Principal Street Short Term Municipal Fund | |||||||
Schedule of Investments | |||||||
as of November 30, 2023 (Unaudited) | |||||||
MUNICIPAL BONDS - 97.4% | Par | Value | |||||
Alabama - 4.1% | |||||||
Black Belt Energy Gas District No. 7, Series C-1, 5.25%, 12/01/2025 | $ | 1,000,000 | $ | 1,024,556 | |||
Houston County Health Care Authority, Series A, 5.00%, 10/01/2030 | 100,000 | 101,827 | |||||
Russell County Public Building Authority, 4.50%, 01/01/2033 | 425,000 | 425,327 | |||||
Southeast Energy Authority A Cooperative District, 5.00%, 05/01/2053(a) | 350,000 | 358,467 | |||||
1,910,177 | |||||||
Alaska - 2.2% | |||||||
CIVICVentures/AK, 5.00%, 09/01/2029 | 1,000,000 | 1,007,924 | |||||
Arizona - 5.6% | |||||||
Maricopa County Industrial Development Authority, Series B, 4.00%, 07/01/2029(b) | 1,000,000 | 967,416 | |||||
Pima County, 4.00%, 07/01/2024 | 205,000 | 205,121 | |||||
Pima County Industrial Development Authority | |||||||
5.25%, 12/01/2026 (Obligor: P.L.C. Charter Schools)(b) | 475,000 | 471,247 | |||||
Series B-3, 5.13%, 11/15/2029 (Obligor: La Posada Park Centre)(b) | 500,000 | 492,072 | |||||
Series B-3, 5.63%, 11/15/2030 (Obligor: La Posada Park Centre)(b) | 500,000 | 491,121 | |||||
2,626,977 | |||||||
California - 8.7% | |||||||
California Enterprise Development Authority, Series A, 4.00%, 06/01/2036 (Obligor: Rocklin Academy)(b) | 500,000 | 447,078 | |||||
California Municipal Finance Authority, 4.00%, 07/15/2029 (Obligor: United Airlines Inc)(c) | 100,000 | 96,830 | |||||
California School Finance Authority, 5.00%, 07/01/2025 (Obligor: Hawking STEAM Charter Schools)(b) | 400,000 | 404,450 | |||||
City of Sacramento CA North Natomas Community Facilities District No 4, 5.25%, 09/01/2024 | 150,000 | 150,154 | |||||
Palomar Community College District, Series B, 0.00%, 08/01/2029(d) | 100,000 | 82,225 | |||||
San Ysidro School District, 4.00%, 08/01/2029 | 130,000 | 130,049 | |||||
Santa Barbara County, Series A-2, 4.50%, 12/01/2023 | 400,000 | 400,000 | |||||
Southern California Logistics Airport Authority, 4.50%, 12/01/2031 | 300,000 | 302,249 | |||||
Sweetwater Union High School District Public Financing Authority, 5.00%, 09/01/2025 | 2,040,000 | 2,050,537 | |||||
4,063,572 | |||||||
Colorado - 0.8% | |||||||
Denver City & County Airport Revenue | |||||||
Series A, 5.00%, 12/01/2032 (c) | 300,000 | 319,518 | |||||
Series C, 6.13%, 11/15/2025 (c) | 55,000 | 57,379 | |||||
376,897 | |||||||
Connecticut - 0.3% | |||||||
West Haven Public Housing Authority, Series A, 5.30%, 01/01/2024 (Obligor: Meadow Landing I)(c) | 140,000 | 139,889 | |||||
Florida - 6.4% | |||||||
Capital Trust Agency, Inc., 10.00%, 06/30/2024 (Obligor: Voans Sw Florida Hlth Obl)(b)(e) | 750,000 | 712,500 | |||||
County of Miami-Dade FL Aviation Revenue, 5.00%, 10/01/2028 (c) | 1,475,000 | 1,481,251 | |||||
Miami-Dade County Industrial Development Authority | |||||||
5.00%, 09/15/2024 (Obligor: Pinecrest Academy) | 245,000 | 246,054 | |||||
6.75%, 07/01/2029 (Obligor: Academir Charter Schools) | 100,000 | 96,034 | |||||
Viera East Community Development District, 5.00%, 05/01/2026 | 490,000 | 490,588 | |||||
