	91,000		88,169
	Graham Packaging Company Europe LLC
		7.13%, 08/15/28 (a)	138,000		146,740
	Howmet Aerospace Inc.
		6.88%, 05/01/25	108,000		125,077
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (a)	145,000		149,659
	Masonite International Corporation
		5.38%, 02/01/28 (a)	60,000		63,656
	Navistar International Corporation
		6.63%, 11/01/25 (a)	134,000		139,299
	Pitney Bowes Inc.
		6.88%, 03/15/27 (a)	191,000		190,238
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (a)	52,000		55,477
		5.75%, 04/15/26 (a)	81,000		87,510
		3.38%, 08/31/27 (a)	55,000		53,350
		6.25%, 01/15/28 (a)	136,000		141,571
	Rolls-Royce Plc
		5.75%, 10/15/27 (a)	182,000		193,597
	SkyMiles IP Ltd.
		4.75%, 10/20/28 (a)	42,000		45,697
	Spirit Airlines, Inc.
		8.00%, 09/20/25 (a)	140,462		158,731
	Stericycle, Inc.
		3.88%, 01/15/29 (a)	27,000		26,657
	Summit Materials, LLC
		5.25%, 01/15/29 (a)	138,000		144,117
	Tempo Acquisition, LLC
		6.75%, 06/01/25 (a)	119,000		121,582
	Terex Corporation
		5.00%, 05/15/29 (a)	191,000		197,545
	TransDigm Inc.
		6.50%, 05/15/25	155,000		158,376
		8.00%, 12/15/25 (a)	34,000		37,030
		6.25%, 03/15/26 (a)	296,000		313,798
		5.50%, 11/15/27	110,000		113,766
	Transdigm UK Holdings PLC
		6.88%, 05/15/26	51,000		53,685
	Triumph Group, Inc.
		8.88%, 06/01/24 (a)	56,000		62,720
	Uber Technologies, Inc.
		7.50%, 05/15/25 - 09/15/27 (a)	232,000		254,954
	United Rentals (North America), Inc.
		3.88%, 11/15/27	239,000		247,365
	Univar Solutions USA Inc.
		5.13%, 12/01/27 (a)	35,000		36,418
	Vertical Holdco GmbH
		7.63%, 07/15/28 (a)	131,000		140,822
	Vertical U.S. Newco Inc.
		5.25%, 07/15/27 (a)	127,000		132,982
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (a)	181,000		191,051
				6,297,926
Consumer Staples 6.8%
	Albertsons Companies, Inc.
		5.75%, 03/15/25	8,000		8,261
	Ashtead Capital, Inc.
		4.13%, 08/15/25 (a)	33,000		33,935
		5.25%, 08/01/26 (a)	139,000		145,825
	Avis Budget Car Rental, LLC
		5.38%, 03/01/29 (a)	139,000		144,753
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	47,000		49,636
	JBS Investments II GmbH
		5.75%, 01/15/28 (a)	208,000		219,445
	JBS USA Food Company
		6.50%, 04/15/29 (a)	48,000		54,269
	Kraft Foods Group, Inc.
		5.00%, 06/04/42	122,000		137,714
	Kraft Heinz Foods Company
		3.88%, 05/15/27	96,000		104,994
		4.25%, 03/01/31	31,000		34,200
		4.63%, 10/01/39	218,000		236,601
		4.88%, 10/01/49	153,000		172,767
	Marb Bondco PLC
		3.95%, 01/29/31 (a)	290,000		276,241
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (a)	192,000		196,202
	MPH Acquisition Holdings LLC
		5.75%, 11/01/28 (a) (b)	232,000		226,195
	NESCO Holdings II, Inc.
		5.50%, 04/15/29 (a)	25,000		25,633
	Pilgrim's Pride Corporation
		5.75%, 03/15/25 (a)	159,000		162,402
		5.88%, 09/30/27 (a)	104,000		111,441
		4.25%, 04/15/31 (a)	140,000		139,534
	Post Holdings, Inc.
		5.63%, 01/15/28 (a)	142,000		149,855
		4.63%, 04/15/30 (a)	77,000		77,194
	Safeway Inc.
		5.88%, 02/15/28 (a)	157,000		167,384
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a) (b)	246,000		245,946
	Turning Point Brands, Inc.
		5.63%, 02/15/26 (a)	109,000		113,152
	United Natural Foods, Inc.
		6.75%, 10/15/28 (a) (b)	270,000		288,218
	Vector Group Ltd.
		5.75%, 02/01/29 (a)	248,000		255,645
	Verscend Holding Corp.
		9.75%, 08/15/26 (a)	147,000		157,590
				3,935,032
Health Care 6.4%
	AdaptHealth, LLC
		6.13%, 08/01/28 (a)	45,000		47,705
		4.63%, 08/01/29 (a)	54,000		53,715
	Bausch Health Companies Inc.
		6.13%, 04/15/25 (a)	255,000		261,395
		5.50%, 11/01/25 (a)	69,000		70,928
		8.50%, 01/31/27 (a)	277,000		306,801
		7.00%, 01/15/28 (a)	51,000		55,375
		5.00%, 01/30/28 (a)	40,000		40,780
		6.25%, 02/15/29 (a)	50,000		53,077
		5.25%, 02/15/31 (a)	88,000		87,639
	Centene Corporation
		5.38%, 08/15/26 (a)	48,000		50,472
		4.25%, 12/15/27	95,000		99,843
		4.63%, 12/15/29	53,000		57,232
		3.38%, 02/15/30	35,000		35,350
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	181,000		189,250
	Community Health Systems, Inc.
		6.63%, 02/15/25 (a)	94,000		99,527
		8.00%, 03/15/26 (a)	212,000		229,072
		8.00%, 12/15/27 (a)	74,000		80,945
		6.00%, 01/15/29 (a)	22,000		23,287
		6.88%, 04/15/29 (a)	112,000		116,913
	Endo Designated Activity Company
		9.50%, 07/31/27 (a)	187,000		203,150
		6.00%, 06/30/28 (a)	104,000		85,401
	Endo Luxembourg Finance Company I S.à r.l.
		6.13%, 04/01/29 (a)	118,000		119,717
	HCA Inc.
		5.38%, 02/01/25	189,000		210,860
	IQVIA Inc.
		5.00%, 05/15/27 (a)	125,000		132,023

