UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23308

PPM Funds

(Exact name of Registrant as specified in charter)

225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606

(Address of principal executive offices)

225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606

(Mailing address)

Daniel W. Koors

PPM Funds

225 West Wacker Drive, Suite 1200

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 338-5800

Date of Fiscal Year End: December 31

Date of Reporting Period: December 31, 2018

*Explanatory Note

The Registrant is filing this amendment to its Form N-CSR for the period ended December 31, 2018, originally filed with the Securities and Exchange Commission on March 5, 2019 (Accession Number 0001193125-19-064063). The purpose of this amendment is to include the Report of Independent Registered Public Accounting Firm.

This Amendment, which includes the Report of Independent Registered Public Accounting Firm, to the Registrant’s Form N-CSR is incorporated herein by reference to the Form N-CSR filed on EDGAR on March 5, 2019 (Accession Number 0001193125-19-064063).

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1.  Report to Shareholders.

PPMFunds

December 31, 2018

PPM Funds including:PPM Core Plus Fixed Income Fund (PKPIX), PPM Credit Fund (PKDIX), PPM Floating Rate Income Fund (PKFIX), PPM High Yield Core Fund (PKHIX), PPM Long Short Credit Fund (PKLIX), PPM Strategic Income Fund (PKSIX), PPM Large Cap Value Fund (PZLIX), PPM Mid Cap Value Fund (PZMIX) and PPM Small Cap Value Fund (PZSIX)

Management Discussion and Fund Performance	2
Schedules of Investments	13
Statements of Assets and Liabilities	57
Statements of Operations	59
Statements of Changes in Net Assets	61
Financial Highlights	64
Notes to Financial Statements	65
Report of Independent Registered Public Accounting Firm	81
Additional Disclosures	82
PPM Funds Trustee’s and Officer’s Information	84

PPM Funds Supplements to Prospectus

PPMFunds PPM Core Plus Fixed Income Fund (Unaudited)

Composition as of December 31, 2018:

Corporate Bonds and Notes	42.3	%
Government and Agency Obligations	41.3
Non-US Government Agency ABS	12.0
Senior Loan Interests	1.6
Short Term Investments	2.5
Securities Lending Collateral	0.3
Total Investments	100.0	%

Total Return*
Institutional Class†
Since Inception	0.07	%
†Inception date July 16, 2018 *The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.
Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses.

For the period July 16, 2018 through December 31, 2018, PPM Core Plus Fixed Income Fund underperformed its benchmark providing a return of 0.07% (Net) for Institutional Class shares compared to 1.23% (Net) for the Bloomberg Barclays US Aggregate Bond Index.

The Fund’s underweight allocation to sovereign debt was the primary contributor to relative return, while the Fund’s security selection and overweight allocation to investment grade (“IG”) corporate bonds and high yield bonds were the primary detractors from relative return. However, in the fourth quarter we tactically added to our overweight position in IG corporate bonds as yield spreads became more attractive.

We believe IG market fundamentals remain constructive. The US gross domestic product (GDP) is expected to grow at a rate of 2.5% in 2019, with areas of concern (e.g. housing) anticipated to represent a small portion of overall GDP. In our view, earnings will likely slow down absent a boost from tax reform. We will continue to seek opportunities to increase the allocation to IG corporate bonds if spreads continue to widen.

2

PPMFunds PPM Credit Fund (Unaudited)

Composition as of December 31, 2018:
Corporate Bonds and Notes	74.7	%
Non-US Government ABS	12.8
Government and Agency Obligations	9.0
Short Term Investments	2.8
Securities Lending Collateral	0.7
Total Investments	100.0	%

Total Return*
Institutional Class†
Since Inception	-1.11	%
†Inception date July 16, 2018 *The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.
Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses.

For the period July 16, 2018 through December 31, 2018, PPM Credit Fund underperformed its benchmark providing a return of -1.11% (Net) for Institutional Class shares compared to -0.35% (Net) for ICE BofAML Custom 85/15 Index.

The Fund’s out of index allocations to US Treasury securities and asset-backed securities (“ABS”) were the primary contributors to relative return over the period. The Fund’s security selection within corporate bonds was the primary detractor from relative return since the Fund’s inception. In the fourth quarter we tactically added to our position in investment grade (“IG”) corporate bonds as yield spreads became more attractive.

We believe IG market fundamentals remain constructive. The US gross domestic product (“GDP”) is expected to grow at a rate of 2.5% in 2019, with areas of concern (e.g. housing) anticipated to represent a small portion of overall GDP. In our view, earnings growth will likely slow in 2019. We subsequently trimmed risk into January strength. We will continue to seek opportunities to increase the allocation to IG corporate bonds and to add risk if yield spreads continue to widen.

3

PPMFunds PPM Floating Rate Income Fund (Unaudited)

PPM Floating Rate Income Fund

Total Return*
Institutional Class†
Since Inception	-3.05	%
†Inception date May 01, 2018
*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

The graph shows the change in value of an assumed $10,000 investment in the Fund's Institutional Class shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses.

Composition as of December 31, 2018:
Senior Loan Interests	94.1	%
Corporate Bonds and Notes	3.5
Investment Companies	0.1
Short Term Investments	2.0
Securities Lending Collateral	0.3
Total Investments	100.0	%

For the period May 1, 2018 through December 31, 2018, PPM Floating Rate Income Fund underperformed its benchmark providing a return of -3.05% (Net) for Institutional Class shares compared to -1.40% (Net) for the S&P/LSTA Leveraged Loan Index.

Trading costs, initial loan settlement timing and cash holdings associated with the Fund’s launch detracted from performance since the Fund’s inception.

In our view, the US economic story through 2018 continued to be relatively solid, especially in the first half of 2018, although there were some signs of slowing. Into 2019, we find that jobs numbers remain solid, inflation appears under control, earnings are encouraging and defaults are low. We also believe that the overall decline in market prices of loans seen in the last quarter of 2018 has been driven by significant fund outflows rather than underlying changes in fundamentals. Our outlook includes risks consistent with 2018 themes. A global growth slowdown and growing European/Brexit headwinds could cause difficulty, and any slowdown could be potentially exacerbated by trade and tariff policy. Central banks also remain a risk, with the market anticipating fewer foreign interest rate increases, as well as potential rate cuts from the US Federal Reserve in 2019.

4

PPMFunds PPM High Yield Core Fund (Unaudited)

Composition as of December 31, 2018:
Corporate Bonds and Notes	79.7	%
Investment Companies	4.5
Senior Loan Interests	4.2
Common Stocks	2.6
Preferred Stocks	0.1
Short Term Investments	4.3
Securities Lending Collateral	4.6
Total Investments	100.0	%

Total Return*
Institutional Class†
Since Inception	-4.74	%
†Inception date July 16, 2018 *The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.
Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses.

For the period July 16, 2018 through December 31, 2018, PPM High Yield Core Fund underperformed its benchmark providing a return of -4.74% (Net) for Institutional Class shares compared to -2.84% (Net) for the ICE BofAML US High Yield Index.

The Fund’s allocation to corporate loans and bonds in the leisure industry were the largest contributors for the period, while the Fund’s allocation to equity-like investments and bonds in the energy industry were the largest detractors.

We expect economic and earnings growth to slow from 2018’s brisk pace but to remain positive and supportive for HY performance in 2019. As of the date of this report, the HY market does not appear to have 2008 level imbalances, and we do not believe leverage is extended for most of the market. We find defaults remain quite low, and while the distress ratio has increased, it remains below long-term averages. We expect HY issuance to remain low during 2019.

While the HY market experienced significant outflows in 2018, as of the date of this report, we believe investors could reverse course given currently elevated yields. Risks to our outlook include a sharper economic and profit slowdown, potentially exacerbated by trade disputes. Further declines in commodity prices are also a risk. Central banks are a concern, with the market anticipating fewer foreign interest rate increases and potential rate cuts from the US Federal Reserve in 2019.

5

PPMFunds PPM Long Short Credit Fund (Unaudited)

Composition as of December 31, 2018:
Corporate Bonds and Notes	63.6	%
Senior Loan Interests	18.9
Non-US Government Agency ABS	11.0
Investment Companies	2.4
Government and Agency Obligations	0.6
Common Stocks	0.1
Short Term Investments	3.4
Net Long (Short) Investments	100.0	%

Total Return*
Institutional Class†
Since Inception	-3.08	%
†Inception date July 16, 2018 *The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.
Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses.

For the period July 16, 2018 through December 31, 2018, PPM Long Short Credit Fund underperformed its benchmark providing a return of -3.08% (Net) for Institutional Class shares compared to 0.99% (Net) for the ICE BofAML US 3-Month Treasury Bill Index. As the Fund is benchmarked against a cash equivalent benchmark, the Fund was positioned almost entirely out of index throughout the period. The Fund’s short credit positions in credit default swap agreements on indices (“CDX”) and out of index allocation to asset-backed securities (“ABS”) contributed most to the Fund’s performance since the Fund’s inception. Long credit positions in corporate bonds, notably energy related issues, detracted most from Fund performance. In the fourth quarter we tactically added to our overweight position in investment grade (“IG”) corporate bonds as yield spreads became more attractive.

We believe IG and high yield (“HY”) market fundamentals remain constructive. The US gross domestic product (“GDP”) is expected to grow at a rate of 2.5% in 2019, with areas of concern (e.g. housing) anticipated to represent a small portion of overall GDP. In our view, earnings will likely slow down absent aa boost from tax reform. We expect economic and earnings growth to slow from 2018’s brisk pace but to remain positive and supportive for HY performance in 2019. As of the date of this report, the HY market does not appear to have 2008 level imbalances, and we do not believe leverage is extended for most of the market. We will continue to seek opportunities to increase the allocation to IG corporate bonds if spreads continue to widen.

6

PPMFunds PPM Strategic Income Fund (Unaudited)

PPM Strategic Income Fund

††45% Bloomberg Barclays US Aggregate Bond Index, 45% Bloomberg Barclays US Corporate High Yield Index, 10% Bloomberg Barclays Global Aggregate Bond Index

Total Return*
Institutional Class†‡
1 Year	(3.76)	%
5 Year	2.24
Since Inception	2.58
†Inception date December 03, 2012
‡ Prior to July 2, 2018, performance numbers reflect performance of the Class A shares of JNL/PPM America Strategic Income Fund. *The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower. Prior to the Fund’s inception there was no waiver/reimbursement.

The graph shows the change in value of an assumed $10,000 investment in the Fund's Institutional Class shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses.

Composition as of December 31, 2018:
Corporate Bonds and Notes	73.1	%
Senior Loan Interests	7.0
Non-US Government Agency ABS	6.7
Government and Agency Obligations	5.9
Investment Companies	1.0
Common Stocks	0.2
Other Equity Interests	—
Short Term Investments	4.4
Securities Lending Collateral	1.7
Net Long (Short) Investments	100.0	%

For the year ended December 31, 2018, PPM Strategic Income Fund underperformed its primary benchmark providing a return of - 3.76% (Net) for Institutional Class shares compared to 0.01% (Net) for the Bloomberg Barclays US Aggregate Bond Index. The Fund also underperformed the returns of its other benchmarks, the Bloomberg Barclays US Corporate High Yield Index and the Bloomberg Barclays Global Aggregate Bond Index, which returned -2.08% (Net) and -1.20% (Net), respectively. The Fund also underperformed its blended benchmark return of -1.02%. The blended benchmark is comprised of 45% Bloomberg Barclays US Aggregate Bond Index, 45% Bloomberg Barclays US Corporate High Yield Index, and 10% Bloomberg Barclays Global Aggregate Bond Index (“Custom Index”).

Effective July 2, 2018, PPM Strategic Income Fund acquired JNL/PPM America Strategic Income Fund. See Note 9 in the Notes to Financial Statements for additional details about the reorganization.

For the period January 1, 2018 through July 1, 2018, the Fund was sub-advised by PPM America, Inc. and was the sole series of JNL Strategic Income Fund LLC. During the period, the Fund provided a return of -1.73% (Net) for Class A shares compared to -1.62% (Net) for the Bloomberg Barclays US Aggregate Bond Index, 0.16% (Net) for the Bloomberg Barclays US Corporate High Yield Index, - 1.46% (Net) for the Bloomberg Barclays Global Aggregate Bond Index and -0.79% (Net) for the Fund’s Custom Index. The Fund’s out of index allocation to corporate loans was the primary contributor to relative return while the Fund’s security selection within corporate bonds and underweight allocation to US Treasury securities were the primary detractors during this period. In the fourth quarter we tactically added to our overweight position in investment grade “IG” corporate bonds as yield spreads became more attractive.

Following the reorganization on July 2, 2018, PPM America, Inc. assumed sole management responsibility for the Fund. Class A shares were exchanged for Institutional Shares and the total net annual fund operating expense ratio and management fee were lowered. For the period July 2, 2018 through December 31, 2018, the Fund provided a return of -2.06% (Net) for Institutional Class shares compared to 1.66% (Net) for the Bloomberg Barclays US Aggregate Bond Index, 2.24% (Net) for the Bloomberg Barclays US Corporate High Yield Index, 0.26% (Net) for the Bloomberg Barclays Global Aggregate Bond Index, and -.23% (Net) for the Fund’s Custom Index.

The Fund’s overweight allocation to asset-backed securities was the primary contributor, while the Fund’s overweight to corporate bonds and out of index allocation to equity-like investments were the primary detractors from relative return since the Fund’s July 2, 2018 inception date.

We believe IG and HY market fundamentals remain constructive. The US gross domestic product (“GDP”) is expected to grow at a rate of 2.5% in 2019, with areas of concern (e.g. housing) anticipated to represent a small portion of overall GDP. In our view, earnings will likely slow down absent a boost from tax reform. We expect economic and earnings growth to slow from 2018’s brisk pace but to remain positive and supportive for HY performance in 2019. As of the date of this report, the HY market does not appear to have 2008 level imbalances, and we do not believe leverage is extended for most of the market. We will continue to seek opportunities to increase the allocation to IG corporate bonds if spreads continue to widen.

7

PPMFunds PPM Large Cap Value Fund (Unaudited)

PPM Large Cap Value Fund

Total Return*
Institutional Class†
Since Inception	-12.45	%
†Inception date May 01, 2018
*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

The graph shows the change in value of an assumed $10,000 investment in the Fund's Institutional Class shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses.

Composition as of December 31, 2018:
Financials	24.7	%
Health Care	15.9
Information Technology	12.2
Energy	10.1
Industrials	9.4
Consumer Discretionary	9.3
Communication Services	6.4
Consumer Staples	4.8
Utilities	3.3
Materials	3.2
Other Short Term Investments	0.7
Total Investments	100.0	%

For the period May 1, 2018 through December 31, 2018, PPM Large Cap Value Fund underperformed its benchmark by posting a return of -12.45% (Net) for Institutional Class shares compared to -6.07% (Net) for the S&P 500 Value Index.

The Fund’s underperformance relative to the S&P 500 Value Index can be attributed to both individual security selection and the related sector allocation as a result of the Fund’s bottom-up security selection process.

Positive security selection influences on relative performance included names in industrials (Lockheed Martin Corp. (“Lockheed”) up 0.1% and not holding General Electric Co. down 45.1%) and materials (underweight Berry Global Group Inc. (“Berry Global”) down 1.5%). Negative security selection influences on relative performance included names in financials (Bank OZK down 50.7% and Lincoln National Corp. down 26.7%) and energy (Halliburton Co. down 49.1%).

Positive sector influence on relative performance primarily included overweight positions in consumer discretionary and health care. Negative sector influence on relative performance included underweight positions in consumer staples and real estate.

Positions added to the Fund during the period included AES Corp., Alliance Data Systems Corp., Berry Global, Leidos Holdings Inc. and Vistra Energy Corp. Positions sold included Cognizant Technology Solutions Corp., HP Inc., Lockheed and Diamond Offshore Drilling Inc.

Relative to the benchmark during the period, the Fund’s overweight positions include health care, energy, financials, consumer discretionary and communication services. The Fund’s underweight positions include consumer staples, real estate, information technology, utilities, industrials and materials.

We see the US equity market environment as supportive going into 2019, though trade remains a significant wild card. Following the correction in the fourth quarter, equity market valuations and earnings growth expectations have been reset near long term averages. Although late cycle fears persist, consensus expectations are for only a slight moderation in the economic growth seen in 2018. In our view, it appears that a recession is unlikely in 2019, but we would expect increased market volatility amid tariff and trade uncertainty, as well as US Federal Reserve (“Fed”) overtightening fears. Fed policy was less accommodative in 2018. Going forward, the pace of monetary policy could be more dovish than expected if benign inflation expectations continue despite the much improved labor market. Overall, we remain optimistic going into 2019.

8

PPMFunds PPM Mid Cap Value Fund (Unaudited)

PPM Mid Cap Value Fund

Total Return*
Institutional Class†
Since Inception	-16.96	%
†Inception date May 01, 2018
*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

The graph shows the change in value of an assumed $10,000 investment in the Fund's Institutional Class shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses.

Composition as of December 31, 2018:
Financials	23.2	%
Consumer Discretionary	17.0
Industrials	11.0
Information Technology	10.0
Materials	8.8
Energy	8.5
Health Care	6.6
Utilities	5.9
Consumer Staples	4.5
Communication Services	2.5
Real Estate	1.5
Other Short Term Investments	0.5
Total Investments	100.0	%

For the period May 1, 2018 through December 31, 2018, PPM Mid Cap Value Fund underperformed its benchmark by posting a return of -16.96% (Net) for Institutional Class shares compared to -10.48% (Net) for the Russell MidCap Value Index.

The Fund’s underperformance relative to the Russell MidCap Value Index was attributed to both individual security selection and the related sector allocation as a result of the Fund’s bottom-up security selection process.

Positive security selection influences on relative performance primarily included names in consumer discretionary (Helen of Troy Ltd. up 47.1% and Foot Locker Inc. up 25.2%). Negative security selection influences on relative performance included names in energy (Superior Energy Services Inc. down 68.8%) and financials (Bank OZK down 50.7%).

Positive sector influences on relative performance included an overweight position in information technology (“IT”). Negative sector influences on relative performance included sector positioning in energy and utilities.

Positions added to the Fund during the period included AES Corp., Berry Global Group Inc., Huntsman Corp., Leidos Holdings Inc., Regency Centers Corp. and Sterling Bancorp. Positions sold included Hill-Rom Holdings Inc., Owens & Minor Inc., Cognizant Technology Solutions Corp., Esterline Technologies Corp., Steelcase Inc. Class A, Olin Corp. and LifePoint Health Inc.

Relative to the benchmark during the period, the Fund’s overweight positions include consumer discretionary, financials, energy, materials and IT. The Fund’s underweight positions include real estate, utilities, industrials, communication services, consumer staples and health care.

We see the US equity market environment as supportive going into 2019, though trade remains a significant wild card. Following the correction in the fourth quarter, equity market valuations and earnings growth expectations have been reset near long term averages. Although late cycle fears persist, consensus expectations are for only a slight moderation in the economic growth seen in 2018. In our view, it appears that a recession is unlikely in 2019, but we would expect increased market volatility amid tariff and trade uncertainty, as well as US Federal Reserve “(Fed”) overtightening fears. Fed policy was less accommodative in 2018. Going forward, the pace of monetary policy could be more dovish than expected if benign inflation expectations continue despite the much improved labor market. Overall, we remain optimistic going into 2019.

9

PPMFunds PPM Small Cap Value Fund (Unaudited)

PPM Small Cap Value Fund

Total Return*
Institutional Class†
Since Inception	-17.29	%
†Inception date May 01, 2018
*The Fund's investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

The graph shows the change in value of an assumed $10,000 investment in the Fund's Institutional Class shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses.

Composition as of December 31, 2018:
Financials	20.0	%
Industrials	18.1
Information Technology	16.9
Consumer Discretionary	14.2
Energy	9.1
Health Care	6.5
Materials	5.0
Communication Services	2.6
Consumer Staples	2.6
Utilities	2.2
Real Estate	2.1
Other Short Term Investments	0.7
Total Investments	100.0	%

For the period May 1, 2018 through December 31, 2018, PPM Small Cap Value Fund underperformed its benchmark by posting a return of -17.29% (Net) for Institutional Class shares compared to -11.70% (Net) for the Russell 2000 Value Index.

The Fund’s underperformance relative to the Russell 2000 Value Index was attributed to both individual security selection and the related sector allocation as a result of the Fund’s bottom-up security selection process.

Positive security selection influences on relative performance included names in industrials (Esterline Technologies Corp. up 69.0% and Aerojet Rocketdyne Holdings Inc. up 26.1%) and health care (Integer Holdings Corp. up 38.9%). Negative security selection influences on relative performance included names in financials (FCB Financial Holdings Inc. Class A down 41.9% and Axos Financial Inc. down 37.5%) and information technology (“IT”) (Belden Inc. down 32.0%).

Positive sector influence on relative performance included sector positioning in IT and materials. Negative sector influences on relative performance included sector positioning in energy and real estate.

Positions added to the Fund during the period included Diamond Offshore Drilling Inc. Positions sold included Superior Industries International Inc. and LifePoint Health Inc.

Relative to the benchmark during the period, the Fund’s overweight positions include energy, health care, IT and communication services. The Fund’s underweight positions include real estate, financials, consumer staples, industrials, utilities and materials as well as a slight underweight in consumer discretionary.

We see the US equity market environment as supportive going into 2019, though trade remains a significant wild card. Following the correction in the fourth quarter, equity market valuations and earnings growth expectations have been reset near long term averages. Although late cycle fears persist, consensus expectations are for only a slight moderation in the economic growth seen in 2018. In our view, it appears that a recession is unlikely in 2019, but we would expect increased market volatility amid tariff and trade uncertainty, as well as US Federal Reserve (“Fed”) overtightening fears. Fed policy was less accommodative in 2018. Going forward, the pace of monetary policy could be more dovish than expected if benign inflation expectations continue despite the much improved labor market. Overall, we remain optimistic going into 2019.

10

PPMFunds (Unaudited)

December 31, 2018

Important Disclosures and Glossary

Before investing, investors should carefully read the prospectus and/or summary prospectus and consider the investment objectives, risk, charges and expenses. For this and more complete information about the Funds, investors may obtain a prospectus or summary prospectus by calling 1-844-446-4PPM (1-844-446-4776) or by visiting www.ppmamerica.com/ppmfunds/.

Certain comments in this annual report are based on current management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as “believe,” “may,” “will,” “anticipate” and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or revise forward-looking statements.

The discussion of the Funds’ investments and investment strategy (including current investment themes, the portfolio managers’ research and investment process, and portfolio characteristics) represents the Funds’ investments and the views of the portfolio managers and PPM America, Inc., the Funds’ investment adviser, at the time of this report, and are subject to change without notice.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance shown. All returns reflect the reinvestment of income dividends and capital gains. You cannot invest directly in an index.

Mutual fund investing involves risk. The value of your investment in a Fund could go down as well as up. Investing in the bond market is subject to certain risks including market, credit, interest rate and liquidity. Investments in asset-backed securities including residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and other structured finance investments, are subject to declines in prepayment activity during times of rising interest rates, which may lengthen the duration of the security. Investments in derivatives can be highly volatile, and the gains or losses from derivatives can be substantially greater than those that would have occurred if a Fund had not used such instruments. Additionally, a Fund’s use of derivative instruments may involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other more traditional investments including leverage, liquidity, interest rate, market, counterparty and credit risk. Investments in equity securities generally have greater price volatility than fixed-income securities. As a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions, the price of equity or equity-related securities will fluctuate and can decline and reduce the value of a portfolio investing in equity or equity-related securities.

The ICE BofAML Custom 85/15 Index (HY Ratings restricted) provides a custom measure of investment grade and below investment grade bonds, and is a blend of the ICE BofAML A to BBB Index (C0C0) (85%) and the ICE BofAML BB-B US High Yield Constrained Index (HUC4) (15%). The ICE BofAML A-BBB US Corporate Index is a subset of ICE BofAML US Corporate Index including all securities rated A1 through BBB3, inclusive. ICE BofAML BB-B US High Yield Constrained Index contains all securities in The ICE BofAML US High Yield Index rated BB1 through B3, based on an average of Moody's, S&P and Fitch, but caps issuer exposure at 2%.

The S&P/LSTA Leveraged Loan Index provides a broad, market value-weighted measure of US institutional leveraged loans. It includes the institutional tranches of loans syndicated to US loan investors.

The ICE BofAML US High Yield Constrained Index provides a measure of below investment grade bonds, is constructed based on the ICE BofAML US High Yield Index and imposes a 2% issuer cap. The ICE BofAML US High Yield Index provides a broad measure of below investment grade, USD-denominated fixed rate corporate debt. It includes corporate bonds with risk exposures to countries that are members of the FX-G10, Western Europe or territories of the US and Western Europe.

The ICE BofAML US 3-Month Treasury Bill Index measures a single US Treasury Bill issue purchased at the beginning of the month and held for a full month. The index often holds the most recent 3-month Bill, but can also instead hold a seasoned 6-month Bill.

The Bloomberg Barclays US Aggregate Bond Index provides a broad measure of US investment grade, USD-denominated fixed rate bonds. It includes Treasuries, government-rated issues, corporate bonds, MBS, CMBS and ABS securities.

11

PPMFunds (Unaudited)

December 31, 2018

The Bloomberg Barclays US High Yield Index provides a broad measure of below investment grade, USD-denominated fixed rate bonds. It includes publicly-issued US and SEC-registered global corporate and non-corporate securities, including Canadian and global bonds, but excludes Eurobonds and debt issues from countries designated as emerging markets.

The Bloomberg Barclays Global Aggregate Index provides a broad measure of global investment grade, fixed rate bonds. The three major components of this index are the US Aggregate, Pan-European Aggregate and the Asian-Pacific Aggregate indices. It also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD 144A securities.

The Bloomberg Barclays Custom 45/45/10 Index provides a custom measure of US investment grade and below investment grade and global investment grade fixed rate bonds. It is a blend of the Bloomberg Barclays US Aggregate Index (45%), the Bloomberg Barclays US High Yield Index (45%) and the Bloomberg Barclays Global Aggregate Index ex US (10%). The Bloomberg Barclays US Aggregate Index provides a broad measure of US investment grade, USD-denominated fixed rate bonds. The Bloomberg Barclays US High Yield Index provides a broad measure of below investment grade, USD-denominated fixed rate bonds. The Bloomberg Barclays Global Aggregate Index ex US provides a broad measure of global investment grade, fixed rate bonds, but excludes US related securities.

The S&P 500 Value Index provides a measure of US large cap value stocks and is constructed based on the S&P 500 Index. Additionally, the S&P 500 Value Index includes stocks that exhibit strong value characteristics based on the evaluation of book value-to-price, earnings-to-price and sales-to-price ratios. The S&P 500 Index provides a broad measure, market capitalization-weighted measure of US large cap stocks.

The Russell Midcap Value Index provides a broad, market capitalization-weighted measure of US mid cap value stocks and is constructed based on the Russell Midcap Index. Additionally, the Russell Midcap Value Index includes stocks that exhibit strong value characteristics based on the evaluation of metrics such as book value-to-price and forecasted growth rates. The Russell Midcap Index provides a broad, market capitalization-weighted measure of US mid cap stocks.

The Russell 2000 Value Index provides a broad, market capitalization-weighted measure of value oriented US small cap stocks. It measures the performance of companies within the Russell 2000 Index which have lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations

12

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1	Value ($)
PPM Core Plus Fixed Income Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.1%
	American Airlines Pass-Through Trust
		Series 2016-AA-2, 3.20%, 06/15/28	179,900	167,865
	American Tower Trust I
		Series 2013-A-2, 3.07%, 03/15/23 (a)	265,000	259,702
	AmeriCredit Automobile Receivables Trust
		Series 2016-A3-1, 1.81%, 10/08/20	915	915
	Ascentium Equipment Receivables Trust
		Series 2017-A2-2A, 2.00%, 05/11/20 (a)	27,302	27,178
		Series 2018-A2-1A, 2.92%, 12/10/20 (a)	73,000	72,946
		Series 2017-A3-2A, 2.31%, 12/10/21 (a)	64,000	63,163
	Banc of America Re-REMIC Trust
		Series 2015-B-200P, REMIC, 3.49%, 04/16/25 (a)	375,000	370,158
	BCC Funding XIV LLC
		Series 2018-A2-1A, 2.96%, 06/20/23 (a)	98,157	97,888
	BMW Floorplan Master Owner Trust
		Series 2018-A1-1, 3.15%, 05/17/21 (a)	100,000	99,764
	Capital One Multi-Asset Execution Trust
		Series 2016-A1-A1, 2.91%, (1M USD LIBOR + 0.45%), 04/15/19 (b)	500,000	500,445
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21 (a)	104,775	104,137
	Chase Issuance Trust
		Series 2014-A5-A5, 2.83%, (1M USD LIBOR + 0.37%), 04/15/19 (b)	500,000	500,287
		Series 2016-A-A2, 1.37%, 06/17/19	250,000	248,168
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23 (a)	89,089	88,574
	Citibank Credit Card Issuance Trust
		Series 2017-A9-A9, 1.80%, 09/20/19	700,000	694,435
	Continental Airlines Inc. Pass-Through Trust
		Series 2012-B-1, 6.25%, 04/11/20	11,064	11,217
		Series 2012-A-1, 4.15%, 04/11/24	54,697	54,779
		Series 2012-A-2, 4.00%, 10/29/24	48,649	47,875
	CSMC Trust
		Series 2017-A3-HL2, 3.50%, 10/25/47 (a) (b)	101,667	99,515
	Dell Equipment Finance Trust
		Series 2018-A2A-1, 2.97%, 10/22/20 (a)	106,000	105,981
		Series 2017-A3-2, 2.19%, 10/24/22 (a)	100,000	99,330
	Engs Commercial Finance Trust
		Series 2018-A1-1A, 2.97%, 02/22/21 (a)	61,240	61,131
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22 (a)	65,044	64,650
	Freddie Mac Multifamily Aggregation Risk Transfer
		Series 2017-A-KT01, REMIC, 2.82%, (1M USD LIBOR + 0.32%), 02/25/20 (b)	225,000	224,515
	GLS Auto Receivables Trust
		Series 2018-A-3A, 3.35%, 08/15/22 (a)	76,465	76,483
	GM Financial Automobile Leasing Trust
		Series 2017-A3-1, 2.06%, 05/20/20	216,443	215,709
	GM Financial Consumer Automobile Receivables Trust
		Series 2018-A1-3, 2.37%, 07/16/19	43,238	43,229
	GreatAmerica Leasing Receivables Funding LLC
		Series 2017-A3-1, 2.06%, 06/22/20 (a)	82,776	82,436
		Series 2018-A3-1, 2.60%, 06/15/21 (a)	100,000	99,514
	GS Mortgage Securities Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22 (a)	158,000	158,516
	JPMorgan Mortgage Trust
		Series 2017-A6-6, REMIC, 3.00%, 01/25/48 (a) (b)	110,324	109,076
	Kubota Credit Owner Trust
		Series 2016-A3-1A, 1.50%, 07/15/20 (a)	141,072	140,252
		Series 2018-A2-1A, 2.80%, 02/16/21 (a)	141,000	140,766
	MVW Owner Trust
		Series 2013-A-1A, 2.15%, 04/22/30 (a)	95,911	94,832
	PSMC Trust
		Series 2018-A1-3, REMIC, 4.00%, 08/25/48 (a)	98,259	98,618
	Sequoia Mortgage Trust
		Series 2018-A1-8, REMIC, 4.00%, 11/25/48 (a) (b)	132,732	131,169

Shares/Par¹ Value ($)

	United Auto Credit Securitization Trust
		Series 2018-A-2, 2.89%, 03/10/21 (a)	54,389		54,327
	Verizon Owner Trust
		Series 2017-A-2A, 1.92%, 12/20/21 (a)	500,000		495,050
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, 3.92%, 07/15/50 (b)	57,000		55,185
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,060,493)			6,059,780
CORPORATE BONDS AND NOTES 42.5%
Communication Services 3.1%
	AT&T Inc.
		3.96%, (3M USD LIBOR + 1.18%), 06/12/24 (b)	165,000		160,049
		5.25%, 03/01/37	87,000		85,459
	CCO Holdings LLC
		5.13%, 05/01/27 (a)	63,000		58,642
	Charter Communications Operating LLC
		4.91%, 07/23/25	84,000		83,481
		5.38%, 04/01/38	105,000		96,921
		6.83%, 10/23/55	51,000		52,090
	Comcast Corp.
		4.15%, 10/15/28	203,000		206,258
		4.60%, 10/15/38	143,000		144,554
		3.40%, 07/15/46	60,000		49,714
		4.95%, 10/15/58	85,000		86,895
	Hughes Satellite Systems Corp.
		5.25%, 08/01/26	71,000		65,142
	Netflix Inc.
		6.38%, 05/15/29 (a)	201,000		199,459
	Numericable - SFR SA
		7.38%, 05/01/26 (a)	95,000		87,134
	Sprint Spectrum Co. LLC
		3.36%, 09/20/21 (a)	137,500		135,609
	Vodafone Group Plc
		5.00%, 05/30/38	32,000		29,929
				1,541,336
Consumer Discretionary 1.5%
	Fiat Chrysler Automobiles NV
		5.25%, 04/15/23	84,000		82,302
	Ford Motor Co.
		5.29%, 12/08/46	45,000		36,975
	Hilton Worldwide Finance LLC
		4.63%, 04/01/25	14,000		13,380
	Home Depot Inc.
		3.90%, 12/06/28	52,000		53,295
		4.50%, 12/06/48	30,000		31,023
	Nemak SAB de CV
		4.75%, 01/23/25 (a)	200,000		186,689
	Sands China Ltd.
		5.40%, 08/08/28 (a) (c)	311,000		300,239
	Target Corp.
		3.90%, 11/15/47	62,000		57,093
				760,996
Consumer Staples 2.5%
	Anheuser-Busch InBev Worldwide Inc.
		3.65%, 02/01/26 (a)	140,000		132,081
		4.90%, 02/01/46 (a)	162,000		149,961
	BAT Capital Corp.
		3.56%, 08/15/27	80,000		71,037
		4.39%, 08/15/37	165,000		135,298
		4.54%, 08/15/47	35,000		27,948
	Conagra Brands Inc.
		4.60%, 11/01/25	129,000		130,191
		5.40%, 11/01/48	65,000		59,990
	General Mills Inc.
		4.20%, 04/17/28	21,000		20,523
	JBS Investments II GmbH
		7.00%, 01/15/26 (a)	200,000		197,030
	Pilgrim's Pride Corp.
		5.88%, 09/30/27 (a)	64,000		58,349
	Post Holdings Inc.
		5.63%, 01/15/28 (a)	22,000		20,256

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

13

PPMFunds

Schedules of Investments

December 31, 2018

Shares/Par¹ Value ($)

	Reynolds American Inc.
		4.45%, 06/12/25	105,000		101,422
		5.70%, 08/15/35	46,000		45,325
		7.00%, 08/04/41	45,000		47,935
	Tyson Foods Inc.
		5.10%, 09/28/48	57,000		54,683
				1,252,029
Energy 4.1%
	Andeavor Logistics LP
		3.50%, 12/01/22	46,000		44,528
		4.25%, 12/01/27	41,000		38,676
		5.20%, 12/01/47	45,000		40,532
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25	50,000		49,827
		5.13%, 06/30/27	195,000		183,835
	Columbia Pipeline Group Inc.
		5.80%, 06/01/45	45,000		47,415
	Continental Resources Inc.
		4.38%, 01/15/28	81,000		76,531
	Denbury Resources Inc.
		9.00%, 05/15/21 (a)	25,000		23,375
	Diamondback Energy Inc.
		4.75%, 11/01/24 (a)	187,000		180,510
	Endeavor Energy Resources LP
		5.50%, 01/30/26 (a)	14,000		14,211
		5.75%, 01/30/28 (a)	14,000		14,281
	Energy Transfer LP
		4.25%, 03/15/23	173,000		166,780
		5.50%, 06/01/27	29,000		28,329
		5.80%, 06/15/38	80,000		77,385
		6.13%, 12/15/45	20,000		19,372
	Enterprise Products Operating LLC
		4.15%, 10/16/28	95,000		94,725
		4.80%, 02/01/49	84,000		81,418
	EP Energy LLC
		8.00%, 11/29/24 (a) (d)	105,000		76,537
		8.00%, 02/15/25 (a)	30,000		12,387
	Everest Acquisition Finance Inc.
		7.75%, 05/15/26 (a)	35,000		31,038
	Marathon Petroleum Corp.
		3.80%, 04/01/28 (a)	30,000		28,247
		4.50%, 04/01/48 (a)	35,000		29,386
	MPLX LP
		4.00%, 03/15/28	137,000		128,803
		5.50%, 02/15/49	67,000		64,947
	Nabors Industries Inc.
		5.50%, 01/15/23 (d)	20,000		15,845
	PDC Energy Inc.
		5.75%, 05/15/26	60,000		53,178
	Petroleos Mexicanos
		6.50%, 01/23/29	85,000		79,262
	Sabine Pass Liquefaction LLC
		4.20%, 03/15/28	203,000		193,643
	Transocean Pontus Ltd.
		6.13%, 08/01/25 (a)	20,000		19,272
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (a)	140,000		135,330
				2,049,605
Financials 16.3%
	AerCap Ireland Capital Ltd.
		3.50%, 05/26/22	115,000		111,458
		3.65%, 07/21/27	75,000		64,991
	American Express Co.
		3.70%, 08/03/23	250,000		250,722
	Athene Global Funding
		4.00%, 01/25/22 (a)	176,000		177,806
	Athene Holding Ltd.
		4.13%, 01/12/28	110,000		99,669
	Bank of America Corp.
		6.25%, (callable at 100 beginning 09/05/24) (e)	75,000		73,875
		3.55%, 03/05/24	167,000		164,882
		4.00%, 01/22/25	86,000		83,923

Shares/Par¹ Value ($)

	4.25%, 10/22/26	240,000	233,743
	3.25%, 10/21/27	27,000	24,951
Barclays Plc
	4.97%, 05/16/29 (b) (f)	200,000	193,042
Bayer US Finance II LLC
	4.25%, 12/15/25 (a)	78,000	76,156
	4.38%, 12/15/28 (a)	75,000	71,791
BNP Paribas SA
	3.50%, 03/01/23 (a)	110,000	107,098
Capital One Financial Corp.
	3.75%, 03/09/27	125,000	116,367
	3.80%, 01/31/28	147,000	135,677
Citigroup Inc.
	5.90%, (callable at 100 beginning 02/15/23) (d) (e)	100,000	93,021
	2.75%, 04/25/22	75,000	72,696
	4.45%, 09/29/27	252,000	242,954
	3.89%, 01/10/28 (b)	136,000	130,835
	4.13%, 07/25/28	8,000	7,504
Credit Agricole SA
	3.75%, 04/24/23 (a)	250,000	244,590
Credit Suisse AG
	6.50%, 08/08/23 (a)	275,000	287,103
Credit Suisse Group AG
	7.50%, (callable at 100 beginning 12/11/23) (a) (e)	200,000	204,000
	4.21%, 06/12/24 (a)	250,000	248,089
Dell EMC
	8.35%, 07/15/46 (a)	204,000	220,980
General Motors Financial Co. Inc.
	4.20%, 03/01/21	75,000	75,147
Glencore Funding LLC
	3.00%, 10/27/22 (a)	62,000	59,488
GLP Capital LP
	5.30%, 01/15/29	125,000	122,715
Goldman Sachs Group Inc.
	2.60%, 12/27/20	77,000	75,546
	3.00%, 04/26/22	66,000	64,047
	2.91%, 07/24/23	63,000	60,012
	4.00%, 03/03/24	62,000	61,079
	4.25%, 10/21/25	90,000	86,219
	4.22%, 05/01/29	155,000	149,662
	6.75%, 10/01/37	80,000	90,697
HSBC Holdings Plc
	6.88%, (callable at 100 beginning 06/01/21) (e) (f)	200,000	205,402
	4.29%, 09/12/26	200,000	197,460
	4.38%, 11/23/26	200,000	193,594
Icahn Enterprises LP
	6.38%, 12/15/25	111,000	107,459
Intesa Sanpaolo SpA
	3.88%, 01/12/28 (a)	140,000	118,950
James Hardie International Finance DAC
	5.00%, 01/15/28 (a)	54,000	46,604
JPMorgan Chase & Co.
	5.30%, (callable at 100 beginning 05/01/20) (e)	60,000	59,437
	4.02%, 12/05/24	202,000	203,510
	2.95%, 10/01/26	107,000	98,662
	3.78%, 02/01/28 (b)	47,000	45,549
	4.01%, 04/23/29	62,000	60,913
	4.20%, 07/23/29	42,000	41,893
	4.45%, 12/05/29	82,000	83,309
JPMorgan Chase Bank NA
	3.22%, 03/01/25	114,000	109,723
	3.51%, 01/23/29	62,000	58,713
Lincoln National Corp.
	3.80%, 03/01/28	21,000	20,304
	4.35%, 03/01/48	35,000	32,348
Lloyds Banking Group Plc
	7.50%, (callable at 100 beginning 09/27/25) (e)	200,000	192,520
Macquarie Group Ltd.
	5.03%, 01/15/30 (a)	125,000	123,663

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

14

PPMFunds

Schedules of Investments

December 31, 2018

Shares/Par¹ Value ($)

	Morgan Stanley
		4.88%, 11/01/22	194,000		200,235
		4.10%, 05/22/23	143,000		143,506
		3.88%, 04/29/24	219,000		217,971
		3.63%, 01/20/27	104,000		98,897
	Santander UK Group Holdings Plc
		4.80%, 11/15/24	242,000		240,025
	UBS AG
		2.45%, 12/01/20 (a)	200,000		196,260
	Volkswagen Group of America Finance LLC
		4.63%, 11/13/25 (a)	250,000		247,843
	Wells Fargo & Co.
		5.88%, (callable at 100 beginning 06/15/25) (e)	100,000		98,750
		2.63%, 07/22/22	75,000		72,271
		4.48%, 01/16/24	15,000		15,153
	Ziggo Secured Finance BV
		5.50%, 01/15/27 (a)	60,000		54,000
				8,167,459
Health Care 3.7%
	Abbott Laboratories
		4.75%, 11/30/36	59,000		61,530
	Actavis Funding SCS
		4.55%, 03/15/35	41,000		39,022
	Becton Dickinson & Co.
		3.36%, 06/06/24	176,000		168,799
	Centene Corp.
		4.75%, 05/15/22	72,000		71,463
		6.13%, 02/15/24	8,000		8,202
		4.75%, 01/15/25	25,000		23,903
	Centene Escrow I Corp.
		5.38%, 06/01/26 (a)	117,000		114,268
	CVS Health Corp.
		4.30%, 03/25/28	185,000		181,110
		4.78%, 03/25/38	117,000		112,715
		5.05%, 03/25/48	179,000		174,833
	Express Scripts Holding Co.
		3.40%, 03/01/27	114,000		105,784
	Halfmoon Parent Inc.
		4.38%, 10/15/28 (a)	100,000		100,658
		4.90%, 12/15/48 (a)	148,000		144,875
	Mednax Inc.
		6.25%, 01/15/27 (a)	65,000		62,725
	Mylan Inc.
		5.20%, 04/15/48 (a)	23,000		18,766
	Perrigo Finance Plc
		4.90%, 12/15/44	11,000		8,438
	Perrigo Finance Unltd. Co.
		4.38%, 03/15/26	31,000		27,957
	UnitedHealth Group Inc.
		3.75%, 07/15/25	45,000		45,400
		3.45%, 01/15/27	40,000		39,469
		3.88%, 12/15/28	60,000		60,702
	Valeant Pharmaceuticals International Inc.
		6.50%, 03/15/22 (a)	15,000		15,084
		5.88%, 05/15/23 (a)	10,000		9,225
		7.00%, 03/15/24 (a)	40,000		40,517
		6.13%, 04/15/25 (a)	57,000		49,543
		5.50%, 03/01/23 - 11/01/25 (a)	68,000		63,247
	WellCare Health Plans Inc.
		5.25%, 04/01/25	100,000		96,277
		5.38%, 08/15/26 (a)	46,000		44,492
				1,889,004
Industrials 2.8%
	ACCO Brands Corp.
		5.25%, 12/15/24 (a)	28,000		25,105
	Aircastle Ltd.
		4.40%, 09/25/23	41,000		40,181
		4.13%, 05/01/24	75,000		70,314
	Ashtead Capital Inc.
		5.25%, 08/01/26 (a)	128,000		123,600
	Aviation Capital Group LLC
		4.38%, 01/30/24 (a)	105,000		104,395

Shares/Par¹ Value ($)

	Avolon Holdings Funding Ltd.
		5.13%, 10/01/23 (a)	165,000		158,473
	Bombardier Inc.
		8.75%, 12/01/21 (a)	70,000		72,100
		7.50%, 03/15/25 (a)	9,000		8,483
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (e) (g)	525,000		404,250
	General Motors Co.
		5.95%, 04/01/49	60,000		54,613
	Johnson Controls International Plc
		5.13%, 09/14/45	41,000		40,757
	Mexico City Airport Trust
		5.50%, 07/31/47 (g) (h)	40,000		35,261
	Standard Industries Inc.
		4.75%, 01/15/28 (a)	116,000		96,806
	Union Pacific Corp.
		3.60%, 09/15/37	64,000		57,250
		4.38%, 09/10/38	100,000		98,535
				1,390,123
Information Technology 1.2%
	Broadcom Corp.
		3.88%, 01/15/27	57,000		51,158
	Microsoft Corp.
		3.45%, 08/08/36	142,000		134,443
		3.95%, 08/08/56	97,000		94,955
	NXP BV
		4.13%, 06/01/21 (a)	200,000		197,987
		5.35%, 03/01/26 (a)	67,000		67,730
	Oracle Corp.
		4.00%, 11/15/47	83,000		77,271
				623,544
Materials 3.0%
	Anglo American Capital Plc
		4.88%, 05/14/25 (a)	121,000		118,905
		4.75%, 04/10/27 (a)	200,000		190,879
		4.50%, 03/15/28 (a)	200,000		186,475
	CF Industries Inc.
		3.40%, 12/01/21 (a)	165,000		161,116
		4.50%, 12/01/26 (a)	65,000		63,694
	Corning Inc.
		5.85%, 11/15/68	148,000		149,806
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	221,000		204,955
		5.40%, 11/14/34	70,000		55,490
	Reynolds Group Issuer Inc.
		5.94%, (3M USD LIBOR + 3.50%), 07/15/21 (a) (b)	200,000		199,302
	Syngenta Finance NV
		5.68%, 04/24/48 (a)	200,000		164,120
				1,494,742
Real Estate 0.5%
	Boston Properties LP
		4.50%, 12/01/28	173,000		176,991
	Crown Castle International Corp.
		2.25%, 09/01/21	50,000		48,462
	ERP Operating LP
		3.50%, 03/01/28	54,000		52,616
				278,069
Utilities 3.8%
	AES Corp.
		4.00%, 03/15/21	215,000		211,390
	Ameren Illinois Co.
		4.50%, 03/15/49	104,000		109,675
	Avangrid Inc.
		3.15%, 12/01/24	160,000		154,452
	Basin Electric Power Cooperative
		4.75%, 04/26/47 (a)	107,000		110,388
	Commonwealth Edison Co.
		3.75%, 08/15/47	89,000		82,510

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

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December 31, 2018

Shares/Par¹ Value ($)

	Electricite de France SA
		4.50%, 09/21/28 (a)	200,000		193,769
	Exelon Corp.
		3.50%, 06/01/22 (i)	110,000		107,492
		5.10%, 06/15/45	85,000		87,994
	FirstEnergy Corp.
		3.90%, 07/15/27	185,000		179,242
		4.85%, 07/15/47 (c)	65,000		65,060
	Indiana Michigan Power Co.
		4.25%, 08/15/48	69,000		68,143
	Oncor Electric Delivery Co. LLC
		2.95%, 04/01/25	180,000		175,751
	Pacific Gas & Electric Co.
		3.30%, 12/01/27	100,000		81,750
	Southern California Edison Co.
		4.13%, 03/01/48	46,000		43,881
	Southern Co.
		2.95%, 07/01/23	196,000		189,405
	Wisconsin Energy Corp.
		3.55%, 06/15/25	50,000		49,511
				1,910,413
	Total Corporate Bonds And Notes (cost $22,047,497)			21,357,320
SENIOR LOAN INTERESTS 1.6%
Communication Services 0.4%
	CenturyLink Inc.
		Term Loan B, 5.27%, (3M LIBOR + 2.75%), 01/15/25 (b)	116,820		108,759
	Sprint Communications Inc.
		1st Lien Term Loan B, 4.88%, (3M LIBOR + 2.50%), 02/01/24 (b)	83,932		79,666
				188,425
Consumer Discretionary 0.5%
	Charter Communications Operating LLC
		Term Loan B, 4.35%, (3M LIBOR + 2.00%), 04/30/25 (b)	64,350		61,543
	CSC Holdings LLC
		1st Lien Term Loan, 4.71%, (3M LIBOR + 2.25%), 07/15/25 (b)	44,436		42,059
	Golden Nugget Inc.
		Incremental Term Loan B, 5.19%, (3M LIBOR + 2.75%), 09/07/23 (b)	36,452		34,994
		Incremental Term Loan B, 5.28%, (3M LIBOR + 2.75%), 10/04/23 (b)	45,581		43,758
	UFC Holdings LLC
		1st Lien Term Loan, 5.78%, (3M LIBOR + 3.25%), 07/22/23 (b)	59,242		57,584
				239,938
Consumer Staples 0.5%
	JBS USA LLC
		Term Loan B, 4.89%, (3M LIBOR + 2.50%), 10/30/22 (b)	39,757		38,167
		Term Loan B, 5.30%, (3M LIBOR + 2.50%), 06/30/24 (b)	231,913		222,636
				260,803
Energy 0.1%
	TEX Operations Co. LLC
		Term Loan B, 4.34%, (3M LIBOR + 2.00%), 08/04/23 (b)	36,131		34,756
	Traverse Midstream Partners LLC
		Term Loan, 6.60%, (3M LIBOR + 4.00%), 09/22/24 (b)	33,000		31,598
				66,354
Materials 0.1%
	BWAY Holding Co.
		Term Loan B, 5.66%, (3M LIBOR + 3.25%), 04/03/24 (b)	49,373		46,329
	Total Senior Loan Interests (cost $838,154)			801,849
GOVERNMENT AND AGENCY OBLIGATIONS 41.5%
Mortgage-Backed Securities 23.8%
	Federal Home Loan Mortgage Corp.
		3.00%, 07/01/32 - 11/01/46	190,850		188,666

Shares/Par¹ Value ($)

		3.50%, 01/01/46 - 11/01/47	1,655,603		1,657,145
		4.00%, 10/01/45 - 06/01/48	156,799		160,071
	Federal National Mortgage Association
		3.50%, 11/01/32 - 01/01/48	861,026		867,878
		TBA, 3.00%, 01/15/33 (j)	438,000		437,198
		3.00%, 09/01/32 - 05/01/46	2,299,285		2,250,478
		4.00%, 07/01/47 - 08/01/48	1,096,087		1,119,164
		4.50%, 05/01/47 - 07/01/48	1,442,256		1,494,535
	Government National Mortgage Association
		3.50%, 04/20/46 - 05/20/47	2,102,347		2,118,996
		4.00%, 04/20/47 - 07/20/47	1,497,840		1,536,351
		4.50%, 08/20/48 - 09/20/48	86,419		89,478
				11,919,960
Sovereign 0.4%
	Mexico Government International Bond
		3.75%, 01/11/28	220,000		206,533
U.S. Treasury Securities 17.3%
	U.S. Treasury Bond
		3.75%, 08/15/41	461,000		521,002
		3.13%, 11/15/41	372,000		381,300
		2.50%, 02/15/45 - 02/15/46	659,000		597,200
	U.S. Treasury Note
		1.38%, 04/30/20	586,000		577,027
		2.00%, 02/15/22	835,000		823,388
		1.88%, 04/30/22	602,000		590,430
		1.63%, 05/31/23	709,000		682,966
		2.75%, 02/15/24	900,000		909,844
		2.50%, 05/15/24	626,000		625,022
		2.88%, 07/31/25	321,000		326,617
		1.50%, 08/15/26	808,000		745,380
		2.25%, 11/15/25 - 08/15/27	1,950,000		1,904,593
				8,684,769
	Total Government And Agency Obligations (cost $20,696,449)			20,811,262
SHORT TERM INVESTMENTS 2.8%
Investment Companies 2.5%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.29% (k)		1,255,699		1,255,699
Securities Lending Collateral 0.3%
	State Street Navigator Securities Lending Government Money Market Portfolio, 2.35% (k)		161,620		161,620
	Total Short Term Investments (cost $1,417,319)			1,417,319
Total Investments 100.5% (cost $51,059,912)					50,447,530
Other Derivative Instruments (0.0)%					(2,123)
Other Assets and Liabilities, Net (0.5)%					(247,297)
Total Net Assets 100.0%					50,198,110

(a)The Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the PPM Funds' Board of Trustees. Determinations of liquidity are unaudited. As of December 31, 2018, the value and the percentage of net assets of these liquid securities were $10,776,327 and 21.5%, respectively.