3,026,427 | |||||||
Illinois - 11.6% | |||||||
Chicago Board of Education | |||||||
5.25%, 12/01/2023 | 135,000 | 135,000 | |||||
5.00%, 12/01/2031 | 150,000 | 156,025 | |||||
Chicago O'Hare International Airport | |||||||
5.00%, 01/01/2032 | 500,000 | 500,207 | |||||
Series B, 5.00%, 01/01/2031 (c) | 240,000 | 240,051 | |||||
City of Blue Island IL, 4.75%, 12/01/2024 | 100,000 | 100,066 | |||||
Illinois Finance Authority | |||||||
5.00%, 03/01/2032 (Obligor: Southern Il Hlthcr Oblig) | 845,000 | 868,064 | |||||
Series B-2, 5.25%, 11/15/2027 (Obligor: Plymouth Place) | 500,000 | 498,226 | |||||
Metropolitan Pier & Exposition Authority, 7.00%, 07/01/2026 | 1,665,000 | 1,753,610 | |||||
Sales Tax Securitization Corp., Series A, 5.00%, 01/01/2030 | 200,000 | 220,263 | |||||
State of Illinois, 6.00%, 11/01/2026 | 260,000 | 268,228 | |||||
State of Illinois Sales Tax Revenue, 5.00%, 06/15/2025 | 325,000 | 325,780 | |||||
Village of Villa Park IL, 4.00%, 12/15/2028 | 350,000 | 350,111 | |||||
5,415,631 | |||||||
Indiana - 2.9% | |||||||
Indiana Finance Authority, 5.00%, 10/01/2032 (Obligor: Earlham College) | 765,000 | 765,225 | |||||
University Of Southern Indiana Foundation, 4.50%, 10/01/2024 | 575,000 | 575,928 | |||||
1,341,153 | |||||||
Iowa - 1.4% | |||||||
PEFA, Inc., 5.00%, 09/01/2049 (a) | 630,000 | 639,237 | |||||
Kansas - 0.5% | |||||||
Topeka, Series B, 5.13%, 12/01/2026 (Obligor: Congregational Home) | 250,000 | 247,039 | |||||
Massachusetts - 1.0% | |||||||
Massachusetts Development Finance Agency, 5.00%, 10/01/2029 (Obligor: Provident Commonwealth) | 150,000 | 153,317 | |||||
Massachusetts Educational Financing Authority, 4.38%, 07/01/2024 (c) | 175,000 | 175,033 | |||||
North Reading, 5.00%, 05/15/2030 | 120,000 | 120,187 | |||||
448,537 | |||||||
Michigan - 2.7% | |||||||
Healthsource Saginaw, Inc., 4.00%, 05/01/2027 | 80,000 | 80,060 | |||||
Michigan Finance Authority, Series MI-2, 5.00%, 12/01/2044 (Obligor: Trinity Health Corp.)(a) | 100,000 | 101,674 | |||||
Michigan State Building Authority, 5.00%, 04/15/2032 | 500,000 | 515,549 | |||||
Wayne County Airport Authority, 5.00%, 12/01/2032 (c) | 565,000 | 565,000 | |||||
1,262,283 | |||||||
Missouri - 1.3% | |||||||
Missouri Development Finance Board | |||||||
5.00%, 06/01/2024 | 400,000 | 400,438 | |||||
Series A, 5.00%, 06/01/2027 | 200,000 | 200,183 | |||||
600,621 | |||||||
New York - 7.1% | |||||||
Build NYC Resource Corp., Series A-2, 7.63%, 02/01/2026 (Obligor: Voices of Community Activists)(b) | 1,000,000 | 994,285 | |||||
Hudson, 4.00%, 04/15/2028 | 95,000 | 95,075 | |||||
Metropolitan Transportation Authority | |||||||
Series B, 4.00%, 11/15/2028 | 125,000 | 125,072 | |||||
Series C-1, 5.00%, 11/15/2030 | 1,000,000 | 1,036,193 | |||||
Monroe County Industrial Development Corp./NY, 5.00%, 10/01/2031 (Obligor: Nazareth Clg Of Rochester) | 925,000 | 960,471 | |||||
New York State Dormitory Authority, Series A, 4.00%, 07/01/2033 (Obligor: St John's University) | 100,000 | 104,183 | |||||
3,315,279 | |||||||
North Carolina - 2.4% | |||||||
North Carolina Capital Facilities Finance Agency, Series A, 5.00%, 10/01/2027 (Obligor: Arc Of North Carolina) | 100,000 | 99,615 | |||||