Abbreviations and additional footnotes are defined on page 15

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Schedules of Investments (Unaudited)

March 31, 2021

			Shares/Par1		Value ($)
	Mednax, Inc.
		6.25%, 01/15/27 (a)	117,000		125,108
	Ortho-Clinical Diagnostics, Inc.
		7.38%, 06/01/25 (a)	35,000		37,634
		7.25%, 02/01/28 (a)	27,000		29,631
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	89,000		94,596
	Syneos Health, Inc.
		3.63%, 01/15/29 (a)	51,000		49,601
	Tenet Healthcare Corporation
		6.75%, 06/15/23	131,000		141,988
		7.50%, 04/01/25 (a)	118,000		127,338
		4.88%, 01/01/26 (a)	93,000		96,645
		5.13%, 11/01/27 (a)	183,000		191,410
		6.13%, 10/01/28 (a)	140,000		145,856
				3,750,264
Materials 6.2%
	Ardagh Packaging Finance Public Limited Company
		5.25%, 08/15/27 (a)	217,000		221,551
	Carpenter Technology Corporation
		6.38%, 07/15/28	63,000		67,930
	Cascades Inc.
		5.13%, 01/15/26 (a)	23,000		24,486
		5.38%, 01/15/28 (a)	61,000		64,099
	CEMEX S.A.B. de C.V.
		5.70%, 01/11/25 (a)	30,000		30,599
		5.45%, 11/19/29 (a)	80,000		87,542
	CF Industries, Inc.
		5.38%, 03/15/44	50,000		59,301
	CVR Partners, LP
		9.25%, 06/15/23 (a)	279,000		281,214
	First Quantum Minerals Ltd
		7.50%, 04/01/25 (a)	55,000		56,752
		6.88%, 10/15/27 (a)	140,000		149,956
	Flex Acquisition Company, Inc.
		6.88%, 01/15/25 (a)	95,000		96,439
		7.88%, 07/15/26 (a)	80,000		83,821
	FMG Resources (August 2006) Pty Ltd
		5.13%, 05/15/24 (a) (b)	65,000		71,018
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	117,000		124,268
		5.40%, 11/14/34	108,000		128,672
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	108,000		111,240
	Hexion Inc.
		7.88%, 07/15/27 (a)	163,000		175,141
	Hudbay Minerals Inc.
		4.50%, 04/01/26 (a)	58,000		60,274
		6.13%, 04/01/29 (a)	259,000		275,969
	Mercer International Inc.
		5.50%, 01/15/26	36,000		36,972
		5.13%, 02/01/29 (a)	72,000		74,534
	NOVA Chemicals Corporation
		5.25%, 08/01/23 - 06/01/27 (a)	355,000		370,016
		4.88%, 06/01/24 (a)	128,000		133,961
	Rayonier Advanced Materials Inc.
		5.50%, 06/01/24 (a)	67,000		64,236
		7.63%, 01/15/26 (a)	141,384		150,166
	The Chemours Company
		5.75%, 11/15/28 (a)	276,000		290,919
	United States Steel Corporation
		6.88%, 03/01/29	291,000		297,667
				3,588,743
Information Technology 3.5%
	ams AG
		7.00%, 07/31/25 (a)	314,000		336,681
	Arches Buyer Inc.
		6.13%, 12/01/28 (a)	19,000		19,569
	Banff Merger Sub Inc.