(b)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2018. 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 reflects the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

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

(d)All or a portion of the security was on loan as of December 31, 2018.

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

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

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(f)Convertible security.

(g)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees. Determinations of liquidity are unaudited.

(h)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(i)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 December 31, 2018.

(j)All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2018, the total payable for investments purchased on a delayed delivery basis was $430,974.

(k)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2018.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Mexico City Airport Trust, 5.50%, 07/31/47	07/16/18	36,362	35,261	0.1

PPM Core Plus Fixed Income Fund — Futures Contracts
Reference Entity	Contracts Long (Short)1	Expiration	Notional 1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
U.S. Treasury Long Bond	15	March 2019		2,087,996		7,031		102,004
U.S. Treasury Note, 10-Year	(38)	March 2019		(4,538,858)		(16,408)		(97,736)
U.S. Treasury Note, 2-Year	(3)	March 2019		(633,046)		(422)		(3,892)
U.S. Treasury Note, 5-Year	14	March 2019		1,588,381		3,500		17,244
Ultra 10-Year U.S. Treasury Note	6	March 2019		755,346		2,813		25,123
Ultra Long Term U.S. Treasury Bond	2	March 2019		303,986		1,188		17,327
						(2,298)		60,070

PPM Core Plus Fixed Income Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - sell protection4
CDX.NA.HY.31 (Q)	5.00	12/20/23		(240,000)		4,784		175		(8,032)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

17

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
PPM Credit Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.8%
	American Express Credit Account Master Trust
		Series 2014-B-1, 2.96%, (1M USD LIBOR + 0.50%), 05/15/19 (a)	500,000		500,480
	AmeriCredit Automobile Receivables Trust
		Series 2016-A3-1, 1.81%, 10/08/20	915		915
	Ascentium Equipment Receivables LLC
		Series 2018-A2-2A, 3.27%, 10/12/21 (b)	190,000		190,668
	Ascentium Equipment Receivables Trust
		Series 2017-A2-2A, 2.00%, 05/11/20 (b)	27,302		27,178
		Series 2018-A2-1A, 2.92%, 12/10/20 (b)	73,000		72,946
		Series 2017-A3-2A, 2.31%, 12/10/21 (b)	64,000		63,163
	Banc of America Re-REMIC Trust
		Series 2015-B-200P, REMIC, 3.49%, 04/16/25 (b)	375,000		370,158
	Bank of The West Auto Trust
		Series 2018-A3-1, 3.43%, 12/15/22 (b)	148,000		148,970
	BCC Funding XIV LLC
		Series 2018-A2-1A, 2.96%, 06/20/23 (b)	98,156		97,888
	BMW Floorplan Master Owner Trust
		Series 2018-A1-1, 3.15%, 05/17/21 (b)	100,000		99,764
	California Republic Auto Receivables Trust
		Series 2017-A3-1, 1.90%, 09/16/19	122,603		122,233
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21 (b)	104,775		104,137
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23 (b)	44,545		44,287
	Citibank Credit Card Issuance Trust
		Series 2017-A9-A9, 1.80%, 09/20/19	600,000		595,230
	Continental Airlines Inc. Pass-Through Trust
		Series 2012-A-1, 4.15%, 04/11/24	134,191		134,392
	CSMC Trust
		Series 2017-A3-HL2, 3.50%, 10/25/47 (a) (b)	103,405		101,216
	Dell Equipment Finance Trust
		Series 2018-A2-2, 3.16%, 08/24/20 (b)	100,000		100,138
		Series 2018-A2A-1, 2.97%, 10/22/20 (b)	105,000		104,981
		Series 2017-A3-2, 2.19%, 10/24/22 (b)	100,000		99,330
	DLL LLC
		Series 2018-A3-ST2, 3.46%, 01/20/22 (b)	124,000		124,762
		Series 2018-A4-ST2, 3.59%, 06/20/24 (b)	144,000		145,868
	Engs Commercial Finance Trust
		Series 2018-A1-1A, 2.97%, 02/22/21 (b)	61,240		61,131
	First Investors Auto Owner Trust
		Series 2018-A1-2A, 3.23%, 11/16/20 (b)	73,433		73,590
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22 (b)	64,419		64,028
	GLS Auto Receivables Trust
		Series 2018-A-3A, 3.35%, 08/15/22 (b)	76,464		76,483
	GM Financial Automobile Leasing Trust
		Series 2017-A3-1, 2.06%, 05/20/20	216,443		215,709
	GM Financial Consumer Automobile Receivables Trust
		Series 2018-A2-4, 2.93%, 06/16/20	103,000		102,895
		Series 2017-A3-1A, 1.78%, 10/18/21 (b)	250,000		247,761
		Series 2018-B-4, 3.45%, 09/16/22	41,000		41,640
	GreatAmerica Leasing Receivables Funding LLC
		Series 2017-A3-1, 2.06%, 06/22/20 (b)	82,776		82,436
		Series 2018-A3-1, 2.60%, 06/15/21 (b)	100,000		99,514
	GS Mortgage Securities Trust
		Series 2017-C-SLP, REMIC, 3.92%, 10/12/22 (b)	100,000		100,130
	Houston Galleria Mall Trust
		Series 2015-A1A2-HGLR, REMIC, 3.09%, 03/06/25 (b)	100,000		96,185
	JPMorgan Mortgage Trust
		Series 2018-1A4-6, 3.50%, 12/25/48 (a) (b)	52,212		51,488
		Series 2018-A5-1, REMIC, 3.50%, 04/25/25 (b)	88,918		87,745
		Series 2017-A6-6, REMIC, 3.00%, 01/25/48 (a) (b)	110,324		109,076
	Kubota Credit Owner Trust
		Series 2016-A3-1A, 1.50%, 07/15/20 (b)	141,072		140,252
		Series 2018-A2-1A, 2.80%, 02/16/21 (b)	101,000		100,833
	Marlin Leasing Receivables LLC
		Series 2018-A2-1A, 3.05%, 10/20/20 (b)	42,000		41,981
		Series 2018-A3-1A, 3.36%, 04/20/23 (b)	81,000		81,049
			Shares/Par1		Value ($)
	MVW Owner Trust
		Series 2013-A-1A, 2.15%, 04/22/30 (b)	78,327		77,446
	PSMC Trust
		Series 2018-A3-2, REMIC, 3.50%, 06/25/48 (b)	115,702		114,233
	Santander Retail Auto Lease Trust
		Series 2018-A2A-A, REMIC, 2.71%, 01/20/20 (b)	92,496		92,321
	United Airlines Inc. Pass-Through Trust
		Series 2018-B-1, 4.60%, 03/01/26	28,000		27,678
		Series 2018-A-1, 3.70%, 03/01/30	150,000		143,685
	United Auto Credit Securitization Trust
		Series 2018-A-2, 2.89%, 03/10/21 (b)	54,389		54,327
	Verizon Owner Trust
		Series 2017-A1A-3A, 2.06%, 04/20/22 (b)	512,000		505,956
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, 3.92%, 07/15/50 (a)	58,000		56,153
	Westlake Automobile Receivables Trust
		Series 2018-A2A-2A, 2.84%, 09/15/21 (b)	77,524		77,405
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,267,073)			6,271,834
CORPORATE BONDS AND NOTES 74.5%
Communication Services 5.1%
	21st Century Fox America Inc.
		6.55%, 03/15/33	38,000		47,972
		6.90%, 08/15/39	36,000		46,963
	Altice Luxembourg SA
		8.13%, 02/01/27 (b)	200,000		188,500
	AMC Entertainment Holdings Inc.
		6.13%, 05/15/27	68,000		58,197
	AT&T Inc.
		5.25%, 03/01/37	145,000		142,431
		4.35%, 06/15/45	59,000		50,098
		4.75%, 05/15/46	127,000		112,826
	CCO Holdings LLC
		5.50%, 05/01/26 (b)	36,000		34,650
		5.13%, 05/01/27 (b)	61,000		56,781
		5.88%, 05/01/27 (b)	33,000		32,114
	Charter Communications Operating LLC
		6.48%, 10/23/45	59,000		60,115
		5.38%, 04/01/38 - 05/01/47	212,000		194,377
	Cincinnati Bell Inc.
		7.00%, 07/15/24 (b)	100,000		82,908
	Comcast Corp.
		4.15%, 10/15/28	108,000		109,734
		4.60%, 10/15/38	143,000		144,554
		4.00%, 08/15/47	100,000		91,018
		4.05%, 11/01/52	50,000		44,895
		4.95%, 10/15/58	170,000		173,790
	DISH DBS Corp.
		7.75%, 07/01/26	41,000		33,919
	iHeartCommunications Inc.
		0.00%, 03/01/21 (c) (d)	65,000		43,498
	Netflix Inc.
		5.88%, 11/15/28 (b)	165,000		160,588
		6.38%, 05/15/29 (b)	101,000		100,226
	Sirius XM Radio Inc.
		5.38%, 07/15/26 (b)	75,000		70,852
		5.00%, 08/01/27 (b)	95,000		86,769
	Sprint Capital Corp.
		6.88%, 11/15/28	105,000		99,261
	Time Warner Cable Inc.
		6.75%, 06/15/39	40,000		40,648
	Time Warner Entertainment Co. LP
		8.38%, 03/15/23	55,000		62,757
	Vodafone Group Plc
		4.38%, 05/30/28	88,000		85,535
	Walt Disney Co.
		3.00%, 07/30/46	32,000		26,349
	Zayo Group LLC
		5.75%, 01/15/27 (b)	30,000		26,699
				2,509,024
Consumer Discretionary 5.2%
	21st Century Fox America Inc.
		4.75%, 09/15/44	29,000		31,253

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

18

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Amazon.com Inc.
		3.88%, 08/22/37	90,000		87,792
		4.25%, 08/22/57	130,000		128,323
	Beazer Homes USA Inc.
		5.88%, 10/15/27	35,000		27,650
	Delphi Jersey Holdings Plc
		5.00%, 10/01/25 (b)	60,000		50,402
	Delta Merger Sub Inc.
		6.00%, 09/15/26 (b)	53,000		50,083
	Dollar General Corp.
		3.25%, 04/15/23	112,000		109,490
	Ford Motor Co.
		7.45%, 07/16/31	40,000		41,148
		5.29%, 12/08/46	53,000		43,548
	GLP Capital LP
		5.38%, 04/15/26	203,000		200,891
		5.75%, 06/01/28	39,000		39,372
	Golden Nugget Inc.
		6.75%, 10/15/24 (b)	70,000		65,963
		8.75%, 10/01/25 (b)	59,000		56,633
	Hilton Domestic Operating Co. Inc.
		4.25%, 09/01/24	54,000		51,093
	Hilton Worldwide Finance LLC
		4.63%, 04/01/25	5,000		4,778
	Home Depot Inc.
		2.13%, 09/15/26	81,000		73,032
		3.90%, 12/06/28	41,000		42,021
		4.50%, 12/06/48	49,000		50,671
	KB Home
		7.63%, 05/15/23	65,000		65,962
	KFC Holding Co.
		4.75%, 06/01/27 (b)	135,000		125,682
	Lennar Corp.
		4.75%, 11/29/27	20,000		18,158
	Lowe`s Cos. Inc.
		4.05%, 05/03/47	99,000		85,221
	Marriott International Inc.
		6.50%, 09/15/26 (b)	67,000		64,607
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (b) (e)	89,000		82,817
	Nemak SAB de CV
		4.75%, 01/23/25 (b)	200,000		186,689
	Royal Caribbean Cruises Ltd.
		5.25%, 11/15/22	30,000		31,402
	Sands China Ltd.
		5.13%, 08/08/25 (b) (f)	200,000		197,954
		5.40%, 08/08/28 (b) (f)	200,000		193,080
	Schaeffler Verwaltung Zwei GmbH
		5.25%, 09/15/23 (b) (g)	57,000		51,844
		5.50%, 09/15/26 (b) (g)	131,000		114,280
	Time Warner Inc.
		7.63%, 04/15/31	59,000		73,487
	VOC Escrow Ltd.
		5.00%, 02/15/28 (b)	125,000		115,968
				2,561,294
Consumer Staples 4.3%
	Anheuser-Busch InBev Worldwide Inc.
		4.70%, 02/01/36 (b)	53,000		49,320
		4.90%, 02/01/46 (b)	371,000		343,429
	BAT Capital Corp.
		3.56%, 08/15/27	341,000		302,794
		4.39%, 08/15/37	158,000		129,558
		4.54%, 08/15/47	158,000		126,165
	Constellation Brands Inc.
		4.25%, 05/01/23	70,000		70,591
	Dr. Pepper Snapple Group Inc.
		2.55%, 09/15/26	50,000		43,096
	General Mills Inc.
		4.20%, 04/17/28	115,000		112,389
		4.70%, 04/17/48 (e)	37,000		33,883
	JBS Investments GmbH
		7.25%, 04/03/24 (b)	171,000		173,480
	Kraft Heinz Foods Co.
		4.38%, 06/01/46	155,000		128,982
			Shares/Par1		Value ($)
	Kroger Co.
		4.65%, 01/15/48	24,000		21,653
	Maple Escrow Subsidiary Inc.
		4.99%, 05/25/38 (b)	30,000		29,087
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (b)	125,000		99,553
	Philip Morris International Inc.
		4.25%, 11/10/44	75,000		68,346
	Pilgrim's Pride Corp.
		5.75%, 03/15/25 (b)	32,000		30,089
		5.88%, 09/30/27 (b)	74,000		67,466
	Reynolds American Inc.
		4.45%, 06/12/25	49,000		47,330
		5.70%, 08/15/35	86,000		84,738
	Tyson Foods Inc.
		4.55%, 06/02/47	12,000		10,524
		5.10%, 09/28/48	57,000		54,683
	Wm. Wrigley Jr. Co.
		3.38%, 10/21/20 (b)	86,000		86,210
				2,113,366
Energy 7.3%
	Alta Mesa Holdings LP
		7.88%, 12/15/24 (e)	107,000		67,875
	Anadarko Petroleum Corp.
		7.95%, 06/15/39	51,000		60,141
	Andeavor Logistics LP
		4.25%, 12/01/27	61,000		57,542
		5.20%, 12/01/47	66,000		59,447
	Callon Petroleum Co.
		6.38%, 07/01/26	125,000		116,392
	Canadian Natural Resources Ltd.
		3.85%, 06/01/27	55,000		52,003
	Cenovus Energy Inc.
		4.45%, 09/15/42	59,000		45,369
	Chaparral Energy Inc.
		8.75%, 07/15/23 (b)	42,000		30,045
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25	40,000		39,862
		5.13%, 06/30/27	140,000		131,984
	Concho Resources Inc.
		4.88%, 10/01/47	51,000		48,518
	Continental Resources Inc.
		4.38%, 01/15/28	81,000		76,531
	Diamondback Energy Inc.
		4.75%, 11/01/24 (b)	123,000		118,731
	Endeavor Energy Resources LP
		5.50%, 01/30/26 (b)	9,000		9,135
		5.75%, 01/30/28 (b)	9,000		9,180
	Energy Transfer LP
		4.25%, 03/15/23	139,000		134,003
		5.50%, 06/01/27	99,000		96,708
		5.80%, 06/15/38	51,000		49,333
		5.15%, 03/15/45	40,000		34,764
	Enterprise Products Operating LLC
		4.15%, 10/16/28	85,000		84,754
		6.13%, 10/15/39	86,000		95,601
		4.80%, 02/01/49	84,000		81,418
	EP Energy LLC
		8.00%, 02/15/25 (b)	142,000		58,634
	Floatel International AB
		9.00%, 04/11/24 (b)	100,000		93,620
	Halliburton Co.
		3.80%, 11/15/25	60,000		58,181
		4.85%, 11/15/35	59,000		58,193
	HollyFrontier Corp.
		5.88%, 04/01/26	110,000		111,292
	Kinder Morgan Energy Partners LP
		7.75%, 03/15/32	87,000		104,557
	Kinder Morgan Inc.
		4.30%, 03/01/28	90,000		88,181
		5.20%, 03/01/48	50,000		47,822
	Marathon Oil Corp.
		4.40%, 07/15/27	90,000		85,767

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

19

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Marathon Petroleum Corp.
		3.80%, 04/01/28 (b)	30,000		28,247
		4.50%, 04/01/48 (b)	35,000		29,386
	MPLX LP
		4.00%, 03/15/28	68,000		63,931
		4.50%, 04/15/38	40,000		35,178
		5.20%, 03/01/47	60,000		55,817
		4.70%, 04/15/48	25,000		21,706
		5.50%, 02/15/49	55,000		53,315
	Nabors Industries Inc.
		5.50%, 01/15/23 (e)	25,000		19,806
		5.75%, 02/01/25	50,000		37,734
	Oasis Petroleum Inc.
		6.25%, 05/01/26 (b) (e)	101,000		85,032
	PDC Energy Inc.
		5.75%, 05/15/26	112,000		99,266
	Petroleos Mexicanos
		6.50%, 01/23/29	68,000		63,410
		6.75%, 09/21/47	200,000		165,378
	Sabine Pass Liquefaction LLC
		5.75%, 05/15/24	165,000		172,974
		5.00%, 03/15/27	89,000		89,670
		4.20%, 03/15/28	159,000		151,671
	SM Energy Co.
		6.63%, 01/15/27	37,000		32,745
	Sunoco Logistics Partners Operations LP
		4.95%, 01/15/43	22,000		18,689
	Transocean Guardian Ltd.
		5.88%, 01/15/24 (b)	23,000		22,071
	Transocean Pontus Ltd.
		6.13%, 08/01/25 (b)	15,000		14,454
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (b)	96,800		93,571
	USA Compression Partners LP
		6.88%, 04/01/26 (b)	38,000		36,465
				3,596,099
Financials 26.3%
	ABN AMRO Bank NV
		2.65%, 01/19/21 (b)	250,000		246,146
	AerCap Ireland Capital Ltd.
		3.65%, 07/21/27	78,000		67,591
		3.88%, 01/23/28	35,000		30,672
	American International Group Inc.
		4.20%, 04/01/28	52,000		50,552
		4.50%, 07/16/44	24,000		21,371
		4.80%, 07/10/45	158,000		146,998
		4.75%, 04/01/48	68,000		62,263
	Ardagh Packaging Finance Plc
		6.00%, 02/15/25 (b)	200,000		184,799
	Bank of America Corp.
		2.50%, 10/21/22	112,000		107,499
		4.13%, 01/22/24	52,000		52,584
		3.55%, 03/05/24	158,000		155,996
		4.00%, 04/01/24 - 01/22/25	149,000		148,906
		3.95%, 04/21/25	276,000		267,662
		3.37%, 01/23/26	75,000		72,472
		4.45%, 03/03/26	24,000		23,742
		4.25%, 10/22/26	13,000		12,661
		4.18%, 11/25/27	79,000		75,854
		3.42%, 12/20/28	80,000		74,958
	Barclays Plc
		4.97%, 05/16/29 (a) (h)	200,000		193,042
		4.95%, 01/10/47	195,000		173,236
	Bayer US Finance II LLC
		4.25%, 12/15/25 (b)	133,000		129,857
		4.38%, 12/15/28 (b)	127,000		121,567
	Berkshire Hathaway Finance Corp.
		4.20%, 08/15/48	125,000		124,248
	Blackstone Holdings Finance Co. LLC
		4.00%, 10/02/47 (b)	44,000		38,187
	BNP Paribas SA
		3.38%, 01/09/25 (b)	200,000		187,965
	Boral Finance Pty Ltd.
		3.75%, 05/01/28 (b)	146,000		135,518
			Shares/Par1		Value ($)
	Capital One Financial Corp.
		3.30%, 10/30/24	120,000		113,334
		3.75%, 03/09/27	102,000		94,955
		3.80%, 01/31/28	73,000		67,377
	CIT Group Inc.
		4.75%, 02/16/24	149,000		143,417
		5.25%, 03/07/25	16,000		15,691
		6.13%, 03/09/28	17,000		16,929
	Citigroup Inc.
		3.14%, 01/24/23	153,000		150,423
		3.20%, 10/21/26	123,000		113,575
		4.45%, 09/29/27	138,000		133,046
		3.89%, 01/10/28 (a)	225,000		216,456
		3.67%, 07/24/28 (a)	342,000		323,385
		4.13%, 07/25/28	26,000		24,388
	Credit Suisse Group AG
		6.25%, (callable at 100 beginning 12/18/24) (b) (i)	69,000		65,119
		4.21%, 06/12/24 (b)	250,000		248,089
		3.87%, 01/12/29 (b)	250,000		232,684
	Dell EMC
		5.88%, 06/15/21 (b)	41,000		41,039
		7.13%, 06/15/24 (b)	38,000		38,671
		8.35%, 07/15/46 (b)	135,000		146,237
	Enel Finance International NV
		4.88%, 06/14/29 (b)	250,000		237,818
	ERAC USA Finance LLC
		4.50%, 02/15/45 (b)	27,000		25,090
	Five Corners Funding Trust
		4.42%, 11/15/23 (b)	212,000		218,185
	GE Capital International Funding Co.
		4.42%, 11/15/35	174,000		146,285
	General Motors Financial Co. Inc.
		4.30%, 07/13/25	46,000		43,455
		4.00%, 10/06/26	84,000		76,313
	GLP Capital LP
		5.30%, 01/15/29	87,000		85,410
	Goldman Sachs Group Inc.
		2.35%, 11/15/21	29,000		27,962
		3.00%, 04/26/22	59,000		57,254
		2.91%, 06/05/23 - 07/24/23	171,000		163,172
		4.00%, 03/03/24	119,000		117,232
		3.50%, 01/23/25 - 11/16/26	176,000		166,421
		3.75%, 05/22/25	179,000		171,252
		4.25%, 10/21/25	34,000		32,572
		3.85%, 01/26/27	102,000		95,999
		3.69%, 06/05/28 (a)	9,000		8,369
		3.81%, 04/23/29	70,000		65,150
		4.22%, 05/01/29	301,000		290,635
		5.15%, 05/22/45	16,000		14,878
	Icahn Enterprises LP
		6.38%, 12/15/25	132,000		127,790
	Intercontinental Exchange Inc.
		4.25%, 09/21/48	66,000		64,864
	Intesa Sanpaolo SpA
		3.88%, 01/12/28 (b)	100,000		84,964
	James Hardie International Finance DAC
		5.00%, 01/15/28 (b)	17,000		14,672
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (i)	79,000		78,259
		4.25%, 10/15/20	66,000		67,162
		2.97%, 01/15/23	218,000		212,339
		4.02%, 12/05/24	162,000		163,211
		2.95%, 10/01/26	219,000		201,934
		3.78%, 02/01/28 (a)	185,000		179,287
		4.01%, 04/23/29	125,000		122,809
		4.20%, 07/23/29	169,000		168,571
		4.45%, 12/05/29	66,000		67,054
		3.96%, 11/15/48	100,000		89,127
	JPMorgan Chase Bank NA
		3.22%, 03/01/25	237,000		228,108
	LafargeHolcim Finance US LLC
		4.75%, 09/22/46 (b)	200,000		174,607
	Liberty Mutual Group Inc.
		4.25%, 06/15/23 (b)	51,000		51,384
		4.85%, 08/01/44 (b)	125,000		121,851

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

20

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Lincoln National Corp.
		3.80%, 03/01/28	42,000		40,608
		4.35%, 03/01/48	70,000		64,697
	Lloyds Banking Group Plc
		7.50%, (callable at 100 beginning 09/27/25) (i)	200,000		192,520
		4.45%, 05/08/25 (h)	200,000		197,779
		3.57%, 11/07/28	200,000		178,358
	Markel Corp.
		4.30%, 11/01/47	250,000		218,208
	MetLife Inc.
		4.37%, 09/15/23	45,000		46,685
	Mitsubishi UFJ Financial Group Inc.
		3.46%, 03/02/23	250,000		248,504
	Morgan Stanley
		3.88%, 04/29/24	101,000		100,525
		3.70%, 10/23/24	98,000		96,322
		3.13%, 07/27/26	103,000		95,054
		4.35%, 09/08/26	181,000		176,026
		3.63%, 01/20/27	196,000		186,383
		3.59%, 07/22/28 (a)	50,000		47,250
		4.38%, 01/22/47	50,000		47,728
	Nationwide Building Society
		4.36%, 08/01/24 (b)	200,000		196,135
	Navient Corp.
		6.75%, 06/15/26	41,000		34,033
	Reckitt Benckiser Treasury Services Plc
		2.75%, 06/26/24 (b)	223,000		210,302
	Royal Bank of Canada
		3.70%, 10/05/23	125,000		125,652
	Santander UK Group Holdings Plc
		4.80%, 11/15/24	200,000		198,368
	SLM Corp.
		5.50%, 01/25/23	54,000		47,342
	Sumitomo Mitsui Financial Group Inc.
		2.85%, 01/11/22	250,000		245,214
	Volkswagen Group of America Finance LLC
		4.75%, 11/13/28 (b)	250,000		243,218
	Wells Fargo & Co.
		4.10%, 06/03/26	64,000		62,313
		4.40%, 06/14/46	23,000		21,252
	Wells Fargo Bank NA
		5.85%, 02/01/37	75,000		84,472
	Westpac Banking Corp.
		2.75%, 01/11/23	125,000		121,242
				12,878,796
Health Care 6.2%
	Abbott Laboratories
		3.75%, 11/30/26	95,000		94,085
		4.75%, 11/30/36	33,000		34,415
	AbbVie Inc.
		4.50%, 05/14/35	91,000		85,037
		4.88%, 11/14/48	92,000		85,848
	Actavis Funding SCS
		4.85%, 06/15/44	29,000		27,393
	Becton Dickinson & Co.
		3.73%, 12/15/24	78,000		75,360
		3.70%, 06/06/27	216,000		204,159
	Catalent Pharma Solutions Inc.
		4.88%, 01/15/26 (b)	21,000		19,753
	Celgene Corp.
		4.63%, 05/15/44	64,000		56,429
		4.35%, 11/15/47	77,000		64,445
	Centene Corp.
		4.75%, 01/15/25	99,000		94,654
	Centene Escrow I Corp.
		5.38%, 06/01/26 (b)	148,000		144,544
	CVS Health Corp.
		2.88%, 06/01/26	47,000		42,609
		4.30%, 03/25/28	80,000		78,318
		4.78%, 03/25/38	146,000		140,653
		5.05%, 03/25/48	222,000		216,832
	Express Scripts Holding Co.
		3.40%, 03/01/27	58,000		53,820
			Shares/Par1		Value ($)
	Forest Laboratories Inc.
		5.00%, 12/15/21 (b)	118,000		121,410
	Gilead Sciences Inc.
		3.65%, 03/01/26	38,000		37,265
		4.15%, 03/01/47	83,000		76,895
	Halfmoon Parent Inc.
		4.80%, 08/15/38 (b)	60,000		59,452
		4.90%, 12/15/48 (b)	116,000		113,551
	HCA Inc.
		5.00%, 03/15/24	7,000		6,941
		5.25%, 06/15/26	71,000		70,323
		5.50%, 06/15/47	63,000		59,881
	Humana Inc.
		4.63%, 12/01/42	40,000		39,727
	Lifepoint Health Inc.
		9.75%, 12/01/26 (b)	125,000		119,060
	Mednax Inc.
		6.25%, 01/15/27 (b)	40,000		38,600
	Mylan Inc.
		5.20%, 04/15/48 (b)	141,000		115,045
	Tenet Healthcare Corp.
		8.13%, 04/01/22	11,000		11,015
		6.75%, 06/15/23 (e)	16,000		15,020
		4.63%, 07/15/24	39,000		36,328
	Thermo Fisher Scientific Inc.
		3.20%, 08/15/27	33,000		30,710
	UnitedHealth Group Inc.
		3.88%, 12/15/28	57,000		57,667
		4.45%, 12/15/48	51,000		52,294
	Valeant Pharmaceuticals International Inc.
		6.50%, 03/15/22 (b)	10,000		10,056
		5.88%, 05/15/23 (b)	14,000		12,915
		7.00%, 03/15/24 (b)	25,000		25,323
		6.13%, 04/15/25 (b)	102,000		88,656
		5.50%, 03/01/23 - 11/01/25 (b)	146,000		136,031
		8.50%, 01/31/27 (b)	23,000		22,284
	WellCare Health Plans Inc.
		5.25%, 04/01/25	96,000		92,426
		5.38%, 08/15/26 (b)	46,000		44,492
	Zimmer Biomet Holdings Inc.
		3.55%, 04/01/25	39,000		37,286
				3,049,007
Industrials 5.3%
	ACCO Brands Corp.
		5.25%, 12/15/24 (b)	6,000		5,380
	Aircastle Ltd.
		4.40%, 09/25/23	41,000		40,181
		4.13%, 05/01/24	107,000		100,315
	Ashtead Capital Inc.
		4.13%, 08/15/25 (b)	56,000		51,325
		5.25%, 08/01/26 (b)	132,000		127,462
		4.38%, 08/15/27 (b)	26,000		23,419
	Aviation Capital Group LLC
		4.38%, 01/30/24 (b)	104,000		103,401
	Avolon Holdings Funding Ltd.
		5.13%, 10/01/23 (b)	100,000		96,044
	Burlington Northern Santa Fe LLC
		4.05%, 06/15/48	63,000		60,567
	CNH Industrial NV
		4.50%, 08/15/23	115,000		115,774
	CSX Corp.
		4.75%, 11/15/48	31,000		31,401
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (i) (j)	218,000		167,860
		4.50%, 03/11/44	50,000		40,838
	General Motors Co.
		5.00%, 10/01/28	195,000		185,081
	International Lease Finance Corp.
		8.25%, 12/15/20	45,000		48,286
	Johnson Controls International Plc
		5.13%, 09/14/45	60,000		59,645
	Lockheed Martin Corp.
		3.55%, 01/15/26	117,000		116,100

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

21

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Owens Corning Inc.
		4.40%, 01/30/48	150,000		113,262
	Park Aerospace Holdings Ltd.
		4.50%, 03/15/23 (b)	136,000		127,553
		5.50%, 02/15/24 (b) (e)	24,000		23,202
	Siemens Financieringsmaatschappij NV
		2.35%, 10/15/26 (b)	198,000		181,031
	Standard Industries Inc.
		5.00%, 02/15/27 (b)	150,000		132,083
		4.75%, 01/15/28 (b)	63,000		52,576
	Union Pacific Corp.
		4.05%, 03/01/46	84,000		77,278
		4.50%, 09/10/48	125,000		123,940
	United Rentals North America Inc.
		6.50%, 12/15/26 (e)	53,000		52,205
		4.88%, 01/15/28	48,000		42,138
	United Technologies Corp.
		2.65%, 11/01/26	51,000		45,908
	Verisk Analytics Inc.
		4.00%, 06/15/25	98,000		98,323
		5.50%, 06/15/45	125,000		126,563
				2,569,141
Information Technology 2.8%
	Broadcom Corp.
		3.88%, 01/15/27	258,000		231,559
		3.50%, 01/15/28	74,000		63,798
	Fidelity National Information Services Inc.
		3.00%, 08/15/26	71,000		65,343
		4.75%, 05/15/48	72,000		68,107
	Fiserv Inc.
		4.20%, 10/01/28 (f)	80,000		79,912
	Microsoft Corp.
		3.70%, 08/08/46	79,000		75,972
	NXP BV
		4.63%, 06/01/23 (b)	147,000		145,561
		5.35%, 03/01/26 (b)	99,000		100,079
	Oracle Corp.
		2.65%, 07/15/26	120,000		111,655
		3.85%, 07/15/36	59,000		55,823
		3.80%, 11/15/37	50,000		46,455
		4.00%, 07/15/46 - 11/15/47	127,000		118,335
	Radiate Holdco LLC
		6.88%, 02/15/23 (b)	88,000		80,140
	Visa Inc.
		4.30%, 12/14/45	99,000		102,901
				1,345,640
Materials 3.9%
	Anglo American Capital Plc
		4.88%, 05/14/25 (b)	260,000		255,499
	Ardagh Packaging Finance Plc
		4.63%, 05/15/23 (b)	159,000		150,090
	Berry Global Inc.
		4.50%, 02/15/26 (b)	60,000		55,160
	BWAY Holding Co.
		7.25%, 04/15/25 (b)	116,000		104,413
	Cemex SAB de CV
		5.70%, 01/11/25 (b)	200,000		192,041
	Corning Inc.
		5.35%, 11/15/48	75,000		76,265
		5.85%, 11/15/68	67,000		67,818
	Dow Chemical Co.
		4.63%, 10/01/44	51,000		46,210
	FMG Resources August 2006 Pty Ltd.
		4.75%, 05/15/22 (b)	31,000		29,450
	Freeport-McMoRan Inc.
		3.10%, 03/15/20	105,000		102,639
		4.55%, 11/14/24	165,000		153,021
		5.45%, 03/15/43	113,000		86,021
	NOVA Chemicals Corp.
		4.88%, 06/01/24 (b)	38,000		34,509
	Olin Corp.
		5.13%, 09/15/27	81,000		74,871
		5.00%, 02/01/30	57,000		49,844
			Shares/Par1		Value ($)
	Reynolds Group Issuer Inc.
		5.13%, 07/15/23 (b)	103,000		98,003
	Samarco Mineracao SA
		0.00%, 09/26/24 (b) (c) (d)	200,000		156,677
	Sherwin-Williams Co.
		4.50%, 06/01/47	34,000		30,732
	Syngenta Finance NV
		5.68%, 04/24/48 (b)	200,000		164,120
				1,927,383
Real Estate 2.9%
	American Tower Corp.
		3.60%, 01/15/28	250,000		234,221
	AvalonBay Communities Inc.
		3.20%, 01/15/28	84,000		79,672
	Boston Properties LP
		4.50%, 12/01/28	86,000		87,984
	Crown Castle International Corp.
		2.25%, 09/01/21	55,000		53,308
		4.45%, 02/15/26	66,000		65,686
		3.70%, 06/15/26	143,000		135,830
		3.65%, 09/01/27	20,000		18,628
		3.80%, 02/15/28	227,000		213,280
	Equinix Inc.
		5.75%, 01/01/25	46,000		46,374
		5.38%, 05/15/27	63,000		62,336
	ERP Operating LP
		3.50%, 03/01/28	54,000		52,616
	Host Hotels & Resorts LP
		3.75%, 10/15/23	86,000		84,379
	Realty Income Corp.
		3.65%, 01/15/28	97,000		93,885
	Regency Centers Corp.
		3.60%, 02/01/27	43,000		41,185
	Simon Property Group LP
		3.38%, 06/15/27 - 12/01/27	166,000		160,074
				1,429,458
Utilities 5.2%
	AES Corp.
		4.50%, 03/15/23	164,000		159,884
		5.13%, 09/01/27	73,000		70,538
	Alabama Power Co.
		3.70%, 12/01/47	150,000		137,142
	Ameren Illinois Co.
		4.50%, 03/15/49	52,000		54,837
	Appalachian Power Co.
		3.30%, 06/01/27	150,000		143,187
	Avangrid Inc.
		3.15%, 12/01/24	199,000		192,099
	Dominion Resources Inc.
		5.20%, 08/15/19	49,000		49,559
	Duke Energy Corp.
		3.95%, 08/15/47	75,000		67,189
	Duke Energy Florida LLC
		3.80%, 07/15/28	112,000		113,398
	Duquesne Light Holdings Inc.
		6.40%, 09/15/20 (b)	121,000		125,983
		5.90%, 12/01/21 (b)	116,000		122,038
	Eversource Energy
		4.25%, 04/01/29	104,000		106,007
	Exelon Corp.
		3.95%, 06/15/25	63,000		62,356
		5.10%, 06/15/45	52,000		53,831
		4.45%, 04/15/46	200,000		190,290
	FirstEnergy Corp.
		4.35%, 01/15/25 (b)	88,000		88,910
		4.85%, 07/15/47 (f)	40,000		40,037
	FirstEnergy Transmission LLC
		5.45%, 07/15/44 (b)	67,000		72,133
	Florida Power & Light Co.
		3.70%, 12/01/47	150,000		140,140
	Nevada Power Co.
		6.65%, 04/01/36	18,000		22,922
	Pacific Gas & Electric Co.
		3.30%, 12/01/27	250,000		204,375

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

22

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
		5.40%, 01/15/40	38,000		33,735
	Sempra Energy
		4.00%, 02/01/48	70,000		59,749
	Southern California Edison Co.
		4.13%, 03/01/48	37,000		35,296
	Wisconsin Energy Corp.
		3.55%, 06/15/25	44,000		43,569
	Xcel Energy Inc.
		4.70%, 05/15/20	107,000		108,261
		6.50%, 07/01/36	22,000		27,336
				2,524,801
	Total Corporate Bonds And Notes (cost $37,866,049)			36,504,009
GOVERNMENT AND AGENCY OBLIGATIONS 9.0%
U.S. Treasury Securities 9.0%
	U.S. Treasury Bond
		2.50%, 02/15/45	870,000		789,389
	U.S. Treasury Note
		2.88%, 10/31/23	2,663,000		2,707,938
		2.25%, 02/15/27	950,000		922,687
	Total Government And Agency Obligations (cost $4,362,891)			4,420,014
SHORT TERM INVESTMENTS 3.4%
Investment Companies 0.5%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.29% (k)		252,201		252,201
Securities Lending Collateral 0.7%
	State Street Navigator Securities Lending Government Money Market Portfolio, 2.35% (k)		339,300		339,300
Treasury Securities 2.2%
	U.S. Treasury Bill
		2.33%, 01/15/19 (l)	1,100,000		1,099,018
	Total Short Term Investments (cost $1,690,519)			1,690,519
Total Investments 99.7% (cost $50,186,532)					48,886,376
Other Derivative Instruments (0.0)%					(9,703)
Other Assets and Liabilities, Net 0.3%					141,788
Total Net Assets 100.0%					49,018,461

(a)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2018. 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 reflects 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)The Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the PPM Funds' Board of Trustees. Determinations of liquidity are unaudited. As of December 31, 2018, the value and the percentage of net assets of these liquid securities were $15,397,676 and 31.4%, respectively.

(c)Non-income producing security.

(d)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.

(e)All or a portion of the security was on loan as of December 31, 2018.

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

(g)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.

(h)Convertible security.

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

(j)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees. Determinations of liquidity are unaudited.

(k)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2018.

(l)The coupon rate represents the yield to maturity.

