|
Principal Street High Income Municipal Fund
|
|||||||
|
Schedule of Investments
|
|||||||
|
as of November 30, 2023 (Unaudited)
|
|||||||
|
MUNICIPAL BONDS - 90.0%
|
Par
|
Value
|
|||||
|
Arizona - 3.2%
|
|||||||
|
Arizona Industrial Development Authority
|
|||||||
|
6.00%, 07/01/2049 (Obligor: Empower College Prep)
|
$
|
1,000,000
|
$
|
962,068
|
|||
|
Series A, 7.75%, 07/01/2050 (Obligor: Legacy Cares, Inc,)(b)
|
1,600,000
|
96,000
|
|||||
|
Series A, 6.00%, 07/01/2051 (Obligor: Legacy Cares, Inc.)(b)
|
540,000
|
32,400
|
|||||
|
Series C, 6.75%, 07/01/2030 (Obligor: Legacy Cares, Inc.)(b)
|
2,000,000
|
120,000
|
|||||
|
La Paz County Industrial Development Authority, 7.00%, 12/01/2040 (Obligor: Imperial Valley
Gateway Center)
|
1,535,000
|
701,116
|
|||||
|
Maricopa County Industrial Development Authority, 6.00%, 01/01/2048 (Obligor: Christian
Care Surprise)
|
1,595,000
|
1,108,317
|
|||||
|
Pima County Industrial Development Authority, 6.63%, 05/15/2031 (Obligor: La Posada Park
Centre)(a)
|
2,000,000
|
1,986,601
|
|||||
|
Sierra Vista Industrial Development Authority
|
|||||||
|
Series A, 0.00%, 10/01/2056 (Obligor: Georgetown Community Development Authority)(a)(c)
|
2,200,000
|
1,564,306
|
|||||
|
Series A, 0.00%, 10/01/2056 (Obligor: Georgetown Community Development Authority)(a)(c)
|
1,000,000
|
884,551
|
|||||
|
Series B, 6.25%, 10/01/2036 (Obligor: Georgetown Community Development Authority)
|
1,500,000
|
1,195,968
|
|||||
|
8,651,327
|
|||||||
|
California - 0.2%
|
|||||||
|
California Pollution Control Financing Authority
|
|||||||
|
7.00%, 07/01/2024 (Obligor: CalPlant I)(b)(d)
|
1,000,000
|
50,000
|
|||||
|
7.50%, 07/01/2032 (Obligor: CalPlant I)(b)(d)
|
5,065,000
|
253,250
|
|||||
|
8.00%, 07/01/2039 (Obligor: CalPlant I)(b)(d)
|
3,845,000
|
192,250
|
|||||
|
7.50%, 12/01/2039 (Obligor: CalPlant I)(b)(d)
|
2,500,000
|
125,000
|
|||||
|
620,500
|
|||||||
|
Colorado - 6.7%
|
|||||||
|
Aurora Highlands Community Authority Board, 5.75%, 12/01/2051
|
4,000,000
|
3,580,147
|
|||||
|
Banning Lewis Ranch Metropolitan District No. 8, 4.88%, 12/01/2051
|
2,500,000
|
1,879,611
|
|||||
|
Canyon Pines Metropolitan District, Series A-1, 5.25%, 12/01/2051
|
2,000,000
|
1,701,936
|
|||||
|
Cascade Ridge Metropolitan District, 5.00%, 12/01/2051
|
1,000,000
|
825,558
|
|||||
|
Cottonwood Hollow Residential Metropolitan District, 5.00%, 12/01/2051
|
750,000
|
601,758
|
|||||
|
Four Corners Business Improvement District, 6.00%, 12/01/2052
|
1,000,000
|
908,021
|
|||||
|
Grandview Reserve Metropolitan District No. 3
|
|||||||
|
Series A, 6.25%, 12/01/2052
|
1,500,000
|
1,401,492
|
|||||
|
Series B, 9.00%, 12/15/2052
|
1,000,000
|
959,509
|
|||||
|
Ledge Rock Center Commercial Metropolitan District
|
|||||||
|
Series A, 7.38%, 11/01/2052(a)
|
1,000,000
|
986,959
|
|||||
|
Series A, 7.00%, 11/01/2052(a)
|
1,000,000
|
986,491
|
|||||
|
Legato Community Authority, Series B, 8.25%, 12/15/2051
|
2,000,000
|
1,789,055
|
|||||
|
Peak Metropolitan District No. 3, Series A-1, 7.50%, 12/01/2052
|
1,500,000
|
1,485,983
|
|||||
|
Waters' Edge Metropolitan District No. 2, 5.00%, 12/01/2051
|
1,000,000
|
823,182
|
|||||
|
17,929,703
|
|||||||
|
Florida - 8.3%
|
|||||||
|
Capital Trust Agency, Inc.