		9.75%, 09/01/26 (a)	236,000		251,259
	Boxer Parent Company Inc.
		7.13%, 10/02/25 (a)	46,000		49,447
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	95,000		100,146
		8.25%, 03/01/27 (a)	93,000		99,524
	CommScope Holding Company, Inc.
		6.00%, 06/15/25 (a)	30,000		30,607
	Dell Inc.
		6.50%, 04/15/38	51,000		62,420
	Endure Digital, Inc.
		6.00%, 02/15/29 (a)	201,000		196,322
	Entegris, Inc.
		4.38%, 04/15/28 (a)	82,000		84,761
	LogMeIn, Inc.
		5.50%, 09/01/27 (a)	67,000		70,135
	Open Text Corporation
		3.88%, 02/15/28 (a)	112,000		112,881
	SS&C Technologies, Inc.
		5.50%, 09/30/27 (a)	126,000		134,040
	Tempo Acquisition, LLC
		5.75%, 06/01/25 (a)	75,000		79,367
	TTM Technologies, Inc.
		4.00%, 03/01/29 (a)	62,000		61,225
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (a)	230,000		237,093
		6.50%, 07/15/28 (a)	91,000		95,870
				2,021,347
Real Estate 1.5%
	CSL Capital, LLC
		6.00%, 04/15/23 (a)	60,000		60,975
	Cushman & Wakefield PLC
		6.75%, 05/15/28 (a)	93,000		100,200
	ESH Hospitality, Inc.
		5.25%, 05/01/25 (a)	106,000		108,126
	Service Properties Trust
		5.25%, 02/15/26	286,000		289,503
	Uniti Group Inc.
		7.88%, 02/15/25 (a)	55,000		59,483
		6.50%, 02/15/29 (a)	144,000		142,204
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	51,000		52,210
		3.75%, 02/15/27 (a)	59,000		58,947
		4.63%, 12/01/29 (a)	15,000		15,568
				887,216
Utilities 1.0%
	Calpine Corporation
		5.25%, 06/01/26 (a)	143,000		147,290
		4.50%, 02/15/28 (a)	67,000		67,579
		3.75%, 03/01/31 (a)	115,000		109,614
	Pacific Gas And Electric Company
		5.00%, 07/01/28	39,000		41,215
		5.25%, 07/01/30	205,000		217,289
	The AES Corporation
		3.95%, 07/15/30 (a)	25,000		26,747
				609,734
	Total Corporate Bonds And Notes (cost $51,163,688)			53,864,959
SENIOR FLOATING RATE INSTRUMENTS 3.4%
Information Technology 1.1%
	Almonde, Inc.
		USD 1st Lien Term Loan, 4.50%, (3 Month USD LIBOR + 3.50%), 04/26/24 (h)	65,973		64,591
	Banff Merger Sub Inc
		2021 USD Term Loan, 3.86%, (1 Month USD LIBOR + 3.75%), 10/01/25 (h)	70,066		69,715
	Cornerstone OnDemand, Inc.
		Term Loan B, 4.36%, (3 Month USD LIBOR + 4.25%), 04/22/27 (h)	63,615		63,625
	LogMeIn, Inc.
		Term Loan B, 0.00%, (1 Month USD LIBOR + 4.75%), 08/31/27 (h) (k)	67,830		67,597
	Peraton Corp.
		1st Lien Term Loan B, 0.00%, (3 Month USD LIBOR + 3.75%), 02/01/28 (h) (k)	93,100		93,022
	Peraton Holding Corp
		Term Loan B, 0.00%, (3 Month USD LIBOR + 3.75%), 02/22/28 (h) (k)	52,901		52,857