PPM Credit Fund — Futures Contracts
Reference Entity	Contracts Long (Short)1	Expiration	Notional 1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
U.S. Treasury Long Bond	30	March 2019		4,175,980		14,063		204,020
U.S. Treasury Note, 10-Year	(40)	March 2019		(4,778,483)		(15,625)		(102,143)
U.S. Treasury Note, 2-Year	(3)	March 2019		(633,046)		(422)		(3,891)
U.S. Treasury Note, 5-Year	16	March 2019		1,806,489		4,000		28,511
Ultra 10-Year U.S. Treasury Note	(6)	March 2019		(760,149)		(2,813)		(20,320)
Ultra Long Term U.S. Treasury Bond	(15)	March 2019		(2,286,189)		(8,906)		(123,654)
						(9,703)		(17,477)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

23

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
PPM Floating Rate Income Fund (a)
CORPORATE BONDS AND NOTES 3.5%
Communication Services 0.5%
	AMC Entertainment Holdings Inc.
		6.13%, 05/15/27	30,000		25,675
	CCO Holdings LLC
		5.13%, 05/01/27 (b)	30,000		27,925
	CenturyLink Inc.
		7.50%, 04/01/24 (c)	30,000		29,068
	DISH DBS Corp.
		5.00%, 03/15/23	30,000		24,709
	Frontier Communications Corp.
		11.00%, 09/15/25	30,000		18,694
	Live Nation Entertainment Inc.
		4.88%, 11/01/24 (b)	30,000		28,537
	Netflix Inc.
		5.88%, 11/15/28 (b)	30,000		29,198
	Sirius XM Radio Inc.
		5.38%, 07/15/26 (b)	30,000		28,341
	Sprint Corp.
		7.13%, 06/15/24	30,000		29,683
				241,830
Consumer Discretionary 0.3%
	1011778 B.C. Unltd. Liability Co.
		5.00%, 10/15/25 (b)	30,000		27,601
	American Axle & Manufacturing Inc.
		6.50%, 04/01/27 (c)	30,000		26,950
	Delta Merger Sub Inc.
		6.00%, 09/15/26 (b)	10,000		9,450
	Goodyear Tire & Rubber Co.
		4.88%, 03/15/27	30,000		26,500
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (b) (c)	30,000		27,916
	Sally Holdings LLC
		5.63%, 12/01/25 (c)	30,000		27,685
	Scientific Games International Inc.
		5.00%, 10/15/25 (b)	30,000		26,882
				172,984
Consumer Staples 0.2%
	JBS Investments GmbH
		7.25%, 04/03/24 (b)	30,000		30,435
	Post Holdings Inc.
		5.63%, 01/15/28 (b)	30,000		27,621
	Sigma Holdco BV
		7.88%, 05/15/26 (b)	30,000		25,961
	Spectrum Brands Inc.
		5.75%, 07/15/25	30,000		28,499
				112,516
Energy 0.6%
	Alta Mesa Holdings LP
		7.88%, 12/15/24	30,000		19,030
	Cheniere Corpus Christi Holdings LLC
		5.13%, 06/30/27	30,000		28,282
	Cheniere Energy Partners LP
		5.63%, 10/01/26 (b)	28,000		26,342
	Continental Resources Inc.
		4.50%, 04/15/23	30,000		29,547
	Energy Transfer LP
		5.50%, 06/01/27	30,000		29,306
	EP Energy LLC
		8.00%, 02/15/25 (b)	30,000		12,387
	Everest Acquisition Finance Inc.
		7.75%, 05/15/26 (b)	30,000		26,604
	Nabors Industries Inc.
		5.75%, 02/01/25	30,000		22,641
	Regency Energy Partners LP
		5.88%, 03/01/22	30,000		31,272
	Rowan Cos. Inc.
		7.38%, 06/15/25	30,000		24,148
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (b)	24,000		23,199
				272,758
			Shares/Par1		Value ($)
Financials 0.4%
	Ally Financial Inc.
		5.75%, 11/20/25	30,000		29,843
	CIT Group Inc.
		6.13%, 03/09/28	30,000		29,875
	Dell EMC
		7.13%, 06/15/24 (b)	30,000		30,530
	Icahn Enterprises LP
		6.38%, 12/15/25	30,000		29,043
	James Hardie International Finance DAC
		5.00%, 01/15/28 (b)	10,000		8,630
	Level 3 Financing Inc.
		5.38%, 01/15/24	30,000		28,595
	SLM Corp.
		5.50%, 01/25/23	30,000		26,301
				182,817
Health Care 0.5%
	Centene Corp.
		4.75%, 01/15/25	30,000		28,683
	Centene Escrow I Corp.
		5.38%, 06/01/26 (b)	17,000		16,603
	Community Health Systems Inc.
		8.63%, 01/15/24 (b)	30,000		29,742
	HCA Inc.
		5.25%, 06/15/26	30,000		29,714
	Tenet Healthcare Corp.
		6.75%, 06/15/23 (c)	30,000		28,163
		5.13%, 05/01/25	30,000		27,999
	Valeant Pharmaceuticals International Inc.
		6.13%, 04/15/25 (b)	30,000		26,075
		5.50%, 11/01/25 (b)	30,000		28,035
	WellCare Health Plans Inc.
		5.38%, 08/15/26 (b)	45,000		43,524
				258,538
Industrials 0.4%
	Aircastle Ltd.
		5.00%, 04/01/23	30,000		29,854
	Ashtead Capital Inc.
		5.25%, 08/01/26 (b)	93,000		89,803
	Bombardier Inc.
		6.00%, 10/15/22 (b)	30,000		28,132
	Standard Industries Inc.
		4.75%, 01/15/28 (b)	20,000		16,691
	United Rentals North America Inc.
		4.88%, 01/15/28	30,000		26,337
				190,817
Information Technology 0.0%
	CommScope Technologies LLC
		5.00%, 03/15/27 (b)	30,000		24,321
Materials 0.4%
	BWAY Holding Co.
		7.25%, 04/15/25 (b)	30,000		27,003
	Crown Americas LLC
		4.75%, 02/01/26 (b)	30,000		28,391
	FMG Resources August 2006 Pty Ltd.
		5.13%, 03/15/23 (b)	30,000		28,395
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	30,000		27,822
	Hexion Inc.
		10.38%, 02/01/22 (b)	30,000		23,711
	Koppers Inc.
		6.00%, 02/15/25 (b)	30,000		26,577
	Olin Corp.
		5.13%, 09/15/27	30,000		27,730
				189,629
Real Estate 0.1%
	MGM Growth Properties Operating Partnership LP
		5.63%, 05/01/24	30,000		29,688
Utilities 0.1%
	AES Corp.
		5.50%, 04/15/25	30,000		29,859

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

24

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Calpine Corp.
		5.75%, 01/15/25	30,000		27,395
				57,254
	Total Corporate Bonds And Notes (cost $1,864,575)			1,733,152
SENIOR LOAN INTERESTS 95.0%
Communication Services 4.8%
	CBS Radio Inc.
		Term Loan B, 5.26%, (3M LIBOR + 2.75%), 11/18/24 (d)	156,173		146,803
	CenturyLink Inc.
		Term Loan B, 5.27%, (3M LIBOR + 2.75%), 01/15/25 (d)	99,248		92,400
	Cincinnati Bell Inc.
		Term Loan, 5.77%, (3M LIBOR + 3.25%), 10/02/24 (d)	99,750		95,831
	Cogeco Communications (USA) II LP
		1st Lien Term Loan, 4.72%, (1M LIBOR + 2.38%), 08/11/24 (d)	199,000		187,890
	Consolidated Communications Inc.
		Term Loan B, 5.34%, (1M LIBOR + 3.00%), 09/29/23 (d)	149,368		139,473
	Frontier Communications Corp.
		Term Loan B-1, 6.10%, (3M LIBOR + 3.75%), 05/31/24 (d)	84,445		78,165
	GoodRx Inc.
		1st Lien Term Loan, 5.43%, (3M LIBOR + 3.00%), 10/10/25 (d)	100,000		96,125
	GTT Communications Inc.
		Term Loan B, 5.27%, (3M LIBOR + 2.75%), 04/27/25 (d)	119,400		112,137
	Intelsat Jackson Holdings SA
		Term Loan B-3, 6.26%, (3M LIBOR + 3.75%), 11/27/23 (d)	130,000		125,589
	Maxar Technologies Ltd.
		Term Loan B, 5.15%, (3M LIBOR + 2.75%), 07/07/24 (d)	143,598		131,751
	MTN Infrastructure TopCo Inc.
		1st Lien Term Loan B, 5.34%, (3M LIBOR + 3.00%), 10/27/24 (d)	49,625		47,169
	Securus Technologies Holdings Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 4.50%), 06/20/24 (d) (e)	122,400		117,504
		1st Lien Term Loan, 7.02%, (3M LIBOR + 4.50%), 06/20/24 (d)	30,370		29,155
	Sprint Communications Inc.
		1st Lien Term Loan B, 4.88%, (3M LIBOR + 2.50%), 02/01/24 (d)	337,424		320,273
		Term Loan, 5.38%, (3M LIBOR + 3.00%), 02/05/24 (d)	70,000		67,550
	Telesat Canada
		Term Loan B-4, 4.89%, (3M LIBOR + 2.50%), 11/17/23 (d)	187,827		177,402
	Tribune Media Co.
		Term Loan C, 5.52%, (3M LIBOR + 3.00%), 01/20/24 (d)	125,000		122,437
	Vestcom Parent Holdings Inc.
		1st Lien Term Loan, 6.34%, (3M LIBOR + 4.00%), 12/15/23 (d) (f)	74,808		72,564
		1st Lien Term Loan, 8.50%, (3M PRIME + 3.00%), 12/16/23 (d) (f)	4		4
	Windstream Services LLC
		Term Loan B-6, 6.46%, (3M LIBOR + 4.00%), 03/29/21 (d)	99,239		88,145
	Ziggo Secured Finance Partnership
		Term Loan E, 4.96%, (3M LIBOR + 2.50%), 04/15/25 (d)	100,000		94,000
				2,342,367
Consumer Discretionary 21.0%
	1011778 B.C. Unltd. Liability Co.
		Term Loan B-3, 4.59%, (3M LIBOR + 2.25%), 02/15/24 (d)	338,135		321,509
	24 Hour Fitness Worldwide Inc.
		Term Loan B, 5.84%, (3M LIBOR + 3.50%), 05/30/25 (d)	169,150		165,062
			Shares/Par1		Value ($)
	Allied Universal Holdco LLC
		Term Loan, 6.14%, (3M LIBOR + 3.75%), 07/28/22 (d)	134,207		127,027
	Altra Industrial Motion Corp.
		Term Loan B, 4.34%, (3M LIBOR + 2.00%), 09/26/25 (d)	59,104		56,001
	AMC Entertainment Holdings Inc.
		Term Loan B, 4.71%, (3M LIBOR + 2.25%), 12/15/23 (d)	169,139		162,120
	American Axle & Manufacturing Inc.
		Term Loan B, 4.74%, (3M LIBOR + 2.25%), 03/10/24 (d)	40,036		37,784
		Term Loan B, 4.76%, (3M LIBOR + 2.25%), 03/10/24 (d)	58,949		55,633
	Bass Pro Group LLC
		Term Loan B, 7.52%, (3M LIBOR + 5.00%), 11/15/23 (d)	188,944		180,347
	Boing US Holdco Inc.
		1st Lien Term Loan, 5.84%, (3M LIBOR + 3.25%), 09/20/24 (d)	39,800		38,009
	Bombardier Recreational Products Inc.
		Term Loan B, 4.35%, (3M LIBOR + 2.00%), 06/30/23 (d)	169,575		163,781
	Boyd Gaming Corp.
		Term Loan B-3, 4.67%, (3M LIBOR + 2.25%), 09/15/23 (d)	169,073		162,521
	Caesars Entertainment Operating Co.
		Term Loan, 4.34%, (3M LIBOR + 2.00%), 04/03/24 (d)	168,722		159,864
	Caesars Resort Collection LLC
		1st Lien Term Loan B, 5.09%, (3M LIBOR + 2.75%), 12/23/24 (d)	436,941		418,839
	Callaway Golf Co.
		Term Loan B, 0.00%, (3M LIBOR + 4.50%), 12/31/25 (d) (e)	28,000		27,650
	Camelot UK Holdco Ltd.
		Term Loan, 5.59%, (1M LIBOR + 3.25%), 10/03/23 (d)	153,550		145,872
	Charter Communications Operating LLC
		Term Loan B, 4.35%, (3M LIBOR + 2.00%), 04/30/25 (d)	198,496		189,838
	CityCenter Holdings LLC
		Term Loan B, 4.59%, (1M LIBOR + 2.25%), 04/14/24 (d)	168,715		159,375
	Coinamatic Canada Inc.
		1st Lien Term Loan, 5.59%, (3M LIBOR + 3.25%), 05/13/22 (d)	3,994		3,864
	Constellis Holdings LLC
		1st Lien Term Loan, 7.39%, (1M LIBOR + 5.00%), 04/17/24 (d) (f)	69,646		66,164
	Core & Main LP
		Term Loan B, 5.71%, (3M LIBOR + 3.00%), 07/19/24 (d)	52,752		50,862
		Term Loan B, 5.74%, (3M LIBOR + 3.00%), 07/19/24 (d)	46,745		45,070
	Creative Artists Agency LLC
		Term Loan B, 5.47%, (1M LIBOR + 3.00%), 02/15/24 (d)	49,749		47,884
	CSC Holdings LLC
		Term Loan B, 4.96%, (3M LIBOR + 2.50%), 01/12/26 (d)	199,000		190,459
	CWGS Group LLC
		Term Loan, 5.09%, (1M LIBOR + 2.75%), 11/02/23 (d)	662		596
		Term Loan, 5.13%, (1M LIBOR + 2.75%), 11/02/23 (d)	168,047		151,382
	Delta 2 (LUX) SARL
		Term Loan, 5.02%, (3M LIBOR + 2.50%), 02/01/24 (d)	170,000		160,366
	DexKo Global Inc.
		Term Loan, 5.84%, (3M LIBOR + 3.50%), 07/24/24 (d)	49,749		47,967
	Dynacast International LLC
		Term Loan B-2, 5.77%, (3M LIBOR + 3.25%), 01/28/22 (d) (f)	99,289		94,077
	Eldorado Resorts LLC
		Term Loan B, 4.75%, (1M LIBOR + 2.25%), 03/15/24 (d)	54,000		51,525

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

25

PPMFunds

Schedules of Investments

December 31, 2018

		Shares/Par1	Value ($)
Equinox Holdings Inc.
	1st Lien Term Loan, 5.52%, (1M LIBOR + 3.00%), 03/08/24 (d)	89,547	86,301
ESH Hospitality Inc.
	Term Loan B, 4.34%, (3M LIBOR + 2.00%), 08/30/23 (d)	158,281	151,726
Fitness International LLC
	Term Loan B, 5.59%, (1M LIBOR + 3.25%), 04/13/25 (d)	129,350	123,853
Garda World Security Corp.
	Term Loan, 6.24%, (3M LIBOR + 3.50%), 05/12/24 (d)	49,243	46,822
	Term Loan, 8.00%, (3M PRIME + 2.50%), 05/12/24 (d)	125	119
Golden Nugget Inc.
	Incremental Term Loan B, 5.19%, (3M LIBOR + 2.75%), 09/07/23 (d)	130,696	125,468
	Incremental Term Loan B, 5.28%, (3M LIBOR + 2.75%), 10/04/23 (d)	163,428	156,891
Hayward Industries Inc.
	1st Lien Term Loan, 6.02%, (3M LIBOR + 3.50%), 08/04/24 (d)	99,496	95,475
Helix Gen Funding LLC
	Term Loan B, 6.09%, (3M LIBOR + 3.75%), 03/02/24 (d)	57,305	53,491
Hoffmaster Group Inc.
	1st Lien Term Loan, 6.34%, (1M LIBOR + 4.00%), 11/11/23 (d)	37,215	36,471
iHeartCommunications Inc.
	Term Loan D, 0.00%, 01/30/19 (g) (h)	150,000	100,209
Inmar Holdings Inc.
	1st Lien Term Loan, 5.84%, (3M LIBOR + 3.50%), 04/25/24 (d)	39,698	38,507
Interior Logic Group Inc.
	Term Loan B, 6.39%, (1M LIBOR + 4.00%), 05/21/25 (d)	99,750	97,256
International Textile Group Inc.
	1st Lien Term Loan, 7.35%, (3M LIBOR + 5.00%), 04/19/24 (d)	98,750	96,281
Intrawest Resorts Holdings Inc.
	Term Loan B-1, 5.35%, (3M LIBOR + 3.00%), 06/28/24 (d)	129,023	123,432
IRB Holding Corp.
	1st Lien Term Loan, 5.68%, (3M LIBOR + 3.25%), 01/18/25 (d)	223,587	212,743
Jo-Ann Stores Inc.
	Term Loan, 7.48%, (3M LIBOR + 5.00%), 09/29/23 (d)	49,741	47,192
Jostens Inc.
	Term Loan, 0.00%, (3M LIBOR + 5.50%), 12/17/25 (d) (e)	55,000	53,419
Las Vegas Sands LLC
	Term Loan B, 4.09%, (3M LIBOR + 1.75%), 03/27/25 (d)	99,250	94,550
Liberty Cablevision of Puerto Rico LLC
	1st Lien Term Loan, 5.94%, (3M LIBOR + 3.50%), 12/24/21 (d)	50,000	47,781
Lifetime Brands Inc.
	Term Loan B, 5.84%, (3M LIBOR + 3.50%), 03/13/25 (d)	64,675	61,683
Lions Gate Capital Holdings LLC
	Term Loan B, 4.77%, (3M LIBOR + 2.25%), 03/20/25 (d)	198,500	190,685
LTF Merger Sub Inc.
	Term Loan B, 5.46%, (3M LIBOR + 2.75%), 06/22/22 (d)	168,719	162,017
Marriott Ownership Resorts Inc.
	Term Loan B, 4.59%, (3M LIBOR + 2.25%), 08/29/25 (d)	48,000	46,800
Mavis Tire Express Services Corp.
	1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 03/15/25 (d) (f)	196,960	189,574
	Delayed Draw Term Loan, 5.75%, (3M LIBOR + 3.25%), 03/15/25 (d) (f)	4,713	4,536
Michaels Stores Inc.
	Term Loan B, 4.84%, (3M LIBOR + 2.50%), 01/01/23 (d)	68,954	65,764
		Shares/Par1	Value ($)
	Term Loan B, 4.97%, (3M LIBOR + 2.50%), 01/01/23 (d)	26,054	24,849
	Term Loan B, 5.01%, (3M LIBOR + 2.50%), 01/01/23 (d)	4,492	4,284
Mohegan Tribal Gaming Authority
	Term Loan B, 6.34%, (3M LIBOR + 4.00%), 10/30/23 (d)	29,844	26,501
Neiman Marcus Group Inc.
	Term Loan, 5.63%, (1M LIBOR + 3.25%), 10/25/20 (d)	233,929	197,013
NPC International Inc.
	1st Lien Term Loan, 5.84%, (3M LIBOR + 3.50%), 04/05/24 (d)	49,747	46,414
Numericable Group SA
	Term Loan B-11, 5.09%, (3M LIBOR + 2.75%), 07/31/25 (d)	198,990	181,678
NVA Holdings Inc.
	Term Loan B-3, 5.09%, (3M LIBOR + 2.75%), 01/31/25 (d)	168,727	158,603
Party City Holdings Inc.
	Term Loan B, 4.85%, (3M LIBOR + 2.50%), 08/19/22 (d)	82,875	79,802
Penn National Gaming Inc.
	1st Lien Term Loan B, 4.71%, (3M LIBOR + 2.25%), 08/15/25 (d)	90,000	86,682
Petco Animal Supplies Inc.
	Term Loan B, 5.78%, (3M LIBOR + 3.25%), 01/12/23 (d)	124,361	90,576
PetSmart Inc.
	Term Loan B-2, 5.38%, (3M LIBOR + 3.00%), 03/11/22 (d)	49,742	39,172
Playa Resorts Holding BV
	Term Loan B, 5.27%, (3M LIBOR + 2.75%), 04/07/24 (d)	178,642	166,425
ProQuest LLC
	Term Loan B, 5.59%, (3M LIBOR + 3.25%), 10/24/21 (d)	79,578	77,389
Rodan & Fields LLC
	Term Loan B, 6.46%, (3M LIBOR + 4.00%), 06/07/25 (d)	49,750	45,583
	Term Loan B, 8.50%, (3M PRIME + 3.00%), 06/07/25 (d)	125	115
Sally Holdings LLC
	Term Loan B-1, 4.60%, (3M LIBOR + 2.25%), 07/05/24 (d)	99,242	94,528
Scientific Games International Inc.
	Term Loan B-5, 5.09%, (3M LIBOR + 2.75%), 08/14/24 (d)	65,156	60,991
	Term Loan B-5, 5.24%, (3M LIBOR + 2.75%), 08/14/24 (d)	272,294	254,886
Serta Simmons Bedding LLC
	1st Lien Term Loan, 5.88%, (3M LIBOR + 3.50%), 10/21/23 (d)	97,194	80,994
	1st Lien Term Loan, 5.93%, (3M LIBOR + 3.50%), 10/21/23 (d)	27,300	22,750
ServiceMaster Co.
	Term Loan B, 4.84%, (3M LIBOR + 2.50%), 11/08/23 (d)	98,776	96,512
Shutterfly Inc.
	Term Loan B-2, 5.10%, (3M LIBOR + 2.75%), 08/17/24 (d)	99,501	96,081
SIWF Holdings Inc.
	1st Lien Term Loan, 6.72%, (3M LIBOR + 4.25%), 05/25/25 (d)	114,462	110,958
Spin Holdco Inc.
	Term Loan B, 5.69%, (3M LIBOR + 3.25%), 11/14/22 (d)	99,244	94,481
SRAM LLC
	Term Loan B, 5.14%, (3M LIBOR + 2.75%), 03/15/24 (d)	44,898	42,653
	Term Loan B, 5.22%, (3M LIBOR + 2.75%), 03/15/24 (d)	43,469	41,296
	Term Loan B, 7.25%, (3M PRIME + 1.75%), 03/15/24 (d)	612	582
Staples Inc.
	Term Loan B, 6.54%, (3M LIBOR + 4.00%), 08/15/24 (d)	179,095	171,335

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

26

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Stars Group Holdings BV
		Incremental Term Loan, 6.30%, (3M LIBOR + 3.50%), 06/29/25 (d)	296,510		285,886
	Station Casinos LLC
		Term Loan B, 4.85%, (3M LIBOR + 2.50%), 05/24/23 (d)	168,691		161,582
	Tenneco Inc.
		Term Loan B, 5.27%, (3M LIBOR + 2.75%), 10/01/25 (d)	187,500		175,687
	TI Group Automotive Systems LLC
		Term Loan, 4.84%, (3M LIBOR + 2.50%), 06/25/22 (d)	170,000		164,759
	Trader Corp.
		Term Loan B, 5.51%, (3M LIBOR + 3.00%), 09/28/23 (d)	45,000		43,087
	Truck Hero Inc.
		1st Lien Term Loan, 6.26%, (3M LIBOR + 3.75%), 05/17/24 (d)	99,496		96,056
	UFC Holdings LLC
		1st Lien Term Loan, 5.78%, (3M LIBOR + 3.25%), 07/22/23 (d)	218,451		212,334
	Univision Communications Inc.
		Term Loan C-5, 5.09%, (3M LIBOR + 2.75%), 03/15/24 (d)	125,759		113,550
	USS Ultimate Holdings Inc.
		1st Lien Term Loan, 6.09%, (3M LIBOR + 3.75%), 08/11/24 (d)	79,597		77,275
	Vivid Seats Ltd.
		1st Lien Term Loan, 5.84%, (3M LIBOR + 3.50%), 06/21/24 - 06/27/24 (d)	74,496		70,646
	WASH Multifamily Laundry Systems LLC
		1st Lien Term Loan, 5.59%, (3M LIBOR + 3.25%), 05/15/22 (d)	25,842		25,002
	WideOpenWest Finance LLC
		Term Loan B, 5.72%, (3M LIBOR + 3.25%), 08/19/23 (d)	139,045		128,443
	William Morris Endeavor Entertainment LLC
		1st Lien Term Loan, 5.28%, (3M LIBOR + 2.75%), 05/11/25 (d)	210,016		192,427
	WMG Acquisition Corp.
		Term Loan F, 4.47%, (3M LIBOR + 2.13%), 11/01/23 (d)	170,000		163,327
				10,293,688
Consumer Staples 3.8%
	8th Avenue Food & Provisions Inc.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.75%), 09/19/25 (d)	70,000		68,425
	Albertsons LLC
		Term Loan B-6, 5.69%, (3M LIBOR + 3.00%), 06/22/23 (d)	159,192		150,834
	American Seafoods Group LLC
		1st Lien Term Loan, 5.10%, (3M LIBOR + 2.75%), 07/27/23 (d)	68,959		66,115
	ATS Consolidated Inc.
		1st Lien Term Loan, 6.09%, (3M LIBOR + 3.75%), 02/23/25 (d)	137,028		133,089
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 5.43%, (3M LIBOR + 3.00%), 01/26/24 (d)	256,908		249,265
	Coty Inc.
		Term Loan B, 4.63%, (3M LIBOR + 2.25%), 03/29/25 (d)	169,575		156,221
	Del Monte Foods Inc.
		1st Lien Term Loan, 5.90%, (6M LIBOR + 3.25%), 01/26/21 (d)	34,726		28,458
		1st Lien Term Loan, 7.75%, (6M PRIME + 2.25%), 01/26/21 (d)	91		75
	Diamond (BC) BV
		Term Loan, 5.53%, (1M LIBOR + 3.00%), 07/24/24 (d)	84,573		77,807
	Dole Food Co. Inc.
		Term Loan B, 0.00%, (1M LIBOR + 2.75%), 03/22/24 (d) (e)	—		—
		Term Loan B, 5.09%, (1M LIBOR + 2.75%), 03/22/24 (d)	51,822		50,202
		Term Loan B, 5.14%, (1M LIBOR + 2.75%), 03/22/24 (d)	1,215		1,177
			Shares/Par1		Value ($)
		Term Loan B, 5.18%, (1M LIBOR + 2.75%), 03/22/24 (d)	25,911		25,101
		Term Loan B, 7.25%, (1M PRIME + 1.75%), 03/22/24 (d)	27		26
	Hearthside Food Solutions LLC
		Term Loan B, 6.03%, (3M LIBOR + 3.69%), 05/17/25 (d)	169,150		161,877
	JBS USA LLC
		Term Loan B, 4.89%, (3M LIBOR + 2.50%), 10/30/22 (d)	24,690		23,703
		Term Loan B, 5.30%, (3M LIBOR + 2.50%), 06/30/24 (d)	144,022		138,261
	Portillo's Holdings LLC
		1st Lien Term Loan, 6.89%, (3M LIBOR + 4.50%), 08/01/21 (d)	89,094		87,869
	Post Holdings Inc.
		Incremental Term Loan, 4.51%, (3M LIBOR + 2.00%), 05/24/24 (d)	59,972		57,674
	Sigma Bidco BV
		Term Loan B-2, 5.40%, (3M LIBOR + 3.00%), 03/07/25 (d)	99,500		93,945
	U.S. Foods Inc.
		Term Loan B, 4.34%, (3M LIBOR + 2.00%), 06/27/23 (d)	168,702		161,532
	United Natural Foods Inc.
		Term Loan B, 6.59%, (3M LIBOR + 4.25%), 10/22/25 (d)	94,000		76,375
	Utz Quality Foods LLC
		1st Lien Term Loan, 5.84%, (3M LIBOR + 3.50%), 11/14/24 (d)	59,698		57,684
				1,865,715
Energy 2.0%
	Arctic LNG Carriers Ltd.
		Term Loan, 6.84%, (3M LIBOR + 4.50%), 04/21/23 (d) (f)	49,622		47,885
	EG Finco Ltd.
		Term Loan, 6.81%, (3M LIBOR + 4.00%), 06/30/25 (d)	198,500		190,808
	Encino Acquisition Partners Holdings LLC
		2nd Lien Term Loan, 9.09%, (3M LIBOR + 6.75%), 09/26/25 (d) (f)	90,000		84,600
	Equitrans Midstream Corp.
		Term Loan B, 0.00%, (3M LIBOR + 4.50%), 12/13/23 (d) (e)	24,000		23,420
	HFOTCO LLC
		Term Loan B, 5.10%, (3M LIBOR + 2.75%), 06/19/25 (d)	64,675		63,220
	Lucid Energy Group II LLC
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 01/31/25 (d)	198,749		182,352
	Medallion Midland Acquisition LLC
		1st Lien Term Loan, 5.59%, (3M LIBOR + 3.25%), 10/31/24 (d)	99,248		93,417
	Summit Midstream Partners Holdings LLC
		Term Loan B, 8.34%, (3M LIBOR + 6.00%), 05/15/22 (d)	45,124		44,109
	Traverse Midstream Partners LLC
		Term Loan, 6.60%, (3M LIBOR + 4.00%), 09/22/24 (d)	200,000		191,500
	Ultra Resources Inc.
		1st Lien Term Loan, 6.47%, (3M LIBOR + 4.00%), 04/14/24 (d)	54,000		47,992
				969,303
Financials 10.7%
	Acrisure LLC
		Term Loan B, 6.77%, (3M LIBOR + 4.25%), 11/22/23 (d)	243,341		235,281
	Advisor Group Inc.
		Term Loan , 6.08%, (3M LIBOR + 3.75%), 08/13/25 (d)	109,725		107,530
	AlixPartners LLP
		Term Loan B, 5.09%, (3M LIBOR + 2.75%), 03/28/24 (d)	142,229		136,336
	Alliant Holdings I Inc.
		Term Loan B, 5.21%, (3M LIBOR + 2.75%), 05/07/25 (d)	149,250		140,752

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

27

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Altice Financing SA
		Term Loan B, 5.17%, (3M LIBOR + 2.75%), 07/31/25 (d)	266		251
		Term Loan B, 5.22%, (3M LIBOR + 2.75%), 07/31/25 (d)	104,468		98,573
	Altice France SA
		Term Loan B-13, 6.46%, (3M LIBOR + 4.00%), 07/13/26 (d)	230,000		216,775
	AmWINS Group Inc.
		Term Loan B, 5.09%, (3M LIBOR + 2.75%), 01/19/24 (d)	76,644		73,099
		Term Loan B, 5.14%, (3M LIBOR + 2.75%), 01/19/24 (d)	22,597		21,552
	AssuredPartners Inc.
		1st Lien Term Loan, 5.77%, (3M LIBOR + 3.25%), 10/22/24 (d)	193,532		182,284
	Asurion LLC
		Term Loan B-4, 5.34%, (3M LIBOR + 3.00%), 08/04/22 (d)	401,692		385,050
	Auris Luxembourg III SARL
		Term Loan B-7, 5.39%, (3M LIBOR + 3.00%), 01/17/22 (d)	168,689		164,050
		Term Loan B, 0.00%, (3M LIBOR + 3.75%), 07/23/25 (d) (e)	150,000		145,594
	BCP Renaissance Parent LLC
		Term Loan B, 6.03%, (3M LIBOR + 3.50%), 09/20/24 (d)	199,000		193,279
	Cetera Group Inc.
		Term Loan , 6.59%, (3M LIBOR + 4.25%), 08/15/25 (d)	84,000		81,550
	Crown Finance US Inc.
		Term Loan, 4.84%, (3M LIBOR + 2.50%), 02/05/25 (d)	198,500		187,251
	Duff & Phelps Corp.
		Term Loan B, 5.77%, (1M LIBOR + 3.25%), 12/04/24 (d)	89,424		84,413
	Edelman Financial Group
		1st Lien Term Loan, 5.69%, (3M LIBOR + 3.25%), 06/26/25 (d)	92,500		88,866
	Encapsys LLC
		1st Lien Term Loan, 5.59%, (3M LIBOR + 3.25%), 10/27/24 (d)	49,749		48,298
	Garrett LX III SARL
		Term Loan B, 5.33%, (3M LIBOR + 2.50%), 09/22/25 (d)	49,875		47,007
	GTCR Valor Cos. Inc.
		Term Loan B-1, 5.14%, (3M LIBOR + 2.75%), 06/30/23 (d)	78,770		75,541
	HUB International Ltd.
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 04/25/25 (d)	109,176		102,864
	Ineos US Finance LLC
		Term Loan B, 4.34%, (3M LIBOR + 2.00%), 03/31/24 (d)	168,722		159,020
	ION Trading Technologies SARL
		Incremental Term Loan B, 6.52%, (1M LIBOR + 4.00%), 11/21/24 (d) (f)	125,964		118,721
	iStar Inc.
		Term Loan B, 5.13%, (3M LIBOR + 2.75%), 06/30/20 (d)	74,625		71,453
		Term Loan B, 5.22%, (3M LIBOR + 2.75%), 06/30/20 (d)	75,000		71,812
	Jane Street Group LLC
		Term Loan B, 5.53%, (3M LIBOR + 3.00%), 08/25/22 (d)	147,731		143,422
	Level 3 Financing Inc.
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 02/16/24 (d)	340,000		322,150
	LPL Holdings Inc.
		1st Lien Term Loan B, 4.73%, (3M LIBOR + 2.25%), 09/23/24 (d)	169,146		162,486
	NAB Holdings LLC
		Term Loan, 5.39%, (3M LIBOR + 3.00%), 01/15/25 (d)	59,699		56,640
	NFP Corp.
		Term Loan B, 5.34%, (3M LIBOR + 3.00%), 01/06/24 (d)	168,709		159,219
			Shares/Par1		Value ($)
	PMHC II Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 03/20/25 (d)	19,341		17,600
		1st Lien Term Loan, 6.41%, (3M LIBOR + 3.50%), 03/20/25 (d)	14,600		13,286
	Sedgwick Claims Management Services Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 11/06/25 (d) (e)	210,000		200,113
	SolarWinds Holdings Inc.
		Term Loan B, 5.27%, (3M LIBOR + 2.75%), 02/06/24 (d)	168,722		161,921
	Solera LLC
		Term Loan B, 5.27%, (3M LIBOR + 2.75%), 03/03/23 (d)	169,130		159,089
	Telenet Financing USD LLC
		Term Loan AN, 4.71%, (3M LIBOR + 2.25%), 08/31/26 (d)	170,000		161,384
	TKC Holdings Inc.
		1st Lien Term Loan, 6.28%, (3M LIBOR + 3.75%), 02/08/23 (d)	168,712		159,961
	Travelport Finance Lux SARL
		Term Loan B, 5.12%, (3M LIBOR + 2.50%), 03/16/25 (d)	168,179		165,005
	Unitymedia Finance LLC
		Term Loan E, 4.46%, (3M LIBOR + 2.00%), 05/24/23 (d)	100,000		96,841
	Veritas Bermuda Ltd.
		Term Loan B, 6.89%, (3M LIBOR + 4.50%), 01/27/23 (d)	12,287		10,435
				5,226,754
Health Care 13.9%
	Accelerated Health Systems LLC
		Term Loan B, 5.85%, (3M LIBOR + 3.50%), 11/02/25 (d)	20,000		19,650
	ADMI Corp.
		Term Loan B, 5.34%, (3M LIBOR + 3.00%), 04/06/24 (d)	79,600		75,487
	Air Methods Corp.
		Term Loan B, 5.89%, (3M LIBOR + 3.50%), 04/12/24 (d)	35,000		27,550
	Alliance Healthcare Services Inc.
		Term Loan B, 6.84%, (3M LIBOR + 4.50%), 10/20/23 (d)	127,547		124,783
	Alphabet Holding Co. Inc.
		1st Lien Term Loan, 5.84%, (3M LIBOR + 3.50%), 08/15/24 (d)	64,673		57,882
	Amneal Pharmaceuticals LLC
		Term Loan B, 5.87%, (3M LIBOR + 3.50%), 03/26/25 (d)	248,711		235,238
	ATI Holdings Acquisition Inc.
		Term Loan, 5.96%, (3M LIBOR + 3.50%), 05/10/23 - 05/15/23 (d)	129,008		123,848
	Catalent Pharma Solutions Inc.
		Term Loan B, 4.59%, (1M LIBOR + 2.25%), 05/08/21 (d)	106,967		103,625
	CCS-CMGC Holdings, Inc.
		1st Lien Term Loan, 7.84%, (3M LIBOR + 5.50%), 09/25/25 (d)	100,000		96,500
	Change Healthcare Holdings Inc.
		Term Loan B, 5.09%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (d)	428,024		405,017
	CHG Healthcare Services Inc.
		1st Lien Term Loan B, 5.52%, (3M LIBOR + 3.00%), 06/07/23 (d)	61,117		58,519
		1st Lien Term Loan B, 5.53%, (3M LIBOR + 3.00%), 06/07/23 (d)	108,883		104,256
	Community Health Systems Inc.
		Term Loan H, 5.96%, (3M LIBOR + 3.25%), 01/27/21 (d)	142,002		136,222
	Concentra Inc.
		1st Lien Term Loan, 5.13%, (3M LIBOR + 2.75%), 06/01/22 (d)	150,000		143,250
	DaVita Inc.
		Term Loan B, 5.09%, (1M LIBOR + 2.75%), 06/20/21 (d)	168,675		167,115

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

28

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Diplomat Pharmacy Inc.
		Term Loan B, 6.85%, (3M LIBOR + 4.50%), 12/31/24 (d)	37,269		36,865
	DJO Finance LLC
		Term Loan, 5.59%, (3M LIBOR + 3.25%), 06/27/20 (d)	94,434		93,065
		Term Loan, 5.65%, (3M LIBOR + 3.25%), 06/27/20 (d)	94,692		93,319
	Endo Luxembourg Finance Co. I SARL
		Term Loan B, 6.63%, (3M LIBOR + 4.25%), 04/12/24 (d)	153,967		145,498
	Envision Healthcare Corp.
		1st Lien Term Loan, 6.09%, (3M LIBOR + 3.75%), 09/27/25 (d)	398,000		369,997
	Equian LLC
		Term Loan B, 5.76%, (3M LIBOR + 3.25%), 05/20/24 (d)	74,496		71,851
	ExamWorks Group Inc.
		Term Loan, 5.59%, (1M LIBOR + 3.25%), 07/27/23 (d)	168,714		163,779
	Gentiva Health Services Inc.
		1st Lien Term Loan, 6.31%, (3M LIBOR + 3.75%), 06/20/25 (d)	176,165		170,439
	GHX Ultimate Parent Corp.
		1st Lien Term Loan, 6.06%, (3M LIBOR + 3.25%), 06/24/24 (d)	129,018		121,492
	Global Medical Response Inc.
		Term Loan B-1, 5.68%, (3M LIBOR + 3.25%), 04/28/22 (d)	168,722		157,174
	Greatbatch Ltd.
		1st Lien Term Loan B, 5.39%, (3M LIBOR + 3.00%), 10/27/22 (d)	130,559		126,948
	Jaguar Holding Co. II
		Term Loan, 4.84%, (3M LIBOR + 2.50%), 08/18/22 (d)	267,918		253,852
	Kindred Healthcare Inc.
		1st Lien Term Loan, 7.56%, (3M LIBOR + 5.00%), 06/21/25 (d) (f)	94,762		88,129
	Kinetic Concepts Inc.
		Term Loan B, 5.64%, (3M LIBOR + 3.25%), 01/30/24 (d)	58,994		56,560
	MPH Acquisition Holdings LLC
		Term Loan B, 5.55%, (3M LIBOR + 2.75%), 06/07/23 (d)	327,192		309,196
	Ortho-Clinical Diagnostics SA
		Term Loan B, 5.76%, (3M LIBOR + 3.25%), 06/01/25 (d)	224,516		207,747
		Term Loan B, 6.06%, (3M LIBOR + 3.25%), 06/01/25 (d)	61,134		56,568
	Parexel International Corp.
		Term Loan B, 5.09%, (3M LIBOR + 2.75%), 08/06/24 (d)	228,416		205,860
	PharMerica Corp.
		1st Lien Term Loan, 5.96%, (3M LIBOR + 3.50%), 09/25/24 (d)	168,725		160,571
	Prestige Brands Inc.
		Term Loan B-4, 4.34%, (3M LIBOR + 2.00%), 01/20/24 (d)	94,048		90,320
	Prospect Medical Holdings Inc.
		Term Loan B, 7.94%, (3M LIBOR + 5.50%), 02/12/24 (d)	169,150		166,613
	Radiology Partners Holdings LLC
		1st Lien Term Loan B, 6.66%, (3M LIBOR + 4.25%), 06/28/25 (d)	18,750		18,328
		1st Lien Term Loan B, 6.87%, (3M LIBOR + 4.25%), 06/28/25 (d)	18,750		18,328
	RadNet Inc.
		Term Loan, 6.19%, (3M LIBOR + 3.75%), 06/30/23 (d)	72,288		71,204
	RegionalCare Hospital Partners Holdings Inc.
		Term Loan B, 7.13%, (3M LIBOR + 4.50%), 11/09/25 (d)	167,000		158,024
	Select Medical Corp.
		Term Loan B, 7.00%, (3M PRIME + 1.50%), 02/13/24 (d)	131		125
		Term Loan B, 4.96%, (3M LIBOR + 2.50%), 06/30/24 (d)	168,581		160,995
			Shares/Par1		Value ($)
	Sound Inpatient Physicians
		1st Lien Term Loan, 5.27%, (3M LIBOR + 2.75%), 06/19/25 (d)	136,812		131,084
	Surgery Center Holdings Inc.
		Term Loan B, 5.60%, (3M LIBOR + 3.25%), 06/18/24 (d)	168,719		160,178
	Team Health Holdings Inc.
		1st Lien Term Loan, 5.09%, (3M LIBOR + 2.75%), 01/12/24 (d)	228,584		203,726
	U.S. Anesthesia Partners Inc.
		Term Loan, 5.34%, (3M LIBOR + 3.00%), 06/16/24 (d)	148,992		142,064
	U.S. Renal Care Inc.
		1st Lien Term Loan, 6.64%, (3M LIBOR + 4.25%), 11/17/22 (d)	168,696		160,177
	Universal Health Services Inc.
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 10/10/25 (d) (e) (f)	63,000		60,795
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 5.38%, (3M LIBOR + 3.00%), 05/19/25 (d)	274,312		261,436
	Verscend Holding Corp.
		Term Loan B, 7.02%, (3M LIBOR + 4.50%), 08/08/25 (d)	189,525		182,892
	Vizient Inc.
		Term Loan B-4, 5.09%, (3M LIBOR + 2.75%), 02/13/23 (d)	50,000		48,541
				6,802,682
Industrials 11.6%
	Accudyne Industries LLC
		Term Loan, 5.34%, (3M LIBOR + 3.00%), 08/02/24 (d)	151,776		143,656
	AI Mistral Holdco Ltd.
		Term Loan B, 5.34%, (3M LIBOR + 3.00%), 01/26/24 (d)	114,418		107,267
	Altran Technologies SA
		Term Loan B, 5.04%, (3M LIBOR + 2.25%), 01/31/25 (d)	59,699		58,431
	Avolon LLC
		Term Loan B-3, 4.47%, (3M LIBOR + 2.00%), 01/15/25 (d)	156,508		150,118
	Brand Energy & Infrastructure Services Inc.
		Term Loan, 6.73%, (3M LIBOR + 4.25%), 06/16/24 - 06/17/24 (d)	126,042		119,407
		Term Loan, 6.76%, (3M LIBOR + 4.25%), 06/17/24 (d)	37,649		35,667
	Brickman Group Ltd. LLC
		1st Lien Term Loan B, 4.88%, (3M LIBOR + 2.50%), 08/09/25 (d)	57,783		55,038
		1st Lien Term Loan B, 5.00%, (3M LIBOR + 2.50%), 08/15/25 (d)	68,582		65,325
	Brookfield WEC Holdings Inc.
		1st Lien Term Loan, 6.27%, (3M LIBOR + 3.75%), 07/26/25 (d)	225,000		217,487
	Builders FirstSource Inc.
		Term Loan B, 5.39%, (3M LIBOR + 3.00%), 02/29/24 (d)	99,490		92,916
	Cortes NP Acquisition Corp.
		Term Loan B, 6.71%, (3M LIBOR + 4.00%), 11/30/23 (d)	250,000		226,250
	DAE Aviation Holdings Inc.
		1st Lien Term Loan, 6.09%, (3M LIBOR + 3.75%), 06/25/22 (d)	144,754		142,764
	DG Investment Intermediate Holdings 2 Inc.
		1st Lien Term Loan, 5.34%, (3M LIBOR + 3.00%), 01/31/25 (d)	99,291		93,830
	Electrical Components International Inc.
		1st Lien Term Loan, 6.64%, (3M LIBOR + 4.25%), 06/22/25 (d)	62,187		60,011
	Element Materials Technology Group US Holdings Inc.
		Term Loan B, 5.84%, (1M LIBOR + 3.50%), 06/28/24 - 06/29/24 (d)	79,598		78,006
	Engineered Machinery Holdings Inc.
		1st Lien Term Loan, 5.64%, (3M LIBOR + 3.25%), 07/25/24 (d)	59,699		57,534

