PPM FUNDS

225 W. Wacker Drive, Suite 1200, Chicago, IL 60606

312-634-2500

July 13, 2018

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re: PPM Funds

File Nos: 333-221579 and 811-23308

Dear Sir/Madam:

Pursuant to Rule 497(e) under the Securities Act of 1933, as amended, we hereby file exhibits containing interactive data format risk/return summary information that reflects the risk/return summary information in the supplement dated July 2, 2018, filed pursuant to Rule 497(e), for the PPM Strategic Income Fund of the above-mentioned Trust.

If you have any questions, please contact me at (312) 730-9730.

Sincerely,

/s/ Emily Bennett

Emily Bennett

Vice President and Secretary

encs.