Abbreviations and additional footnotes are defined on page 15

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Schedules of Investments (Unaudited)

March 31, 2021

			Shares/Par1		Value ($)
	Realpage Inc.
		1st Lien Term Loan B, 0.00%, (3 Month USD LIBOR + 3.25%), 02/18/28 (h) (k)	148,802		148,037
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 4.18%, (3 Month USD LIBOR + 4.00%), 08/09/25 (h)	62,962		61,349
				620,793
Consumer Discretionary 1.0%
	Adient US LLC
		Term Loan B, 4.36%, (1 Month USD LIBOR + 4.25%), 05/03/24 (h)	55,075		55,006
		Term Loan B, 4.44%, (3 Month USD LIBOR + 4.25%), 05/03/24 (h)	18,797		18,773
	Bass Pro Group, LLC
		2021 Term Loan B, 5.00%, (6 Month USD LIBOR + 4.25%), 02/26/28 (h)	291,270		291,416
	Caesars Resort Collection, LLC
		2020 Term Loan B1, 4.61%, (1 Month USD LIBOR + 4.50%), 06/19/25 (h)	49,750		49,812
	Mileage Plus Holdings LLC
		2020 Term Loan B, 6.25%, (3 Month USD LIBOR + 5.25%), 12/31/23 (h)	49,200		52,221
	Rent-A-Center, Inc.
		2021 Term Loan B, 4.75%, (1 Month USD LIBOR + 4.00%), 02/04/28 (h)	90,000		90,375
	SkyMiles IP Ltd.
		2020 Skymiles Term Loan B, 0.00%, (3 Month USD LIBOR + 3.75%), 09/16/27 (h) (k)	14,000		14,686
				572,289
Industrials 0.4%
	American Airlines, Inc.
		1st Lien Term Loan, 0.00%, (3 Month USD LIBOR + 4.75%), 03/10/28 (h) (k)	187,000		191,383
	Dynasty Acquisition Co., Inc.
		2020 CAD Term Loan B2, 3.70%, (3 Month USD LIBOR + 3.50%), 04/06/26 (h)	23,764		22,993
		2020 Term Loan B1, 3.70%, (3 Month USD LIBOR + 3.50%), 04/06/26 (h)	44,201		42,767
				257,143
Financials 0.3%
	Acrisure, LLC
		2020 Term Loan B, 3.70%, (3 Month USD LIBOR + 3.50%), 01/30/27 (h)	96,772		95,482
	Advisor Group, Inc.
		2021 Term Loan, 4.61%, (1 Month USD LIBOR + 4.50%), 07/31/26 (h)	84,359		84,254
				179,736
Communication Services 0.3%
	Consolidated Communications, Inc.
		2020 Term Loan B, 5.75%, (1 Month USD LIBOR + 4.75%), 09/15/27 (h)	40,800		40,779
	iHeartCommunications, Inc.
		2020 Term Loan, 3.11%, (1 Month USD LIBOR + 3.00%), 05/01/26 (h)	52,338		51,659
	Intelsat Jackson Holdings S.A.
		2020 DIP Term Loan, 6.50%, (3 Month USD LIBOR + 5.50%), 07/28/21 (h)	18,796		18,993
	Zayo Group Holdings, Inc.
		USD Term Loan , 3.11%, (1 Month USD LIBOR + 3.00%), 02/20/27 (h)	60,574		60,042
				171,473
Health Care 0.2%
	Alphabet Holding Company, Inc.
		2017 1st Lien Term Loan, 3.61%, (1 Month USD LIBOR + 3.50%), 08/15/24 (h)	84,469		83,743
Energy 0.1%
	Lower Cadence Holdings LLC
		Term Loan B, 4.11%, (1 Month USD LIBOR + 4.00%), 05/10/26 (h)	63,829		62,190
	Total Senior Floating Rate Instruments (cost $1,944,163)			1,947,367
INVESTMENT COMPANIES 1.1%
	Eaton Vance Senior Floating-Rate Trust		3,750		51,712
	iShares Broad USD High Yield Corporate Bond ETF		14,096		580,614
	Total Investment Companies (cost $631,575)			632,326
COMMON STOCKS 0.4%
Energy 0.3%
	MPLX LP		2,200		56,386
	Noble Finance Corp. (l) (m)		4,487		79,495
				135,881
Communication Services 0.1%
	Clear Channel Outdoor Holdings, Inc. (l)		8,143		14,657
	iHeartMedia, Inc. - Class A (l)		3,283		59,586
				74,243
	Total Common Stocks (cost $283,831)			210,124
PREFERRED STOCKS 0.2%
Consumer Discretionary 0.2%
	Qurate Retail, Inc., 8.00%, 03/15/31		1,409		143,225
	Total Preferred Stocks (cost $140,393)			143,225
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		21,680
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $20,000)			21,680
SHORT TERM INVESTMENTS 4.8%
Investment Companies 2.9%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.04% (n)		1,678,287		1,678,287
Securities Lending Collateral 1.9%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.03% (n)		1,122,296		1,122,296
	Total Short Term Investments (cost $2,800,583)			2,800,583
Total Investments 102.5% (cost $56,984,233)					59,620,264
Other Assets and Liabilities, Net (2.5)%					(1,459,115)
Total Net Assets 100.0%					58,161,149