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

29

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Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	EWT Holdings III Corp.
		Term Loan, 5.34%, (1M LIBOR + 3.00%), 12/13/24 (d)	64,673		62,652
	Filtration Group Corp.
		1st Lien Term Loan, 5.52%, (3M LIBOR + 3.00%), 03/27/25 (d)	168,725		162,258
	Gardner Denver Inc.
		Term Loan B, 5.09%, (1M LIBOR + 2.75%), 07/30/24 (d)	126,608		121,979
	Gates Global LLC
		Term Loan B, 5.09%, (3M LIBOR + 2.75%), 04/01/24 (d)	267,965		253,980
	GFL Environmental Inc.
		Term Loan B, 5.39%, (3M LIBOR + 3.00%), 05/11/25 (d)	150,460		140,003
		Term Loan B, 5.55%, (3M LIBOR + 3.00%), 05/30/25 (d)	18,785		17,479
	Harbor Freight Tools USA Inc.
		Term Loan B, 4.84%, (3M LIBOR + 2.50%), 08/16/23 (d)	98,660		92,834
	Hillman Group Inc.
		Term Loan B, 6.34%, (1M LIBOR + 4.00%), 05/16/25 (d)	119,400		113,131
	IBC Capital Ltd.
		1st Lien Term Loan, 6.55%, (3M LIBOR + 3.75%), 09/11/23 (d)	37,219		35,777
	Janus International Group LLC
		1st Lien Term Loan, 5.34%, (3M LIBOR + 3.00%), 02/07/25 (d)	92,205		88,978
	L&W Inc.
		Term Loan B, 6.51%, (1M LIBOR + 4.00%), 05/18/25 (d) (f)	99,500		96,515
	Milacron LLC
		Term Loan B, 4.84%, (3M LIBOR + 2.50%), 09/23/23 (d)	160,423		149,995
	Minimax GmbH & Co. KG
		Term Loan B-1C, 5.34%, (3M LIBOR + 3.00%), 06/18/25 (d)	74,625		72,200
	Navistar Financial Corp.
		Term Loan B, 6.13%, (1M LIBOR + 3.75%), 07/25/25 (d)	224,437		214,338
	Pelican Products Inc.
		1st Lien Term Loan, 5.88%, (3M LIBOR + 3.50%), 04/18/25 (d)	99,500		94,027
	Pike Corp.
		Term Loan B, 6.03%, (3M LIBOR + 3.50%), 03/13/25 (d)	94,344		92,182
	PODS LLC
		1st Lien Term Loan, 5.18%, (3M LIBOR + 2.75%), 11/21/24 (d)	99,246		94,863
	Prime Security Services Borrower LLC
		1st Lien Term Loan, 5.09%, (3M LIBOR + 2.75%), 05/02/22 (d)	387,705		368,707
	Reece Ltd.
		Term Loan B, 4.40%, (3M LIBOR + 2.00%), 06/01/25 (d)	74,625		71,267
	Robertshaw US Holding Corp.
		1st Lien Term Loan, 6.06%, (3M LIBOR + 3.50%), 02/14/25 (d)	99,250		90,069
	Spectrum Holdings III Corp.
		1st Lien Term Loan, 5.59%, (3M LIBOR + 3.25%), 01/26/25 (d)	90,317		85,802
	Tempo Acquisition LLC
		Term Loan, 5.34%, (3M LIBOR + 3.00%), 04/20/24 (d)	307,758		293,909
	Titan Acquisition Ltd.
		Term Loan B, 5.52%, (3M LIBOR + 3.00%), 03/16/25 (d)	203,550		185,653
	Trans Union LLC
		Term Loan B-3, 4.34%, (3M LIBOR + 2.00%), 04/09/23 (d)	163,558		157,015
	TransDigm Inc.
		Term Loan G, 4.84%, (3M LIBOR + 2.50%), 08/22/24 (d)	198,496		186,906
		Term Loan E, 4.84%, (3M LIBOR + 2.50%), 05/14/25 (d)	119,398		112,403
			Shares/Par1		Value ($)
	USI Inc.
		Term Loan, 5.39%, (3M LIBOR + 3.00%), 05/16/24 (d)	198,742		187,066
	USIC Holdings Inc.
		Term Loan B, 5.77%, (3M LIBOR + 3.25%), 12/09/23 (d)	89,290		84,602
	VC GB Holdings Inc.
		1st Lien Term Loan, 5.34%, (3M LIBOR + 3.00%), 02/28/24 (d)	59,708		56,126
	West Corp.
		Term Loan, 6.53%, (3M LIBOR + 4.00%), 10/03/24 (d)	198,571		181,817
				5,668,240
Information Technology 15.0%
	Almonde Inc.
		1st Lien Term Loan, 6.30%, (3M LIBOR + 3.50%), 04/26/24 (d)	321,114		298,407
		2nd Lien Term Loan, 10.05%, (3M LIBOR + 7.25%), 04/27/25 (d)	50,000		45,893
	Ancestry.com Operations Inc.
		1st Lien Term Loan, 5.60%, (1M LIBOR + 3.25%), 10/19/23 (d)	302,579		288,585
	Applied Systems Inc.
		1st Lien Term Loan, 5.39%, (3M LIBOR + 3.00%), 09/06/24 (d)	168,719		160,423
	AppLovin Corp.
		Term Loan B, 6.19%, (3M LIBOR + 3.75%), 07/13/26 (d)	86,000		84,280
	Avast Software BV
		Term Loan B, 4.89%, (3M LIBOR + 2.50%), 09/30/23 (d)	96,250		92,929
	Avaya Inc.
		Term Loan B, 6.69%, (3M LIBOR + 4.25%), 12/14/24 (d)	95,960		92,481
		Term Loan B, 6.71%, (3M LIBOR + 4.25%), 12/14/24 (d)	157,634		151,920
	Blackhawk Network Holdings Inc.
		1st Lien Term Loan, 5.52%, (3M LIBOR + 3.00%), 05/31/25 (d)	114,425		108,633
	BMC Software Finance Inc.
		Term Loan B, 7.05%, (3M LIBOR + 4.25%), 06/30/25 (d)	217,500		209,276
	Brave Parent Holdings Inc.
		1st Lien Term Loan, 6.39%, (3M LIBOR + 4.00%), 04/17/25 (d)	49,875		48,004
	Camelot UK Holdco Ltd.
		Term Loan, 5.59%, (1M LIBOR + 3.25%), 10/03/23 (d)	11,677		11,093
	Cvent Inc.
		1st Lien Term Loan, 6.27%, (3M LIBOR + 3.75%), 11/30/24 (d) (f)	99,374		94,903
	Cypress Intermediate Holdings III Inc.
		1st Lien Term Loan, 5.35%, (1M LIBOR + 3.00%), 03/30/24 (d)	168,715		159,858
	Dell International LLC
		Term Loan B, 4.35%, (3M LIBOR + 2.00%), 09/07/23 (d)	268,643		257,675
	DigiCert Inc.
		Term Loan B-1, 6.34%, (3M LIBOR + 4.00%), 09/19/24 (d)	169,151		165,205
	DTI Holdco Inc.
		Term Loan B, 7.28%, (1M LIBOR + 4.75%), 09/29/23 (d)	99,238		92,539
	Dynatrace LLC
		1st Lien Term Loan, 5.77%, (3M LIBOR + 3.25%), 08/08/25 (d)	83,000		80,199
	EVO Payments International LLC
		1st Lien Term Loan, 5.76%, (3M LIBOR + 3.25%), 12/22/23 (d)	93,949		90,504
	First Data Corp.
		Term Loan, 4.50%, (1M LIBOR + 2.00%), 04/26/24 (d)	400,000		381,200
	Global Tel*Link Corp.
		1st Lien Term Loan, 6.96%, (1M LIBOR + 4.25%), 11/29/25 (d)	149,417		145,184

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

30

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	GlobalLogic Holdings Inc.
		1st Lien Term Loan, 5.59%, (3M LIBOR + 3.25%), 07/27/25 (d)	87,281		84,008
	Go Daddy Operating Co. LLC
		Term Loan, 4.59%, (3M LIBOR + 2.25%), 02/15/24 (d)	168,714		160,784
	Infor US Inc.
		Term Loan B-6, 5.14%, (3M LIBOR + 2.75%), 02/07/22 (d)	197,411		188,867
	Information Resources Inc.
		1st Lien Term Loan, 7.02%, (3M LIBOR + 4.50%), 11/06/25 (d)	210,000		204,225
	Kronos Inc.
		Term Loan B, 5.39%, (3M LIBOR + 3.00%), 11/01/23 (d)	599		568
		Term Loan B, 5.54%, (3M LIBOR + 3.00%), 11/01/23 (d)	238,300		225,987
	Lumentum Holdings
		1st Lien Term Loan, 4.89%, (3M LIBOR + 2.50%), 08/08/25 (d)	22,000		21,175
	MA FinanceCo. LLC
		Term Loan B-3, 4.84%, (3M LIBOR + 2.50%), 04/19/24 (d)	32,083		29,811
	McAfee LLC
		Term Loan B, 6.10%, (3M LIBOR + 3.75%), 09/30/24 (d)	196,521		190,708
	MH Sub I LLC
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 08/09/24 (d)	198,742		188,060
	MLN US HoldCo LLC
		1st Lien Term Loan, 0.00%, (3M LIBOR + 4.50%), 07/13/25 (d) (e)	10,000		9,669
		1st Lien Term Loan, 7.02%, (3M LIBOR + 4.50%), 07/13/25 (d)	65,000		62,847
	NaviHealth Inc.
		Term Loan B, 7.38%, (3M LIBOR + 5.00%), 08/01/25 (d) (f)	90,000		84,600
	NeuStar Inc.
		Term Loan B-4, 5.84%, (3M LIBOR + 3.50%), 08/08/24 (d)	198,492		190,305
	PowerSchool
		Term Loan B, 5.63%, (3M LIBOR + 3.25%), 06/15/25 (d) (f)	125,000		118,125
	Presidio Inc.
		Term Loan B, 5.09%, (3M LIBOR + 2.75%), 02/02/24 (d)	1,524		1,461
		Term Loan B, 5.15%, (3M LIBOR + 2.75%), 02/02/24 (d)	119,914		114,917
	PSAV Holdings LLC
		1st Lien Term Loan, 5.59%, (3M LIBOR + 3.25%), 02/23/25 (d)	49,831		47,090
		1st Lien Term Loan, 5.63%, (3M LIBOR + 3.25%), 02/23/25 (d)	27,785		26,257
		1st Lien Term Loan, 5.96%, (3M LIBOR + 3.25%), 02/23/25 (d)	25,863		24,441
	Rackspace Hosting Inc.
		Incremental 1st Lien Term Loan, 5.58%, (1M LIBOR + 3.00%), 11/03/23 (d)	238,788		210,133
	Radiate Holdco LLC
		1st Lien Term Loan, 5.52%, (3M LIBOR + 3.00%), 12/09/23 (d)	178,837		168,302
	Refinitiv US Holdings Inc.
		Term Loan, 6.27%, (3M LIBOR + 3.75%), 09/12/25 (d)	305,000		289,750
	Riverbed Technology Inc.
		Term Loan, 5.60%, (3M LIBOR + 3.25%), 04/22/22 (d)	170,000		159,982
	Rocket Software Inc.
		Term Loan , 6.75%, (3M LIBOR + 4.25%), 11/20/25 (d)	120,000		117,300
	Seattle Spinco Inc.
		Term Loan B-3, 4.84%, (3M LIBOR + 2.50%), 04/19/24 (d)	216,664		201,318
	Sirius Computer Solutions Inc.
		Term Loan, 6.77%, (3M LIBOR + 4.25%), 10/30/22 (d)	115,731		113,850
			Shares/Par1		Value ($)
	Skillsoft Corp.
		1st Lien Term Loan, 7.09%, (1M LIBOR + 4.75%), 04/22/21 (d)	99,483		80,166
	Sophia LP
		Term Loan B, 6.05%, (1M LIBOR + 3.25%), 09/30/22 (d)	168,692		162,124
	SS&C Technologies Holdings Europe SARL
		Term Loan B-4, 4.59%, (3M LIBOR + 2.25%), 02/27/25 (d)	83,875		78,962
	SS&C Technologies Inc.
		Term Loan B-3, 4.59%, (3M LIBOR + 2.25%), 02/27/25 (d)	221,122		208,171
	SurveyMonkey Inc.
		Term Loan B, 6.10%, (3M LIBOR + 3.75%), 10/10/25 (d) (f)	73,703		71,492
	TriTech Software Systems
		Term Loan B, 6.09%, (3M LIBOR + 3.75%), 08/16/25 (d)	90,000		87,862
	VeriFone Inc.
		1st Lien Term Loan, 6.64%, (3M LIBOR + 4.00%), 08/09/25 (d)	180,000		173,507
	Veritas Bermuda Ltd.
		Term Loan B, 6.84%, (3M LIBOR + 4.50%), 01/27/23 (d)	37,460		31,815
	Vertafore Inc.
		1st Lien Term Loan, 6.05%, (3M LIBOR + 3.25%), 06/04/25 (d)	56,250		53,314
	WEX Inc.
		Term Loan B-2, 4.59%, (3M LIBOR + 2.25%), 06/30/24 (d)	99,237		95,231
				7,336,375
Materials 10.3%
	American Builders & Contractors Supply Co. Inc.
		Term Loan B, 4.34%, (3M LIBOR + 2.00%), 10/31/23 (d)	129,015		122,473
	Avantor Inc.
		1st Lien Term Loan, 6.57%, (3M LIBOR + 3.75%), 09/22/24 (d)	188,844		182,549
	Ball Metalpack Finco LLC
		1st Lien Term Loan B, 6.84%, (3M LIBOR + 4.50%), 07/25/25 (d) (f)	99,500		96,266
	Berry Global Inc.
		Term Loan S, 4.14%, (3M LIBOR + 1.75%), 02/02/20 (d)	113,750		111,606
	BOYD Corp.
		1st Lien Term Loan, 6.02%, (3M LIBOR + 3.50%), 08/15/25 (d)	119,700		112,419
	BWAY Holding Co.
		Term Loan B, 5.66%, (3M LIBOR + 3.25%), 04/03/24 (d)	337,859		317,023
	Caraustar Industries Inc.
		Term Loan B, 7.89%, (3M LIBOR + 5.50%), 03/09/22 (d)	79,595		78,799
	Composite Resins Holding BV
		Term Loan B, 6.83%, (3M LIBOR + 4.25%), 06/27/25 (d) (f)	64,676		62,897
	Consolidated Container Co. LLC
		1st Lien Term Loan, 5.09%, (1M LIBOR + 2.75%), 05/10/24 - 05/22/24 (d)	129,022		123,001
	Cyanco Intermediate Corp.
		Term Loan B, 5.85%, (1M LIBOR + 3.50%), 03/07/25 (d)	29,775		28,708
	Emerald Performance Materials LLC
		1st Lien Term Loan, 5.84%, (1M LIBOR + 3.50%), 07/23/21 (d)	49,707		47,967
	Flex Acquisition Co. Inc.
		1st Lien Term Loan, 5.35%, (3M LIBOR + 3.00%), 12/15/23 (d)	169,141		159,133
	GYP Holdings III Corp.
		Term Loan B, 5.09%, (3M LIBOR + 2.75%), 05/15/25 (d)	94,525		88,853
	Houghton International Inc.
		Term Loan B, 5.59%, (1M LIBOR + 3.25%), 12/13/19 (d)	59,683		59,086
	Invictus U.S. LLC
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 02/14/25 (d)	59,699		58,008

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

31

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
		2nd Lien Term Loan, 9.25%, (3M LIBOR + 6.75%), 02/15/26 (d)	40,000		39,900
	Klockner-Pentaplast of America Inc.
		Term Loan B-2, 6.77%, (3M LIBOR + 4.25%), 06/30/22 (d)	198,492		160,779
	Kraton Polymers LLC
		Term Loan, 4.84%, (3M LIBOR + 2.50%), 03/03/25 (d)	148,513		143,780
	MacDermid Inc.
		Term Loan B-6, 5.34%, (3M LIBOR + 3.00%), 06/07/23 (d)	100,000		99,250
	Messer Industries GmbH
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 09/19/25 (d) (e)	121,000		114,547
	Nexeo Solutions LLC
		Term Loan, 5.64%, (3M LIBOR + 3.25%), 06/09/23 (d)	32,049		31,408
		Term Loan, 5.78%, (3M LIBOR + 3.25%), 06/09/23 (d)	33,957		33,278
		Term Loan, 5.96%, (3M LIBOR + 3.25%), 06/09/23 (d)	33,490		32,820
	OCI Beaumont LLC
		Term Loan, 6.39%, (3M LIBOR + 4.00%), 02/14/25 (d)	49,749		48,692
	Onex TSG Holdings II Corp.
		1st Lien Term Loan, 6.34%, (3M LIBOR + 4.00%), 07/31/22 (d)	50,000		47,500
	Platform Specialty Products Corp.
		Term Loan, 0.00%, (3M LIBOR + 2.25%), 11/14/25 (d) (e)	80,000		77,500
	Polymer Additives Inc.
		1st Lien Term Loan, 8.35%, (3M LIBOR + 6.00%), 07/25/25 (d) (f)	100,000		90,000
	PQ Corp.
		Term Loan B, 5.03%, (3M LIBOR + 2.50%), 02/08/25 (d)	155,697		147,133
	Prince Minerals Inc.
		1st Lien Term Loan, 6.09%, (3M LIBOR + 3.50%), 03/20/25 (d)	15,809		14,386
	Pro Mach Group Inc.
		Term Loan B, 5.43%, (3M LIBOR + 3.00%), 03/07/25 (d)	129,025		122,305
	Proampac PG Borrower LLC
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.50%), 11/18/23 (d) (e)	—		—
		1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 11/18/23 (d)	75,813		72,212
		1st Lien Term Loan, 6.02%, (3M LIBOR + 3.50%), 11/18/23 (d)	34,116		32,495
		1st Lien Term Loan, 6.08%, (3M LIBOR + 3.50%), 11/18/23 (d)	37,755		35,962
		1st Lien Term Loan, 6.09%, (3M LIBOR + 3.50%), 11/18/23 (d)	14,368		13,686
		1st Lien Term Loan, 6.14%, (3M LIBOR + 3.50%), 11/18/23 (d)	46,453		44,247
		1st Lien Term Loan, 7.75%, (3M LIBOR + 3.50%), 11/18/23 (d)	532		507
	Quikrete Holdings Inc.
		1st Lien Term Loan, 5.09%, (3M LIBOR + 2.75%), 11/03/23 (d)	255,000		242,411
	Reynolds Group Holdings Inc.
		Term Loan, 5.09%, (3M LIBOR + 2.75%), 02/05/23 (d)	451,682		429,098
	Schenectady International Group Inc.
		1st Lien Term Loan, 7.19%, (3M LIBOR + 4.75%), 08/21/25 (d) (f)	180,000		172,800
	Solenis International LP
		1st Lien Term Loan, 6.71%, (3M LIBOR + 4.00%), 12/18/25 (d)	62,187		60,011
	Starfruit Finco BV
		Term Loan B, 5.60%, (3M LIBOR + 3.25%), 09/20/25 (d)	192,000		183,360
	TricorBraun Holdings Inc.
		1st Lien Term Loan, 6.14%, (3M LIBOR + 3.75%), 11/29/23 (d)	194,715		190,334
		1st Lien Delayed Draw Term Loan, 6.54%, (3M LIBOR + 3.75%), 11/30/23 (d)	19,621		19,179
			Shares/Par1		Value ($)
		1st Lien Delayed Draw Term Loan, 8.00%, (3M PRIME + 2.75%), 11/30/23 (d)	50		49
	Trident TPI Holdings Inc.
		Term Loan B-1, 5.59%, (3M LIBOR + 3.25%), 10/05/24 (d)	49,624		46,523
	Trinseo Materials Operating SCA
		Term Loan, 4.34%, (3M LIBOR + 2.00%), 09/06/24 (d)	99,246		94,408
	Tronox Blocked Borrower LLC
		Term Loan B, 5.34%, (3M LIBOR + 3.00%), 09/15/24 (d)	51,009		49,406
	Tronox Finance LLC
		Term Loan B, 5.34%, (3M LIBOR + 3.00%), 09/11/24 (d)	117,713		114,013
	Univar Inc.
		Term Loan B, 4.59%, (3M LIBOR + 2.25%), 07/01/24 (d)	211,039		201,437
	Venator Materials Corp.
		Term Loan B, 5.34%, (1M LIBOR + 3.00%), 06/28/24 (d)	39,798		37,958
	Wilsonart LLC
		Term Loan B, 5.64%, (3M LIBOR + 3.25%), 12/19/23 (d)	158,941		151,690
				5,043,852
Real Estate 1.0%
	Capital Automotive LP
		1st Lien Term Loan, 4.85%, (1M LIBOR + 2.50%), 03/21/24 (d)	198,990		190,732
		2nd Lien Term Loan, 8.52%, (3M LIBOR + 6.00%), 03/21/25 (d)	123,522		121,592
	MGM Growth Properies Operating Partnership LP
		Term Loan B, 4.34%, (3M LIBOR + 2.00%), 04/20/23 (d)	99,235		94,805
	VICI Properties 1 LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 12/13/24 (d)	100,000		95,266
				502,395
Utilities 0.9%
	Calpine Corp.
		Term Loan B-5, 4.89%, (3M LIBOR + 2.50%), 05/23/22 (d)	158,561		150,360
	NEP/NCP Holdco Inc.
		1st Lien Term Loan, 5.77%, (3M LIBOR + 3.25%), 10/05/25 (d)	120,000		114,676
	Vistra Energy Corp.
		1st Lien Term Loan B-3, 4.34%, (3M LIBOR + 2.00%), 12/11/25 (d)	52,659		50,560
		1st Lien Term Loan B-3, 4.46%, (3M LIBOR + 2.00%), 12/11/25 (d)	146,341		140,508
				456,104
	Total Senior Loan Interests (cost $49,015,261)			46,507,475
INVESTMENT COMPANIES 0.1%
	Eaton Vance Senior Floating-Rate Trust		900		11,295
	Invesco Senior Income Trust		3,500		13,685
	Voya Prime Rate Trust		3,080		13,829
	Total Investment Companies (cost $42,453)			38,809
SHORT TERM INVESTMENTS 2.4%
Investment Companies 2.1%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.29% (i)		1,008,284		1,008,284
Securities Lending Collateral 0.3%
	State Street Navigator Securities Lending Government Money Market Portfolio, 2.35% (i)		143,850		143,850
	Total Short Term Investments (cost $1,152,134)			1,152,134
Total Investments 101.0% (cost $52,074,423)					49,431,570
Other Derivative Instruments (0.0)%					(2,312)
Other Assets and Liabilities, Net (1.0)%					(500,101)
Total Net Assets 100.0%					48,929,157

(a)The Fund had an unfunded commitment at December 31, 2018. See Unfunded Commitments in the Schedules of Investments.

(b)The Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the PPM Funds' Board of Trustees. Determinations of liquidity are unaudited. As of December 31, 2018, the value and the percentage of net assets of these

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

32

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December 31, 2018

liquid securities were $854,562 and 1.7%, respectively.

(c)All or a portion of the security was on loan as of December 31, 2018.

(d)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2018. 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 reflects 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)This senior loan will settle after December 31, 2018. The reference rate and spread presented will go into effect upon settlement.

(f)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the PPM Funds' 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 Notes to Financial Statements.

(g)Non-income producing security.

(h)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)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2018.

Unfunded Commitments

	Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
GlobalLogic Holdings Inc. – Delayed Draw Term Loan	12,438	(406)
Mavis Tire Express Services Corp. – Delayed Draw Term Loan*	26,958	(935)
	39,396	(1,341)

^* Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the PPM Funds’ 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 Notes to Financial Statements.

PPM Floating Rate Income Fund — Futures Contracts
Reference Entity	Contracts Long (Short)1	Expiration	Notional 1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
U.S. Treasury Note, 10-Year	(4)	March 2019		(477,751)		(1,562)		(10,311)
U.S. Treasury Note, 5-Year	(3)	March 2019		(338,859)		(750)		(5,204)
						(2,312)		(15,515)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

33

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Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
PPM High Yield Core Fund
COMMON STOCKS 2.7%
Consumer Discretionary 0.5%
	Frontdoor Inc. (a)		1,000		26,610
	MGM Resorts International		3,000		72,780
	Michaels Cos. Inc. (a) (b)		5,000		67,700
	ServiceMaster Global Holdings Inc. (a)		2,000		73,480
				240,570
Consumer Staples 0.1%
	B&G Foods Inc. (b)		2,500		72,275
Energy 0.6%
	Chaparral Energy Inc. - Class A (a)		16,675		82,041
	MPLX LP		2,200		66,660
	Summit Midstream Partners LP		5,000		50,250
	Williams Cos. Inc.		2,988		65,885
				264,836
Financials 0.5%
	JPMorgan Chase & Co.		2,500		244,050
Health Care 0.2%
	Bausch Health Cos. Inc. (a)		4,200		77,574
Industrials 0.1%
	Builders FirstSource Inc. (a)		5,000		54,550
Materials 0.7%
	Freeport-McMoRan Inc. - Class B		6,700		69,077
	Huntsman Corp.		6,000		115,740
	LyondellBasell Industries NV - Class A		1,800		149,688
				334,505
	Total Common Stocks (cost $1,885,736)			1,288,360
PREFERRED STOCKS 0.1%
Financials 0.1%
	Morgan Stanley - Series K, 5.85%, (callable at 25 beginning 04/15/27) (c)		3,000		72,840
	Total Preferred Stocks (cost $77,790)			72,840
CORPORATE BONDS AND NOTES 82.5%
Communication Services 14.4%
	Altice Luxembourg SA
		8.13%, 02/01/27 (d)	200,000		188,500
	AMC Entertainment Holdings Inc.
		6.13%, 05/15/27	169,000		144,636
	CB Escrow Corp.
		8.00%, 10/15/25 (d)	267,000		221,564
	CCO Holdings LLC
		5.13%, 02/15/23 - 05/01/27	726,000		683,161
		5.88%, 05/01/27 (d)	200,000		194,633
	CenturyLink Inc.
		5.63%, 04/01/25	333,000		293,412
	DISH DBS Corp.
		5.13%, 05/01/20	150,000		148,946
		5.00%, 03/15/23	175,000		144,135
	Frontier Communications Corp.
		11.00%, 09/15/25	300,000		186,942
		8.50%, 04/01/26 (d)	100,000		87,509
		9.00%, 08/15/31	50,000		26,863
	Gannett Co. Inc.
		5.50%, 09/15/24 (b) (d)	50,000		48,501
	iHeartCommunications Inc.
		0.00%, 03/01/21 (a) (e)	208,000		139,194
		0.00%, 03/01/21 (a) (d) (e)	107,000		70,712
	Intelsat Jackson Holdings SA
		5.50%, 08/01/23	115,000		101,083
		8.50%, 10/15/24 (d)	260,000		250,900
		9.75%, 07/15/25 (d)	200,000		201,530
	Level 3 Communications Inc.
		5.75%, 12/01/22	167,000		164,063
	Live Nation Entertainment Inc.
		4.88%, 11/01/24 (d)	235,000		223,538
		5.63%, 03/15/26 (d)	57,000		55,718
	MDC Partners Inc.
		6.50%, 05/01/24 (d)	235,000		213,982
			Shares/Par1		Value ($)
	Netflix Inc.
		5.75%, 03/01/24	167,000		169,539
		5.88%, 11/15/28 (d)	150,000		145,989
		6.38%, 05/15/29	201,000		199,459
	Numericable - SFR SA
		7.38%, 05/01/26	320,000		293,504
	Sinclair Television Group Inc.
		5.88%, 03/15/26 (d)	125,000		116,752
	Sirius XM Radio Inc.
		5.38%, 07/15/26 (d)	300,000		283,408
	Sprint Capital Corp.
		6.88%, 11/15/28	200,000		189,068
	Sprint Corp.
		7.13%, 06/15/24	500,000		494,719
	Sprint Nextel Corp.
		6.00%, 11/15/22	167,000		164,073
	Telesat Canada
		8.88%, 11/15/24 (d)	186,000		193,529
	T-Mobile USA Inc.
		6.50%, 01/15/24	167,000		170,762
		5.13%, 04/15/25	167,000		161,544
		4.75%, 02/01/28	62,000		57,106
	Univision Communications Inc.
		5.13%, 02/15/25 (d)	176,000		154,860
	Windstream Services LLC
		6.38%, 08/01/23 (d)	180,000		71,387
	Zayo Group LLC
		6.00%, 04/01/23	304,000		287,834
				6,943,055
Consumer Discretionary 11.8%
	1011778 B.C. Unltd. Liability Co.
		5.00%, 10/15/25 (d)	250,000		230,009
	Altice SA
		7.63%, 02/15/25 (d)	200,000		149,983
	American Axle & Manufacturing Inc.
		6.50%, 04/01/27 (b)	169,000		151,817
	ARAMARK Services Inc.
		4.75%, 06/01/26	152,000		143,028
		5.00%, 02/01/28 (d)	39,000		36,493
	Churchill Downs Inc.
		4.75%, 01/15/28 (d)	136,000		123,048
	Delta Merger Sub Inc.
		6.00%, 09/15/26 (d)	63,000		59,533
	Fiat Chrysler Automobiles NV
		5.25%, 04/15/23	84,000		82,302
	Gibson Brands Inc.
		0.00%, 08/01/18 (a) (d) (e)	400,000		332,048
	GLP Capital LP
		5.38%, 04/15/26	126,000		124,691
	Golden Nugget Inc.
		6.75%, 10/15/24 (d)	150,000		141,349
		8.75%, 10/01/25 (d)	100,000		95,988
	Goodyear Tire & Rubber Co.
		5.00%, 05/31/26	30,000		27,030
		4.88%, 03/15/27	95,000		83,916
	Hilton Domestic Operating Co. Inc.
		4.25%, 09/01/24	320,000		302,775
	Hilton Worldwide Finance LLC
		4.63%, 04/01/25	21,000		20,069
	JC Penney Corp. Inc.
		5.88%, 07/01/23 (d)	125,000		99,886
	KB Home
		7.63%, 05/15/23	201,000		203,973
	KFC Holding Co.
		4.75%, 06/01/27 (d)	196,000		182,471
	L Brands Inc.
		5.25%, 02/01/28	200,000		170,937
	M/I Homes Inc.
		6.75%, 01/15/21	267,000		265,485
	Marriott International Inc.
		6.50%, 09/15/26 (d)	55,000		53,036
	Men's Wearhouse Inc.
		7.00%, 07/01/22	105,000		105,818

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

34

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (d)	200,000		186,106
	National Football League Reciprocal Trust
		3.96%, 10/05/28 (f) (g)	200,000		202,042
	Neiman Marcus Group Ltd. Inc.
		9.50%, 10/15/21 (d) (h)	200,000		84,000
	Nemak SAB de CV
		4.75%, 01/23/25	200,000		186,689
	PetSmart Inc.
		8.88%, 06/01/25 (b) (d)	267,000		155,698
	Sally Holdings LLC
		5.63%, 12/01/25 (b)	150,000		138,425
	Sands China Ltd.
		5.40%, 08/08/28 (i)	311,000		300,239
	Schaeffler Verwaltung Zwei GmbH
		5.25%, 09/15/23 (d) (h)	213,000		193,734
	Scientific Games International Inc.
		5.00%, 10/15/25 (d)	346,000		310,043
	Sotheby's
		4.88%, 12/15/25 (d)	225,000		205,110
	Stars Group Holdings BV
		7.00%, 07/15/26 (d)	85,000		82,603
	Station Casinos LLC
		5.00%, 10/01/25 (d)	167,000		151,417
	VOC Escrow Ltd.
		5.00%, 02/15/28 (d)	125,000		115,969
	Williams Scotsman International Inc.
		6.88%, 08/15/23 (d)	60,000		57,416
	Wyndham Destinations Inc.
		4.15%, 04/01/24 (j)	100,000		95,881
				5,651,057
Consumer Staples 4.2%
	BAT Capital Corp.
		3.56%, 08/15/27	150,000		133,194
		4.39%, 08/15/37	150,000		122,998
		4.54%, 08/15/47	150,000		119,777
	Coty Inc.
		6.50%, 04/15/26 (b) (d)	125,000		108,045
	JBS Investments GmbH
		7.25%, 04/03/24 (d)	342,000		346,960
	JBS Investments II GmbH
		7.00%, 01/15/26	200,000		197,030
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (d)	250,000		199,106
	Minerva Luxembourg SA
		5.88%, 01/19/28 (d)	200,000		174,364
	Pilgrim's Pride Corp.
		5.88%, 09/30/27	105,000		95,729
	Post Holdings Inc.
		5.63%, 01/15/28	142,000		130,741
	Sigma Holdco BV
		7.88%, 05/15/26 (d)	300,000		259,608
	Spectrum Brands Inc.
		5.75%, 07/15/25	159,000		151,044
				2,038,596
Energy 12.9%
	Alta Mesa Holdings LP
		7.88%, 12/15/24 (b)	400,000		253,738
	Ascent Resources Utica Holdings LLC
		7.00%, 11/01/26 (d)	195,000		176,475
	Bruin E&P Partners LLC
		8.88%, 08/01/23 (d)	200,000		177,910
	Callon Petroleum Co.
		6.38%, 07/01/26	125,000		116,392
	Chaparral Energy Inc.
		8.75%, 07/15/23 (d)	140,000		100,150
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25	235,000		234,189
		5.13%, 06/30/27	440,000		414,808
	Cheniere Energy Partners LP
		5.25%, 10/01/25	233,000		217,027
		5.63%, 10/01/26 (d)	84,000		79,027
	Chesapeake Energy Corp.
		8.00%, 01/15/25 (b)	182,000		161,023
			Shares/Par1		Value ($)
	CNX Midstream Partners LP
		6.50%, 03/15/26 (d)	73,000		69,080
	Continental Resources Inc.
		4.50%, 04/15/23	200,000		196,977
	Denbury Resources Inc.
		7.50%, 02/15/24 (d)	125,000		100,621
	Diamondback Energy Inc.
		4.75%, 11/01/24	75,000		72,397
		5.38%, 05/31/25	100,000		97,568
	Endeavor Energy Resources LP
		5.75%, 01/30/28	19,000		19,381
	Energy Transfer LP
		4.25%, 03/15/23	147,000		141,715
		5.50%, 06/01/27	172,000		168,019
	Ensco Plc
		5.20%, 03/15/25 (b)	167,000		111,427
	Enterprise Products Operating LLC
		4.80%, 02/01/49	127,000		123,096
	EP Energy LLC
		8.00%, 02/15/25	450,000		185,812
	Everest Acquisition Finance Inc.
		7.75%, 05/15/26	32,000		28,377
	Extraction Oil & Gas Inc.
		7.38%, 05/15/24 (d)	167,000		139,025
		5.63%, 02/01/26 (d)	125,000		93,346
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (d)	91,000		88,475
	Nabors Industries Inc.
		5.50%, 01/15/23 (b)	267,000		211,530
		5.75%, 02/01/25	75,000		56,601
	NGPL PipeCo LLC
		4.88%, 08/15/27 (d)	100,000		95,104
	Noble Holding International Ltd.
		7.88%, 02/01/26 (d)	200,000		170,575
	Parsley Energy LLC
		5.25%, 08/15/25 (d)	150,000		136,170
	PBF Logistics LP
		6.88%, 05/15/23	200,000		196,216
	Precision Drilling Corp.
		7.13%, 01/15/26 (d)	167,000		145,217
	Rowan Cos. Inc.
		7.38%, 06/15/25	86,000		69,226
	Shelf Drilling Holdings Ltd.
		8.25%, 02/15/25 (d)	104,000		89,626
	SM Energy Co.
		5.00%, 01/15/24 (b)	50,000		43,722
	Southwestern Energy Co.
		7.50%, 04/01/26	100,000		94,548
		7.75%, 10/01/27	100,000		95,269
	SRC Energy Inc.
		6.25%, 12/01/25	72,000		60,284
	Summit Midstream Partners LP
		9.50%, (callable at 104 beginning 12/15/22) (c)	175,000		161,745
	Transocean Inc.
		7.50%, 04/15/31 (b)	399,000		303,765
	Transocean Proteus Ltd.
		6.25%, 12/01/24	304,000		293,859
	Trinidad Drilling Ltd.
		6.63%, 02/15/25 (d)	50,000		50,385
	USA Compression Partners LP
		6.88%, 04/01/26 (d)	79,000		75,808
	Weatherford International Ltd.
		9.88%, 02/15/24 (b)	167,000		103,192
	WildHorse Resource Development Corp.
		6.88%, 02/01/25	213,000		201,122
				6,220,019
Financials 11.4%
	Acrisure LLC
		7.00%, 11/15/25 (d)	225,000		191,406
	Ally Financial Inc.
		4.63%, 05/19/22	167,000		164,408
		5.75%, 11/20/25 (b)	167,000		166,124
	Altice Financing SA
		6.63%, 02/15/23 (d)	333,000		320,473

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

35

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Ardagh Packaging Finance Plc
		6.00%, 02/15/25 (d)	267,000		246,707
	Barclays Plc
		4.97%, 05/16/29 (k) (l)	200,000		193,042
	CIT Group Inc.
		4.75%, 02/16/24	125,000		120,316
		5.25%, 03/07/25	19,000		18,632
		6.13%, 03/09/28	20,000		19,917
	Citigroup Inc.
		5.90%, (callable at 100 beginning 02/15/23) (b) (c)	283,000		263,249
	Dana Financing Luxembourg SARL
		6.50%, 06/01/26 (d)	125,000		120,038
	Dell EMC
		5.88%, 06/15/21 (d)	142,000		142,134
		7.13%, 06/15/24 (d)	224,000		227,957
	GLP Capital LP
		5.30%, 01/15/29	125,000		122,715
	Goldman Sachs Group Inc.
		4.22%, 05/01/29	125,000		120,695
	Hexion US Finance Corp.
		6.63%, 04/15/20	167,000		133,339
	Icahn Enterprises LP
		6.38%, 12/15/25	249,000		241,058
	Intelsat Connect Finance SA
		9.50%, 02/15/23 (d)	115,000		98,973
	Jack Ohio Finance LLC
		10.25%, 11/15/22 (d)	167,000		177,020
	James Hardie International Finance DAC
		5.00%, 01/15/28	78,000		67,317
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (c)	222,000		219,919
	Level 3 Financing Inc.
		5.38%, 01/15/24	167,000		159,181
		5.25%, 03/15/26	267,000		247,867
	Lions Gate Capital Holdings LLC
		5.88%, 11/01/24 (d)	150,000		147,372
	Lloyds Banking Group Plc
		7.50%, (callable at 100 beginning 09/27/25) (c)	200,000		192,520
	Navient Corp.
		6.75%, 06/15/26	82,000		68,067
	Nordic Aviation Capital A/S
		4.61%, 02/22/23 (f) (g)	100,000		95,761
		4.84%, 02/22/25 (f) (g)	100,000		93,288
		5.02%, 02/22/28 (f) (g)	100,000		89,756
	Resideo Funding Inc.
		6.13%, 11/01/26 (d)	44,000		43,451
	SLM Corp.
		5.50%, 01/25/23	265,000		232,324
	Springleaf Finance Corp.
		7.13%, 03/15/26	128,000		114,386
	Toll Brothers Finance Corp.
		4.88%, 03/15/27	202,000		183,820
	Vertiv Intermediate Holding Corp.
		13.00%, 02/15/22 (d) (h)	283,000		262,519
	Ziggo Bond Finance BV
		6.00%, 01/15/27 (d)	200,000		173,414
				5,479,165
Health Care 9.9%
	Catalent Pharma Solutions Inc.
		4.88%, 01/15/26 (d)	21,000		19,753
	Centene Corp.
		4.75%, 05/15/22	76,000		75,433
		6.13%, 02/15/24	142,000		145,588
	Centene Escrow I Corp.
		5.38%, 06/01/26	156,000		152,357
	Charles River Laboratories International Inc.
		5.50%, 04/01/26 (d)	77,000		76,040
	Community Health Systems Inc.
		8.63%, 01/15/24 (d)	100,000		99,140
	Crimson Merger Sub Inc.
		6.63%, 05/15/22 (d)	333,000		297,552
	Endo Finance LLC
		5.38%, 01/15/23 (d)	250,000		187,909
			Shares/Par1		Value ($)
	HCA Inc.
		5.00%, 03/15/24	167,000		165,580
		5.25%, 06/15/26	325,000		321,899
		5.38%, 02/01/25 - 09/01/26	195,000		190,656
		4.50%, 02/15/27	267,000		253,095
		5.63%, 09/01/28	64,000		61,920
	Hologic Inc.
		4.38%, 10/15/25 (d)	104,000		97,079
	Lifepoint Health Inc.
		9.75%, 12/01/26 (d)	200,000		190,497
	Mednax Inc.
		6.25%, 01/15/27	182,000		175,630
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (d)	164,000		152,928
	Mylan Inc.
		4.55%, 04/15/28 (d)	78,000		72,861
		5.20%, 04/15/48	125,000		101,991
	Prestige Brands Inc.
		6.38%, 03/01/24 (d)	19,000		18,362
	Tenet Healthcare Corp.
		4.50%, 04/01/21	160,000		156,618
		8.13%, 04/01/22	204,000		204,284
		6.75%, 06/15/23 (b)	296,000		277,876
	Tennessee Merger Sub Inc.
		6.38%, 02/01/25 (b) (d)	161,000		131,488
	Valeant Pharmaceuticals International Inc.
		5.50%, 03/01/23	84,000		76,712
		5.88%, 05/15/23	65,000		59,961
		6.13%, 04/15/25	584,000		507,598
		8.50%, 01/31/27 (d)	37,000		35,849
	Verscend Escrow Corp.
		9.75%, 08/15/26 (d)	62,000		58,269
	WellCare Health Plans Inc.
		5.25%, 04/01/25	339,000		326,379
		5.38%, 08/15/26	48,000		46,426
				4,737,730
Industrials 4.6%
	ACCO Brands Corp.
		5.25%, 12/15/24	120,000		107,593
	Advanced Disposal Services Inc.
		5.63%, 11/15/24 (d)	167,000		164,399
	AECOM
		5.13%, 03/15/27	75,000		64,201
	Ashtead Capital Inc.
		4.13%, 08/15/25 (d)	33,000		30,245
		5.25%, 08/01/26	114,000		110,081
		4.38%, 08/15/27 (d)	75,000		67,556
	Bombardier Inc.
		5.75%, 03/15/22 (d)	171,000		160,314
		7.50%, 03/15/25	190,000		179,075
	Hertz Corp.
		5.50%, 10/15/24 (d)	200,000		146,530
	Navistar International Corp.
		6.63%, 11/01/25 (d)	184,000		177,854
	Park Aerospace Holdings Ltd.
		4.50%, 03/15/23 (d)	170,000		159,441
		5.50%, 02/15/24 (b) (d)	30,000		29,003
	Prime Security Services Borrower LLC
		9.25%, 05/15/23 (d)	142,000		146,407
	Sensata Technologies BV
		5.00%, 10/01/25 (d)	125,000		117,886
	Standard Industries Inc.
		4.75%, 01/15/28	170,000		141,871
	United Rentals North America Inc.
		4.88%, 01/15/28	467,000		409,972
				2,212,428
Information Technology 2.3%
	CDK Global Inc.
		5.88%, 06/15/26	67,000		66,897
	CommScope Technologies LLC
		5.00%, 03/15/27 (d)	125,000		101,339
	First Data Corp.
		5.00%, 01/15/24 (d)	233,000		224,802

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

36

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	NXP BV
		3.88%, 09/01/22 (d)	250,000		242,203
	Radiate Holdco LLC
		6.88%, 02/15/23 (d)	88,000		80,140
	Refinitiv US Holdings Inc.
		8.25%, 11/15/26 (d)	182,000		166,315
	Sanmina Corp.
		4.38%, 06/01/19 (d)	100,000		99,994
	Western Digital Corp.
		4.75%, 02/15/26	163,000		141,402
				1,123,092
Materials 7.5%
	Anglo American Capital Plc
		4.75%, 04/10/27	367,000		350,263
	Berry Global Inc.
		4.50%, 02/15/26 (d)	153,000		140,657
	BWAY Holding Co.
		5.50%, 04/15/24 (d)	167,000		157,235
		7.25%, 04/15/25 (d)	233,000		209,726
	Cemex SAB de CV
		5.70%, 01/11/25 (d)	200,000		192,041
	CF Industries Inc.
		3.45%, 06/01/23	50,000		46,299
		5.38%, 03/15/44	50,000		40,750
	Crown Americas LLC
		4.75%, 02/01/26 (d)	100,000		94,635
	Eldorado Gold Corp.
		6.13%, 12/15/20 (d)	100,000		91,282
	FMG Resources August 2006 Pty Ltd.
		4.75%, 05/15/22 (d)	179,000		170,051
		5.13%, 03/15/23 - 05/15/24 (d)	315,000		295,462
	Freeport-McMoRan Inc.
		3.10%, 03/15/20	267,000		260,995
		4.55%, 11/14/24	244,000		226,286
		5.40%, 11/14/34	267,000		211,654
	FXI Holdings Inc.
		7.88%, 11/01/24 (d)	188,000		161,684
	NOVA Chemicals Corp.
		4.88%, 06/01/24 (d)	28,000		25,428
		5.25%, 06/01/27 (d)	96,000		84,925
	Olin Corp.
		5.13%, 09/15/27	200,000		184,866
		5.00%, 02/01/30	39,000		34,104
	Rain CII Carbon LLC
		7.25%, 04/01/25 (d)	87,000		79,802
	Reynolds Group Issuer Inc.
		5.13%, 07/15/23 (d)	221,000		210,277
	Silgan Holdings Inc.
		4.75%, 03/15/25	220,000		206,166
	Trinseo Materials Operating SCA
		5.38%, 09/01/25 (d)	125,000		109,407
				3,583,995
Real Estate 1.8%
	Communications Sales & Leasing Inc.
		7.13%, 12/15/24 (d)	150,000		123,129
	Equinix Inc.
		5.38%, 05/15/27	280,000		277,047
	ESH Hospitality Inc.
		5.25%, 05/01/25 (d)	281,000		264,440
	MGM Growth Properties Operating Partnership LP
		4.50%, 09/01/26	148,000		134,201
	PulteGroup Inc.
		5.00%, 01/15/27	65,000		59,150
				857,967
Utilities 1.7%
	AES Corp.
		5.50%, 04/15/25	369,000		367,263
		5.13%, 09/01/27	200,000		193,255
	Calpine Corp.
		5.75%, 01/15/25	300,000		273,947
				834,465
	Total Corporate Bonds And Notes (cost $42,521,758)			39,681,569
			Shares/Par1		Value ($)
SENIOR LOAN INTERESTS 4.3%
Communication Services 0.2%
	Frontier Communications Corp.
		Term Loan B-1, 6.10%, (3M LIBOR + 3.75%), 05/31/24 (k)	98,747		91,403
Consumer Discretionary 1.5%
	Bass Pro Group LLC
		Term Loan B, 7.52%, (3M LIBOR + 5.00%), 11/15/23 (k)	444,375		424,156
	Gibson Brands Inc.
		Term Loan, 0.00%, (1M PRIME + 8.00%), 06/30/19 (f) (k) (m)	14,305		17,166
		Term Loan, 11.32%, (1M LIBOR + 9.00%), 06/30/19 (f) (k)	42,667		51,200
		DIP Term Loan, 11.34%, (1M LIBOR + 9.00%), 06/30/19 (f) (k)	87,028		104,434
	Jo-Ann Stores Inc.
		Term Loan, 7.48%, (3M LIBOR + 5.00%), 09/29/23 (k)	96,839		91,876
	Stars Group Holdings BV
		Incremental Term Loan, 6.30%, (3M LIBOR + 3.50%), 06/29/25 (k)	55,719		53,724
				742,556
Consumer Staples 0.2%
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 5.43%, (3M LIBOR + 3.00%), 01/26/24 (k)	91,948		89,212
Energy 0.4%
	Encino Acquisition Partners Holdings LLC
		2nd Lien Term Loan, 9.09%, (3M LIBOR + 6.75%), 09/26/25 (f) (k)	170,000		159,800
	Medallion Midland Acquisition LLC
		1st Lien Term Loan, 5.59%, (3M LIBOR + 3.25%), 10/31/24 (k)	49,500		46,592
				206,392
Financials 0.2%
	Acrisure LLC
		Term Loan B, 6.77%, (3M LIBOR + 4.25%), 11/22/23 (k)	98,750		95,479
Health Care 1.4%
	Alphabet Holding Co. Inc.
		1st Lien Term Loan, 5.84%, (3M LIBOR + 3.50%), 08/15/24 (k)	246,875		220,953
		2nd Lien Term Loan , 10.09%, (3M LIBOR + 7.75%), 08/09/25 (k)	100,000		82,000
	Envision Healthcare Corp.
		1st Lien Term Loan, 6.09%, (3M LIBOR + 3.75%), 09/27/25 (k)	199,000		184,998
	RegionalCare Hospital Partners Holdings Inc.
		Term Loan B, 7.13%, (3M LIBOR + 4.50%), 11/09/25 (k)	200,000		189,250
				677,201
Information Technology 0.2%
	Refinitiv US Holdings Inc.
		Term Loan, 6.27%, (3M LIBOR + 3.75%), 09/12/25 (k)	80,000		76,000
Materials 0.2%
	Schenectady International Group Inc.
		1st Lien Term Loan, 7.19%, (3M LIBOR + 4.75%), 08/21/25 (f) (k)	100,000		96,000
	Total Senior Loan Interests (cost $2,150,520)			2,074,243
INVESTMENT COMPANIES 4.6%
	Eaton Vance Senior Floating-Rate Trust		5,500		69,025
	Invesco Senior Income Trust		17,500		68,425
	Kayne Anderson MLP Investment Co.		5,000		68,800
	PIMCO Floating Rate Strategy Fund		7,300		69,569
	SPDR Barclays High Yield Bond ETF		58,000		1,948,220
	Total Investment Companies (cost $2,356,653)			2,224,039
SHORT TERM INVESTMENTS 9.2%
Investment Companies 4.5%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.29% (n)		2,158,557		2,158,557

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

37

PPMFunds

Schedules of Investments

December 31, 2018

		Shares/Par1		Value ($)
Securities Lending Collateral 4.7%
	State Street Navigator Securities Lending Government Money Market Portfolio, 2.35% (n)	2,280,948		2,280,948
	Total Short Term Investments (cost $4,439,505)		4,439,505
Total Investments 103.4% (cost $53,431,962)				49,780,556
Other Derivative Instruments (0.0)%				(8,594)
Other Assets and Liabilities, Net (3.4)%				(1,651,313)
Total Net Assets 100.0%				48,120,649

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of December 31, 2018.