North Carolina Medical Care Commission | |||||||
Series B, 5.00%, 12/01/2024 (Obligor: Wake Forest Baptist) | 650,000 | 650,697 | |||||
Series C, 5.00%, 03/01/2024 (Obligor: Lutheran Aging Services) | 395,000 | 394,643 | |||||
1,144,955 | |||||||
Ohio - 0.4% | |||||||
RiverSouth Authority, 5.00%, 06/01/2024 | 185,000 | 185,249 | |||||
Oklahoma - 0.5% | |||||||
Norman Regional Hospital Authority, 5.00%, 09/01/2025 (Obligor: Norman Regional Hospital Authority) | 235,000 | 235,827 | |||||
Oregon - 0.7% | |||||||
Portland Water Revenue, 5.00%, 10/01/2024 | 350,000 | 350,307 | |||||
Pennsylvania - 9.5% | |||||||
Butler County Hospital Authority, 5.00%, 07/01/2028 (Obligor: Butler Health System) | 300,000 | 301,717 | |||||
Commonwealth of Pennsylvania, 5.00%, 10/15/2026 | 2,000,000 | 2,009,571 | |||||
Lycoming County Authority, Series S2, 4.50%, 11/01/2035 (Obligor: Lycoming College)(a) | 500,000 | 497,578 | |||||
Montgomery County Higher Education and Health Authority, Series UU1, 5.00%, 05/01/2029 (Obligor: Gwynedd Mercy University) | 240,000 | 244,098 | |||||
Northeastern Pennsylvania Hospital and Education Authority, 5.00%, 05/01/2025 (Obligor: Kings College) | 600,000 | 601,981 | |||||
Philadelphia Authority for Industrial Development, Series A, 5.00%, 05/01/2030 (Obligor: Russell Byers Charter School) | 770,000 | 784,477 | |||||
4,439,422 | |||||||
Puerto Rico - 5.7% | |||||||
Children's Trust Fund, 5.50%, 05/15/2039 | 720,000 | 721,820 | |||||
Commonwealth of Puerto Rico, Series A, 0.00%, 07/01/2024(d) | 487,180 | 475,541 | |||||
Puerto Rico Electric Power Authority | |||||||
Series PP, 5.00%, 07/01/2024(e) | 140,000 | 140,024 | |||||
Series PP, 5.00%, 07/01/2025(e) | 385,000 | 385,066 | |||||
Series UU, 5.00%, 07/01/2024(e) | 745,000 | 744,451 | |||||
Series VV, 5.25%, 07/01/2026(e) | 200,000 | 198,032 | |||||
2,664,934 | |||||||
South Carolina - 1.4% | |||||||
South Carolina Jobs-Economic Development Authority | |||||||
4.00%, 11/15/2027 (Obligor: Upstate Senior Living) | 175,000 | 168,433 | |||||
5.25%, 11/15/2028 (Obligor: Kiawah Life Plan Vlg Inc) | 500,000 | 497,621 | |||||
666,054 | |||||||
Tennessee - 3.6% | |||||||
Greeneville, 4.00%, 06/01/2029 | 165,000 | 174,738 | |||||
Tennessee Energy Acquisition Corp. | |||||||
Series A, 5.25%, 09/01/2024 | 1,000,000 | 1,006,803 | |||||
Series C, 5.00%, 02/01/2027 | 500,000 | 504,557 | |||||
1,686,098 | |||||||
Texas - 7.4% | |||||||
Arlington Higher Education Finance Corp., Series A, 5.00%, 08/15/2027 (Obligor: Wayside Schools) | 200,000 | 199,385 | |||||
Bacliff Municipal Utility District, 4.50%, 09/01/2029 | 340,000 | 340,239 | |||||
County of Wise TX, 5.00%, 08/15/2026 | 200,000 | 206,138 | |||||
Harris County Cultural Education Facilities Finance Corp., Series A, 5.00%, 01/01/2033 (Obligor: Brazos Presbyterian Obligiated Group) | 285,000 | 258,204 | |||||
Katy Independent School District, 4.00%, 02/15/2025 | 160,000 | 160,116 | |||||
Kountze Economic Development Corp., 15.00%, 11/01/2027 (Obligor: Allegiant Industrial, LLC)(b) | 100,000 | 114,027 | |||||