(a)Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2021, the value and the percentage of net assets of these securities was $37,763,043 and 64.9% of the Fund.

(b)All or a portion of the security was on loan as of March 31, 2021.

(c)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2021.

(d)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.

(e)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2021.

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

(g)Convertible security.

(h)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(i)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.

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

(k)This senior floating rate interest will settle after March 31, 2021. If a reference rate and spread is presented, it will go into effect upon settlement.

Abbreviations and additional footnotes are defined on page 15

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Schedules of Investments (Unaudited)

March 31, 2021

(l)Non-income producing security.

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

(n)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2021.

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	53,772	0.1
	Nordic Aviation Capital, 7.08%, 03/14/27	10/01/19	129,133	91,039	0.1
			210,915	144,811	0.2

Abbreviations and additional footnotes are defined on page 15

13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

		Shares/Par1		Value ($)
PPM Small Cap Value Fund
COMMON STOCKS 98.9%
Financials 28.2%
	Ameris Bancorp	4,125		216,604
	Axos Financial, Inc. (a)	6,025		283,235
	Banc of California, Inc.	9,075		164,076
	Evercore Inc. - Class A	1,575		207,490
	First Horizon National Corporation	12,175		205,879
	Home BancShares, Inc.	9,375		253,594
	Houlihan Lokey Inc. - Class A	2,550		169,601
	Independent Bank Corp.	2,525		212,580
	Janus Henderson Group PLC	4,650		144,848
	PacWest Bancorp	6,225		237,484
	Renasant Corporation	4,725		195,520
	Sterling Bancorp	10,450		240,559
	Western Alliance Bancorp	2,825		266,793
			2,798,263
Industrials 17.4%
	Aerojet Rocketdyne Holdings, Inc. (a)	2,750		129,140
	Apogee Enterprises, Inc.	5,800		237,104
	GATX Corporation	1,875		173,888
	Kennametal Inc.	4,775		190,857
	MasTec Inc. (a)	2,925		274,072
	SkyWest Inc. (a)	5,250		286,020
	Spirit Aerosystems Holdings Inc. - Class A	3,525		171,491
	Terex Corp.	5,675		261,447
			1,724,019
Consumer Discretionary 12.7%
	American Axle & Manufacturing Holdings, Inc. (a)	22,075		213,244
	Foot Locker, Inc.	3,200		180,000
	Helen of Troy Ltd (a)	775		163,262
	KB Home	5,250		244,282
	Penske Automotive Group, Inc.	2,925		234,702
	Skechers U.S.A. Inc. - Class A (a)	5,500		229,405
			1,264,895
Information Technology 10.2%
	Avaya Holdings Corp. (a)	4,000		112,120
	Belden Inc.	2,100		93,177
	Benchmark Electronics, Inc.	3,150		97,398
	CACI International Inc. - Class A (a)	250		61,665
	Concentrix Solutions Corporation (a)	925		138,491
	CSG Systems International, Inc.	1,525		68,457
	KBR, Inc.	2,850		109,412
	Photronics Inc. (a)	9,800		126,028
	Semtech Corp. (a)	1,825		125,925
	Verint Systems Inc. (a)	1,725		78,470
			1,011,143
Real Estate 7.9%
	Brandywine Realty Trust	11,325		146,206
	DiamondRock Hospitality Co. (a)	22,425		230,977
	Kite Realty Naperville, LLC	12,800		246,912
	Physicians Realty Trust	9,325		164,773
			788,868
Health Care 7.2%
	Computer Programs & Systems Inc. (a)	3,150		96,390
	Integer Holdings Corporation (a)	2,175		200,317
	Lantheus Holdings Inc. (a)	8,125		173,631
	Premier Healthcare Solutions, Inc. - Class A	3,525		119,321
	Supernus Pharmaceuticals Inc. (a)	4,750		124,355
			714,014
Energy 4.7%
	Cimarex Energy Co.	4,825		286,557
	PBF Energy Inc. - Class A (a)	12,425		175,814
			462,371
Materials 4.4%
	Huntsman Corp.	7,800		224,874
	Reliance Steel & Aluminum Co.	1,375		209,399
			434,273
Communication Services 2.4%
	Meredith Corporation (a)	8,075		240,473
Consumer Staples 2.2%
	Primo Water Holdings LLC	6,925		112,601
	Sanderson Farms Inc.	675		105,152
			217,753
Utilities 1.6%
	IDACORP Inc.	1,575		157,453
	Total Common Stocks (cost $6,219,229)		9,813,525
SHORT TERM INVESTMENTS 1.1%
Investment Companies 1.1%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.04% (b)	115,509		115,509
	Total Short Term Investments (cost $115,509)		115,509
Total Investments 100.0% (cost $6,334,738)				9,929,034
Other Assets and Liabilities, Net (0.0)%				(4,446)
Total Net Assets 100.0%				9,924,588