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

(d)The Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the PPM Funds' Board of Trustees. Determinations of liquidity are unaudited. As of December 31, 2018, the value and the percentage of net assets of these liquid securities were $16,757,829 and 34.8%, respectively.

(e)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. The aggregate value of these securities represented 1.1% of the Fund’s net assets.

(f)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the PPM Funds' 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 Notes to Financial Statements.

(g)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees. Determinations of liquidity are unaudited.

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

(j)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 December 31, 2018.

(k)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2018. 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 reflects 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.

(l)Convertible security.

(m)This senior loan will settle after December 31, 2018. The reference rate and spread presented will go into effect upon settlement.

(n)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2018.

PPM High Yield Core Fund — Futures Contracts
Reference Entity	Contracts Long (Short)1	Expiration	Notional 1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
U.S. Treasury Long Bond	(3)	March 2019		(418,999)		(1,406)		(19,001)
U.S. Treasury Note, 10-Year	(6)	March 2019		(716,627)		(2,344)		(15,466)
U.S. Treasury Note, 5-Year	(2)	March 2019		(225,983)		(500)		(3,392)
Ultra 10-Year U.S. Treasury Note	(8)	March 2019		(1,011,064)		(3,750)		(29,561)
Ultra Long Term U.S. Treasury Bond	(1)	March 2019		(152,413)		(594)		(8,244)
						(8,594)		(75,664)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

38

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
PPM Long Short Credit Fund
COMMON STOCKS 0.1%
Energy 0.1%
	Chaparral Energy Inc. - Class A (a)		8,604		42,332
	Total Common Stocks (cost $159,653)			42,332
INVESTMENT COMPANIES 2.5%
	Kayne Anderson MLP Investment Co.		2,582		35,528
	SPDR Barclays High Yield Bond ETF (b)		36,000		1,209,240
	Total Investment Companies (cost $1,329,960)			1,244,768
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.5%
	American Airlines Pass-Through Trust
		Series 2013-B-2, 5.60%, 07/15/20 (c)	126,311		126,993
	American Express Credit Account Master Trust
		Series 2017-A-4, 1.64%, 05/15/19 (b)	400,000		398,072
	Ascentium Equipment Receivables Trust
		Series 2018-A2-1A, 2.92%, 12/10/20 (c)	57,000		56,958
		Series 2017-A3-2A, 2.31%, 12/10/21 (c)	75,000		74,019
	BCC Funding XIV LLC
		Series 2018-A2-1A, 2.96%, 06/20/23 (c)	98,156		97,888
	BMW Floorplan Master Owner Trust
		Series 2018-A1-1, 3.15%, 05/17/21 (c)	121,000		120,715
	BX Trust
		Series 2018-A-IND, 3.21%, (1M USD LIBOR + 0.75%), 10/15/20 (b) (c) (d)	748,883		741,526
	CCG Receivables Trust
		Series 2018-A1-2, 2.47%, 08/14/19 (c)	290,783		290,528
		Series 2018-A2-1, 2.50%, 02/14/21 (c)	94,392		93,817
	Chrysler Capital Auto Receivables Trust
		Series 2016-A3-BA, 1.64%, 07/15/21 (b) (c)	526,748		524,289
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23 (c)	35,908		35,701
	Citibank Credit Card Issuance Trust
		Series 2017-A9-A9, 1.80%, 09/20/19	300,000		297,615
		Series 2017-A4-A4, 2.60%, (1M USD LIBOR + 0.22%), 04/07/20 (d)	500,000		500,320
	Dell Equipment Finance Trust
		Series 2018-A2A-1, 2.97%, 10/22/20 (c)	100,000		99,982
	Engs Commercial Finance Trust
		Series 2018-A1-1A, 2.97%, 02/22/21 (c)	61,240		61,131
	Freddie Mac Multifamily Aggregation Risk Transfer
		Series 2017-A-KT01, REMIC, 2.82%, (1M USD LIBOR + 0.32%), 02/25/20 (d)	257,000		256,446
	GLS Auto Receivables Trust
		Series 2018-A-3A, 3.35%, 08/15/22 (c)	76,464		76,483
	GM Financial Consumer Automobile Receivables Trust
		Series 2018-A1-4, 2.46%, 04/16/19	205,275		205,163
		Series 2018-A1-3, 2.37%, 07/16/19 (b)	92,609		92,589
	GS Mortgage Securities Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22 (c)	175,000		175,572
	Prestige Auto Receivables Trust
		Series 2018-A1-1A, 2.53%, 10/15/19 (c)	248,212		248,108
	Santander Retail Auto Lease Trust
		Series 2018-A2B-A, REMIC, 2.74%, (1M USD LIBOR + 0.27%), 01/20/20 (c) (d)	486,822		486,537
	United Auto Credit Securitization Trust
		Series 2018-A-2, 2.89%, 03/10/21 (c)	54,389		54,327
	Verizon Owner Trust
		Series 2016-A-1A, 1.42%, 01/20/21 (c)	221,799		220,907
	Voya CLO Ltd.
		Series 2013-A1R-2A, 3.46%, (3M USD LIBOR + 0.97%), 04/25/31 (c) (d)	250,000		243,156
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,594,462)			5,578,842
CORPORATE BONDS AND NOTES 66.7%
Communication Services 4.7%
	AT&T Inc.
		3.96%, (3M USD LIBOR + 1.18%), 06/12/24 (d)	250,000		242,498
		5.25%, 03/01/37	80,000		78,583
	CB Escrow Corp.
		8.00%, 10/15/25 (c)	125,000		103,729
	CCO Holdings LLC
		5.13%, 05/01/27 (c)	130,000		121,008
			Shares/Par1		Value ($)
	Charter Communications Operating LLC
		4.91%, 07/23/25	171,000		169,943
		6.83%, 10/23/55	40,000		40,855
	Comcast Corp.
		4.15%, 10/15/28	108,000		109,734
		4.60%, 10/15/38	143,000		144,554
		4.95%, 10/15/58	85,000		86,895
	DISH DBS Corp.
		7.75%, 07/01/26	133,000		110,030
	Hughes Satellite Systems Corp.
		5.25%, 08/01/26	83,000		76,153
	iHeartCommunications Inc.
		0.00%, 03/01/21 (a) (e)	250,000		167,300
	Intelsat Jackson Holdings SA
		8.50%, 10/15/24 (c)	63,000		60,795
		9.75%, 07/15/25 (c)	64,000		64,490
	Netflix Inc.
		6.38%, 05/15/29 (c)	201,000		199,459
	Numericable - SFR SA
		7.38%, 05/01/26 (c)	200,000		183,440
	Radiate Holdco LLC
		6.63%, 02/15/25 (c)	33,000		28,453
	Sprint Corp.
		7.13%, 06/15/24	58,000		57,387
	Sprint Spectrum Co. LLC
		3.36%, 09/20/21 (c)	137,500		135,609
	Telesat Canada
		8.88%, 11/15/24 (c)	77,000		80,117
				2,261,032
Consumer Discretionary 3.7%
	American Axle & Manufacturing Inc.
		6.50%, 04/01/27	135,000		121,274
	Delta Merger Sub Inc.
		6.00%, 09/15/26 (c)	42,000		39,689
	Dollar Tree Inc.
		3.15%, (3M USD LIBOR + 0.70%), 04/17/20 (d)	400,000		397,554
	Fiat Chrysler Automobiles NV
		5.25%, 04/15/23	84,000		82,302
	General Motors Co.
		5.20%, 04/01/45	66,000		54,773
	Golden Nugget Inc.
		6.75%, 10/15/24 (c)	72,000		67,847
	Hilton Worldwide Finance LLC
		4.63%, 04/01/25 (b)	8,000		7,645
	Home Depot Inc.
		3.90%, 12/06/28	52,000		53,295
	KB Home
		7.63%, 05/15/23	127,000		128,879
	Mattamy Group Corp.
		6.50%, 10/01/25 (c)	16,000		14,543
	Nemak SAB de CV
		4.75%, 01/23/25 (c)	200,000		186,689
	Sands China Ltd.
		5.40%, 08/08/28 (c) (f)	311,000		300,239
	Schaeffler Verwaltung Zwei GmbH
		4.88%, 09/15/21 (c) (g)	200,000		190,451
	Target Corp.
		3.90%, 11/15/47	63,000		58,014
	VOC Escrow Ltd.
		5.00%, 02/15/28 (c)	125,000		115,969
				1,819,163
Consumer Staples 5.9%
	Anheuser-Busch InBev Worldwide Inc.
		4.90%, 02/01/46 (c)	200,000		185,137
	BAT Capital Corp.
		3.20%, (3M USD LIBOR + 0.59%), 08/14/20 (d)	416,000		411,704
		3.56%, 08/15/27	76,000		67,485
		4.39%, 08/15/37	218,000		178,758
	Conagra Brands Inc.
		3.22%, (3M USD LIBOR + 0.75%), 10/22/20 (d)	500,000		500,960
	General Mills Inc.
		4.20%, 04/17/28	21,000		20,523
	High Ridge Brands Co.
		8.88%, 03/15/25 (h) (i)	30,000		13,149

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

39

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	JBS Investments GmbH
		7.25%, 04/03/24 (c)	75,000		76,088
	JBS Investments II GmbH
		7.00%, 01/15/26 (c)	200,000		197,030
	JBS USA Lux SA
		6.75%, 02/15/28 (c)	100,000		97,685
	Kraft Heinz Foods Co.
		3.19%, (3M USD LIBOR + 0.57%), 02/10/21 (d)	333,000		331,638
		3.95%, 07/15/25	79,000		77,123
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (c)	125,000		99,553
	Pilgrim's Pride Corp.
		5.88%, 09/30/27 (c)	47,000		42,850
	Post Holdings Inc.
		5.63%, 01/15/28 (c)	82,000		75,498
	Reynolds American Inc.
		4.45%, 06/12/25	287,000		277,220
	Sigma Holdco BV
		7.88%, 05/15/26 (c)	200,000		173,072
	Tyson Foods Inc.
		5.10%, 09/28/48	57,000		54,683
				2,880,156
Energy 7.9%
	Alta Mesa Holdings LP
		7.88%, 12/15/24	178,000		112,914
	Andeavor Logistics LP
		3.50%, 12/01/22	46,000		44,528
		4.25%, 12/01/27	40,000		37,732
		5.20%, 12/01/47	44,000		39,632
	Callon Petroleum Co.
		6.38%, 07/01/26	125,000		116,392
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25	69,000		68,762
		5.13%, 06/30/27	207,000		195,148
	CITGO Holding Inc.
		10.75%, 02/15/20 (c)	62,000		63,214
	Columbia Pipeline Group Inc.
		5.80%, 06/01/45	91,000		95,883
	Continental Resources Inc.
		4.38%, 01/15/28	121,000		114,324
	Denbury Resources Inc.
		9.25%, 03/31/22 (b) (c)	14,000		12,941
		7.50%, 02/15/24 (c)	80,000		64,398
	Diamondback Energy Inc.
		4.75%, 11/01/24 (c)	187,000		180,510
	Endeavor Energy Resources LP
		5.50%, 01/30/26 (b) (c)	19,000		19,286
		5.75%, 01/30/28 (c)	19,000		19,381
	Energy Transfer LP
		4.25%, 03/15/23	192,000		185,097
		5.50%, 06/01/27	29,000		28,329
		5.80%, 06/15/38	95,000		91,895
	Enterprise Products Operating LLC
		4.15%, 10/16/28	95,000		94,725
		4.80%, 02/01/49	84,000		81,418
	EP Energy LLC
		8.00%, 11/29/24 (c)	108,000		78,723
		8.00%, 02/15/25 (c)	219,000		90,429
	Extraction Oil & Gas Inc.
		7.38%, 05/15/24 (c)	75,000		62,436
	Marathon Petroleum Corp.
		3.80%, 04/01/28 (c)	30,000		28,247
		4.50%, 04/01/48 (c)	35,000		29,386
	MPLX LP
		4.00%, 03/15/28	137,000		128,803
		5.50%, 02/15/49	42,000		40,713
	Nabors Industries Inc.
		5.75%, 02/01/25	124,000		93,581
	NGPL PipeCo LLC
		4.88%, 08/15/27 (c)	23,000		21,874
	Parsley Energy LLC
		5.38%, 01/15/25 (c)	166,000		153,611
	PDC Energy Inc.
		5.75%, 05/15/26	63,000		55,837
			Shares/Par1		Value ($)
	Petroleos Mexicanos
		6.50%, 01/23/29	85,000		79,263
	Sabine Pass Liquefaction LLC
		5.63%, 03/01/25	88,000		91,370
		4.20%, 03/15/28	154,000		146,901
	SM Energy Co.
		6.75%, 09/15/26	50,000		44,698
	Southwestern Energy Co.
		7.75%, 10/01/27 (b)	500,000		476,346
	Summit Midstream Holdings LLC
		5.75%, 04/15/25	74,000		66,973
	Summit Midstream Partners LP
		9.50%, (callable at 104 beginning 12/15/22) (j)	249,000		230,140
	Transocean Pontus Ltd.
		6.13%, 08/01/25 (c)	20,000		19,272
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (c)	218,400		211,114
	Trinidad Drilling Ltd.
		6.63%, 02/15/25 (c)	20,000		20,154
				3,836,380
Financials 19.1%
	Acrisure LLC
		7.00%, 11/15/25 (c)	128,000		108,889
	AerCap Ireland Capital Ltd.
		3.65%, 07/21/27	172,000		149,047
	American Express Credit Corp.
		2.91%, (3M USD LIBOR + 0.33%), 05/03/19 (d)	499,000		498,953
	Athene Global Funding
		3.63%, (3M USD LIBOR + 1.23%), 07/01/22 (c) (d)	333,000		334,321
	Athene Holding Ltd.
		4.13%, 01/12/28	111,000		100,575
	Bank of America Corp.
		3.13%, (3M USD LIBOR + 0.66%), 07/21/21 (d)	100,000		99,531
		3.49%, (3M USD LIBOR + 1.00%), 04/24/23 (d)	166,000		164,075
		3.55%, 03/05/24	78,000		77,011
		4.00%, 01/22/25	209,000		203,952
		4.25%, 10/22/26	105,000		102,263
	Barclays Plc
		4.97%, 05/16/29 (d) (k)	200,000		193,042
	Bayer US Finance II LLC
		4.25%, 12/15/25 (c)	78,000		76,156
		4.38%, 12/15/28 (c)	75,000		71,791
	BMW US Capital LLC
		2.79%, (3M USD LIBOR + 0.38%), 04/06/20 (c) (d)	333,000		331,461
	Capital One Financial Corp.
		3.38%, (3M USD LIBOR + 0.76%), 05/12/20 (d)	333,000		332,396
		3.75%, 03/09/27	124,000		115,436
		3.80%, 01/31/28	147,000		135,677
	Citigroup Inc.
		5.90%, (callable at 100 beginning 02/15/23) (j)	112,000		104,184
		3.45%, (3M USD LIBOR + 0.96%), 04/25/22 (b) (d)	249,000		245,724
		4.45%, 09/29/27	253,000		243,918
		3.89%, 01/10/28 (d)	111,000		106,785
		4.13%, 07/25/28	10,000		9,380
	Credit Suisse AG
		6.50%, 08/08/23 (c)	225,000		234,903
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 07/17/23) (b) (c) (j)	200,000		195,908
	Dell EMC
		8.35%, 07/15/46 (c)	135,000		146,237
	Eagle Holding Co. II LLC
		8.38%, 05/15/22 (c) (g)	47,000		45,095
	Glencore Funding LLC
		3.00%, 10/27/22 (c)	61,000		58,529
	GLP Capital LP
		5.30%, 01/15/29	125,000		122,715
	Goldman Sachs Group Inc.
		3.55%, (3M USD LIBOR + 0.73%), 12/27/20 (b) (d)	382,000		380,414
		3.00%, 04/26/22	22,000		21,349
		2.91%, 07/24/23	20,000		19,051

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

40

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
		4.00%, 03/03/24	43,000		42,361
		4.22%, 05/01/29	108,000		104,281
	Hexion US Finance Corp.
		6.63%, 04/15/20	83,000		66,270
	HSBC Holdings Plc
		3.64%, (3M USD LIBOR + 1.00%), 05/18/24 (d)	200,000		194,754
	Icahn Enterprises LP
		6.38%, 12/15/25	110,000		106,491
	Intesa Sanpaolo SpA
		3.88%, 01/12/28 (c)	115,000		97,709
	James Hardie International Finance DAC
		5.00%, 01/15/28 (c)	52,000		44,878
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (j)	200,000		198,125
		4.02%, 12/05/24	202,000		203,510
		3.78%, 02/01/28 (d)	51,000		49,425
		4.20%, 07/23/29	46,000		45,883
		4.45%, 12/05/29	82,000		83,309
	JPMorgan Chase Bank NA
		2.97%, (3M USD LIBOR + 0.23%), 09/01/20 (b) (d)	500,000		499,782
		3.51%, 01/23/29	60,000		56,819
	Lincoln National Corp.
		3.80%, 03/01/28	21,000		20,304
		4.35%, 03/01/48	35,000		32,348
	Lloyds Banking Group Plc
		7.50%, (callable at 100 beginning 09/27/25) (j)	200,000		192,520
	Macquarie Group Ltd.
		5.03%, 01/15/30 (c)	125,000		123,663
	Morgan Stanley
		3.40%, (3M USD LIBOR + 0.93%), 07/22/22 (d)	125,000		123,245
		4.10%, 05/22/23	349,000		350,235
		3.81%, (3M USD LIBOR + 1.22%), 05/08/24 (d)	166,000		163,523
		4.35%, 09/08/26	89,000		86,554
		3.63%, 01/20/27	67,000		63,712
	New York Life Global Funding
		2.56%, (3M USD LIBOR + 0.16%), 10/01/20 (c) (d)	500,000		500,114
	Resideo Funding Inc.
		6.13%, 11/01/26 (c)	44,000		43,451
	Santander UK Group Holdings Plc
		4.80%, 11/15/24	242,000		240,025
	Volkswagen Group of America Finance LLC
		4.63%, 11/13/25 (c)	250,000		247,843
	Wells Fargo & Co.
		5.88%, (callable at 100 beginning 06/15/25) (j)	136,000		134,300
	Ziggo Secured Finance BV
		5.50%, 01/15/27 (c)	130,000		117,000
				9,261,202
Health Care 6.0%
	Abbott Laboratories
		4.75%, 11/30/36	42,000		43,801
	Becton Dickinson & Co.
		3.68%, (3M USD LIBOR + 0.88%), 12/29/20 (b) (d)	400,000		396,622
		3.36%, 06/06/24	166,000		159,208
	Catalent Pharma Solutions Inc.
		4.88%, 01/15/26 (c)	21,000		19,753
	Centene Corp.
		4.75%, 05/15/22	52,000		51,612
		6.13%, 02/15/24 (b)	6,000		6,152
	Centene Escrow I Corp.
		5.38%, 06/01/26 (c)	156,000		152,357
	Community Health Systems Inc.
		8.63%, 01/15/24 (c)	50,000		49,570
	CVS Health Corp.
		4.30%, 03/25/28	140,000		137,056
		4.78%, 03/25/38	62,000		59,729
		5.05%, 03/25/48	179,000		174,833
	Express Scripts Holding Co.
		3.40%, 03/01/27	50,000		46,397
	Halfmoon Parent Inc.
		4.38%, 10/15/28 (b) (c)	100,000		100,658
		4.90%, 12/15/48 (b) (c)	111,000		108,656
			Shares/Par1		Value ($)
	HCA Inc.
		4.25%, 10/15/19	400,000		399,550
	Lifepoint Health Inc.
		9.75%, 12/01/26 (c)	200,000		190,497
	Mednax Inc.
		6.25%, 01/15/27 (c)	83,000		80,095
	Prestige Brands Inc.
		6.38%, 03/01/24 (b) (c)	13,000		12,563
	Tenet Healthcare Corp.
		8.13%, 04/01/22	21,000		21,029
		6.75%, 06/15/23 (b)	30,000		28,163
		4.63%, 07/15/24	51,000		47,506
	Valeant Pharmaceuticals International Inc.
		6.50%, 03/15/22 (c)	6,000		6,033
		5.50%, 03/01/23 - 11/01/25 (c)	110,000		102,347
		5.88%, 05/15/23 (c)	17,000		15,682
		7.00%, 03/15/24 (c)	19,000		19,245
		6.13%, 04/15/25 (c)	65,000		56,496
		8.50%, 01/31/27 (c)	17,000		16,471
	Watson Pharmaceuticals Inc.
		3.25%, 10/01/22	333,000		324,606
	WellCare Health Plans Inc.
		5.25%, 04/01/25	61,000		58,729
		5.38%, 08/15/26 (c)	46,000		44,492
				2,929,908
Industrials 6.3%
	AECOM
		5.13%, 03/15/27 (b)	605,000		517,887
	Aircastle Ltd.
		4.40%, 09/25/23	41,000		40,181
		4.13%, 05/01/24	46,000		43,126
	Ashtead Capital Inc.
		5.25%, 08/01/26 (c)	124,000		119,738
	Aviation Capital Group LLC
		4.38%, 01/30/24 (c)	104,000		103,401
	Avolon Holdings Funding Ltd.
		5.13%, 10/01/23 (b) (c)	250,000		240,111
	Bombardier Inc.
		5.75%, 03/15/22 (c)	34,000		31,875
		7.50%, 03/15/25 (c)	84,000		79,170
	BWX Technologies Inc.
		5.38%, 07/15/26 (c)	165,000		159,786
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (b) (h) (j)	625,000		481,250
	General Motors Co.
		5.95%, 04/01/49	40,000		36,409
	International Lease Finance Corp.
		6.25%, 05/15/19	100,000		100,873
	Johnson Controls International Plc
		5.13%, 09/14/45 (b)	41,000		40,757
	Mexico City Airport Trust
		5.50%, 07/31/47 (h) (i)	40,000		35,261
	Standard Industries Inc.
		4.75%, 01/15/28 (c)	112,000		93,468
	Tempo Acquisition LLC
		6.75%, 06/01/25 (c)	56,000		52,746
	Union Pacific Corp.
		3.60%, 09/15/37	78,000		69,773
		4.38%, 09/10/38	50,000		49,267
	United Rentals North America Inc.
		6.50%, 12/15/26	39,000		38,415
	United Technologies Corp.
		1.90%, 05/04/20	333,000		326,730
	Westinghouse Air Brake Technologies Corp.
		3.84%, (3M USD LIBOR + 1.05%), 09/15/21 (d)	375,000		374,444
				3,034,668
Information Technology 1.8%
	Broadcom Corp.
		3.88%, 01/15/27	100,000		89,752
	Intel Corp.
		2.70%, (3M USD LIBOR + 0.08%), 05/11/20 (d)	250,000		249,007
	Microsoft Corp.
		3.45%, 08/08/36	133,000		125,922

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

41

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
		3.95%, 08/08/56	50,000		48,946
	NXP BV
		4.13%, 06/01/21 (c)	200,000		197,987
		5.35%, 03/01/26 (c)	67,000		67,730
	Oracle Corp.
		4.00%, 11/15/47	33,000		30,722
	Radiate Holdco LLC
		6.88%, 02/15/23 (c)	85,000		77,408
				887,474
Materials 6.9%
	Anglo American Capital Plc
		4.88%, 05/14/25 (c)	121,000		118,905
		4.75%, 04/10/27 (c)	200,000		190,879
		4.50%, 03/15/28 (c)	200,000		186,475
	Berry Global Inc.
		4.50%, 02/15/26 (c)	153,000		140,657
	BWAY Holding Co.
		7.25%, 04/15/25 (c)	183,000		164,720
	CF Industries Inc.
		3.40%, 12/01/21 (c)	116,000		113,269
		4.50%, 12/01/26 (c)	188,000		184,224
	Corning Inc.
		5.85%, 11/15/68	148,000		149,806
	EI du Pont de Nemours & Co.
		3.07%, (3M USD LIBOR + 0.53%), 05/01/20 (d)	352,000		352,342
	FMG Resources August 2006 Pty Ltd.
		4.75%, 05/15/22 (c)	105,000		99,751
	Freeport-McMoRan Inc.
		4.55%, 11/14/24 (b)	291,000		269,873
		5.40%, 11/14/34	90,000		71,344
	FXI Holdings Inc.
		7.88%, 11/01/24 (c)	153,000		131,583
	Hexion Inc.
		10.38%, 02/01/22 (c)	57,000		45,052
	Martin Marietta Materials Inc.
		3.33%, (3M USD LIBOR + 0.65%), 05/22/20 (d)	333,000		330,549
	Rain CII Carbon LLC
		7.25%, 04/01/25 (c)	100,000		91,727
	Reynolds Group Issuer Inc.
		5.94%, (3M USD LIBOR + 3.50%), 07/15/21 (c) (d)	161,000		160,438
	Sherwin-Williams Co.
		2.25%, 05/15/20	333,000		327,865
	Syngenta Finance NV
		5.68%, 04/24/48 (c)	200,000		164,120
	Trinseo Materials Operating SCA
		5.38%, 09/01/25 (c)	71,000		62,143
				3,355,722
Real Estate 0.5%
	Boston Properties LP
		4.50%, 12/01/28	173,000		176,991
	Communications Sales & Leasing Inc.
		7.13%, 12/15/24 (c)	95,000		77,982
				254,973
Utilities 3.9%
	AES Corp.
		4.00%, 03/15/21	215,000		211,390
	Ameren Illinois Co.
		4.50%, 03/15/49	104,000		109,675
	Avangrid Inc.
		3.15%, 12/01/24	159,000		153,486
	Basin Electric Power Cooperative
		4.75%, 04/26/47 (c)	100,000		103,166
	Commonwealth Edison Co.
		3.75%, 08/15/47	32,000		29,667
	Electricite de France SA
		4.50%, 09/21/28 (c)	200,000		193,769
	Exelon Corp.
		3.50%, 06/01/22 (l)	83,000		81,108
		5.10%, 06/15/45	112,000		115,945
	FirstEnergy Corp.
		3.90%, 07/15/27	207,000		200,557
		4.85%, 07/15/47 (f)	37,000		37,034
			Shares/Par1		Value ($)
	Indiana Michigan Power Co.
		4.25%, 08/15/48	69,000		68,143
	Sempra Energy
		2.94%, (3M USD LIBOR + 0.50%), 01/15/21 (d)	333,000		327,468
	Southern California Edison Co.
		4.13%, 03/01/48	46,000		43,881
	Southern Co.
		2.95%, 07/01/23	135,000		130,457
	Wisconsin Energy Corp.
		3.55%, 06/15/25	85,000		84,168
				1,889,914
	Total Corporate Bonds And Notes (cost $33,711,760)			32,410,592
SENIOR LOAN INTERESTS 19.8%
Communication Services 2.0%
	CBS Radio Inc.
		Term Loan B, 5.26%, (3M LIBOR + 2.75%), 11/18/24 (d)	73,206		68,814
	CenturyLink Inc.
		Term Loan B, 5.27%, (3M LIBOR + 2.75%), 01/15/25 (d)	248,744		231,580
	Frontier Communications Corp.
		Term Loan B-1, 6.10%, (3M LIBOR + 3.75%), 05/31/24 (d)	248,737		230,239
	Sprint Communications Inc.
		1st Lien Term Loan B, 4.88%, (3M LIBOR + 2.50%), 02/01/24 (d)	149,241		141,655
	Virgin Media Bristol LLC
		Term Loan K, 4.96%, (3M LIBOR + 2.50%), 02/10/26 (d)	150,000		141,732
	Windstream Services LLC
		Term Loan B-6, 6.46%, (3M LIBOR + 4.00%), 03/29/21 (d)	149,237		132,553
				946,573
Consumer Discretionary 7.3%
	1011778 B.C. Unltd. Liability Co.
		Term Loan B-3, 4.59%, (3M LIBOR + 2.25%), 02/15/24 (d)	224,334		213,303
	American Axle & Manufacturing Inc.
		Term Loan B, 4.74%, (3M LIBOR + 2.25%), 03/10/24 (d)	86,077		81,236
		Term Loan B, 4.76%, (3M LIBOR + 2.25%), 03/10/24 (d)	126,740		119,611
	ARAMARK Services Inc.
		Term Loan B-2, 4.09%, (3M LIBOR + 1.75%), 03/28/24 (d)	132,531		128,183
		Term Loan, 4.09%, (3M LIBOR + 1.75%), 03/01/25 (d)	187,000		181,235
	Caesars Entertainment Operating Co.
		Term Loan, 4.34%, (3M LIBOR + 2.00%), 04/03/24 (d)	223,869		212,116
	Caesars Resort Collection LLC
		1st Lien Term Loan B, 5.09%, (3M LIBOR + 2.75%), 12/23/24 (d)	248,744		238,438
	Charter Communications Operating LLC
		Term Loan B, 4.35%, (3M LIBOR + 2.00%), 04/30/25 (d)	198,995		190,315
	CityCenter Holdings LLC
		Term Loan B, 4.59%, (1M LIBOR + 2.25%), 04/14/24 (d)	198,990		187,974
	CSC Holdings LLC
		1st Lien Term Loan, 4.71%, (3M LIBOR + 2.25%), 07/15/25 (d)	159,595		151,057
	Eldorado Resorts LLC
		Term Loan B, 4.75%, (1M LIBOR + 2.25%), 03/15/24 (d)	85,000		81,105
	Four Seasons Hotels Ltd.
		1st Lien Term Loan, 4.34%, (3M LIBOR + 2.00%), 11/30/23 (d)	124,365		119,058
	Golden Nugget Inc.
		Incremental Term Loan B, 5.09%, (3M LIBOR + 2.75%), 09/07/23 (d)	1,390		1,334
		Incremental Term Loan B, 5.19%, (3M LIBOR + 2.75%), 09/07/23 (d)	84,437		81,060
		Incremental Term Loan B, 5.28%, (3M LIBOR + 2.75%), 10/04/23 (d)	105,585		101,361

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

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December 31, 2018

			Shares/Par1		Value ($)
	Marriott Ownership Resorts Inc.
		Term Loan B, 4.59%, (3M LIBOR + 2.25%), 08/29/25 (d)	348,000		339,300
	Mohegan Tribal Gaming Authority
		Term Loan B, 6.34%, (3M LIBOR + 4.00%), 10/30/23 (d)	198,958		176,675
	Numericable Group SA
		Term Loan B-11, 5.09%, (3M LIBOR + 2.75%), 07/31/25 (d)	298,485		272,517
	Seminole Hard Rock Entertainment Inc.
		Term Loan B, 5.15%, (3M LIBOR + 2.75%), 05/15/20 (d)	199,474		196,148
	SIWF Holdings Inc.
		1st Lien Term Loan, 6.72%, (3M LIBOR + 4.25%), 05/25/25 (d)	64,675		62,695
	Staples Inc.
		Term Loan B, 6.54%, (3M LIBOR + 4.00%), 08/15/24 (d)	124,372		118,983
	UFC Holdings LLC
		1st Lien Term Loan, 5.78%, (3M LIBOR + 3.25%), 07/22/23 (d)	84,567		82,200
	Univision Communications Inc.
		Term Loan C-5, 5.09%, (3M LIBOR + 2.75%), 03/15/24 (d)	228,788		206,577
				3,542,481
Consumer Staples 1.4%
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 5.43%, (3M LIBOR + 3.00%), 01/26/24 (d)	116,776		113,302
	Diamond (BC) BV
		Term Loan, 5.53%, (1M LIBOR + 3.00%), 07/24/24 (d)	169,146		155,614
	Dole Food Co. Inc.
		Term Loan B, 5.09%, (1M LIBOR + 2.75%), 03/22/24 (d)	48,584		47,064
		Term Loan B, 5.14%, (1M LIBOR + 2.75%), 03/22/24 (d)	1,139		1,103
		Term Loan B, 5.18%, (1M LIBOR + 2.75%), 03/22/24 (d)	24,292		23,532
		Term Loan B, 7.25%, (1M PRIME + 1.75%), 03/22/24 (d)	25		25
	JBS USA LLC
		Term Loan B, 4.89%, (3M LIBOR + 2.50%), 10/30/22 (d)	48,777		46,826
		Term Loan B, 5.30%, (3M LIBOR + 2.50%), 06/30/24 (d)	284,527		273,146
				660,612
Energy 1.8%
	California Resources Corp.
		1st Lien Term Loan, 7.26%, (3M LIBOR + 4.75%), 11/08/22 (d)	125,000		120,834
	Encino Acquisition Partners Holdings LLC
		2nd Lien Term Loan, 9.09%, (3M LIBOR + 6.75%), 09/26/25 (d) (m)	140,000		131,600
	Equitrans Midstream Corp.
		Term Loan B, 0.00%, (3M LIBOR + 4.50%), 12/13/23 (d) (n)	75,000		73,187
	Foresight Energy LLC
		1st Lien Term Loan, 8.28%, (1M LIBOR + 5.75%), 03/16/22 (d)	140,000		136,791
	TEX Operations Co. LLC
		Term Loan B, 4.34%, (3M LIBOR + 2.00%), 08/04/23 (d)	283,553		272,761
	Traverse Midstream Partners LLC
		Term Loan, 6.60%, (3M LIBOR + 4.00%), 09/22/24 (d)	100,000		95,750
	Ultra Resources Inc.
		1st Lien Term Loan, 6.47%, (3M LIBOR + 4.00%), 04/14/24 (d)	75,000		66,656
				897,579
Financials 0.5%
	Level 3 Financing Inc.
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 02/16/24 (d)	250,000		236,875
			Shares/Par1		Value ($)
Health Care 2.4%
	Air Methods Corp.
		Term Loan B, 5.89%, (3M LIBOR + 3.50%), 04/12/24 (d)	90,000		70,843
	Alphabet Holding Co. Inc.
		1st Lien Term Loan, 5.84%, (3M LIBOR + 3.50%), 08/15/24 (d)	89,547		80,144
	Change Healthcare Holdings Inc.
		Term Loan B, 5.09%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (d)	160,822		152,178
	Endo Luxembourg Finance Co. I SARL
		Term Loan B, 6.63%, (3M LIBOR + 4.25%), 04/12/24 (d)	134,318		126,931
	Envision Healthcare Corp.
		1st Lien Term Loan, 6.09%, (3M LIBOR + 3.75%), 09/27/25 (d)	298,000		277,033
	PharMerica Corp.
		1st Lien Term Loan, 5.96%, (3M LIBOR + 3.50%), 09/25/24 (d)	129,348		123,097
	RegionalCare Hospital Partners Holdings Inc.
		Term Loan B, 7.13%, (3M LIBOR + 4.50%), 11/09/25 (d)	250,000		236,562
	Surgery Center Holdings Inc.
		Term Loan B, 5.60%, (3M LIBOR + 3.25%), 06/18/24 (d)	99,496		94,460
				1,161,248
Industrials 0.6%
	Gardner Denver Inc.
		Term Loan B, 5.09%, (1M LIBOR + 2.75%), 07/30/24 (d)	97,215		93,660
	Tempo Acquisition LLC
		Term Loan, 5.34%, (3M LIBOR + 3.00%), 04/20/24 (d)	228,838		218,541
				312,201
Information Technology 1.5%
	Ancestry.com Operations Inc.
		1st Lien Term Loan, 5.60%, (1M LIBOR + 3.25%), 10/19/23 (d)	213,900		204,007
	First Data Corp.
		Term Loan, 4.50%, (1M LIBOR + 2.00%), 07/08/22 (d)	179,960		172,537
	Radiate Holdco LLC
		1st Lien Term Loan, 5.52%, (3M LIBOR + 3.00%), 12/09/23 (d)	154,215		145,130
	Refinitiv US Holdings Inc.
		Term Loan, 6.27%, (3M LIBOR + 3.75%), 09/12/25 (d)	66,000		62,700
	SS&C Technologies Holdings Europe SARL
		Term Loan B-4, 4.59%, (3M LIBOR + 2.25%), 02/27/25 (d)	44,644		42,029
	SS&C Technologies Inc.
		Term Loan B-3, 4.59%, (3M LIBOR + 2.25%), 02/27/25 (d)	117,698		110,804
				737,207
Materials 1.5%
	Berry Global Inc.
		Term Loan S, 4.14%, (3M LIBOR + 1.75%), 02/02/20 (d)	196,875		193,164
	BWAY Holding Co.
		Term Loan B, 5.66%, (3M LIBOR + 3.25%), 04/03/24 (d)	198,990		186,718
	Klockner-Pentaplast of America Inc.
		Term Loan B-2, 6.77%, (3M LIBOR + 4.25%), 06/30/22 (d)	149,244		120,888
	MacDermid Inc.
		Term Loan B-7, 4.84%, (3M LIBOR + 2.50%), 06/07/20 (d)	100,000		99,469
	Messer Industries GmbH
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 09/19/25 (d) (n)	121,000		114,547
				714,786
Real Estate 0.3%
	MGM Growth Properies Operating Partnership LP
		Term Loan B, 4.34%, (3M LIBOR + 2.00%), 04/20/23 (d)	149,233		142,571

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

43

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Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
Utilities 0.5%
	Calpine Corp.
		Term Loan B-5, 4.89%, (3M LIBOR + 2.50%), 05/23/22 (d)	198,969		188,678
	Vistra Operations Co. LLC
		Term Loan B-2, 4.59%, (3M LIBOR + 2.25%), 12/14/23 (d)	74,619		71,573
				260,251
	Total Senior Loan Interests (cost $10,122,794)			9,612,384
GOVERNMENT AND AGENCY OBLIGATIONS 0.6%
Sovereign 0.4%
	Mexico Government International Bond
		3.75%, 01/11/28	220,000		206,533
U.S. Treasury Securities 0.2%
	U.S. Treasury Note
		2.88%, 07/31/25	79,000		80,383
	Total Government And Agency Obligations (cost $287,070)			286,916
SHORT TERM INVESTMENTS 3.6%
Investment Companies 3.6%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.29% (o)		1,751,526		1,751,526
	Total Short Term Investments (cost $1,751,526)			1,751,526
Total Investments 104.8% (cost $52,957,225)					50,927,360
Total Securities Sold Short(5.8)% (proceeds $2,888,826)					(2,823,924)
Other Derivative Instruments 0.1%					58,409
Other Assets and Liabilities, Net 0.9%					412,410
Total Net Assets 100.0%					48,574,255

(a)Non-income producing security.

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

(c)The Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the PPM Funds' Board of Trustees. Determinations of liquidity are unaudited. As of December 31, 2018, the value and the percentage of net assets of these liquid securities were $14,948,196 and 30.8%, respectively.

(d)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2018. 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 reflects 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)Issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

(g)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.

(h)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees. Determinations of liquidity are unaudited.

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

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

(k)Convertible security.

(l)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 December 31, 2018.

(m)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the PPM Funds' 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 Notes to Financial Statements.

(n)This senior loan will settle after December 31, 2018. The reference rate and spread presented will go into effect upon settlement.

(o)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2018.

			Shares/Par1		Value ($)
SECURITIES SOLD SHORT (5.8%)
CORPORATE BONDS AND NOTES (5.8%)
Consumer Discretionary (1.0%)
	Harley-Davidson Inc.
		3.50%, 07/28/25	(500,000)		(477,444)
Energy (0.8%)
	Southwestern Energy Co.
		6.20%, 01/23/25 (a)	(432,000)		(390,126)
Industrials (1.5%)
	AECOM
		5.88%, 10/15/24	(750,000)		(744,056)
			Shares/Par1		Value ($)
Information Technology (0.6%)
	Intel Corp.
		4.10%, 05/11/47	(275,000)		(271,720)
Materials (0.9%)
	International Paper Co.
		3.00%, 02/15/27	(500,000)		(457,107)
Real Estate (1.0%)
	Simon Property Group LP
		3.30%, 01/15/26	(500,000)		(483,471)
	Total Corporate Bonds And Notes (proceeds $2,888,826)			(2,823,924)
	Total Securities Sold Short (5.8%) (proceeds $2,888,826)				(2,823,924)

(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 December 31, 2018.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	High Ridge Brands Co., 8.88%, 03/15/25	07/16/18	14,336	13,149	—
	Mexico City Airport Trust, 5.50%, 07/31/47	07/16/18	36,362	35,261	0.1
			50,698	48,410	0.1

PPM Long Short Credit Fund — Futures Contracts
Reference Entity	Contracts Long (Short)1	Expiration	Notional 1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
U.S. Treasury Long Bond	(14)	March 2019		(1,955,329)		(6,562)		(88,671)
U.S. Treasury Note, 10-Year	(66)	March 2019		(7,883,118)		(25,781)		(169,913)
U.S. Treasury Note, 2-Year	(22)	March 2019		(4,642,339)		(3,094)		(28,536)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

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December 31, 2018

PPM Long Short Credit Fund — Futures Contracts (continued)
Reference Entity	Contracts Long (Short)1	Expiration	Notional 1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
U.S. Treasury Note, 5-Year	(57)	March 2019		(6,438,176)		(14,250)		(99,012)
Ultra 10-Year U.S. Treasury Note	(9)	March 2019		(1,147,670)		(4,219)		(23,033)
Ultra Long Term U.S. Treasury Bond	(4)	March 2019		(613,206)		(2,375)		(29,419)
						(56,281)		(438,584)

PPM Long Short Credit Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
CDX.NA.IG.31 (Q)	1.00	12/20/23		3,750,000		(20,816)		(694)		35,746
Credit default swap agreements - sell protection4
CDX.NA.HY.31 (Q)	5.00	12/20/23		(500,000)		9,966		365		(17,033)

PPM Long Short Credit Fund — OTC Credit Default Swap Agreements
Reference Entity2	Counter-party	Implied Credit Spread 5 (%)	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional 1,7 ($)		Value6 ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
L Brands Inc. (Q)	JPM	N/A	1.00	12/20/23		1,000,000		103,772		99,924		3,848
Viacom Inc. (Q)	CGM	N/A	1.00	12/20/23		600,000		11,247		562		10,685
						1,600,000		115,019		100,486		14,533

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

45

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
PPM Strategic Income Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.8%
	American Airlines Pass-Through Trust
		Series 2013-B-2, 5.60%, 07/15/20 (a)	211,570		212,713
		Series 2013-A-2, 4.95%, 01/15/23	33,320		33,873
		Series 2016-AA-2, 3.20%, 06/15/28	162,810		151,918
	American Tower Trust I
		Series 2013-A-2, 3.07%, 03/15/23 (a)	338,000		331,242
	Ascentium Equipment Receivables Trust
		Series 2017-A2-2A, 2.00%, 05/11/20 (a)	65,925		65,624
		Series 2018-A2-1A, 2.92%, 12/10/20 (a)	73,000		72,946
		Series 2017-A3-2A, 2.31%, 12/10/21 (a)	113,000		111,522
		Series 2016-A3-1A, REMIC, 1.92%, 12/10/19 (a)	7,163		7,161
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21 (a)	254,857		253,306
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23 (a)	92,725		92,189
	Continental Airlines Inc. Pass-Through Trust
		Series 2012-A-2, 4.00%, 10/29/24	104,034		102,380
	CSMC Trust
		Series 2017-A3-HL2, 3.50%, 10/25/47 (a) (b)	124,260		121,630
	Dell Equipment Finance Trust
		Series 2016-B-1, 2.03%, 01/22/19 (a)	28,833		28,826
		Series 2018-A2A-1, 2.97%, 10/22/20 (a)	107,000		106,981
		Series 2017-A3-2, 2.19%, 10/24/22 (a)	155,000		153,962
	Engs Commercial Finance Trust
		Series 2018-A1-1A, 2.97%, 02/22/21 (a)	61,240		61,131
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22 (a)	156,356		155,409
	GLS Auto Receivables Trust
		Series 2018-A-3A, 3.35%, 08/15/22 (a)	77,386		77,404
	GM Financial Consumer Automobile Receivables Trust
		Series 2018-A1-3, 2.37%, 07/16/19	67,871		67,857
	GreatAmerica Leasing Receivables Funding LLC
		Series 2018-A3-1, 2.60%, 06/15/21 (a)	125,000		124,392
		Series 2018-A4-1, 2.83%, 06/17/24 (a)	100,000		99,618
	GS Mortgage Securities Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22 (a)	392,000		393,281
	Hilton Grand Vacations Trust
		Series 2017-A-AA, 2.66%, 12/26/28 (a)	167,741		166,004
	MVW Owner Trust
		Series 2017-A-1A, 2.42%, 12/20/34 (a)	153,412		150,508
	United Auto Credit Securitization Trust
		Series 2018-A-2, 2.89%, 03/10/21 (a)	54,389		54,327
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, 3.92%, 07/15/50 (b)	125,000		121,019
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,318,733)			3,317,223
CORPORATE BONDS AND NOTES 75.0%
Communication Services 9.2%
	Altice Luxembourg SA
		5.88%, 02/01/27, EUR (a)	100,000		112,837
	AMC Entertainment Holdings Inc.
		6.13%, 05/15/27	83,000		71,034
	AT&T Inc.
		3.96%, (3M USD LIBOR + 1.18%), 06/12/24 (b)	165,000		160,049
		5.25%, 03/01/37	48,000		47,150
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	125,000		103,729
	CBS Radio Inc.
		7.25%, 11/01/24 (a) (c)	72,000		67,205
	CCO Holdings LLC
		5.13%, 05/01/27 (a)	211,000		196,406
		5.88%, 05/01/27 (a)	125,000		121,645
	Charter Communications Operating LLC
		4.91%, 07/23/25	278,000		276,281
		5.38%, 04/01/38	123,000		113,536
	Comcast Corp.
		3.38%, 08/15/25	68,000		66,341
		4.15%, 10/15/28	203,000		206,258
		4.60%, 10/15/38	143,000		144,554
		3.40%, 07/15/46	75,000		62,143
			Shares/Par1		Value ($)
		4.95%, 10/15/58	85,000		86,895
	DISH DBS Corp.
		5.00%, 03/15/23	237,000		195,199
		7.75%, 07/01/26	83,000		68,665
	Frontier Communications Corp.
		11.00%, 09/15/25	48,000		29,911
	Hughes Satellite Systems Corp.
		6.50%, 06/15/19	75,000		75,750
	iHeartCommunications Inc.
		0.00%, 03/01/21 (d) (e)	229,000		153,247
	Intelsat Jackson Holdings SA
		8.50%, 10/15/24 (a)	116,000		111,940
	Live Nation Entertainment Inc.
		5.38%, 06/15/22 (a)	42,000		41,685
		4.88%, 11/01/24 (a)	87,000		82,757
		5.63%, 03/15/26 (a)	40,000		39,100
	NBCUniversal Enterprise Inc.
		5.25%, (callable at 100 beginning 03/19/21) (a) (f)	318,000		322,108
	Netflix Inc.
		4.38%, 11/15/26 (c)	94,000		85,847
		5.88%, 11/15/28 (a)	70,000		68,128
		4.63%, 05/15/29, EUR (a)	150,000		168,403
	Numericable - SFR SA
		7.38%, 05/01/26 (a)	68,000		62,370
	Radiate Holdco LLC
		6.63%, 02/15/25 (a)	45,000		38,800
	Sinclair Television Group Inc.
		5.88%, 03/15/26 (a)	94,000		87,798
	Sirius XM Radio Inc.
		6.00%, 07/15/24 (a)	153,000		154,006
	Sprint Corp.
		7.13%, 06/15/24	44,000		43,535
	Sprint Nextel Corp.
		7.00%, 03/01/20 (a)	292,000		299,672
	Sprint Spectrum Co. LLC
		3.36%, 09/20/21 (a)	46,063		45,430
	Telesat Canada
		8.88%, 11/15/24 (a)	107,000		111,331
	T-Mobile USA Inc.
		6.00%, 04/15/24	54,000		54,039
	Vodafone Group Plc
		5.00%, 05/30/38	36,000		33,670
	Wind Tre SpA
		2.63%, 01/20/23, EUR (a)	209,000		216,026
	Zayo Group LLC
		5.75%, 01/15/27 (a)	67,000		59,627
				4,485,107
Consumer Discretionary 6.9%
	1011778 B.C. Unltd. Liability Co.
		5.00%, 10/15/25 (a)	113,000		103,964
	24 Hour Holdings III LLC
		8.00%, 06/01/22 (a) (c)	93,000		88,154
	American Axle & Manufacturing Inc.
		6.50%, 04/01/27 (c)	200,000		179,665
	Beazer Homes USA Inc.
		5.88%, 10/15/27	53,000		41,870
	Boyd Gaming Corp.
		6.88%, 05/15/23	86,000		86,847
	Delphi Jersey Holdings Plc
		5.00%, 10/01/25 (a)	66,000		55,442
	Delta Merger Sub Inc.
		6.00%, 09/15/26 (a)	42,000		39,689
	Fiat Chrysler Automobiles NV
		5.25%, 04/15/23	84,000		82,302
	Ford Motor Co.
		5.29%, 12/08/46	53,000		43,548
	GLP Capital LP
		5.38%, 04/15/26	51,000		50,470
	Golden Nugget Inc.
		6.75%, 10/15/24 (a)	205,000		193,177
	Home Depot Inc.
		2.13%, 09/15/26	146,000		131,638
		3.90%, 12/06/28	52,000		53,295
		4.50%, 12/06/48	30,000		31,023