Port Beaumont Navigation District, 8.00%, 02/01/2039 (Obligor: Allegiant Industrl Island)(b)(c) | 280,000 | 264,288 | |||||
San Antonio, 5.00%, 02/01/2027 | 140,000 | 140,183 | |||||
San Antonio Education Facilities Corp., Series B, 5.25%, 10/01/2028 (Obligor: Hallmark University, Inc.) | 100,000 | 97,040 | |||||
San Juan Higher Education Finance Authority, 8.25%, 08/15/2029 (Obligor: Idea Public Schools) | 450,000 | 458,489 | |||||
Texas Municipal Gas Acquisition and Supply Corp. I, 6.25%, 12/15/2026 | 1,185,000 | 1,224,409 | |||||
3,462,518 | |||||||
Washington - 2.7% | |||||||
Tobacco Settlement Authority, 5.00%, 06/01/2024 | 480,000 | 480,259 | |||||
Washington Health Care Facilities Authority, 5.00%, 10/01/2026 (Obligor: Providence St Joseph Obl) | 290,000 | 290,097 | |||||
Washington State Housing Finance Commission, 4.75%, 07/01/2027 (Obligor: Eastside Ret Assoc Oblig) | 500,000 | 497,711 | |||||
1,268,067 | |||||||
West Virginia - 1.0% | |||||||
Monongalia County Building Commission, 5.00%, 07/01/2028 (Obligor: Vandalia Health Obligation Group) | 455,000 | 458,017 | |||||
Wisconsin - 5.5% | |||||||
Public Finance Authority | |||||||
6.50%, 06/01/2045 (Obligor: Noorda College of Osteopathic)(b) | 200,000 | 170,379 | |||||
Series A, 5.75%, 06/01/2025 (Obligor: Dreamhouse 'Ewa Beach)(b) | 1,325,000 | 1,326,061 | |||||
Series A, 5.00%, 12/01/2027 (Obligor: Prime Healthcare Foundation) | 650,000 | 659,446 | |||||
Village of McFarland, 4.50%, 12/01/2023 | 305,000 | 305,000 | |||||
Wisconsin Health & Educational Facilities Authority, 5.00%, 08/15/2025 (Obligor: Aspirus Inc Obl Grp) | 100,000 | 100,085 | |||||
2,560,971 | |||||||
TOTAL MUNICIPAL BONDS (Cost $45,257,333) | 45,544,062 | ||||||
SHORT-TERM INVESTMENTS - 0.7% | |||||||
Money Market Funds - 0.7% | Shares | ||||||
First American Government Obligations Fund - Class X, 5.29%(f) | 326,424 | 326,424 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $326,424) | 326,424 | ||||||
TOTAL INVESTMENTS - 98.1% (Cost $45,583,757) | $ | 45,870,486 | |||||
Other Assets in Excess of Liabilities - 1.9% | 868,792 | ||||||
TOTAL NET ASSETS - 100.0% | $ | 46,739,278 | |||||
Percentages are stated as a percent of net assets. |
(a) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of November 30, 2023. | ||
(b) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of November 30, 2023, the value of these securities total $6,950,958 or 14.9% of the Fund’s net assets. | ||
(c) | Security subject to the Alternative Minimum Tax ("AMT"). As of November 30, 2023, the total value of securities subject to the AMT was $3,339,239 or 7.1% of net assets. | ||
(d) | Zero coupon bonds make no periodic interest payments but are issued at a discount from par value. | ||
(e) | Issuer is currently in default. | ||
(f) | The rate shown represents the 7-day effective yield as of November 30, 2023. |
Principal Street Short Term Municipal Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Municipal Bonds | $ | – | $ | 45,544,062 | $ | – | $ | 45,544,062 | ||||||||
Money Market Funds | 326,424 | – | – | 326,424 | ||||||||||||
Total Investments | $ | 326,424 | $ | 45,544,062 | $ | – | $ | 45,870,486 | ||||||||