(a)Non-income producing security.

(b)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2021.

Abbreviations and additional footnotes are defined on page 15

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Schedules of Investments (Unaudited)

March 31, 2021

Currency Abbreviations:

USD - United States Dollar

Abbreviations:

DIP - Debtor-in-Possession

ETF - Exchange Traded Fund

LIBOR – London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

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

U.S. or US - United States

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

15

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Schedules of Investments (Unaudited)

March 31, 2021

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. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the Valuation Committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Funds’ NAVs. Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter (“OTC”) market. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. Debt and derivative securities are generally valued by independent pricing services approved by the Board. If a valuation from a third-party pricing service is unavailable or it is determined that such valuation does not approximate fair market value, debt obligations with remaining maturities of sixty (60) days or less may be valued at their amortized cost, unless it is determined that such practice also does not approximate fair market value. Pricing services utilized to value debt and derivative instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. Term loans are generally valued at the composite bid prices provided by approved pricing services. Futures contracts traded on an exchange are generally valued at the exchange’s settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. If the last trade is determined to not be representative of fair value, exchange traded options are valued at the current day’s mid-price.

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent fair value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair 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

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PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

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.

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

The following table summarizes each Fund’s investments in securities and other financial instruments as of March 31, 2021, by valuation level.

	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		28,725,863	95,417	28,821,280
Government And Agency Obligations	—		20,067,022	—	20,067,022
Non-U.S. Government Agency Asset-Backed Securities	—		3,649,192	—	3,649,192
Senior Floating Rate Instruments	—		909,780	—	909,780
Short Term Investments	4,068,560		—	—	4,068,560
	4,068,560		53,351,857	95,417	57,515,834
Assets - Investments in Other Financial Instruments1
Futures Contracts	137,006		—	—	137,006
	137,006		—	—	137,006
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(178,527	)	—	—	(178,527	)
	(178,527	)	—	—	(178,527	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		53,720,148	144,811	53,864,959
Senior Floating Rate Instruments	—		1,947,367	—	1,947,367
Investment Companies	632,326		—	—	632,326
Common Stocks
Energy	56,386		79,495	—	135,881
Communication Services	74,243		—	—	74,243
Preferred Stocks	143,225		—	—	143,225
Non-U.S. Government Agency Asset-Backed Securities	—		21,680	—	21,680
Short Term Investments	2,800,583		—	—	2,800,583
	3,706,763		55,768,690	144,811	59,620,264
PPM Small Cap Value Fund
Assets - Securities
Common Stocks	9,813,525		—	—	9,813,525
Short Term Investments	115,509		—	—	115,509
	9,929,034		—	—	9,929,034

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

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PPMFunds

Schedules of Investments (Unaudited)

March 31, 2021

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security’s valuation. There were no significant transfers into or out of Level 3 for the period. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at March 31, 2021.

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

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.

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