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

46

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	KB Home
		4.75%, 05/15/19	106,000		105,777
		7.50%, 09/15/22	104,000		107,186
	KFC Holding Co.
		4.75%, 06/01/27 (a)	124,000		115,441
	Mattamy Group Corp.
		6.50%, 10/01/25 (a)	15,000		13,634
	MGM Resorts International
		6.75%, 10/01/20	417,000		429,603
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (a)	161,000		149,816
	Nemak SAB de CV
		4.75%, 01/23/25 (a)	191,000		178,288
	New Cotai LLC
		10.63%, 05/01/19 (a) (g)	122,781		69,461
	Sands China Ltd.
		5.40%, 08/08/28 (a) (h)	311,000		300,239
	Schaeffler Holding Finance BV
		3.50%, 05/15/22, EUR (a)	222,000		255,119
	Scientific Games International Inc.
		5.00%, 10/15/25 (a)	258,000		231,188
	Target Corp.
		3.90%, 11/15/47	54,000		49,726
	Tenneco Inc.
		5.38%, 12/15/24	45,000		38,910
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	130,000		120,607
				3,346,079
Consumer Staples 3.9%
	Anheuser-Busch InBev Worldwide Inc.
		3.65%, 02/01/26 (a)	150,000		141,516
		4.90%, 02/01/46 (a)	153,000		141,630
	BAT Capital Corp.
		3.56%, 08/15/27	79,000		70,149
		4.39%, 08/15/37	165,000		135,298
		4.54%, 08/15/47	83,000		66,276
	Conagra Brands Inc.
		5.40%, 11/01/48	65,000		59,990
	Cott Holdings Inc.
		5.50%, 04/01/25 (a)	99,000		93,590
	General Mills Inc.
		4.20%, 04/17/28	21,000		20,523
	High Ridge Brands Co.
		8.88%, 03/15/25 (i) (j)	46,000		20,162
	JBS Investments GmbH
		7.25%, 04/03/24 (a)	143,000		145,074
	JBS Investments II GmbH
		7.00%, 01/15/26 (a)	200,000		197,030
	JBS USA Lux SA
		6.75%, 02/15/28 (a)	101,000		98,661
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (a)	125,000		99,553
	Pilgrim's Pride Corp.
		5.88%, 09/30/27 (a)	75,000		68,378
	Post Holdings Inc.
		5.63%, 01/15/28 (a)	177,000		162,966
	Reynolds American Inc.
		4.45%, 06/12/25	81,000		78,240
		5.70%, 08/15/35	53,000		52,222
	Sigma Holdco BV
		7.88%, 05/15/26 (a)	250,000		216,340
	Tyson Foods Inc.
		5.10%, 09/28/48	58,000		55,642
				1,923,240
Energy 9.2%
	Alta Mesa Holdings LP
		7.88%, 12/15/24 (c)	206,000		130,675
	Andeavor Logistics LP
		3.50%, 12/01/22	45,000		43,560
		4.25%, 12/01/27	40,000		37,732
		5.20%, 12/01/47	44,000		39,632
	Antero Resources Corp.
		5.13%, 12/01/22	33,000		31,018
			Shares/Par1		Value ($)
	Callon Petroleum Co.
		6.38%, 07/01/26	125,000		116,392
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25	82,000		81,717
		5.13%, 06/30/27	199,000		187,606
	CITGO Holding Inc.
		10.75%, 02/15/20 (a)	94,000		95,841
	Columbia Pipeline Group Inc.
		5.80%, 06/01/45	42,000		44,254
	Continental Resources Inc.
		4.50%, 04/15/23	123,000		121,141
		4.38%, 01/15/28	108,000		102,041
	Denbury Resources Inc.
		9.25%, 03/31/22 (a)	112,000		103,528
		7.50%, 02/15/24 (a)	80,000		64,398
	Diamondback Energy Inc.
		4.75%, 11/01/24 (a)	187,000		180,510
		5.38%, 05/31/25	100,000		97,568
	Endeavor Energy Resources LP
		5.50%, 01/30/26 (a)	19,000		19,286
		5.75%, 01/30/28 (a)	19,000		19,381
	Energy Transfer LP
		4.25%, 03/15/23	169,000		162,924
		5.50%, 06/01/27	71,000		69,356
		5.80%, 06/15/38	80,000		77,385
		6.13%, 12/15/45	27,000		26,152
	Enterprise Products Operating LLC
		4.15%, 10/16/28	95,000		94,725
		4.80%, 02/01/49	84,000		81,418
	EP Energy LLC
		8.00%, 11/29/24 (a) (c)	83,000		60,500
		8.00%, 02/15/25 (a)	234,000		96,622
	Extraction Oil & Gas Inc.
		7.38%, 05/15/24 (a)	76,000		63,269
	Kinder Morgan Energy Partners LP
		5.00%, 08/15/42	50,000		46,120
	Marathon Petroleum Corp.
		3.80%, 04/01/28 (a)	30,000		28,247
		4.50%, 04/01/48 (a)	35,000		29,386
	MPLX LP
		4.00%, 03/15/28	142,000		133,503
		5.50%, 02/15/49	63,000		61,070
	Nabors Industries Inc.
		5.50%, 01/15/23 (c)	26,000		20,598
		5.75%, 02/01/25	125,000		94,336
	NGPL PipeCo LLC
		4.88%, 08/15/27 (a)	23,000		21,874
	Oasis Petroleum Inc.
		6.25%, 05/01/26 (a) (c)	96,000		80,822
	ONEOK Inc.
		7.50%, 09/01/23	81,000		90,907
	Parsley Energy LLC
		5.25%, 08/15/25 (a)	106,000		96,227
	PDC Energy Inc.
		5.75%, 05/15/26	63,000		55,837
	Petroleos Mexicanos
		6.50%, 03/13/27 - 01/23/29	242,000		227,134
	Regency Energy Partners LP
		5.88%, 03/01/22	122,000		127,175
		5.00%, 10/01/22	63,000		64,228
	Sabine Pass Liquefaction LLC
		5.75%, 05/15/24	104,000		109,026
		5.63%, 03/01/25	13,000		13,498
		5.00%, 03/15/27	84,000		84,632
		4.20%, 03/15/28	179,000		170,749
	Spectra Energy Partners LP
		3.50%, 03/15/25	66,000		62,991
	Summit Midstream Partners LP
		9.50%, (callable at 104 beginning 12/15/22) (f)	250,000		231,064
	Transocean Guardian Ltd.
		5.88%, 01/15/24 (a)	28,000		26,869
	Transocean Inc.
		9.00%, 07/15/23 (a)	125,000		124,336
		7.50%, 01/15/26 (a)	39,000		34,281

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

47

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Transocean Pontus Ltd.
		6.13%, 08/01/25 (a)	20,000		19,272
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (a)	128,800		124,503
	Trinidad Drilling Ltd.
		6.63%, 02/15/25 (a)	27,000		27,208
	Weatherford International Ltd.
		9.88%, 02/15/24 (c)	47,000		29,042
				4,483,566
Financials 21.4%
	Acrisure LLC
		7.00%, 11/15/25 (a)	128,000		108,889
	AerCap Ireland Capital Ltd.
		3.65%, 07/21/27	68,000		58,925
	Ally Financial Inc.
		5.75%, 11/20/25	142,000		141,255
	American Express Co.
		3.70%, 08/03/23	250,000		250,722
	Antero Resources Finance Corp.
		5.38%, 11/01/21	176,000		170,611
	Ardagh Packaging Finance Plc
		6.00%, 02/15/25 (a)	164,000		151,535
	Athene Global Funding
		4.00%, 01/25/22 (a)	179,000		180,837
	Athene Holding Ltd.
		4.13%, 01/12/28	111,000		100,575
	Bank of America Corp.
		6.25%, (callable at 100 beginning 09/05/24) (f)	86,000		84,710
		6.30%, (callable at 100 beginning 03/10/26) (f)	55,000		56,044
		3.55%, 03/05/24	130,000		128,351
		3.86%, 07/23/24	161,000		160,772
		4.00%, 01/22/25	193,000		188,339
		4.25%, 10/22/26	111,000		108,106
		3.25%, 10/21/27	27,000		24,951
	Barclays Plc
		8.00%, (callable at 100 beginning 12/15/20), EUR (f)	167,000		201,598
		4.97%, 05/16/29 (b) (k)	200,000		193,042
	Bayer US Finance II LLC
		4.25%, 12/15/25 (a)	77,000		75,180
		4.38%, 12/15/28 (a)	74,000		70,834
	Capital One Financial Corp.
		3.75%, 03/09/27	107,000		99,610
		3.80%, 01/31/28	147,000		135,677
	Citigroup Inc.
		5.90%, (callable at 100 beginning 02/15/23) (f)	290,000		269,761
		4.45%, 09/29/27	375,000		361,538
		3.89%, 01/10/28 (b)	125,000		120,253
	Credit Suisse AG
		6.50%, 08/08/23 (a)	310,000		323,644
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 12/11/23) (a) (f)	204,000		208,080
		3.87%, 01/12/29 (a)	17,000		15,822
	Dell EMC
		5.88%, 06/15/21 (a)	49,000		49,046
		7.13%, 06/15/24 (a)	38,000		38,671
		8.35%, 07/15/46 (a)	189,000		204,732
	Eagle Holding Co. II LLC
		8.38%, 05/15/22 (a) (g)	40,000		38,379
	Five Corners Funding Trust
		4.42%, 11/15/23 (a)	125,000		128,647
	General Electric Capital Corp.
		6.75%, 03/15/32	83,000		86,732
	Glencore Funding LLC
		3.00%, 10/27/22 (a)	61,000		58,529
	GLP Capital LP
		5.30%, 01/15/29	125,000		122,715
	Goldman Sachs Group Inc.
		3.00%, 04/26/22	43,000		41,727
		2.91%, 07/24/23	42,000		40,008
		4.00%, 03/03/24	58,000		57,138
		4.25%, 10/21/25	182,000		174,354
		4.22%, 05/01/29	145,000		140,007
		6.75%, 10/01/37	94,000		106,569
			Shares/Par1		Value ($)
	HSBC Holdings Plc
		6.88%, (callable at 100 beginning 06/01/21) (f) (k)	229,000		235,185
		4.29%, 09/12/26	200,000		197,460
		4.38%, 11/23/26	56,000		54,206
	Icahn Enterprises LP
		6.25%, 02/01/22	90,000		89,766
		6.38%, 12/15/25	151,000		146,184
	Intesa Sanpaolo SpA
		3.88%, 01/12/28 (a)	100,000		84,964
	James Hardie International Finance DAC
		5.00%, 01/15/28 (a)	80,000		69,043
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (f)	146,000		144,631
		4.02%, 12/05/24	202,000		203,510
		2.95%, 10/01/26	184,000		169,662
		3.78%, 02/01/28 (b)	30,000		29,074
		4.01%, 04/23/29	62,000		60,913
		4.20%, 07/23/29	27,000		26,931
		4.45%, 12/05/29	82,000		83,309
	JPMorgan Chase Bank NA
		2.97%, (3M USD LIBOR + 0.23%), 09/01/20 (b)	500,000		499,782
		3.51%, 01/23/29	72,000		68,183
	Lincoln National Corp.
		3.80%, 03/01/28	21,000		20,304
		4.35%, 03/01/48	35,000		32,348
	Lloyds Banking Group Plc
		7.50%, (callable at 100 beginning 09/27/25) (f)	200,000		192,520
	Macquarie Group Ltd.
		5.03%, 01/15/30 (a)	125,000		123,663
	Morgan Stanley
		3.65%, (3M USD LIBOR + 1.18%), 01/20/22 (b)	100,000		99,672
		3.40%, (3M USD LIBOR + 0.93%), 07/22/22 (b)	125,000		123,245
		4.88%, 11/01/22	167,000		172,367
		4.10%, 05/22/23	138,000		138,488
		3.88%, 04/29/24	73,000		72,657
		4.35%, 09/08/26	84,000		81,691
		3.63%, 01/20/27	60,000		57,056
	National Rural Utilities Cooperative Finance Corp.
		4.75%, 04/30/43 (b)	131,000		122,976
	Navient Corp.
		6.75%, 06/15/26	96,000		79,688
	New York Life Global Funding
		2.56%, (3M USD LIBOR + 0.16%), 10/01/20 (a) (b)	300,000		300,069
	Resideo Funding Inc.
		6.13%, 11/01/26 (a)	44,000		43,451
	Santander UK Group Holdings Plc
		4.80%, 11/15/24	242,000		240,025
	Thames Water Kemble Finance Plc
		7.75%, 04/01/19, GBP	83,000		106,820
	Virgin Media Secured Finance Plc
		5.13%, 01/15/25, GBP (a)	209,000		263,840
		5.00%, 04/15/27, GBP (a)	115,000		138,326
	Volkswagen Group of America Finance LLC
		4.63%, 11/13/25 (a)	250,000		247,843
	Wells Fargo & Co.
		5.88%, (callable at 100 beginning 06/15/25) (f)	88,000		86,900
		4.48%, 01/16/24	54,000		54,551
	Ziggo Bond Finance BV
		6.00%, 01/15/27 (a)	229,000		198,559
				10,436,777
Health Care 6.8%
	Abbott Laboratories
		4.75%, 11/30/36	90,000		93,859
	AbbVie Inc.
		2.90%, 11/06/22	77,000		75,088
	Actavis Funding SCS
		4.55%, 03/15/35	82,000		78,044
	Catalent Pharma Solutions Inc.
		4.88%, 01/15/26 (a)	21,000		19,753
	Celgene Corp.
		4.35%, 11/15/47	63,000		52,727
	Centene Corp.
		4.75%, 05/15/22	77,000		76,426
		4.75%, 01/15/25	101,000		96,567

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

48

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Centene Escrow I Corp.
		5.38%, 06/01/26 (a)	156,000		152,357
	Community Health Systems Inc.
		8.63%, 01/15/24 (a)	141,000		139,787
	CVS Health Corp.
		4.30%, 03/25/28	125,000		122,371
		4.78%, 03/25/38	118,000		113,678
		5.05%, 03/25/48	179,000		174,833
	Express Scripts Holding Co.
		3.40%, 03/01/27	117,000		108,568
	Gilead Sciences Inc.
		4.80%, 04/01/44	46,000		45,850
		4.50%, 02/01/45	63,000		60,404
	Halfmoon Parent Inc.
		4.38%, 10/15/28 (a)	100,000		100,658
		4.90%, 12/15/48 (a)	148,000		144,875
	HCA Holdings Inc.
		6.25%, 02/15/21	417,000		426,554
	HCA Inc.
		5.38%, 09/01/26	80,000		77,817
	inVentiv Group Holdings Inc.
		7.50%, 10/01/24 (a)	33,000		34,380
	Lifepoint Health Inc.
		9.75%, 12/01/26 (a)	200,000		190,497
	Mylan Inc.
		5.20%, 04/15/48 (a)	27,000		22,030
	Prestige Brands Inc.
		6.38%, 03/01/24 (a)	13,000		12,563
	Tenet Healthcare Corp.
		4.50%, 04/01/21	176,000		172,280
		4.38%, 10/01/21	25,000		24,206
		8.13%, 04/01/22	37,000		37,051
		6.75%, 06/15/23	53,000		49,755
	UnitedHealth Group Inc.
		3.75%, 07/15/25	45,000		45,400
		3.45%, 01/15/27	40,000		39,469
		3.88%, 12/15/28	61,000		61,713
	Valeant Pharmaceuticals International Inc.
		6.50%, 03/15/22 (a)	16,000		16,089
		5.88%, 05/15/23 (a)	17,000		15,682
		7.00%, 03/15/24 (a)	49,000		49,633
		6.13%, 04/15/25 (a)	104,000		90,394
		5.50%, 03/01/23 - 11/01/25 (a)	126,000		117,278
		8.50%, 01/31/27 (a)	19,000		18,409
	WellCare Health Plans Inc.
		5.25%, 04/01/25	148,000		142,490
		5.38%, 08/15/26 (a)	47,000		45,459
				3,344,994
Industrials 5.2%
	AECOM
		5.13%, 03/15/27	400,000		342,404
	Aircastle Ltd.
		4.40%, 09/25/23	41,000		40,181
		4.13%, 05/01/24	72,000		67,501
	Allison Transmission Inc.
		5.00%, 10/01/24 (a)	76,000		73,049
	Ashtead Capital Inc.
		5.25%, 08/01/26 (a)	133,000		128,428
	Aviation Capital Group LLC
		4.38%, 01/30/24 (a)	104,000		103,401
	Avolon Holdings Funding Ltd.
		5.13%, 10/01/23 (a)	250,000		240,111
	Bombardier Inc.
		8.75%, 12/01/21 (a)	63,000		64,890
		6.13%, 01/15/23 (a)	82,000		76,833
		7.50%, 03/15/25 (a)	68,000		64,090
	BWX Technologies Inc.
		5.38%, 07/15/26 (a)	165,000		159,786
	CNH Industrial NV
		4.50%, 08/15/23	94,000		94,633
	Equifax Inc.
		3.60%, 08/15/21	165,000		164,719
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (f) (i)	520,000		400,400
			Shares/Par1		Value ($)
	General Motors Co.
		5.95%, 04/01/49	60,000		54,613
	International Lease Finance Corp.
		4.63%, 04/15/21	86,000		86,620
	Johnson Controls International Plc
		5.13%, 09/14/45	41,000		40,757
	Mexico City Airport Trust
		5.50%, 07/31/47 (i) (j)	40,000		35,261
	Standard Industries Inc.
		4.75%, 01/15/28 (a)	168,000		140,202
	Tempo Acquisition LLC
		6.75%, 06/01/25 (a)	70,000		65,932
	Union Pacific Corp.
		4.38%, 09/10/38	50,000		49,267
	United Rentals North America Inc.
		6.50%, 12/15/26	39,000		38,415
				2,531,493
Information Technology 1.4%
	Broadcom Corp.
		3.88%, 01/15/27	54,000		48,466
	Microsoft Corp.
		3.45%, 08/08/36	156,000		147,698
		3.95%, 08/08/56	90,000		88,102
	NXP BV
		4.13%, 06/01/21 (a)	167,000		165,320
		5.35%, 03/01/26 (a)	67,000		67,730
	Oracle Corp.
		4.00%, 11/15/47	82,000		76,340
	Radiate Holdco LLC
		6.88%, 02/15/23 (a)	83,000		75,587
				669,243
Materials 5.8%
	Anglo American Capital Plc
		4.88%, 05/14/25 (a)	121,000		118,905
		4.75%, 04/10/27 (a)	159,000		151,749
		4.50%, 03/15/28 (a)	408,000		380,409
	Berry Global Inc.
		4.50%, 02/15/26 (a)	159,000		146,173
	BWAY Holding Co.
		7.25%, 04/15/25 (a)	167,000		150,319
	CF Industries Inc.
		3.40%, 12/01/21 (a)	156,000		152,327
		4.50%, 12/01/26 (a)	77,000		75,453
	Corning Inc.
		5.85%, 11/15/68	148,000		149,806
	Crown Americas LLC
		4.50%, 01/15/23	81,000		79,005
	Flex Acquisition Co. Inc.
		6.88%, 01/15/25 (a)	55,000		49,026
	FMG Resources August 2006 Pty Ltd.
		4.75%, 05/15/22 (a)	88,000		83,601
		5.13%, 03/15/23 (a)	72,000		68,149
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	187,000		173,424
		5.40%, 11/14/34	278,000		220,374
	FXI Holdings Inc.
		7.88%, 11/01/24 (a)	156,000		134,163
	Hexion Inc.
		10.38%, 02/01/22 (a)	43,000		33,986
	Olin Corp.
		5.00%, 02/01/30	64,000		55,965
	PSPC Escrow Corp.
		6.00%, 02/01/23, EUR (a)	136,000		159,323
	Rain CII Carbon LLC
		7.25%, 04/01/25 (a)	115,000		105,485
	Samarco Mineracao SA
		0.00%, 11/01/22 (d) (e) (i) (j)	110,000		83,213
	Syngenta Finance NV
		5.68%, 04/24/48 (a)	200,000		164,120
	Trinseo Materials Operating SCA
		5.38%, 09/01/25 (a)	89,000		77,898
				2,812,873

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

49

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
Real Estate 0.8%
	Boston Properties LP
		4.50%, 12/01/28	173,000		176,991
	Crown Castle International Corp.
		2.25%, 09/01/21	57,000		55,247
	Equinix Inc.
		2.88%, 10/01/25, EUR	150,000		164,542
				396,780
Utilities 4.4%
	AES Corp.
		4.00%, 03/15/21	91,000		89,472
		5.50%, 04/15/25	254,000		252,805
	Ameren Illinois Co.
		4.50%, 03/15/49	104,000		109,675
	Calpine Corp.
		5.25%, 06/01/26 (a)	100,000		91,250
	Commonwealth Edison Co.
		3.75%, 08/15/47	42,000		38,937
	Electricite de France SA
		4.50%, 09/21/28 (a)	200,000		193,770
	Enel SpA
		8.75%, 09/24/73 (a) (b)	165,000		173,250
	Exelon Corp.
		5.10%, 06/15/45	67,000		69,360
	FirstEnergy Corp.
		3.90%, 07/15/27	151,000		146,300
		4.85%, 07/15/47 (h)	53,000		53,049
	Indiana Michigan Power Co.
		4.25%, 08/15/48	69,000		68,143
	MidAmerican Energy Holdings Co.
		6.13%, 04/01/36	41,000		48,921
	NextEra Energy Partners LP
		4.25%, 09/15/24 (a)	69,000		63,483
	Oncor Electric Delivery Co. LLC
		2.95%, 04/01/25	146,000		142,554
	Pacific Gas & Electric Co.
		4.30%, 03/15/45	92,000		72,766
	Southern California Edison Co.
		4.13%, 03/01/48	46,000		43,881
	Southern Co.
		2.95%, 07/01/23	211,000		203,900
	Southern Water Greensands Financing Plc
		8.50%, 04/15/19, GBP	175,000		226,244
	Wisconsin Energy Corp.
		3.55%, 06/15/25	42,000		41,589
				2,129,349
	Total Corporate Bonds And Notes (cost $38,086,145)			36,559,501
SENIOR LOAN INTERESTS 7.1%
Communication Services 1.0%
	CenturyLink Inc.
		Term Loan B, 5.27%, (3M LIBOR + 2.75%), 01/15/25 (b)	222,750		207,380
	Frontier Communications Corp.
		Term Loan B-1, 6.10%, (3M LIBOR + 3.75%), 05/31/24 (b)	122,259		113,166
	Sprint Communications Inc.
		1st Lien Term Loan B, 4.88%, (3M LIBOR + 2.50%), 02/01/24 (b)	160,368		152,216
				472,762
Consumer Discretionary 1.5%
	Caesars Entertainment Operating Co.
		Term Loan, 4.34%, (3M LIBOR + 2.00%), 04/03/24 (b)	145,530		137,890
	Charter Communications Operating LLC
		Term Loan B, 4.35%, (3M LIBOR + 2.00%), 04/30/25 (b)	49,500		47,341
	CSC Holdings LLC
		1st Lien Term Loan, 4.71%, (3M LIBOR + 2.25%), 07/15/25 (b)	68,593		64,923
	Golden Nugget Inc.
		Incremental Term Loan B, 5.09%, (3M LIBOR + 2.75%), 09/07/23 (b)	—		—
		Incremental Term Loan B, 5.19%, (3M LIBOR + 2.75%), 09/07/23 (b)	41,036		39,395
			Shares/Par1		Value ($)
		Incremental Term Loan B, 5.28%, (3M LIBOR + 2.75%), 10/04/23 (b)	51,314		49,261
	Marriott Ownership Resorts Inc.
		Term Loan B, 4.59%, (3M LIBOR + 2.25%), 08/09/25 (b)	268,000		261,300
	Stars Group Holdings BV
		Incremental Term Loan, 6.30%, (3M LIBOR + 3.50%), 06/29/25 (b)	44,775		43,171
	UFC Holdings LLC
		1st Lien Term Loan, 5.78%, (3M LIBOR + 3.25%), 07/22/23 (b)	96,513		93,810
				737,091
Consumer Staples 0.5%
	JBS USA LLC
		Term Loan B, 4.89%, (3M LIBOR + 2.50%), 10/30/22 (b)	36,854		35,380
		Term Loan B, 5.30%, (3M LIBOR + 2.50%), 06/30/24 (b)	214,979		206,380
				241,760
Energy 1.4%
	California Resources Corp.
		1st Lien Term Loan, 7.26%, (3M LIBOR + 4.75%), 11/08/22 (b)	101,000		97,634
	Encino Acquisition Partners Holdings LLC
		2nd Lien Term Loan, 9.09%, (3M LIBOR + 6.75%), 09/26/25 (b) (l)	140,000		131,600
	Equitrans Midstream Corp.
		Term Loan B, 0.00%, (3M LIBOR + 4.50%), 12/13/23 (b) (m)	75,000		73,187
	Foresight Energy LLC
		1st Lien Term Loan, 8.28%, (1M LIBOR + 5.75%), 03/16/22 (b)	114,096		111,481
	TEX Operations Co. LLC
		Term Loan B, 4.34%, (3M LIBOR + 2.00%), 08/04/23 (b)	121,364		116,745
	Traverse Midstream Partners LLC
		Term Loan, 6.60%, (3M LIBOR + 4.00%), 09/22/24 (b)	101,000		96,708
	Ultra Resources Inc.
		1st Lien Term Loan, 6.47%, (3M LIBOR + 4.00%), 04/14/24 (b)	75,000		66,656
				694,011
Health Care 1.5%
	Alphabet Holding Co. Inc.
		1st Lien Term Loan, 5.84%, (3M LIBOR + 3.50%), 08/15/24 (b)	78,233		70,018
		2nd Lien Term Loan , 10.09%, (3M LIBOR + 7.75%), 08/09/25 (b)	55,000		45,100
	Change Healthcare Holdings Inc.
		Term Loan B, 5.09%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (b)	157,104		148,658
	Envision Healthcare Corp.
		1st Lien Term Loan, 6.09%, (3M LIBOR + 3.75%), 09/27/25 (b)	298,000		277,033
	RegionalCare Hospital Partners Holdings Inc.
		Term Loan B, 0.00%, (3M LIBOR + 4.50%), 11/09/25 (b) (m)	200,000		189,250
				730,059
Industrials 0.4%
	Gol LuxCo SA
		1st Lien Term Loan, 6.50%, 08/18/20	165,000		168,713
Information Technology 0.1%
	Refinitiv US Holdings Inc.
		Term Loan, 6.27%, (3M LIBOR + 3.75%), 09/12/25 (b)	66,000		62,700
Materials 0.6%
	BWAY Holding Co.
		Term Loan B, 5.66%, (3M LIBOR + 3.25%), 04/03/24 (b)	73,256		68,739
	Klockner-Pentaplast of America Inc.
		Term Loan B-2, 6.77%, (3M LIBOR + 4.25%), 06/30/22 (b)	124,058		100,487

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

50

PPMFunds

Schedules of Investments

December 31, 2018

			Shares/Par1		Value ($)
	Messer Industries GmbH
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 09/19/25 (b) (m)	121,000		114,547
				283,773
Utilities 0.1%
	Calpine Corp.
		Term Loan B-8, 4.10%, (3M LIBOR + 1.75%), 12/26/19 (b)	48,143		47,625
	Total Senior Loan Interests (cost $3,592,956)			3,438,494
GOVERNMENT AND AGENCY OBLIGATIONS 6.0%
Mortgage-Backed Securities 4.1%
	Federal Home Loan Mortgage Corp.
		4.00%, 11/01/40	263,858		271,434
		3.00%, 08/01/46	31,165		30,435
		3.00%, 11/01/46	23,616		23,062
		3.50%, 11/01/47	20,605		20,602
	Federal National Mortgage Association
		3.00%, 08/01/30 - 04/01/31	88,960		89,127
		TBA, 3.00%, 01/15/33 (n)	21,000		20,962
		4.50%, 12/01/43 - 07/01/48	250,532		260,393
		4.00%, 10/01/44 - 08/01/48	73,062		74,631
		3.50%, 11/01/45 - 01/01/48	391,172		391,942
		3.00%, 05/01/43 - 04/01/46	266,383		261,306
	Government National Mortgage Association
		3.50%, 04/20/46	11,849		11,956
		3.50%, 08/20/46 - 09/20/46	368,841		372,060
		4.00%, 07/20/47	166,231		170,446
				1,998,356
Municipal 0.3%
	Port Authority of New York & New Jersey
		4.46%, 10/01/62	130,000		132,263
Sovereign 0.4%
	Mexico Government International Bond
		3.75%, 01/11/28	225,000		211,227
U.S. Treasury Securities 1.2%
	U.S. Treasury Bond
		2.50%, 02/15/46	447,000		404,605
	U.S. Treasury Note
		2.88%, 07/31/25	79,000		80,383
		2.25%, 11/15/25	77,000		75,316
				560,304
	Total Government And Agency Obligations (cost $2,898,939)			2,902,150
OTHER EQUITY INTERESTS 0.0%
	Quicksilver Resources Inc. Escrow (d) (l) (o)		2,309,000		—
	Quicksilver Resources Inc. Escrow (d) (l) (o)		291,000		—
	T-Mobile USA Inc. Escrow (d) (l) (o)		54,000		—
	T-Mobile USA Inc. Escrow (d) (l) (o)		77,000		—
	Total Other Equity Interests (cost $0)			—
COMMON STOCKS 0.2%
Energy 0.2%
	Chaparral Energy Inc. (a) (d)		117		576
	Chaparral Energy Inc. - Class A (d)		12,574		61,864
	Denbury Resources Inc. (d)		26,197		44,797
	Total Common Stocks (cost $365,278)			107,237
INVESTMENT COMPANIES 1.0%
	SPDR Barclays High Yield Bond ETF (c)		14,900		500,491
	Total Investment Companies (cost $525,631)			500,491
			Shares/Par1		Value ($)
SHORT TERM INVESTMENTS 6.2%
Investment Companies 4.5%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.29% (p)		2,192,835		2,192,835
Securities Lending Collateral 1.7%
	State Street Navigator Securities Lending Government Money Market Portfolio, 2.35% (p)		831,060		831,060
	Total Short Term Investments (cost $3,023,895)			3,023,895
Total Investments 102.3% (cost $51,811,577)					49,848,991
Total Securities Sold Short(1.0)% (proceeds $502,488)					(496,037)
Other Derivative Instruments (0.0)%					(19,122)
Other Assets and Liabilities, Net (1.3)%					(620,897)
Total Net Assets 100.0%					48,712,935

(a)The Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the PPM Funds' Board of Trustees. Determinations of liquidity are unaudited. As of December 31, 2018, the value and the percentage of net assets of these liquid securities were $18,237,697 and 37.4%, respectively.

(b)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2018. 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 reflects the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(c)All or a portion of the security was on loan as December 31, 2018.

(d)Non-income producing security.

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

(g)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.

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

(i)The Adviser has deemed this security to be illiquid based on procedures approved by the PPM Funds' Board of Trustees. Determinations of liquidity are unaudited.

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

(k)Convertible security.

(l)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the PPM Funds' 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 Notes to Financial Statements.

(m)This senior loan will settle after December 31, 2018. The reference rate and spread presented will go into effect upon settlement.

(n)All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2018, the total payable for investments purchased on a delayed delivery basis was $20,642.

(o)Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(p)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2018.

			Shares/Par1		Value ($)
SECURITIES SOLD SHORT (1.0%)
CORPORATE BONDS AND NOTES (1.0%)
Industrials (1.0%)
	AECOM
		5.88%, 10/15/24	(500,000)		(496,037)
	Total Corporate Bonds And Notes (proceeds $502,488)			(496,037)
	Total Securities Sold Short (1.0%) (proceeds $502,488)				(496,037)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

51

PPMFunds

Schedules of Investments

December 31, 2018

Summary of Investments by Country^	Total Long Term Investments
Australia	0.6	%
Belgium	0.6
Brazil	0.7
Canada	1.2
Cayman Islands	0.1
France	0.8
Germany	1.4
Hong Kong	0.1
Ireland	1.0
Italy	1.0
Luxembourg	0.2
Macau	0.6
Mexico	1.4
Netherlands	1.7
Switzerland	2.0
United Kingdom	6.9
United States of America	79.7
	100.0	%
^A country table is presented as a percentage of the Fund’s total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund’s Adviser.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	High Ridge Brands Co., 8.88%, 03/15/25	03/20/17	21,266	20,162	—
	Mexico City Airport Trust, 5.50%, 07/31/47	09/14/17	35,468	35,261	0.1
	Samarco Mineracao SA, 0.00%, 11/01/22	12/05/12	80,155	83,213	0.2
			136,889	138,636	0.3

PPM Strategic Income Fund — Futures Contracts
Reference Entity	Contracts Long (Short)1	Expiration	Notional 1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
U.S. Treasury Long Bond	11	March 2019		1,535,060		5,156		70,940
U.S. Treasury Note, 10-Year	(66)	March 2019		(7,883,118)		(26,954)		(169,913)
U.S. Treasury Note, 2-Year	(4)	March 2019		(844,062)		(563)		(5,189)
U.S. Treasury Note, 5-Year	8	March 2019		912,550		967		4,949
Ultra 10-Year U.S. Treasury Note	18	March 2019		2,266,038		8,438		75,369
Ultra Long Term U.S. Treasury Bond	(11)	March 2019		(1,683,650)		(6,531)		(83,568)
						(19,487)		(107,412)

PPM Strategic Income Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - sell protection4
CDX.NA.HY.31 (Q)	5.00	12/20/23		(500,000)		9,967		365		(16,934)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

52

PPMFunds

Schedules of Investments

December 31, 2018

		Shares/Par1		Value ($)
PPM Large Cap Value Fund
COMMON STOCKS 99.2%
Communication Services 6.4%
	AT&T Inc.	5,100		145,554
	Comcast Corp. - Class A	2,600		88,530
	Viacom Inc. - Class B	5,100		131,070
			365,154
Consumer Discretionary 9.3%
	Best Buy Co. Inc.	850		45,016
	Foot Locker Inc.	1,300		69,160
	General Motors Co.	4,300		143,835
	Macy's Inc.	2,500		74,450
	Newell Brands Inc.	4,300		79,937
	Royal Caribbean Cruises Ltd.	1,200		117,348
			529,746
Consumer Staples 4.8%
	Altria Group Inc.	2,200		108,658
	Archer-Daniels-Midland Co.	2,600		106,522
	Campbell Soup Co. (a)	1,800		59,382
			274,562
Energy 10.0%
	Apache Corp.	4,100		107,625
	Chevron Corp.	1,400		152,306
	Halliburton Co.	4,500		119,610
	National Oilwell Varco Inc.	2,600		66,820
	Occidental Petroleum Corp.	1,300		79,794
	Patterson-UTI Energy Inc.	4,400		45,540
			571,695
Financials 24.7%
	Allstate Corp.	1,800		148,734
	Bank of America Corp.	5,000		123,200
	Bank OZK	4,200		95,886
	Citigroup Inc.	2,150		111,929
	Goldman Sachs Group Inc.	700		116,935
	Hartford Financial Services Group Inc.	3,500		155,575
	Huntington Bancshares Inc.	6,700		79,864
	JPMorgan Chase & Co.	1,300		126,906
	Lincoln National Corp.	2,600		133,406
	Morgan Stanley	3,150		124,897
	PNC Financial Services Group Inc.	650		75,992
	Wells Fargo & Co.	2,400		110,592
			1,403,916
Health Care 15.9%
	AbbVie Inc.	1,900		175,161

		Shares/Par1		Value ($)
	Cigna Corp.	500		94,960
	CVS Health Corp.	1,700		111,384
	Gilead Sciences Inc.	2,200		137,610
	McKesson Corp.	1,100		121,517
	Merck & Co. Inc.	1,400		106,974
	Pfizer Inc.	3,600		157,140
			904,746
Industrials 9.4%
	Caterpillar Inc.	1,300		165,191
	Delta Air Lines Inc.	2,400		119,760
	Spirit Aerosystems Holdings Inc. - Class A	1,600		115,344
	Terex Corp.	2,000		55,140
	Textron Inc.	1,700		78,183
			533,618
Information Technology 12.2%
	Alliance Data Systems Corp.	475		71,288
	Apple Inc.	375		59,153
	Avnet Inc.	2,800		101,080
	Cisco Systems Inc.	2,500		108,325
	Intel Corp.	1,500		70,395
	International Business Machines Corp.	750		85,252
	Leidos Holdings Inc.	1,500		79,080
	Microsoft Corp.	1,200		121,884
			696,457
Materials 3.2%
	Berry Global Group Inc. (b)	1,850		87,930
	Nucor Corp.	1,800		93,258
			181,188
Utilities 3.3%
	AES Corp.	4,200		60,732
	Edison International	1,100		62,447
	Vistra Energy Corp. (b)	2,800		64,092
			187,271
	Total Common Stocks (cost $6,598,717)		5,648,353
SHORT TERM INVESTMENTS 0.7%
Investment Companies 0.7%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.29% (c)	38,481		38,481
	Total Short Term Investments (cost $38,481)		38,481
Total Investments 99.9% (cost $6,637,198)				5,686,834
Other Assets and Liabilities, Net 0.1%				5,895
Total Net Assets 100.0%				5,692,729

(a)All or a portion of the security was on loan as of December 31, 2018.

(b)Non-income producing security.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2018.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

53

PPMFunds

Schedules of Investments

December 31, 2018

		Shares/Par1		Value ($)
PPM Mid Cap Value Fund
COMMON STOCKS 99.4%
Communication Services 2.5%
	Meredith Corp. (a)	1,400		72,716
	Viacom Inc. - Class B	1,700		43,690
			116,406
Consumer Discretionary 17.0%
	American Axle & Manufacturing Holdings Inc. (b)	10,600		117,660
	Best Buy Co. Inc.	975		51,636
	Foot Locker Inc.	1,500		79,800
	Helen of Troy Ltd. (b)	800		104,944
	Macy's Inc.	2,800		83,384
	Newell Brands Inc.	4,300		79,937
	Penske Automotive Group Inc.	1,700		68,544
	Royal Caribbean Cruises Ltd.	1,200		117,348
	Tupperware Brands Corp.	2,400		75,768
			779,021
Consumer Staples 4.5%
	Campbell Soup Co. (a)	2,700		89,073
	Ingredion Inc.	1,300		118,820
			207,893
Energy 8.5%
	Apache Corp.	1,400		36,750
	Diamond Offshore Drilling Inc. (b)	4,600		43,424
	Helix Energy Solutions Group Inc. (b)	6,300		34,083
	National Oilwell Varco Inc.	1,600		41,120
	Patterson-UTI Energy Inc.	5,500		56,925
	PBF Energy Inc. - Class A	3,500		114,345
	Superior Energy Services Inc. (b)	18,500		61,975
			388,622
Financials 23.1%
	Allstate Corp.	1,100		90,893
	American Financial Group Inc.	1,300		117,689
	Bank OZK	4,300		98,169
	Hartford Financial Services Group Inc.	2,900		128,905
	Huntington Bancshares Inc.	9,100		108,472
	Janus Henderson Group Plc	5,500		113,960
	Lincoln National Corp.	2,200		112,882
	Reinsurance Group of America Inc.	900		126,207
	Sterling Bancorp	2,900		47,879
	TCF Financial Corp.	6,000		116,940
			1,061,996
Health Care 6.6%
	Cigna Corp.	500		94,960
	Magellan Health Services Inc. (b)	1,600		91,024
	McKesson Corp.	1,050		115,994
			301,978
Industrials 11.0%
	Delta Air Lines Inc.	1,800		89,820
	Kennametal Inc.	3,200		106,496
	Spirit Aerosystems Holdings Inc. - Class A	1,650		118,948
	Terex Corp.	4,000		110,280
	Textron Inc.	1,700		78,183
			503,727
Information Technology 10.0%
	Avnet Inc.	3,000		108,300
	Belden Inc.	2,400		100,248
	CACI International Inc. - Class A (b)	400		57,612
	Leidos Holdings Inc.	1,200		63,264
	Semtech Corp. (b)	1,800		82,566
	Teradyne Inc.	1,500		47,070
			459,060
Materials 8.8%
	Allegheny Technologies Inc. (b)	2,100		45,717
	Berry Global Group Inc. (b)	1,400		66,542
	Huntsman Corp.	3,900		75,231
	Nucor Corp.	900		46,629
	Reliance Steel & Aluminum Co.	1,400		99,638
	Steel Dynamics Inc.	2,300		69,092
			402,849
		Shares/Par1		Value ($)
Real Estate 1.5%
	Regency Centers Corp.	1,200		70,416
Utilities 5.9%
	AES Corp.	6,500		93,990
	Edison International	1,200		68,124
	PNM Resources Inc.	2,700		110,943
			273,057
	Total Common Stocks (cost $5,599,403)		4,565,025
SHORT TERM INVESTMENTS 0.5%
Investment Companies 0.5%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.29% (c)	20,957		20,957
	Total Short Term Investments (cost $20,957)		20,957
Total Investments 99.9% (cost $5,620,360)				4,585,982
Other Assets and Liabilities, Net 0.1%				4,429
Total Net Assets 100.0%				4,590,411

(a)All or a portion of the security was on loan as of December 31, 2018.

(b)Non-income producing security.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2018.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

54

PPMFunds

Schedules of Investments

December 31, 2018

		Shares/Par1		Value ($)
PPM Small Cap Value Fund
COMMON STOCKS 99.7%
Communication Services 2.7%
	Meredith Corp. (a)	4,200		218,148
Consumer Discretionary 14.2%
	American Axle & Manufacturing Holdings Inc. (b)	18,400		204,240
	Helen of Troy Ltd. (b)	1,600		209,888
	Penske Automotive Group Inc.	5,400		217,728
	Skechers U.S.A. Inc. - Class A (b)	9,100		208,299
	Tower International Inc.	8,000		190,400
	Tupperware Brands Corp.	4,400		138,908
			1,169,463
Consumer Staples 2.6%
	Cott Corp.	9,400		131,036
	Ingredion Inc.	900		82,260
			213,296
Energy 9.1%
	Diamond Offshore Drilling Inc. (b)	11,000		103,840
	Helix Energy Solutions Group Inc. (b)	27,500		148,775
	Patterson-UTI Energy Inc.	13,000		134,550
	PBF Energy Inc. - Class A	6,400		209,088
	Superior Energy Services Inc. (b)	46,000		154,100
			750,353
Financials 20.1%
	Axos Financial Inc. (b)	8,000		201,440
	Banc of California Inc.	15,000		199,650
	FCB Financial Holdings Inc. - Class A (b)	6,200		208,196
	Independent Bank Corp.	3,000		210,930
	Janus Henderson Group Plc	8,300		171,976
	Reinsurance Group of America Inc.	600		84,138
	Renasant Corp.	6,800		205,224
	Sterling Bancorp	9,400		155,194
	TCF Financial Corp.	10,700		208,543
			1,645,291
Health Care 6.5%
	Hill-Rom Holdings Inc.	900		79,695
	Integer Holdings Corp. (b)	2,200		167,772
	Magellan Health Services Inc. (b)	3,700		210,493
	Owens & Minor Inc.	12,600		79,758
			537,718
Industrials 18.2%
	Aerojet Rocketdyne Holdings Inc. (b)	3,600		126,828
	Apogee Enterprises Inc.	4,900		146,265

		Shares/Par1		Value ($)
	Esterline Technologies Corp. (b)	900		109,305
	GATX Corp.	2,500		177,025
	Kennametal Inc.	6,000		199,680
	SkyWest Inc.	4,500		200,115
	Steelcase Inc. - Class A	9,400		139,402
	Terex Corp.	7,500		206,775
	Triumph Group Inc.	16,000		184,000
			1,489,395
Information Technology 17.0%
	Belden Inc.	4,800		200,496
	Benchmark Electronics Inc.	6,300		133,434
	CACI International Inc. - Class A (b)	1,400		201,642
	CSG Systems International Inc.	3,800		120,726
	Electronics for Imaging Inc. (b)	3,800		94,240
	Photronics Inc. (b)	8,800		85,184
	Semtech Corp. (b)	3,600		165,132
	SYNNEX Corp.	1,800		145,512
	Teradyne Inc.	3,100		97,278
	Verint Systems Inc. (b)	3,600		152,316
			1,395,960
Materials 5.0%
	Allegheny Technologies Inc. (b)	7,200		156,744
	Olin Corp.	8,300		166,913
	Reliance Steel & Aluminum Co.	1,200		85,404
			409,061
Real Estate 2.1%
	Kite Realty Group Trust	12,300		173,307
Utilities 2.2%
	PNM Resources Inc.	4,400		180,796
	Total Common Stocks (cost $10,402,106)		8,182,788
SHORT TERM INVESTMENTS 0.7%
Investment Companies 0.7%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 2.29% (c)	56,991		56,991
	Total Short Term Investments (cost $56,990)		56,991
Total Investments 100.4% (cost $10,459,096)				8,239,779
Other Assets and Liabilities, Net (0.4)%				(36,570)
Total Net Assets 100.0%				8,203,209

(a)All or a portion of the security was on loan as of December 31, 2018.

(b)Non-income producing security.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2018.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

55

PPMFunds

Schedules of Investments

December 31, 2018

Currency Abbreviations:

EUR - European Currency Unit (Euro)

GBP - British Pound

USD - United States Dollar

Abbreviations:

CDX.NA.HY - Credit Derivatives Index - North American - High Yield

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

CLO - Collateralized Loan Obligation

DIP – Debtor-in-possession

ETF - Exchange Traded Fund

LIBOR - London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

SPDR - Standard & Poor's Depositary Receipt

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

UFJ - United Financial of Japan

U.S. or US - United States

Counterparty Abbreviations:

BOA – Bank of America NA

CGM - Citigroup Global Markets

JPM - J.P. Morgan Securities Inc.

MLP – Merrill Lynch Professional Clearing Corp.

SSB – State Street Brokerage Services, Inc.

¹Par and notional amounts are listed in USD unless otherwise noted. Options are quoted in number of contracts or notional. 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.

³If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the referenced obligation agreement and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁴If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the referenced obligation and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the reference obligation or underlying securities comprising the referenced index.

⁵Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues and sovereign issues serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the applicable agreement.

⁶The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁷The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is limited to the total notional amount which is defined under the terms of each swap agreement.

⁸If the Fund is a buyer of protection, the Fund pays the fixed rate. If the Fund is a seller of protection, the Fund receives the fixed rate.

"-” Amount rounds to less than 0.05%.

Short Term Investments in Affiliates

During the period, PPM Strategic Income Fund acquired JNL/PPM America Strategic Income Fund.  Prior to the acquisition, JNL/PPM America Strategic Income Fund invested in the JNL Government Money Market Fund, which is managed by an affiliate of JNL/PPM America Strategic Income Fund’s Adviser.  The JNL Government Money Market Fund is offered as a cash management tool and is not available for direct purchase by members of the public.  There was no realized or unrealized gain or loss relating to transactions in this investment during the period ended December 31, 2018.

JNL Government Money Market Fund	Beginning Amortized Cost/ Value($)	Purchases ($)	Sales Proceeds($)	Dividend Income($)	Ending Amortized Cost/ Value($)	Percentage of Net Assets(%)
PPM Strategic Income Fund	234,790	18,480,661	18,715,451	3,184	—	—

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 56

56

PPMFunds

Statements of Assets and Liabilities

December 31, 2018

		PPM Core Plus Fixed Income Fund			PPM Credit Fund			PPM Floating Rate Income Fund			PPM High Yield Core Fund			PPM Long Short Credit Fund
Assets
Investments - unaffiliated, at value		$	50,447,530		$	48,886,376		$	49,431,570		$	49,780,556		$	50,927,360
Variation margin on futures			14,531			18,063			—			—			—
Variation margin on swap agreements			175			—			—			—			365
OTC swap agreements			—			—			—			—			14,533
OTC swap premiums paid			—			—			—			—			100,486
Cash			—			—			354,533			—			62,294
Receivable from:
	Investment securities sold		—			—			85,887			104,260			—
	Dividends and interest		347,985			497,764			124,820			681,352			406,174
	Adviser		—			—			1,364			—			—
	Deposits with brokers and counterparties		52,987			52,912			6,864			34,496			234,815
Other assets			2,560			2,513			2,532			2,511			2,513
Total assets			50,865,768			49,457,628			50,007,570			50,603,175			51,748,540
Liabilities
Cash overdraft			12,266			25,348			—			35,509			—
Securities sold short, at value			—			—			—			—			2,823,924
Variation margin on futures			16,829			27,766			2,312			8,594			56,281
Variation margin on swap agreements			—			—			—			—			694
Payable for:
	Investment securities purchased		431,557			—			898,548			103,740			193,447
	Return of securities loaned		161,620			339,300			143,850			2,280,948			—
	Dividends/interest on securities sold short		—			—			—			—			43,535
	Interest expense and brokerage charges		—			—			—			—			3,206
	Advisory fees		16,952			18,683			23,117			21,500			20,788
	Administrative fees		4,238			4,152			4,203			3,909			4,158
	Other expenses		24,196			23,918			6,383			28,326			28,252
Total liabilities			667,658			439,167			1,078,413			2,482,526			3,174,285
Net assets		$	50,198,110		$	49,018,461		$	48,929,157		$	48,120,649		$	48,574,255
Net assets consist of:
Paid-in capital		$	50,952,376		$	50,527,609		$	51,661,356		$	51,928,875		$	51,164,590
Total distributable earnings (loss)			(754,266	)		(1,509,148	)		(2,732,199	)		(3,808,226	)		(2,590,335	)
Net assets		$	50,198,110		$	49,018,461		$	48,929,157		$	48,120,649		$	48,574,255
Net assets - Institutional Class		$	50,198,110		$	49,018,461		$	48,929,157		$	48,120,649		$	48,574,255
Shares outstanding - Institutional Class			5,097,567			5,055,393			5,192,372			5,198,274			5,121,055
Net asset value per share - Institutional Class		$	9.85		$	9.70		$	9.42		$	9.26		$	9.49
Investments - unaffiliated, at cost		$	51,059,912		$	50,186,532		$	52,074,423		$	53,431,962		$	52,957,225
Proceeds from securities sold short			—			—			—			—			2,888,826
Securities on loan included in
	investments - unaffiliated, at value		159,901			332,958			141,326			2,300,700			—

See accompanying Notes to Financial Statements.

57

PPMFunds

Statements of Assets and Liabilities

December 31, 2018

		PPM Strategic Income Fund			PPM Large Cap Value Fund			PPM Mid Cap Value Fund			PPM Small Cap Value Fund
Assets
Investments - unaffiliated, at value		$	49,848,991		$	5,686,834		$	4,585,982		$	8,239,779
Variation margin on futures			14,561			—			—			—
Variation margin on swap agreements			365			—			—			—
Foreign currency			44,472			—			—			—
Receivable from:
	Investment securities sold		—			—			—			1,378
	Dividends and interest		552,922			11,771			9,657			12,054
	Deposits with brokers and counterparties		103,199			—			—			—
Other assets			2,513			300			241			435
Total assets			50,567,023			5,698,905			4,595,880			8,253,646
Liabilities
Cash overdraft			27,263			—			—			37,989
Securities sold short, at value			496,037			—			—			—
Variation margin on futures			34,048			—			—			—
Payable for:
	Investment securities purchased		412,118			—			—			—
	Return of securities loaned		831,060			—			—			—
	Dividends/interest on securities sold short		6,275			—			—			—
	Interest expense and brokerage charges		199			—			—			—
	Advisory fees		20,762			3,015			2,846			5,867
	Administrative fees		4,152			502			407			733
	Other expenses		22,174			2,659			2,216			5,848
Total liabilities			1,854,088			6,176			5,469			50,437
Net assets		$	48,712,935		$	5,692,729		$	4,590,411		$	8,203,209
Net assets consist of:
Paid-in capital		$	50,956,161		$	6,646,671		$	5,680,795		$	10,476,138
Total distributable earnings (loss)			(2,243,226	)		(953,942	)		(1,090,384	)		(2,272,929	)
Net assets		$	48,712,935		$	5,692,729		$	4,590,411		$	8,203,209
Net assets - Institutional Class		$	48,712,935		$	5,692,729		$	4,590,411		$	8,203,209
Shares outstanding - Institutional Class			5,098,372			667,288			572,112			1,025,569
Net asset value per share - Institutional Class		$	9.55		$	8.53		$	8.02		$	8.00
Investments - unaffiliated, at cost		$	51,811,577		$	6,637,198		$	5,620,360		$	10,459,096
Foreign currency cost			45,846			—			—			—
Proceeds from securities sold short			502,488			—			—			—
Securities on loan included in
	investments - unaffiliated, at value		815,207			59,382			161,789			218,148

See accompanying Notes to Financial Statements.

58

PPMFunds

Statements of Operations

For the Period Ended December 31, 2018

		PPM Core Plus Fixed Income Fund(a)			PPM Credit Fund(a)			PPM Floating Rate Income Fund(b)			PPM High Yield Core Fund(a)			PPM Long Short Credit Fund(a)
Investment income
Dividends		$	—		$	—		$	801		$	67,051		$	30,902
Foreign taxes withheld			—			—			—			(603	)		—
Interest			877,009			988,268			1,540,186			1,361,759			1,032,799
Securities lending			1,513			2,851			1,876			25,182			—
Total investment income			878,522			991,119			1,542,863			1,453,389			1,063,701
Expenses
Advisory fees			92,499			102,729			166,079			127,061			115,554
Administrative fees			23,125			22,828			30,196			23,102			23,111
Legal fees			11,996			11,896			15,097			12,067			11,979
Transfer agent fees			13,326			13,225			19,996			13,470			13,328
Board of trustee fees			16,213			16,087			20,620			16,335			16,208
Chief compliance officer fees			8,139			8,022			8,321			8,209			8,189
Registration and filing fees			7,677			7,725			11,509			7,726			7,724
Dividends/interest on securities sold short			—			—			—			—			46,549
Net short holdings borrowing fees			—			—			—			—			15,214
Other expenses			6,407			6,374			14,353			6,464			6,406
Total expenses			179,382			188,886			286,171			214,434			264,262
Expense waiver			(63,772	)		(63,329	)		(74,798	)		(51,089	)		(40,722	)
Net expenses			115,610			125,557			211,373			163,345			223,540
Net investment income (loss)			762,912			865,562			1,331,490			1,290,044			840,161
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments - unaffiliated		(76,382	)		(184,036	)		(52,446	)		(32,949	)		(31,857	)
	Securities sold short		—			—			—			—			15,867
	Futures contracts		(106,808	)		66,778			(2,706	)		57,248			(12,008	)
	Swap agreements		2,037			—			—			—			(11,989	)
Net change in unrealized appreciation
	(depreciation) on:
	Investments - unaffiliated		(612,382	)		(1,300,156	)		(2,644,194	)		(3,651,406	)		(2,029,865	)
	Investment securities sold short		—			—			—			—			64,902
	Futures contracts		60,070			(17,477	)		(15,515	)		(75,664	)		(438,584	)
	Swap agreements		(8,032	)		—			—			—			33,246
Net realized and unrealized gain (loss)			(741,497	)		(1,434,891	)		(2,714,861	)		(3,702,771	)		(2,410,288	)
Change in net assets from operations		$	21,415		$	(569,329	)	$	(1,383,371	)	$	(2,412,727	)	$	(1,570,127	)

(a)	Period from commencement of operations July 16, 2018.
(b)	Period from commencement of operations May 1, 2018.

See accompanying Notes to Financial Statements.

59

PPMFunds

Statements of Operations

For the Period Ended December 31, 2018

		PPM Strategic Income Fund(b)			PPM Large Cap Value Fund(c)			PPM Mid Cap Value Fund(c)			PPM Small Cap Value Fund(c)
Investment income
Dividends (a)		$	18,724		$	113,623		$	81,546		$	93,589
Foreign taxes withheld			(8,945	)		—			—			(229	)
Interest			3,153,504			1,042			899			1,409
Securities lending			6,323			531			610			246
Total investment income			3,169,606			115,196			83,055			95,015
Expenses
Advisory fees			371,621			26,245			25,901			46,473
Administrative fees			86,655			4,374			3,700			5,809
Legal fees			13,076			2,029			1,855			2,608
Transfer agent fees			13,853			6,280			5,974			6,948
Board of trustee fees			19,875			2,785			2,556			3,565
Chief compliance officer fees			8,158			1,050			868			1,582
Registration and filing fees			8,947			1,458			1,516			1,866
Dividends/interest on securities sold short			959			—			—			—
Net short holdings borrowing fees			199			—			—			—
Other expenses			9,298			1,216			1,147			1,478
Total expenses			532,641			45,437			43,517			70,329
Expense waiver			(56,965	)		(12,630	)		(10,215	)		(12,237	)
Net expenses			475,676			32,807			33,302			58,092
Net investment income (loss)			2,693,930			82,389			49,753			36,923
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments - unaffiliated		(662,552	)		58,923			50,256			174,490
	Foreign currency		74,164			—			—			—
	Futures contracts		392,874			—			—			—
	Swap agreements		4,224			—			—			—
Net change in unrealized appreciation
	(depreciation) on:
	Investments - unaffiliated		(5,229,333	)		(950,364	)		(1,034,378	)		(2,219,317	)
	Investment securities sold short		6,451			—			—			—
	Foreign currency		(1,502	)		—			—			—
	Futures contracts		(107,412	)		—			—			—
	Swap agreements		(16,934	)		—			—			—
Net realized and unrealized gain (loss)			(5,540,020	)		(891,441	)		(984,122	)		(2,044,827	)
Change in net assets from operations		$	(2,846,090	)	$	(809,052	)	$	(934,369	)	$	(2,007,904	)
(a)	Affiliated income	$	3,184		$	—		$	—		$	—

(b)

PPM Strategic Income Fund commenced operations on July 2, 2018. Prior to the open of business on July 2, 2018, PPM Strategic Income Fund acquired JNL/PPM America Strategic Income Fund, the sole series of JNL Strategic Income Fund LLC. JNL/PPM America Strategic Income Fund is considered the accounting survivor for financial reporting purposes, and as a result, the Statement of Operations includes activity for the period January 1, 2018 through July 1, 2018.

(c)

Period from commencement of operations May 1, 2018.

See accompanying Notes to Financial Statements.

60

PPMFunds

Statements of Changes in Net Assets

For the Period Ended December 31, 2018

		PPM Core Plus Fixed Income Fund(a)			PPM Credit Fund(a)			PPM Floating Rate Income Fund(b)			PPM High Yield Core Fund(a)			PPM Long Short Credit Fund(a)
Operations
Net investment income (loss)		$	762,912		$	865,562		$	1,331,490		$	1,290,044		$	840,161
Net realized gain (loss)			(181,153	)		(117,258	)		(55,152	)		24,299			(39,987	)
Net change in unrealized appreciation
	(depreciation)		(560,344	)		(1,317,633	)		(2,659,709	)		(3,727,070	)		(2,370,301	)
Change in net assets from operations			21,415			(569,329	)		(1,383,371	)		(2,412,727	)		(1,570,127	)
Distributions to shareholders
From distributable earnings
	Institutional Class		(789,149	)		(949,736	)		(1,348,828	)		(1,412,909	)		(1,039,348	)
Total distributions to shareholders			(789,149	)		(949,736	)		(1,348,828	)		(1,412,909	)		(1,039,348	)
Share transactions1
Proceeds from the sale of shares
	Institutional Class		50,282,086			49,708,470			90,407,643			50,724,773			50,133,382
Reinvestment of distributions
	Institutional Class		671,758			818,056			1,186,479			1,210,512			1,039,348
Cost of shares redeemed
	Institutional Class		—			—			(39,943,766	)		—			—
Change in net assets from
	share transactions		50,953,844			50,526,526			51,650,356			51,935,285			51,172,730
Change in net assets			50,186,110			49,007,461			48,918,157			48,109,649			48,563,255
Net assets beginning of period			12,000			11,000			11,000			11,000			11,000
Net assets end of year		$	50,198,110		$	49,018,461		$	48,929,157		$	48,120,649		$	48,574,255
1Share transactions
Shares sold
	Institutional Class		5,029,490			4,972,032			9,109,027			5,073,616			5,013,379
Reinvestment of distributions
	Institutional Class		68,077			83,361			121,148			124,658			106,576
Shares redeemed
	Institutional Class		—			—			(4,038,803	)		—			—
Change in shares
	Institutional Class		5,097,567			5,055,393			5,191,372			5,198,274			5,119,955
Purchases and sales of long term
	investments
Purchase of securities		$	10,087,423		$	11,614,776		$	65,083,909		$	9,764,487		$	31,029,301
Purchase of U.S. government securities			2,917,908	(c)		6,638,216			—			—			336,587
Total purchases		$	13,005,331		$	18,252,992		$	65,083,909		$	9,764,487		$	31,365,888
Proceeds from sales of securities		$	11,066,386		$	12,065,601		$	16,329,788		$	8,585,095		$	15,373,730
Proceeds from sales of U.S. government
	securities		1,599,564	(c)		5,466,450			—			—			—
Total proceeds from sales		$	12,665,950		$	17,532,051		$	16,329,788		$	8,585,095		$	15,373,730
Securities sold short covers		$	—		$	—		$	—		$	—		$	543,806
Securities sold short proceeds		$	—		$	—		$	—		$	—		$	3,444,726

(a)	Period from commencement of operations July 16, 2018.
(b)	Period from commencement of operations May 1, 2018.
(c)	Amounts exclude $3,192,515 and $2,755,313 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

61

PPMFunds

Statements of Changes in Net Assets

For the Period Ended December 31, 2018

		PPM Strategic Income Fund(a)			PPM Large Cap Value Fund(b)			PPM Mid Cap Value Fund(b)			PPM Small Cap Value Fund(b)
Operations
Net investment income (loss)		$	2,693,930		$	82,389		$	49,753		$	36,923
Net realized gain (loss)			(191,290	)		58,923			50,256			174,490
Net change in unrealized appreciation
	(depreciation)		(5,348,730	)		(950,364	)		(1,034,378	)		(2,219,317	)
Change in net assets from operations			(2,846,090	)		(809,052	)		(934,369	)		(2,007,904	)
Distributions to shareholders
From distributable earnings
	Institutional Class		(1,247,974	)		(145,178	)		(156,015	)		(268,510	)
Total distributions to shareholders			(1,247,974	)		(145,178	)		(156,015	)		(268,510	)
Share transactions1
Proceeds from the sale of shares
	Institutional Class		407,642			6,491,339			5,513,780			15,533,780
Reinvestment of distributions
	Institutional Class		1,070,823			144,620			156,015			229,843
Cost of shares redeemed
	Institutional Class		(70,000,000	)		—			—			(5,295,000	)
Change in net assets from
	share transactions		(68,521,535	)		6,635,959			5,669,795			10,468,623
Change in net assets			(72,615,599	)		5,681,729			4,579,411			8,192,209
Net assets beginning of year			121,328,534			11,000			11,000			11,000
Net assets end of year		$	48,712,935		$	5,692,729		$	4,590,411		$	8,203,209
1Share transactions
Shares sold
	Institutional Class		40,724			649,134			552,537			1,495,594
Reinvestment of distributions
	Institutional Class		109,000			17,054			19,575			28,875
Shares redeemed
	Institutional Class		(6,971,159	)		—			—			(500,000	)
Change in shares
	Institutional Class		(6,821,435	)		666,188			572,112			1,024,469
Purchases and sales of long term
	investments
Purchase of securities		$	47,363,920		$	7,621,673		$	6,848,897		$	12,193,481
Purchase of U.S. government securities			970,305	(c)		—			—			—
Total purchases		$	48,334,225		$	7,621,673		$	6,848,897		$	12,193,481
Proceeds from sales of securities		$	108,527,196		$	1,081,879		$	1,299,751		$	1,963,438
Proceeds from sales of U.S. government
	securities		4,319,296	(c)		—			—			—
Total proceeds from sales		$	112,846,492		$	1,081,879		$	1,299,751		$	1,963,438
Securities sold short proceeds		$	502,500		$	—		$	—		$	—

(a)	PPM Strategic Income Fund commenced operations on July 2, 2018. Prior to the open of business on July 2, 2018, PPM Strategic Income Fund acquired JNL/PPM Strategic Income Fund. JNL/PPM Strategic Income Fund is considered the accounting survivor for financial reporting purposes, and as a result, the Statement of Changes in Net Assets includes activity for the period January 1, 2018 through July 1, 2018. Shares redeemed amount has been restated to give effect to the impact of the exchange of shares due to PPM Strategic Income Fund’s acquisition of JNL/PPM America Strategic Income Fund. See Note 9 in the Notes to Financial Statements.
(b)	Period from commencement of operations May 1, 2018.
(c)	Amounts exclude $484,784 and $406,119 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

62

PPMFunds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2017

			PPM Strategic Income Fund(a)
Operations
Net investment income (loss)			$	4,531
Net realized gain (loss)				668
Net change in unrealized appreciation
	(depreciation)			2,485
Change in net assets from operations				7,684
Share transactions1
Proceeds from the sale of shares				—
Cost of shares redeemed				—
Change in net assets from
	share transactions			—
Change in net assets				7,684
Net assets beginning of period				113,634
Net assets end of year			$	121,318
Undistributed (excess of distributions
	over) net investment income (loss)		$	—
(a)		PPM Strategic Income Fund commenced operations on July 2, 2018. Prior to the open of business on July 2, 2018, PPM Strategic Income Fund acquired JNL/PPM Strategic Income Fund. JNL/PPM Strategic Income Fund is considered the accounting survivor for financial reporting purposes, and as a result, the Statement of Changes in Net Assets for the year ended December 31, 2017 reflects activity of the acquired fund formerly in JNL Strategic Income Fund LLC.

See accompanying Notes to Financial Statements.

63

PPMFunds

Financial Highlights

For a Share Outstanding

				Increase (decrease) from investment operations						Distributions from					Supplemental data					Ratios(a)
Period ended		Net asset value, beginning of period($)		Net investment income (loss)($)(b)		Net realized & unrealized gains (losses)($)		Total from investment operations($)		Net investment income($)	Net realized gains on investment transactions($)	Net asset value, end of period($)		Total return(%)	Net assets,end of period (in thousands)($)	Portfolio turnover (%)(c)		Net expenses to average net assets(%)		Total expenses to average net assets(%)		Net investment income (loss) to average net assets(%)
PPM Core Plus Fixed Income Fund
Institutional Class
12/31/18	*	10.00		0.15		(0.14)		0.01		(0.16)	—	9.85		0.07	50,198	25	(d)	0.50		0.78		3.30
PPM Credit Fund
Institutional Class
12/31/18	*	10.00		0.17		(0.28)		(0.11)		(0.18)	(0.01)	9.70		(1.11)	49,018	37		0.55		0.83		3.79
PPM Floating Rate Income Fund
Institutional Class
12/31/18	*	10.00		0.29		(0.57)		(0.28)		(0.30)	—	9.42		(3.05)	48,929	34		0.70		0.95		4.41
PPM High Yield Core Fund
Institutional Class
12/31/18	*	10.00		0.25		(0.71)		(0.46)		(0.26)	(0.02)	9.26		(4.74)	48,121	18		0.70		0.92		5.53
PPM Long Short Credit Fund
Institutional Class
12/31/18	*	10.00		0.17		(0.47)		(0.30)		(0.17)	(0.04)	9.49		(3.08)	48,574	38		0.97	(e)	1.14	(e)	3.64
PPM Strategic Income Fund
Institutional Class
12/31/18	*	10.18	(g)	0.41	(g)	(0.79)	(g)	(0.38)	(g)	(0.22)	(0.03)	9.55		(3.76)	48,713	76	(f)	0.72	(e)	0.80	(e)	4.08
12/31/17		9.53	(g)	0.38	(g)	0.27	(g)	0.65	(g)	—	—	10.18	(g)	6.78	121,318	67	(f)	—		0.76		3.84
12/31/16		8.63	(g)	0.36	(g)	0.54	(g)	0.90	(g)	—	—	9.53	(g)	10.40	113,634	83	(f)	—		0.75		3.98
12/31/15		8.98	(g)	0.39	(g)	(0.74)	(g)	(0.35)	(g)	—	—	8.63	(g)	(3.92)	102,890	76	(f)	—		0.75		4.30
12/31/14		8.76	(g)	0.37	(g)	(0.15)	(g)	0.22	(g)	—	—	8.98	(g)	2.49	107,074	81	(f)	—		0.75		4.12
PPM Large Cap Value Fund
Institutional Class
12/31/18	*	10.00		0.13		(1.37)		(1.24)		(0.13)	(0.10)	8.53		(12.45)	5,693	17		0.75		1.04		1.88
PPM Mid Cap Value Fund
Institutional Class
12/31/18	*	10.00		0.09		(1.79)		(1.70)		(0.09)	(0.19)	8.02		(16.96)	4,590	24		0.90		1.18		1.34
PPM Small Cap Value Fund
Institutional Class
12/31/18	*	10.00		0.04		(1.77)		(1.73)		(0.04)	(0.23)	8.00		(17.29)	8,203	22		1.00		1.21		0.64

*	Commencement of operations was as follows: May 1, 2018 - PPM Floating Rate Income Fund, PPM Large Cap Value Fund, PPM Mid Cap Value Fund and PPM Small Cap Value Fund; July 16, 2018 - PPM Core Plus Fixed Income Fund, PPM Credit Fund, PPM High Yield Core Fund and PPM Long Short Credit Fund. PPM Strategic Income Fund commenced operations on July 2, 2018. Prior to the open of business on July 2, 2018, PPM Strategic Income Fund acquired JNL/PPM America Strategic Income Fund, the sole series of JNL Strategic Income Fund LLC.
(a)	Annualized for periods less than one year.
(b)	Calculated using the average shares method.
(c)	Portfolio turnover is not annualized for periods of less than one year. Dollar roll transactions are excluded for purposes of calculating portfolio turnover. Portfolio turnover is calculated on the basis of the Fund as a whole.
(d)	Portfolio turnover including dollar roll transactions for PPM Core Plus Fixed Income Fund was 31% in 2018.
(e)	The net and total expense ratios to average net assets without dividend expenses, net borrowing fees on securities sold short or interest expense for the following Funds were as follows:
		December 31, 2018 (%)
PPM Long Short Credit Fund
Institutional Class – Net expenses / Total expenses 1			0.70/0.87
PPM Strategic Income Fund
Institutional Class – Net expenses / Total expenses 1			0.72/0.80
1 Fund contractually waives a portion of advisory fees.
(f)	Portfolio turnover including dollar roll transactions for PPM Strategic Income Fund was 115%, 106%, 101%, 67% and 77% in 2014, 2015, 2016, 2017 and 2018, respectively.
(g)	Prior to the open of business on July 2, 2018, PPM Strategic Income Fund acquired JNL/PPM America Strategic Income Fund, the sole series of JNL Strategic Income Fund LLC. JNL/PPM America Strategic Income Fund is considered the accounting survivor for financial reporting purposes, and as a result, the per share activity has been retroactively restated to give effect to the impact of the exchange of shares. See Note 9 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

64

PPMFunds

Notes to Financial Statements

December 31, 2018

NOTE 1. ORGANIZATION

PPM Funds (the “Trust”) is an open-ended management investment company, organized under the laws of the Commonwealth of Massachusetts, by a Declaration of Trust, dated November 9, 2017, as amended and restated March 12, 2018. The Trust is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended ("the 1940 Act"), and its shares are registered under the Securities Act of 1933, as amended ("the 1933 Act"). The Trust consists of nine series (collectively, the “Funds” and each individually a “Fund”): PPM Core Plus Fixed Income Fund, PPM Credit Fund, PPM Floating Rate Income Fund, PPM High Yield Core Fund, PPM Long Short Credit Fund, PPM Strategic Income Fund, PPM Large Cap Value Fund, PPM Mid Cap Value Fund and PPM Small Cap Value Fund. The Funds initially intend to offer only Institutional Class shares. Each Fund represents shares of beneficial interest in a separate portfolio of securities and other assets, each with its own investment objective, policies and strategies. PPM Floating Rate Income Fund, PPM Large Cap Value Fund, PPM Mid Cap Value Fund and PPM Small Cap Value Fund commenced operations on May 1, 2018. PPM Strategic Income Fund commenced operations on July 2, 2018. PPM Core Plus Fixed Income Fund, PPM Credit Fund, PPM High Yield Core Fund and PPM Long Short Credit Fund commenced operations on July 16, 2018. On the commencement date, PPM Core Plus Fixed Income Fund, PPM Credit Fund, PPM High Yield Core Fund and PPM Long Short Credit Fund received in-kind contributions in the form of securities in the amounts of $48,522,472, $47,365,077, $47,719,286 and $34,928,621, respectively. The Funds are classified as diversified under the 1940 Act, except PPM Floating Rate Income Fund, which is classified as a non-diversified fund.

PPM America, Inc. (“PPM” or “Adviser”) serves as the investment adviser of the Funds, with responsibility for the professional investment supervision and management of the Funds. The Adviser is an indirect, wholly-owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America. Jackson National Asset Management LLC (“JNAM” or “Administrator”), an affiliate of PPM, serves as the administrator. JNAM is an indirect wholly-owned subsidiary of Jackson National Life Insurance Company^® (“Jackson”), a US-based financial services company, which in turn is an indirect wholly-owned subsidiary of Prudential plc.

The initial shares of each Fund were sold to PPM at a net asset value of $10.00 per share (aggregate purchase amount of $100,000). As of December 31, 2018, PPM or affiliates under common ownership owned 100% of the outstanding shares of beneficial interest in each of the Funds.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in conformity with US generally accepted accounting principles (“GAAP”).

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 JNAM 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. For those securities fair valued under procedures adopted by the Board, the Valuation Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Valuation Committee’s fair valuation determinations are subject to review by the Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. For fair valuation determinations that are deemed material, the Board is promptly notified of the fair valuation.

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

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;

65

PPMFunds

Notes to Financial Statements

December 31, 2018

evaluation of the forces which influence the market in which the security is traded; the type of security; the financial statements of the issuer, or other financial information about the issuer; the cost of the security at its date of purchase; the size of the Fund’s holding; the discount from market value of unrestricted securities of the same class, if applicable, at the time of purchase or at a later date; reports prepared by analysts; information as to any transactions in or offers for the security; the existence of any merger proposal, tender offer or other extraordinary event relating to the security; the price and extent of public or dealer trading in similar securities or derivatives of the issuer or of comparable companies; trading in depositary receipts; foreign currency exchange activity; changes in the interest rate environment; trading prices of financial products that are tied to baskets of foreign securities; and any other matters considered relevant.

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.

Distributions to Shareholders. Dividends from net investment income are declared daily and paid monthly for PPM Core Plus Fixed Income Fund, PPM Credit Fund, PPM Floating Rate Income Fund, PPM High Yield Core Fund, PPM Long Short Credit Fund and PPM Strategic Income Fund. PPM Large Cap Value Fund, PPM Mid Cap Value Fund and PPM Small Cap Value Fund declare and pay dividends from net investment income, if any, annually. Distributions of net realized capital gains, if any, are declared and distributed at least annually for all the Funds only to the extent they exceeded available capital loss carryovers. The amount and timing of distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Other Service Providers. State Street Bank and Trust Company (“State Street” or "Custodian") acts as custodian and securities lending agent for the Funds. The Custodian has custody of all securities and cash of the Trust maintained in the United States and attends to the collection of principal and income and payment for and collection of proceeds of securities bought and sold by the Trust.

The Trust has entered into a Transfer Agency Agreement with UMB Fund Services, Inc. UMB Fund Services, Inc. is the transfer agent and dividend disbursing agent of all shares.

Security Transactions and Investment Income. Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses are determined on the specific identification basis. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date. Corporate actions involving foreign securities, including dividends, are recorded when the information becomes available. Income received in lieu of dividends for securities loaned is included in dividends in the Statements of Operations. Interest income, including level-yield amortization of discounts and premiums on debt securities and convertible bonds, is accrued daily. A Fund may place a debt obligation on non-accrual status and reduce related interest income by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses are recorded on an accrual basis. Expenses of the Trust that are directly attributable to a specific Fund are charged to that Fund. Other Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund.

Foreign Taxes. The Funds may be subject to foreign taxes on income, gains on investments or foreign currency purchases and repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretations of tax rules and regulations that exist in the markets in which the Funds invest.

Guarantees and Indemnifications. Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, certain of the Funds’ contracts with service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements. In March 2017, FASB issued Accounting Standard Update (“ASU”) 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20) – Premium Amortization on Purchased Callable Debt Securities. The amendments in this ASU require that certain callable debt securities held at a premium be amortized to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Management has evaluated the amendments and determined that they will not have a significant impact on the Funds’ financial statements.

In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU modify the disclosure requirements on fair value measurements. Among the requirements, entities will be required to make additional disclosures about significant unobservable inputs in developing Level 3 fair value measurements and are permitted to remove disclosure of the amount and reason for transfers between Level 1 and Level 2. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Management has elected early adoption for the removal of the transfers between Level 1 and Level 2 disclosure and is currently evaluating the impact that the remainder of the ASU will have on the Funds’ financial statements.

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In August 2018, the SEC adopted Final Rule Release No. 33-10532, Disclosure Update and Simplification. The rule intends to simplify financial statement disclosures by removing duplicative, redundant or outdated disclosure requirements. The rule was effective November 5, 2018, and the Funds’ Statements of Assets and Liabilities and Statements of Changes in Net Assets for the year ended December 31, 2018 have been modified to conform to the rule.

NOTE 3. FASB ASC TOPIC 820, “FAIR VALUE MEASUREMENT”

Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, "Fair Value Measurement". This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund’s investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories:

Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for securities listed on a national or foreign stock exchange or investments in mutual funds.

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include broker quotes, third party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities, including certain term loans, OTC derivatives, centrally cleared swap agreements, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost, swap agreements valued by pricing services, ADRs and GDRs for which quoted prices in active markets are not available or securities limited by foreign ownership.

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

To assess the continuing appropriateness of security valuation, the Administrator regularly compares current day prices with prior day prices, transaction prices and alternative vendor prices. When the comparison results exceed pre-defined thresholds, the Administrator challenges the prices exceeding tolerance levels with the pricing service or broker. To verify Level 3 unobservable inputs, the Administrator uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity.

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

The following table summarizes each Fund’s investments in securities and other financial instruments as of December 31, 2018, by valuation level.

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—		6,059,780		—	—	6,059,780
Corporate Bonds And Notes	—		21,357,320		—	—	21,357,320
Senior Loan Interests	—		801,849		—	—	801,849
Government And Agency Obligations	—		20,811,262		—	—	20,811,262
Short Term Investments	1,417,319		—		—	—	1,417,319
	1,417,319		49,030,211		—	—	50,447,530
Assets - Investments in Other Financial Instruments2
Futures Contracts	161,698		—		—	—	161,698
	161,698		—		—	—	161,698
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(101,628	)	—		—	—	(101,628	)
Centrally Cleared Credit Default Swap Agreements	—		(8,032	)	—	—	(8,032	)
	(101,628	)	(8,032	)	—	—	(109,660	)
PPM Credit Fund
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—		6,271,834		—	—	6,271,834
Corporate Bonds And Notes	—		36,504,009		—	—	36,504,009
Government And Agency Obligations	—		4,420,014		—	—	4,420,014
Short Term Investments	591,501		1,099,018		—	—	1,690,519
	591,501		48,294,875		—	—	48,886,376
Assets - Investments in Other Financial Instruments2
Futures Contracts	232,531		—		—	—	232,531
	232,531		—		—	—	232,531

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	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .		. Other ¹ ($) .	. Total ($) .
PPM Credit Fund (continued)
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(250,008	)	—		—		—	(250,008	)
	(250,008	)	—		—		—	(250,008	)
PPM Floating Rate Income Fund
Assets - Securities
Corporate Bonds And Notes	—		1,733,152		—		—	1,733,152
Senior Loan Interests	—		44,792,828		1,714,647		—	46,507,475
Investment Companies	38,809		—		—		—	38,809
Short Term Investments	1,152,134		—		—		—	1,152,134
	1,190,943		46,525,980		1,714,647		—	49,431,570
Liabilities - Securities
Senior Loan Interests3	—		(406	)	(935	)	—	(1,341	)
	—		(406	)	(935	)	—	(1,341	)
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(15,515	)	—		—		—	(15,515	)
	(15,515	)	—		—		—	(15,515	)
PPM High Yield Core Fund
Assets - Securities
Common Stocks	1,288,360		—		—		—	1,288,360
Preferred Stocks	72,840		—		—		—	72,840
Corporate Bonds And Notes	—		39,200,722		480,847		—	39,681,569
Senior Loan Interests	—		1,645,643		428,600		—	2,074,243
Investment Companies	2,224,039		—		—		—	2,224,039
Short Term Investments	4,439,505		—		—		—	4,439,505
	8,024,744		40,846,365		909,447		—	49,780,556
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(75,664	)	—		—		—	(75,664	)
	(75,664	)	—		—		—	(75,664	)
PPM Long Short Credit Fund
Assets - Securities
Common Stocks	42,332		—		—		—	42,332
Investment Companies	1,244,768		—		—		—	1,244,768
Non-U.S. Government Agency Asset-Backed Securities	—		5,578,842		—		—	5,578,842
Corporate Bonds And Notes	—		32,410,592		—		—	32,410,592
Senior Loan Interests	—		9,480,784		131,600		—	9,612,384
Government And Agency Obligations	—		286,916		—		—	286,916
Short Term Investments	1,751,526		—		—		—	1,751,526
	3,038,626		47,757,134		131,600		—	50,927,360
Liabilities - Securities
Corporate Bonds And Notes	—		(2,823,924	)	—		—	(2,823,924	)
	—		(2,823,924	)	—		—	(2,823,924	)
Assets - Investments in Other Financial Instruments2
Centrally Cleared Credit Default Swap Agreements	—		35,746		—		—	35,746
OTC Credit Default Swap Agreements	—		14,533		—		—	14,533
	—		50,279		—		—	50,279
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(438,584	)	—		—		—	(438,584	)
Centrally Cleared Credit Default Swap Agreements	—		(17,033	)	—		—	(17,033	)
	(438,584	)	(17,033	)	—		—	(455,617	)
PPM Strategic Income Fund
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—		3,317,223		—		—	3,317,223
Corporate Bonds And Notes	—		36,559,501		—		—	36,559,501
Senior Loan Interests	—		3,306,894		131,600		—	3,438,494
Government And Agency Obligations	—		2,902,150		—		—	2,902,150
Other Equity Interests	—		—		—		—	—
Common Stocks	107,237		—		—		—	107,237
Investment Companies	500,491		—		—		—	500,491
Short Term Investments	3,023,895		—		—		—	3,023,895
	3,631,623		46,085,768		131,600		—	49,848,991
Liabilities - Securities
Corporate Bonds And Notes	—		(496,037	)	—		—	(496,037	)
	—		(496,037	)	—		—	(496,037	)
Assets - Investments in Other Financial Instruments2
Futures Contracts	151,258		—		—		—	151,258
	151,258		—		—		—	151,258
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(258,670	)	—		—		—	(258,670	)
Centrally Cleared Credit Default Swap Agreements	—		(16,934	)	—		—	(16,934	)
	(258,670	)	(16,934	)	—		—	(275,604	)

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	. Level 1 ($) .	. Level 2 ($) .	. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
PPM Large Cap Value Fund
Assets - Securities
Common Stocks	5,648,353	—	—	—	5,648,353
Short Term Investments	38,481	—	—	—	38,481
	5,686,834	—	—	—	5,686,834
PPM Mid Cap Value Fund
Assets - Securities
Common Stocks	4,565,025	—	—	—	4,565,025
Short Term Investments	20,957	—	—	—	20,957
	4,585,982	—	—	—	4,585,982
PPM Small Cap Value Fund
Assets - Securities
Common Stocks	8,182,788	—	—	—	8,182,788
Short Term Investments	56,991	—	—	—	56,991
	8,239,779	—	—	—	8,239,779

¹Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedules of Investments. Although there can be no assurance, in general, the fair value of the investment using the NAV per share practical expedient is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale. As of December 31, 2018, no investments were valued using the NAV per share practical expedient.

²Derivatives are reflected at the unrealized appreciation (depreciation) on the instrument.

³Unfunded commitments in PPM Floating Rate Income Fund are not reflected in the Schedules of Investments. Net unrealized appreciation (depreciation) is reflected as an asset or liability in the table. See Unfunded Commitments in 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 period for financial reporting purposes. There were no significant transfers into or out of Level 3 for the year. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at December 31, 2018.

NOTE 4. SECURITIES AND OTHER INVESTMENTS

Securities Lending and Securities Lending Collateral. All Funds are approved to participate in agency based securities lending with the Funds’ custodian, State Street. 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 generally 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. Certain Funds receive non-cash collateral in the form of securities received, which the Funds may not sell or re-pledge and accordingly are not reflected in the Statements of Assets and Liabilities. 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 1940 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.

Cash collateral received from the borrower is recorded in the Statements of Assets and Liabilities as payable for return of securities loaned. Investments acquired with such cash collateral are reported as Investments - unaffiliated, at value on the Statements of Assets and Liabilities. The value of securities on loan is disclosed as Securities on loan included in investments - unaffiliated, at value on the Statements of Assets and Liabilities. Each Fund’s net exposure to a borrower is determined by the amount of any excess or shortfall in cash collateral received compared to the value of securities on loan.

US Government Agencies or Government Sponsored Enterprises. Certain Funds may invest in US government agencies or government sponsored enterprises. US government securities are obligations of, and in certain cases, guaranteed by, the US government, its agencies or instrumentalities. Some US government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the US government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the US Department of the Treasury (“US Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the US government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. US government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest paying securities of similar maturities.

Government-related guarantors (i.e., guarantors that are not backed by the full faith and credit of the US government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA purchases conventional (i.e., not insured or guaranteed by any government

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agency) residential mortgages from a list of approved seller/servicers, which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the US government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the US government.

FNMA and FHMLC were placed into conservatorship by the Federal Housing Finance Agency (“FHFA”). As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and each enterprise’s assets. In connection with the conservatorship, the US Treasury entered into a Senior Preferred Stock Purchase Agreement with FNMA and FHLMC. This agreement contains various covenants that severely limit each enterprise’s operations. In exchange for entering into these agreements, the US Treasury received senior preferred stock in each enterprise and warrants to purchase each enterprise’s common stock. The US Treasury created a new secured lending facility, which is available to FNMA and FHLMC as a liquidity backstop and created a temporary program to purchase mortgage-backed securities issued by FNMA and FHLMC. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities.

Unregistered Securities. The Funds may own certain investment securities that are unregistered and thus restricted as to resale. These securities may also be referred to as “private placements”. Unregistered securities may be “illiquid” because there is no readily available market for sale of the securities. Where future dispositions of the securities require registration under the 1933 Act, the Funds have the right to include those securities in such registration generally without cost to the Funds. The Funds have no right to require registration of unregistered securities.

Senior and Junior Loans. Certain Funds may invest in Senior loans or secured and unsecured subordinated loans, second lien loans and subordinated bridge loans (“Junior loans”) which are purchased or sold on a when-issued or delayed-delivery basis and may be settled a month or more after the trade date. Interest income on these loans is accrued based on the terms of the securities. Senior and Junior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder’s portion of the loan.

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. Net unrealized appreciation/depreciation on unfunded commitments is reflected in other assets or payable for investment securities purchased in the Statements of Assets and Liabilities, as applicable, and net change in unrealized appreciation (depreciation) on investments - unaffiliated in the Statements of Operations.

NOTE 5. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL

Under various agreements, certain investment transactions require collateral to be pledged to or from a Fund and a counterparty or segregated at the Custodian and the collateral is managed pursuant to the terms of the agreement. US Treasury Bills and US dollars are generally the preferred forms of collateral, although other forms of high quality or sovereign securities may be used. Securities held by a Fund that are used as collateral are identified as such within the Schedules of Investments. Collateral for OTC financial derivative transactions paid to or received from brokers and counterparties is included in receivable from deposits with brokers and counterparties or payable for deposits from counterparties in the Statements of Assets and Liabilities, as applicable.

Counterparty Agreements. Certain Funds enter into various types of agreements with counterparties, which govern the terms of certain transactions and mitigate the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. A Fund may net exposure and collateralize multiple transaction types governed by the same agreement with the same counterparty and may close out and net its total exposure to a counterparty in the event of a default and/or termination event with respect to all the transactions governed under a single agreement with a counterparty. Each agreement defines whether the Fund is contractually able to net settle daily payments. Additionally, certain circumstances, such as laws of a particular jurisdiction or settlement of amounts due in different currencies, may prohibit or restrict the right of offset as defined in the agreements.

These agreements also help limit credit and counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral) governed under the relevant agreement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of agreement. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant agreement. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds’ Adviser attempts to limit counterparty risk by only entering into agreements with counterparties that the Adviser believes to have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For swap agreements executed with a Derivatives Clearing Organization (“DCO”) in a multilateral or other trade facility platform (“centrally cleared swaps”), counterparty risk is reduced by shifting exposure from the counterparty to the DCO. Additionally, the DCO has broad powers to provide an orderly liquidation in the event of a default.

Customer Account Agreements. Customer Account Agreements and related addendums govern exchange traded or centrally cleared derivative transactions such as futures, options on futures and centrally cleared derivatives. If a Fund transacts in exchange traded or centrally cleared derivatives, the Adviser is a party to agreements with (1) a Futures Commissions Merchant (“FCM”) in which the FCM facilitates the execution of the exchange traded and centrally cleared derivative with the DCO and (2) with an executing broker/swap dealer to agree to the terms of the swap and resolution process in the event the centrally cleared swap is not accepted for clearing by the designated DCO. Exchange traded and centrally cleared derivatives transactions require posting an amount of cash or cash equivalents equal to a certain percentage of the contract amount known as the “initial margin” as determined by each relevant clearing agency and is segregated at an FCM which is registered with the Commodity Futures Trading Commission (“CFTC”) or the

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applicable regulator. The Fund receives from, or pays to, the counterparty an amount of cash equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as the “variation margin”. Variation margin on the Statements of Assets and Liabilities may include variation margin on closed unsettled derivative transactions. Variation margin received may not be netted between exchange traded and centrally cleared derivatives. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to the Fund’s assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk.

International Swaps and Derivatives Association Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”). ISDA Master Agreements govern OTC financial derivative transactions entered into by PPM and select counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, events of default, termination and maintenance of collateral. Termination includes conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election of early termination could be material to the financial statements. In the event of default, the total financial derivative value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. The amount of collateral exchanged is based on provisions within the ISDA Master Agreements and is determined by the net exposure with the counterparty and is not identified for a specific OTC derivative instrument.

Prime Brokerage Arrangements and Other Securities Borrowing Agreements. Certain Funds may enter into Prime Brokerage Arrangements or Securities Borrowing Agreements to facilitate execution and/or clearing of listed equity option transactions or short sales of securities between the Fund and select counterparties. The arrangements provide general guidelines surrounding the rights, obligations and other events, including but not limited to, margin, execution and settlement. These arrangements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Cash margin and securities delivered as collateral are typically in the possession of the prime broker or lending agent and offset any obligations due to the prime broker or lending agent. Cash collateral held at the prime broker is reflected in Cash collateral segregated for short sales in the Statements of Assets and Liabilities. In the event of default, the value of securities sold short will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

NOTE 6. FINANCIAL DERIVATIVE INSTRUMENTS

Futures Contracts. A Fund may buy and sell futures on equities and indices. A futures contract is a standardized contract obligating two parties to exchange a specified asset at an agreed upon price and date. Variation margin is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Futures contracts involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the securities held by the Fund or the change in the value of an underlying entity and the prices of the futures contracts and the possibility the Fund may not be able to enter into a closing transaction because of an illiquid market. With futures, counterparty risk to the Fund is reduced because futures contracts are exchange traded and the exchange’s clearinghouse, acting as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Swap Agreements. Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the OTC market or executed and centrally cleared with a DCO.

Swap agreements are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. For OTC swaps, premiums paid or received at the beginning of the measurement period are recorded as an asset or liability by the Fund and represent payments made or received upon entering into the OTC swap to compensate for differences between the stated terms of the OTC swap and prevailing market conditions relating to credit spreads, interest rates, currency exchange rates and other relevant factors as appropriate. These upfront payments are recorded as a realized gain or loss upon termination or maturity of the OTC swap. For centrally cleared swaps, daily changes in valuation are recorded as a receivable or payable, as appropriate, and received from or paid to the DCO on a daily basis until the contracts are terminated at which time a realized gain or loss is recorded. The use of centrally cleared swaps may require a Fund to commit initial and variation margin that may otherwise not be required under an OTC swap. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss. Net periodic payments received or paid by a Fund are included as part of realized gain or loss.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the unrealized gain or loss recorded by a Fund. Such risks include that there is no liquid market for OTC swaps, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreement and that there may be unfavorable changes in interest rates or value of underlying securities. Centrally cleared swaps involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

Credit Default Swap Agreements. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. As a seller of protection, a Fund will generally receive from the buyer of protection a premium in return for such protection and/or a fixed rate of income throughout the term of the swap if there is no credit event. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, restructuring, write-down, principal shortfall or interest shortfall. As a seller, a Fund adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the credit default swap. If a Fund is a seller or buyer of protection and a credit event occurs, as defined under the terms of that particular credit default swap agreement, the Fund will either pay to or receive from the buyer or seller of protection an amount prescribed in that particular swap agreement. Until a credit event occurs, recovery values are determined by market makers considering either industry standard recovery rates or entity specific factors and considerations. When a credit event occurs, the recovery value is determined by a facilitated auction, administered by ISDA, whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

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Notes to Financial Statements

December 31, 2018

A Fund may use credit default swap agreements on corporate or sovereign issues to provide a measure of protection against defaults of an issuer (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

A Fund may use credit default swap agreements on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default. Unlike credit default swaps on corporate or sovereign issues, deliverable obligations in most instances would be limited to the specific referenced obligation because performance for asset-backed securities can vary across deals. Write-downs, such as prepayments and principal pay downs, or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.

A Fund may use credit default swap agreements on credit indices to hedge a portfolio of credit default swap agreements or bonds, to protect investors owning bonds against default and to speculate on changes in credit quality. A credit index is a basket of credit instruments or exposures designed to represent a portion of the credit market. These indices consist of reference credits that are considered to be the liquid entities in the credit default swap market based on the index sector. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities and emerging market securities. These components can be determined based upon various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the issuers in the index, and if there is a credit event, the credit event is settled based on that issuer’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each issuer has an equal weight in the index.

Either as a seller of protection or a buyer of protection of a credit default swap agreement, a Fund’s maximum risk of loss from counterparty risk is the fair value of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement as disclosed in the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

FASB ASC Topic 815, “Derivatives and Hedging” and Financial Instruments Eligible for Offset. FASB ASC Topic 815 includes the requirement for enhanced qualitative disclosures about objectives and strategies for using derivative instruments and disclosures regarding credit related contingent features in derivative instruments, as well as quantitative disclosures in the semi-annual and annual financial statements about fair value, gains and losses, and volume of activity for derivative instruments. Information about these instruments is disclosed in the context of each instrument’s primary underlying risk exposure which is categorized as credit, commodity, equity price, interest rate and foreign currency exchange rate risk. The following disclosures include: (1) Objectives and strategies for each Fund’s derivative investments during the year; (2) A summary table of the fair valuations of each Fund’s derivative instruments categorized by risk exposure, which references the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations for each derivative instrument as of December 31, 2018. Funds which held only one type of derivative during the year are not included in the tables as the location on the Statements of Assets and Liabilities and the realized and unrealized gain loss on the Statements of Operations can be referenced directly on each Fund’s respective statements; (3) A summary table of derivative instruments and certain investments of each Fund, which are subject to master netting agreements or a similar agreement and are eligible for offset in the Statements of Assets and Liabilities as of December 31, 2018.For Funds which held only one type of derivative during the year, amounts eligible for offset are presented gross in the Statements of Assets and Liabilities. Net exposure can be referenced in the assets and liabilities on the Statements of Assets and Liabilities and, if collateral exists, the net exposure is offset by collateral identified in the segregated or pledged collateral table; and (4) A table reflecting each Fund’s average monthly derivative volume for the year ended December 31, 2018.

PPM Core Plus Fixed Income Fund Derivative Strategies - The Fund entered into futures contracts to hedge duration and to increase the Fund's exposure to interest rate or yield curve risk. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to obtain credit exposure, to provide a measure of protection against defaults of issuers and to manage credit exposure.

PPM Core Plus Fixed Income Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)		Equity($)	Foreign Exchange($)	Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2018
Derivative instruments assets:
	Variation margin on futures contracts8	—	—		—	—	14,531		14,531
	Variation margin on swap agreements8	—	175		—	—	—		175
Total derivative instruments assets		—	175		—	—	14,531		14,706
Derivative instruments liabilities:
	Variation margin on futures contracts8	—	—		—	—	16,829		16,829
Total derivative instruments liabilities		—	—		—	—	16,829		16,829
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2018
Net realized gain (loss) on:
	Futures contracts	—	—		—	—	(106,808	)	(106,808	)
	Swap agreements	—	2,037		—	—	—		2,037
Net change in unrealized appreciation (depreciation) on:
	Futures contracts	—	—		—	—	60,070		60,070
	Swap agreements	—	(8,032	)	—	—	—		(8,032	)

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PPM Core Plus Fixed Income Fund – Average Derivative Volume¹

	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Total Return Swap Agreements ($)
Average monthly volume	—	11,947,634	—	—	—	80,000	—

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PPM Long Short Credit Fund Derivative Strategies - The Fund entered into futures contracts to manage or adjust the risk profile of the Fund, establish net short positions for individual markets, currencies and securities, and adjust the Fund's portfolio duration. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to manage or adjust the risk profile of the Fund, to replace more traditional direct investments or to obtain exposure to certain markets.

PPM Long Short Credit Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)		Equity($)	Foreign Exchange($)	Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2018
Derivative instruments assets:
	Variation margin on swap agreements8	—	365		—	—	—		365
	OTC swap agreements	—	14,533		—	—	—		14,533
	OTC swap premiums paid	—	100,486		—	—	—		100,486
Total derivative instruments assets		—	115,384		—	—	—		115,384
Derivative instruments liabilities:
	Variation margin on futures contracts8	—	—		—	—	56,281		56,281
	Variation margin on swap agreements8	—	694		—	—	—		694
Total derivative instruments liabilities		—	694		—	—	56,281		56,975
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2018
Net realized gain (loss) on:
	Futures contracts	—	—		—	—	(12,008	)	(12,008	)
	Swap agreements	—	(11,989	)	—	—	—		(11,989	)
Net change in unrealized appreciation (depreciation) on:
	Futures contracts	—	—		—	—	(438,584	)	(438,584	)
	Swap agreements	—	33,246		—	—	—		33,246

PPM Long Short Credit Fund – Derivative and Financial Instruments Eligible for Offset

	Gross Amount Presented in the Statements of				Total Collateral 5
	Assets and Liabilities1($)	Financial Instruments2($)	Collateral3($)	Net Amount4($)	Cash($)	Security($)
Derivative Assets by Counterparty*
CGM	10,685	—	—	10,685	—	—
JPM	3,848	—	—	3,848	—	—
Derivatives eligible for offset	14,533	—	—	14,533
Derivatives not eligible for offset	100,851				—	—
	115,384
Derivative Liabilities by Counterparty*
Derivatives eligible for offset	—	—	—	—
Derivatives not eligible for offset	56,975				234,815	—
	56,975

PPM Long Short Credit Fund – Average Derivative Volume¹

	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Total Return Swap Agreements ($)
Average monthly volume	—	22,387,406	—	—	—	5,266,667	—

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PPM Strategic Income Fund Derivative Strategies - The Fund entered into futures contracts and credit default swap agreements to hedge duration or to increase the Fund's exposure to interest rate or yield curve risk

PPM Strategic Income Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)		Equity($)	Foreign Exchange($)	Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2018
Derivative instruments assets:
	Variation margin on futures contracts8	—	—		—	—	14,561		14,561
	Variation margin on swap agreements8	—	365		—	—	—		365
Total derivative instruments assets		—	365		—	—	14,561		14,926
Derivative instruments liabilities:
	Variation margin on futures contracts8	—	—		—	—	34,048		34,048
Total derivative instruments liabilities		—	—		—	—	34,048		34,048
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2018
Net realized gain (loss) on:
	Futures contracts	—	—		—	—	392,874		392,874
	Swap agreements	—	4,224		—	—	—		4,224
Net change in unrealized appreciation (depreciation) on:
	Futures contracts	—	—		—	—	(107,412	)	(107,412	)
	Swap agreements	—	(16,934	)	—	—	—		(16,934	)

PPM Strategic Income Fund – Average Derivative Volume¹

	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Total Return Swap Agreements ($)
Average monthly volume	—	16,968,743	—	—	—	76,923	—

¹ The derivative instruments outstanding as of December 31, 2018, as disclosed in the Schedules of Investments, and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the year ended December 31, 2018, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds.

The derivative strategy for Funds which held only one type of derivative during the year is as follows: PPM Credit Fund entered into futures contracts to hedge duration or to increase the Fund's exposure to interest rate or yield curve risk. PPM Floating Rate Income Fund and PPM High Yield Core Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates.

The derivative instruments outstanding as of December 31, 2018, as disclosed in the Schedules of Investments, and the amounts of realized gains and losses and change in unrealized gains and losses on derivative instruments during the year ended December 31, 2018, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds. For Funds which held only one type of derivative during the year, the average monthly derivative volume is as follows:

	Notional Value at Purchase of Futures Contracts ($)
PPM Credit Fund	15,024,233
PPM Floating Rate Income Fund	744,401
PPM High Yield Core Fund	3,219,305

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Pledged Collateral. The following table summarizes cash and securities collateral pledged for the Funds at December 31, 2018:

		Futures Contracts	Swap Agreements
	Counterparties	Pledged or Segregated Cash($)	Pledged or Segregated Cash($)
PPM Core Plus Fixed Income Fund	MLP	40,234	12,753
PPM Credit Fund	MLP	52,912	—
PPM Floating Rate Income Fund	BOA	6,864	—
PPM High Yield Core Fund	MLP	34,496	—
PPM Strategic Income Fund	BOA	76,632	26,567

	Lending Agent/Prime Broker	Segregated Securities($)
PPM Long Short Credit Fund	SSB	4,260,407
PPM Strategic Income Fund	SSB	744,435

None of the futures contracts held by the Funds are subject to master netting agreements or a similar agreement and are not eligible for offset in the Statements of Assets and Liabilities as of December 31, 2018. Net exposure to the Funds for futures contracts is the variation margin in addition to any collateral pledged for the initial margin on the futures contracts.

NOTE 7. INVESTMENT RISKS AND REGULATORY MATTERS

The Funds' risks include, but are not limited to, the following:

Market Risk. Stock market risk refers to the fact that stock (equity securities) prices typically fluctuate more than the values of other types of securities, typically in response to changes in the particular company’s financial condition and factors affecting the market in general. Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline. A slower-growth or recessionary economic environment could have an adverse effect on the price of the various stocks held by the Fund. Consequently, a broad-based market drop may also cause a stock’s price to fall. Bond market risk generally refers to credit risk and interest rate risk.

Interest Rate Risk. When interest rates increase, fixed-income securities generally will decline in value. A wide variety of factors can cause interest rates to rise such as central bank monetary policies, inflation rates and general economic conditions. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates than those with shorter durations.

Issuer Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. A security’s value may decline for reasons that directly relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer’s goods or services.

Prepayment Risk. During periods of falling interest rates, there is the risk that a debt security with a high stated interest rate will be prepaid before its expected maturity date and that a Fund may have to reinvest the proceeds in an investment that may have a lower interest rate. In addition, prepayment rates are difficult to predict and the potential impact of prepayment on the price of a debt instrument depends on the terms of the instrument.

Credit Risk. Credit risk is the actual or perceived risk that the issuer of a bond, borrower, guarantor, counterparty, or other entity responsible for payment will not pay interest and principal payments when due. The price of a debt security can decline in response to changes in the financial condition of the issuer, borrower, guarantor, counterparty, or other entity responsible for payment. The Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Changes in an issuer’s financial strength, the market’s perception of the issuer’s financial strength or in a security’s credit rating, which reflects a third party’s assessment of the credit risk presented by a particular issuer, may affect debt securities’ value. When a fixed-income security is not rated, PPM may have to assess the risk of the security itself. The Fund may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, PPM or the rating agencies than such securities actually do. In addition, to the extent the Fund invests in municipal bonds, they are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest.

Counterparty Risk. A Fund will be subject to credit risk with respect to the counterparties to the derivative contracts (whether a clearing corporation in the case of exchange-traded instruments or another third party in the case of over-the-counter instruments) and other instruments, such as repurchase and reverse repurchase agreements, entered into directly by a Fund or held by special purpose or structured vehicles in which a Fund invests. If a counterparty becomes bankrupt or insolvent or otherwise fails or is unwilling to perform its obligations to a Fund due to financial difficulties or for other reasons, the Fund may experience significant losses or delays in realizing on any collateral the counterparty has provided to a Fund in respect of the counterparty’s obligations to the Fund or recovering collateral that a Fund has provided to the counterparty and is entitled to recover. In addition, in the event of the bankruptcy, insolvency or other event of default (e.g., cross-default) of a counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. If a Fund is owed this fair market value in the termination of the derivative transaction and its claim is

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unsecured, the Fund will likely be treated as a general creditor of such counterparty. A Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

Leverage Risk. Certain transactions, such as reverse repurchase agreements, futures, forwards, swaps, or other derivative instruments, include the use of leverage and may cause the Fund to liquidate portfolio positions at disadvantageous times to satisfy its obligations or to meet asset segregation requirements. The effect of using leverage is to increase the Fund’s potential gains and losses in comparison to the amount of the Fund’s assets (that is, assets other than borrowed assets) at risk, which may cause the Fund’s portfolio to be more volatile. If the Fund uses leverage, the Fund has the risk of capital losses that exceed the net assets of the Fund.

Senior Loans Risk. The senior loans in which a Fund invests are usually rated below investment grade. The amount of public information with respect to loans may be less extensive than that available for registered or exchange listed securities. An economic downturn generally leads to a higher non-payment, and a senior loan may lose significant value before a default occurs. A secured senior loan may not be adequately collateralized. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value.

Cybersecurity Risk. Cyber-attacks could disrupt daily operations related to trading and portfolio management. In addition, technology disruptions and cyber-attacks may impact the operations or securities prices of an issuer or a group of issuers, and thus may have an adverse impact on the value of a Fund’s investments. Cyber-attacks on PPM and service providers could cause business failures or delays in daily processing and a Fund may not be able to issue a NAV per share. As a result, cyber-attacks could impact the performance of a Fund.

NOTE 8. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES

Advisory and Administrative Fees. The Trust has entered into an Investment Advisory and Management Agreement (the "Investment Advisory Agreement") with PPM. Subject to the oversight of the Trust’s Board of Trustees, PPM is responsible for managing the affairs of the Trust including, but not limited to, continuously providing the Trust with investment advice and business management to the Funds. Pursuant to the Investment Advisory Agreement, PPM receives an annual fee accrued daily and payable monthly, at an annual rate of 0.40% of the average daily net assets of the PPM Core Plus Fixed Income Fund, 0.45% of the average daily net assets of the PPM Credit Fund, 0.55% of the average daily net assets of the PPM Floating Rate Income Fund, 0.55% of the average daily net assets of the PPM High Yield Core Fund, 0.50% of the average daily net assets of the PPM Long Short Credit Fund, 0.50% of the average daily net assets of the PPM Strategic Income Fund, 0.60% of the average daily net assets of the PPM Large Cap Value Fund, 0.70% of the average daily net assets of the PPM Mid Cap Value Fund and 0.80% of the average daily net assets of the PPM Small Cap Value Fund.

The Trust has entered into an Administration Agreement with JNAM, an affiliate of PPM. JNAM is an indirect wholly-owned subsidiary of Jackson, a US-based financial services company, which in turn is an indirect wholly-owned subsidiary of Prudential plc. Pursuant to the Administration Agreement, JNAM receives an annual fee accrued daily and payable monthly, at an annual rate of 0.10% of the average daily net assets of each Fund. In return for the fees paid under the Administration Agreement, JNAM provides or procures all necessary administrative functions and services for the operation of the Funds. This includes, among other things, fund accounting; calculation of the daily NAV of each Fund; monitoring the Funds’ expense accruals; calculating monthly total return; prospectus and statement of additional information compliance monitoring; preparing certain financial statements of the Trust; and preparing the Trust’s regulatory filings. In addition, JNAM, at its own expense, arranges for legal, audit, custody (except overdraft and interest expense), printing and mailing of financial statements and prospectuses, a portion of the Chief Compliance Officer costs, and other services necessary for the operation of the Funds. Each Fund is responsible for investment advisory services; transfer agency services; trading expenses including brokerage commissions; interest expenses; taxes; costs and expenses associated with short sales; nonrecurring and extraordinary expenses; registration fees; license fees; directors’ and officers’ insurance; the fees and expenses of the independent Trustees; independent legal counsel to the independent Trustees; and a portion of the costs associated with the Chief Compliance Officer.

Advisory Fee Waivers. The Trust and the Adviser have entered into an Expense Limitation Agreement whereby PPM has contractually agreed to waive a portion of its management fee and/or reimburse expenses for each of the Funds to the extent necessary to limit the annualized ordinary operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, dividend and interest expenses related to short sales, indirect expenses of investing in other investment companies, and extraordinary expenses) to 0.50% for the PPM Core Plus Fixed Income Fund, 0.55% for the PPM Credit Fund, 0.70% for the PPM Floating Rate Income Fund, 0.70% for the PPM High Yield Core Fund, 0.70% for the PPM Long Short Credit Fund, 0.65% for the PPM Strategic Income Fund, 0.75% for the PPM Large Cap Value Fund, 0.90% for the PPM Mid Cap Value Fund and 1.00% for the PPM Small Cap Value Fund for an initial term expiring on April 30, 2019. Any waived amounts are not subject to future recoupment by the Adviser.

Security Transactions. Security transactions can occur in the Funds where both the buyer and seller of the security are portfolios or accounts for which PPM serves as the Adviser. Such transactions occur to eliminate transaction costs normally associated with security trading activity. Such transactions are subject to compliance with Rule 17a-7 under the 1940 Act (“Rule 17a-7 transactions”) and are reviewed by the Chief Compliance Officer. Rule 17a-7 trades are executed at current market price at the time of the transaction. There were no 17a-7 transactions that were deemed significant by the Administrator during the year ended December 31, 2018.

NOTE 9. FUND ACQUISITION

Tax Free Exchange. The following tables include information related to an acquisition completed prior to the open of business on July 2, 2018. The acquisition qualified as an Internal Revenue Code Section 351(a) transaction where no gain or loss is recognized and was completed as an exchange of Institutional shares of a Fund in the Trust for Class A shares of a fund in JNL Strategic Income Fund LLC (“Company”) pursuant to a plan of reorganization approved by the Trust’s and Company’s Boards. The purpose of the acquisition was to facilitate the acquisition of a fund with a similar investment strategy into the Trust. Although the fund in the Company was legally dissolved, it is considered the accounting survivor for financial reporting purposes.

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				Acquired Fund		Acquiring Fund
Acquired Fund		Acquiring Fund		Net Assets on Acquisition Date($)	Shares Outstanding on Acquisition Date	Net Assets on Acquisition Date($)	Shares Outstanding on Acquisition Date	Shares of Acquiring Fund Issued in Exchange
JNL/PPM America Strategic Income Fund		PPM Strategic Income Fund
	Class A		N/A	49,475,482	4,151,078	—	—	—
	N/A		Institutional Class	—	—	11,000	1,100	4,947,548

Acquired Fund	Cost of Investments($)	Value of Investments($)	Net Unrealized Appreciation/ (Depreciation)($)
JNL/PPM America Strategic Income Fund	47,271,731	47,271,731	—

NOTE 10. INCOME TAX MATTERS

Each Fund is treated as a separate tax payer for federal income tax purposes. Each Fund intends to qualify as a regulated investment company ("RIC") and to distribute substantially all net investment income and net capital gains, if any, to its shareholders and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to RICs. Therefore, no federal income tax provision is required.

The following information for the Funds is presented on an income tax basis. Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: expired capital loss carryforwards, foreign currency reclassifications, premium amortization or paydown reclassifications, reclassifications on the sale of passive foreign investment company ("PFIC") or Real Estate Investment Trust ("REIT") securities, net operating losses, accounting treatment of notional principal contracts and partnerships, equalization and other distribution adjustments. These reclassifications have no impact on net assets.

	Net Increase(Decrease)
	Total Distributable Earnings (Loss)($)		Paid-in Capital($)
PPM Core Plus Fixed Income Fund	13,468		(13,468	)
PPM Credit Fund	9,917		(9,917	)
PPM Floating Rate Income Fund	139		(139	)
PPM High Yield Core Fund	17,410		(17,410	)
PPM Long Short Credit Fund	19,140		(19,140	)
PPM Strategic Income Fund	(1,424,696	)	1,424,696
PPM Large Cap Value Fund	288		(288	)
PPM Small Cap Value Fund	3,485		(3,485	)

At December 31, 2018, the following Funds had capital loss carryforwards available for US federal income tax purposes to offset future net realized capital gains. The amount and character of the capital loss carryforwards are listed in the table below.

	Capital Loss Carryforwards with No Expiration
	Short Term ($)	Long Term ($)	Total ($)
PPM Core Plus Fixed Income Fund	42,054	26,709	68,763
PPM Floating Rate Income Fund	42,248	—	42,248

At December 31, 2018, the following Funds treated as RICs had capital, currency and/or passive foreign investment company (“PFIC”) mark-to-market losses realized after October 31, 2018 (“Post-October losses”), which were deferred for tax purposes to the first day of the following fiscal year, January 1, 2019:

	Amount($)
PPM Core Plus Fixed Income Fund	60,991
PPM Credit Fund	197,203
PPM Floating Rate Income Fund	45,618
PPM High Yield Core Fund	156,803
PPM Long Short Credit Fund	661,290
PPM Strategic Income Fund	270,040
PPM Large Cap Value Fund	2,932
PPM Mid Cap Value Fund	53,047

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PPM Small Cap Value Fund 26,645

As of December 31, 2018, the cost of investments and the components of net unrealized appreciation (depreciation) for the Funds were as follows:

		Tax Cost of Investments($)	Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
PPM Core Plus Fixed Income Fund		51,062,166	194,698	(809,334	)	(614,636	)
PPM Credit Fund		50,198,320	145,301	(1,457,245	)	(1,311,944	)
PPM Floating Rate Income Fund		52,074,423	1,007	(2,643,860	)	(2,642,853	)
PPM High Yield Core Fund		53,431,978	22,804	(3,674,226	)	(3,651,422	)
PPM Long Short Credit Fund
	Long Investments	52,957,492	42,431	(2,072,563	)	(2,030,132	)
	Short Investments	2,888,827	65,308	(405	)	64,903
PPM Strategic Income Fund
	Long Investments	51,823,196	92,993	(2,067,198	)	(1,974,205	)
	Short Investments	502,488	6,451	—		6,451
PPM Large Cap Value Fund		6,637,845	105,983	(1,056,994	)	(951,011	)
PPM Mid Cap Value Fund		5,623,907	82,245	(1,120,170	)	(1,037,925	)
PPM Small Cap Value Fund		10,486,063	192,297	(2,438,581	)	(2,246,284	)

As of December 31, 2018, the components of net unrealized appreciation (depreciation) for derivatives were as follows:

		Tax Cost/Premiums/Adjustment($)		Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
PPM Core Plus Fixed Income Fund
	Futures	60,070		—	—		—
	Swap Agreements	(417	)	—	(7,198	)	(7,198	)
PPM Credit Fund
	Futures	(17,477	)	—	—		—
PPM Floating Rate Income Fund
	Futures	(15,515	)	—	—		—
PPM High Yield Core Fund
	Futures	(75,644	)	—	—		—
PPM Long Short Credit Fund
	Futures	(438,584	)	—	—		—
	Swap Agreements	96,497		50,279	(13,044	)	37,235
PPM Strategic Income Fund
	Futures	(107,412	)	—	—		—
	Swap Agreements	(875	)	—	(16,059	)	(16,059	)

As of December 31, 2018, the components of distributable taxable earnings for US federal income tax purposes were as follows:

	Undistributed Net Ordinary Income*($)	Undistributed Net Long-Term Capital Gain($)	Unrealized Gains (Losses)**($)		Capital Loss Carryforward($)
PPM Core Plus Fixed Income Fund	—	—	(685,503	)	(68,763	)
PPM Credit Fund	—	—	(1,509,148	)	—
PPM Floating Rate Income Fund	—	—	(2,689,812	)	(42,248	)
PPM High Yield Core Fund	—	—	(3,808,226	)	—
PPM Long Short Credit Fund	—	—	(2,590,335	)	—
PPM Strategic Income Fund	5,411	—	(2,248,637	)	—
PPM Large Cap Value Fund	—	—	(953,942	)	—
PPM Mid Cap Value Fund	589	—	(1,090,973	)	—
PPM Small Cap Value Fund	—	—	(2,272,929	)	—

* Undistributed net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

**Unrealized gains (losses) are adjusted for open wash sale loss deferrals.

The tax character of distributions paid during the Funds’ fiscal year ended December 31, 2018 was as follows:

	Net Ordinary Income*($)	Long-term Capital Gain**($)	Return of Capital($)
PPM Core Plus Fixed Income Fund	789,149	—	—
PPM Credit Fund	885,316	64,420	—
PPM Floating Rate Income Fund	1,348,828	—	—
PPM High Yield Core Fund	1,360,524	52,385	—

79

PPMFunds

Notes to Financial Statements

December 31, 2018

	Net Ordinary Income*($)	Long-term Capital Gain**($)	Return of Capital($)
PPM Long Short Credit Fund	931,733	107,615	—
PPM Strategic Income Fund	1,190,745	57,229	—
PPM Large Cap Value Fund	145,178	—	—
PPM Mid Cap Value Fund	155,959	56	—
PPM Small Cap Value Fund	267,927	583	—

* Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

** The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code section 852(b)(3), the amount necessary to reduce earnings and profits of the

Funds related to net capital gains to zero for the year ended December 31, 2018.

FASB ASC Topic 740 “Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would result in the Funds recording a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns which remain subject to examination by the Internal Revenue Service and certain other jurisdictions. Management completed an evaluation of the Funds’ tax positions and based on that evaluation, determined that no provision for federal income tax was required in the Funds’ financial statements during the year ended December 31, 2018.

NOTE 11. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Funds through the date the financial statements are issued and has concluded there are no events that required adjustments to the financial statements or disclosure in the notes to the financial statements.

80

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

PPM Funds:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of each series within PPM Funds including PPM Core Plus Fixed Income Fund (commenced operations July 16, 2018), PPM Credit Fund (commenced operations July 16, 2018), PPM Floating Rate Income Fund (commenced operations May 1, 2018), PPM High Yield Core Fund (commenced operations July 16, 2018), PPM Long Short Credit Fund (commenced operations July 16, 2018), PPM Strategic Income Fund (commenced operations July 2, 2018), PPM Large Cap Value Fund (commenced operations May 1, 2018), PPM Mid Cap Value Fund (commenced operations May 1, 2018), and PPM Small Cap Value Fund (commenced operations May 1, 2018) (the “Funds”), as of December 31, 2018, the related statements of operations for the period since commencement of operations then ended and the statements of changes in net assets for the period since commencement of operations then ended and the related notes (collectively, the financial statements) and the financial highlights for the period since commencement of operations in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2018, the results of their operations, the changes in their net assets and their financial highlights for the period since commencement of operations then ended in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2018, by correspondence with the custodians, transfer agents and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more PPM investment companies since 2018.

Chicago, Illinois

February 25, 2019

81

PPMFunds

Additional Disclosures(Unaudited)

December 31, 2018

Disclosure of Fund Expenses. Shareholders incur ongoing costs, which include costs for portfolio management, administrative services and other operating expenses. Operating expenses such as these are deducted from each Fund’s gross income and directly reduce the final investment return. These expenses are expressed as a percentage of the Fund’s average net assets; this percentage is known as the Fund’s expense ratio. The examples below use the expense ratio and are intended to help the investor understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

Expenses Using Actual Fund Return. This section provides information about the actual account values and actual expenses incurred by the Fund. Use the information in this section, together with the amount invested, to estimate the expenses paid over the period. Simply divide the account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses paid during this period.

Expenses Using Hypothetical 5% Return. This section provides information that can be used to compare each Fund’s costs with those of other mutual funds. It assumes that the Fund’s expense ratio for the period is unchanged and assumes an annual 5% return before expenses, which is not the Fund’s actual return. This example is useful in making comparisons because the SEC requires all mutual funds to make the 5% calculation.

			Expenses Using Actual Fund Return			Expenses Using Hypothetical 5% Return
		Annualized Expense Ratios(%)	Beginning Account Value 07/01/18($)	Ending Account Value 12/31/18($)	Expenses Paid During Period($)†	Beginning Account Value 07/01/18($)	Ending Account Value 12/31/18($)	Expenses Paid During Period($)††
PPM Core Plus Fixed Income Fund
	Institutional Class*	0.50	1,000.00	1,000.70	2.32	1,000.00	1,022.68	2.55
PPM Credit Fund
	Institutional Class*	0.55	1,000.00	988.90	2.53	1,000.00	1,022.43	2.80
PPM Floating Rate Income Fund
	Institutional Class	0.70	1,000.00	977.50	3.49	1,000.00	1,021.68	3.57
PPM High Yield Core Fund
	Institutional Class*	0.70	1,000.00	952.60	3.16	1,000.00	1,021.68	3.57
PPM Long Short Credit Fund
	Institutional Class*	0.97	1,000.00	969.20	4.42	1,000.00	1,020.32	4.94
PPM Strategic Income Fund
	Institutional Class	0.65	1,000.00	979.40	3.24	1,000.00	1,021.93	3.31
PPM Large Cap Value Fund
	Institutional Class	0.75	1,000.00	872.00	3.54	1,000.00	1,021.42	3.82
PPM Mid Cap Value Fund
	Institutional Class	0.90	1,000.00	819.80	4.13	1,000.00	1,020.67	4.58
PPM Small Cap Value Fund
	Institutional Class	1.00	1,000.00	800.70	4.54	1,000.00	1,020.16	5.09

† For Classes with at least 6-month’s operating history, expenses paid during the period are equal to the annualized net expense ratio, multiplied by the average account value over the

period, then multiplied by 184/365 (to reflect the most recent 6-month period). For Classes with less than 6-month’s operating history, expenses paid during the period are equal to the

annualized net expenses ratio, multiplied by the average account value over the period since inception, then multiplied by 169/365 (to reflect the period since the Class’ inception).

* Institutional class has less than 6-month’s operating history and the amounts reported in Expenses Using Actual Fund Return are not comparable to Expenses Using Hypothetical 5% Return.

†† Expenses paid during the period are equal to the annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 184/365 (to reflect the period since the Fund’s inception).

Other Federal Income Tax Information. The information reported below is for the year ended December 31, 2018. Qualified dividend information will be provided on each shareholders' 2018 Form 1099-DIV.

For the year ended December 31, 2018, the following Funds hereby designate the following percentages, or the maximum amount allowable under the Internal Revenue Code ("Code"), as qualified dividends:

PPM Large Cap Value Fund	75.95%
PPM Mid Cap Value Fund	45.68%
PPM Small Cap Value Fund	30.75%

For the year ended December 31, 2018, the following Funds hereby designate the following percentages, or the maximum amount allowable under the Code, as distributions eligible for the dividends received deduction for corporations:

PPM Large Cap Value Fund	76.42%
PPM Mid Cap Value Fund	45.97%
PPM Small Cap Value Fund	30.25%

82

PPMFunds

Additional Disclosures(Unaudited)

December 31, 2018

Quarterly Portfolio Holdings. The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the SEC’s website at www.sec.gov. The Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. It is also available upon request from the Transfer Agent by calling the Funds toll-free at 1-844-446-4PPM (1-844-446-4776).

Proxy Voting Policies and Procedures and Proxy Voting Record. A description of the Policy that the Funds’ Adviser used to vote proxies relating to portfolio securities and additional information on how the Funds voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2018, are available (1) without charge, upon request by calling 1-844-446-4PPM (1-844-446-4776), (2) by writing PPM Funds, P.O. Box 2175, Milwaukee, Wisconsin 53201-2175, (3) online at www.ppmamerica.com/ppmfunds, and (4) by visiting the SEC’s website at www.sec.gov.

The Statement of Additional Information includes additional information about Fund Trustees and may be obtained at no charge by calling 1-844-446-4PPM (1-844-446-4776) or by writing PPM Funds, P.O. Box 2175, Milwaukee, Wisconsin 53201-2175, or visiting www.ppmamerica.com/ppmfunds.

83

Trustees and Officers of PPM Funds (“Trust”)

Name and (Age)	Position(s) Held with Trust	Length of Time Served	Principal Occupation(s) During Past 5 Years:	Other Directorships Held During Past 5 Years
Interested Trustee
Mark Mandich (58)1	Trustee 2 Chief Executive Officer and President	Since inception	Chief Executive Officer and President, PPM (5/2015 to present), previously Executive Vice President and Chief Operating Officer, PPM (11/2000 to 4/2015); Chief Executive Officer, Curian Capital LLC (8/2014 to 5/2015); Manager, Curian Capital LLC (5/2015 to present); Manager, Curian Clearing LLC (5/2015 to present)	None.
Independent Trustees
Kevin Callahan (53)	Trustee 2	Since inception	Founder, Fairway Capital (1/2017 to present), previously Chief Operating Officer, Adams Street Partners (7/1994 to 12/2016)	None.
Ronald A. Nyberg (65)	Trustee 2 and Independent Chair of the Board of Trustees	Since inception	Partner, Momkus LLC (7/2016 to present), previously Partner, Nyberg & Cassioppi, LLC (10/2000 to 6/2016)	Trustee, Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Transparent Value Trust, Claymore Exchange-Traded Fund Trust, Claymore Exchange-Traded Fund Trust 2, Western Asset/Claymore Inflation-Linked Opportunities & Income Fund, Western Asset/Claymore Inflation-Linked Securities & Income Fund, Advent Claymore Convertible Securities & Income Fund, Advent/Claymore Enhanced Growth & Income Fund, Advent Claymore Convertible Securities & Income Fund II, Guggenheim Taxable Municipal Managed Duration Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Credit Allocation Fund, Guggenheim Energy & Income Fund, Fiduciary/Claymore MLP Opportunity Fund and Guggenheim Enhanced Equity Income Fund.
Janet D. Olsen (62)	Trustee 2	Since inception	Retired (1/2014 to present)	Director, ETF Series Solutions.
1 Mr. Mandich is an “interested person” of the Trust due to his position with PPM, the Adviser.
2The Interested Trustee and the Independent Trustees are elected to serve for an indefinite term.
3 The Board Chairperson may be reelected for a second three-year term. If the Board Chairperson has served two consecutive terms, he or she may not serve again as the Board Chairperson, unless at least one year has elapsed since the end of his or her second consecutive term as Board Chairperson.

84

Trustees and Officers of PPM Funds (“Trust”)

Name and (Age)	Position(s) Held with Trust	Length of Time Served	Principal Occupation(s) During Past 5 Years:
Officers
Thomas E. Barnicle (58)	Vice President	Since inception	Executive Vice President and Chief Administrative Officer of PPM (10/2015 to present); Senior Vice President, Information Technology and Office Services of PPM (5/2010 to 10/2015)
Emily J. Bennett (35)	Vice President and Secretary	Since inception	Assistant Vice President of JNAM (2/2018 to present) and Associate General Counsel of JNAM (3/2016 to present); Senior Attorney of JNAM (10/2013 to 3/2016); Assistant Secretary of other investment companies advised by JNAM (3/2016 to present, 5/2012 to present, and 3/2016 to 7/2018); Assistant Secretary of Curian Series Trust (5/2012 to 2/2016)
Mary T. Capasso (47)	Vice President, Chief Legal Officer and Assistant Secretary	Since inception	Senior Vice President and General Counsel of PPM (6/2018 to present); Vice President and Deputy General Counsel of PPM (8/2015 to 6/2018); previously Assistant General Counsel of Harris Associates LP (until 8/2015)
Daniel W. Koors (48)	Vice President Treasurer and Principal Financial Officer	Since inception Since inception	Senior Vice President of JNAM (1/2009 to present) and Chief Operating Officer of JNAM (4/2011 to present); Treasurer and Chief Financial Officer of Curian Series Trust (11/2010 to 2/2016);Vice President of other Investment Companies advised by JNAM (1/2018 to present, 12/2006 to present, and 8/2012 to 7/2018); Treasurer and Chief Financial Officer (Principal Financial Officer) of other Investment Companies advised by JNAM (9/2006 to present and 10/2011 to present)
Michael H. Markowitz (54)	Vice President	Since inception	Executive Vice President of PPM (3/2018 to present) and Head of Business Development (12/2016 to present); Senior Managing Director of PPM (12/2016 to 2/2018); previously Senior Managing Director, Corporate Strategy, Head of Traditional Asset Management, Mesirow Financial (4/2014-11/2016); President, Chief Investment Officer, Horizon Cash Management (4/2012- 2/2014)
Colleen P. McDermott (58)	Vice President	Since inception	Managing Director, Product Management of PPM (8/2017 to present); previously Managing Director, Senior Product Manager, Guggenheim Investments (5/2011 to 6/2017)
Mark D. Nerud (52)	Principal Executive Officer	Since inception	Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President and Chief Executive Officer of Curian Series Trust (8/2014 to 2/2016); Managing Board Member of Curian Capital, LLC (1/2011 to 4/2015); Managing Board Member of Curian Clearing LLC (1/2011 to 4/2015); President and Chief Executive Officer (Principal Executive Officer) of other investment companies advised by JNAM (8/2014 to present, 12/2006 to present, and 8/2012 to 7/2018)
Joseph O’Boyle (56)	Chief Compliance Officer Anti-Money Laundering Officer	Since inception Since inception	Vice President of JNAM (8/2015 to present); Acting Chief Compliance Officer of JNAM (6/2018 to 8/2018); Vice President of other investment companies advised by JNAM (1/2018 to present); Acting Chief Compliance Officer and Acting Anti-Money Laundering Officer of other investment companies advised by JNAM (6/2018 to 8/2018), Anti-Money Laundering Officer of another investment company advised by JNAM (12/2015 to 1/2018); Chief Compliance Officer of Curian Series Trust (5/2012 to 2/2016)
Rebecca A. Paulzine (39)	Vice President and Assistant Secretary	Since November 2018	Vice President and Senior Counsel of PPM (9/2018 to present); Associate General Counsel, Edward Jones (9/2014 to 9/2018); Senior Counsel, Thrivent Financial for Lutherans (1/2010 to 9/2014)
Susan S. Rhee (47)	Vice President and Assistant Secretary	Since inception	Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (10/2011 to present, 2/2004 to present, and 8/2012 to present); Vice President, Chief Legal Officer, and Secretary of Curian Series Trust (11/2010 to 2/2016)

85

Trustees and Officers of PPM Funds (“Trust”)

The business address of the Interested Trustee and each officer affiliated with PPM is 225 W. Wacker Drive, Suite 1200, Chicago, IL 60606. The address of the Independent Trustees is c/o PPM Funds, 225 W. Wacker Drive, Suite 1200, Chicago, IL 60606. The business address of each officer affiliated with JNAM is 1 Corporate Way, Lansing, MI 48951.

86

Trustees and Officers of PPM Funds (“Trust”)

The interested Trustee and the Officers of the Trust or the Adviser do not receive any compensation from the Trust for their services as Trustees or Officers. The Independent Trustees received the following compensation for their services for the twelve-month period ended December 31, 2018:

Independent Trustee	Aggregate Compensation from the Trust	Pension or Retirement Benefits Accrued As Part of Fund Expenses	Estimated Annual Benefits Upon Retirement	Total Compensation from the Trust
Kevin Callahan	$37,000	$0	$0	$37,000
Ronald A. Nyberg	$37,000	$0	$0	$37,000
Janet D. Olsen	$37,000	$0	$0	$37,000

87

PPMFUNDS

SUPPLEMENT DATED JANUARY 8, 2019 TO THE
PROSPECTUS DATED MARCH 26, 2018

PPM Floating Rate Income FundPKFIX

PPM High Yield Core FundPKHIX

PPM Long Short Credit FundPKLIX

PPM Strategic Income FundPKSIX

(each a “Fund,” and collectively, the “Funds”)

This supplement provides new and additional information that affects information contained in the Funds’ Prospectus and should be read in conjunction with the Prospectus.

Scott Richards has decided to retire from PPM America, Inc. (“PPM”) effective December 31, 2019. Scott joined PPM in 2008 and has spent the last ten years helping build our high yield capabilities. On January 1, 2019, Scott will transition into an advisory capacity and will continue to work alongside the high yield team until his retirement at the end of 2019.

Accordingly, the following changes are being made to the Prospectus, effective January 1, 2019:

In the section entitled “Fund Summaries” of the Prospectus, all information related to Scott Richards in the Portfolio Managers tableunder “Portfolio Management” for each Fund is deleted in its entirety.

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or any waivers to this code of ethics during the period covered by this report. A copy of this code of ethics is filed as Exhibit 12(a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The registrant has named Kevin Callahan as an Audit Committee financial expert serving on its Audit Committee. Kevin Callahan is not an “interested person” of the Trust, as that term is defined by Section 2(a)(19) of the Investment Company Act of 1940, as amended, and is considered “independent” for purposes of this Item.

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Trustees.

Item 4. Principal Accountant Fees and Services.

(a)-(d)

The administrator of the registrant is responsible for payment of all expenses associated with the annual audit and other required services of the independent registered accounting firm, and all expenses associated with the preparation and filing of the tax returns.

KPMG LLP (“KPMG”) was appointed by the Board of Managers as the independent registered public accounting firm of the registrant for the fiscal year ended December 31, 2018. The following table sets forth aggregate fees billed by KPMG for the respective period for professional services rendered to the registrant.

Fees for Services Rendered to the Registrant by KPMG

Fiscal Year	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
2018	$168,352	$0	$0	$0

Fees for Services Rendered to Adviser Entities by KPMG

The following table sets forth the amount of fees that were billed by KPMG for the respective period to any entity controlling, controlled by, or under common control with the investment adviser that provided ongoing services to the registrant (“Adviser Entities”) that were directly related to the registrant’s operations and financial reporting.

Fiscal Year	Audit-Related Fees	Tax Fees	All Other Fees
2018	$0	$0	$0

(e)(1) The Audit Committee is authorized to pre-approve non-audit services provided by the registrant’s auditors, if they find it appropriate in light of their fiduciary duties and in the exercise of their good faith business judgment and compatible with the auditors’ independence. The Chairman of the Audit Committee is authorized to approve audit and non-audit services for newly established Funds of the registrant on the same terms as the full Audit Committee previously had approved for the then existing Funds.

(e)(2) 0%

(f) Not applicable.

(g) The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended December 31, 2018 was $20,415.

(h) For the fiscal year ended December 31, 2018, the Audit Committee of the registrant’s Board of Managers considered the provision of non-audit services that were rendered to the Adviser Entities that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services were compatible with maintaining KPMG’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) Included as a part of the report to shareholders filed under Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes have been made.

Item 11. Controls and Procedures.

(a) The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed, summarized, and reported

within the periods specified in the rules and forms of the U.S. Securities and Exchange Commission. Such information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within ninety (90) days prior to the filing date of this report on Form N-CSR, the registrant had carried out an evaluation, under the supervision and with the participation of the registrant’s management, including the registrant’s principal executive officer and the registrant’s principal financial officer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures. Based on such evaluation, the registrant’s principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures are effective.

(b) There have been no significant changes in the registrant’s internal controls over financial reporting during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal controls over financial reporting. There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this report on Form N-CSR.

Item 12.  Exhibits.

(a) (1) Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (as defined in Item 2(b) of Form N-CSR) is attached hereto.

(2) The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

(3) Not applicable.

(b) The certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PPM Funds
By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer
Date:	March 21, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer
Date:	March 21, 2019
By:	/s/ Daniel W. Koors
	Daniel W. Koors
	Principal Financial Officer
Date:	March 21, 2019

EXHIBIT LIST

Exhibit 12(a)(1)	Registrant’s Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.
Exhibit 12(a)(2)	Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.
	Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.
Exhibit 12(b)	Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.