|
|||||||
|
10.00%, 06/30/2024 (Obligor: Voans SW Florida Healthcare)(b)
|
7,950,000
|
7,552,500
|
|||||
|
Series A, 6.50%, 10/01/2032 (Obligor: Tuscan Gardens of Palm Coast Obligated Group)(b)
|
1,090,000
|
577,700
|
|||||
|
Series A, 6.75%, 10/01/2037 (Obligor: Tuscan Gardens of Palm Coast Obligated Group)(b)
|
1,290,000
|
683,700
|
|||||
|
Series A, 7.00%, 10/01/2040 (Obligor: Tuscan Gardens of Palm Coast Obligated Group)(b)
|
1,525,000
|
808,250
|
|||||
|
Series A, 7.00%, 12/01/2045 (Obligor: Tallahassee NHHI)(b)
|
150,000
|
49,125
|
|||||
|
Series A, 7.00%, 10/01/2049 (Obligor: Tuscan Gardens of Palm Coast Obligated Group)(b)
|
1,700,000
|
901,000
|
|||||
|
Series A, 7.13%, 12/01/2050 (Obligor: Tallahassee NHHI)(b)
|
2,000,000
|
655,000
|
|||||
|
Series A, 7.00%, 07/01/2052 (Obligor: Tapestry Senior Housing Walden)(b)
|
2,200,000
|
484,000
|
|||||
|
Florida Development Finance Corp., Series B, 12.00%, 11/15/2056 (Obligor: Cabana at Jensen
Dunes)(a)(e)
|
5,025,000
|
5,273,737
|
|||||
|
Lake Country, Series A1, 7.13%, 01/01/2052 (Obligor: Village Veranda at Lady Lake Obligated
Group)(b)
|
5,800,000
|
4,524,000
|
|||||
|
William G King, 12.00%, 10/01/2024(e)
|
780,377
|
780,377
|
|||||
|
22,289,389
|
|||||||
|
Illinois - 2.1%
|
|||||||
|
Illinois Finance Authority
|
|||||||
|
Series A, 6.50%, 05/15/2047 (Obligor: Plymouth Place)
|
1,000,000
|
1,010,751
|
|||||
|
Series A, 6.13%, 04/01/2049 (Obligor: Roosevelt University)(a)
|
2,500,000
|
2,294,368
|
|||||
|
Series A, 5.00%, 07/01/2051 (Obligor: Aim Art in Motion)
|
3,000,000
|
2,094,310
|
|||||
|
Series B, 5.00%, 07/01/2024 (Obligor: Aim Art in Motion)
|
305,000
|
298,367
|
|||||
|
5,697,796
|
|||||||
|
Indiana - 4.0%
|
|||||||
|
Anderson Industrial Economic Development Revenue, 6.00%, 10/01/2042 (Obligor: Anderson
University, Inc.)
|
1,000,000
|
901,935
|
|||||
|
Evansville Manufacturing Housing Revenue, 5.45%, 01/01/2038 (Obligor: Evansville RCF LP)(b)
|
1,500,000
|
1,186,715
|
|||||
|
Goshen Manufacturing Housing Revenue, Series A, 5.00%, 08/01/2041 (Obligor: Green Oaks Of
Goshen, LLC)
|
1,500,000
|
1,176,740
|
|||||
|
Indiana Finance Authority, 7.00%, 03/01/2039 (Obligor: Brightmark Plastics Renewal)(d)
|
6,160,000
|
4,503,604
|
|||||
|
Indiana Housing & Community Development Authority, 6.75%, 01/01/2043 (Obligor: Vita Of
New Whiteland, LLC)
|
500,000
|
484,360
|
|||||
|
Valparaiso Manufactured Housing Revenue, 5.38%, 12/01/2041 (Obligor: Green Oaks Of
Valparaiso)
|
3,500,000
|
2,647,868
|
|||||
|
10,901,223
|
|||||||
|
Iowa - 1.3%
|
|||||||
|
Iowa Finance Authority
|
|||||||
|
5.00%, 09/01/2051 (Obligor: Sunrise Manor)
|
1,000,000
|
715,152
|
|||||
|
5.00%, 12/01/2051 (Obligor: Riserville Holdings)(d)
|
3,575,000
|
2,667,578
|
|||||
|
3,382,730
|
|||||||
|
Kentucky - 3.0%
|
|||||||
|
Falmouth Solid Waste Disposal Facilities Revenue, 8.50%, 06/01/2040 (Obligor: Texas
Bluegrass Biofuels, LLC)(a)
|
8,875,000
|
8,149,681
|
|||||
|
Louisiana - 0.8%
|
|||||||
|
Louisiana Public Facilities Authority
|
|||||||
|
Series A, 6.00%, 06/01/2037 (Obligor: Jefferson Rise Charter School)(a)
|
480,000
|
456,173
|
|||||
|
Series A, 6.25%, 06/01/2052 (Obligor: Jefferson Rise Charter School)(a)
|
1,000,000
|
933,516
|
|||||
|
Series A, 6.38%, 06/01/2052 (Obligor: Grambling High Foundation)(a)
|
770,000
|
726,258
|
|||||
|
2,115,946
|
|||||||
|
Maine - 1.3%
|
|||||||
|
Maine Finance Authority, 8.00%, 12/01/2051 (Obligor: Go Lab Madison, LLC)(d)
|
5,500,000
|
3,566,200
|
|||||
|
Maryland - 0.2%
|
|||||||
|
Maryland Economic Development, 5.75%, 09/01/2025 (Obligor: Consol Marine Terminals)
|
500,000
|
500,702
|
|||||
|
Massachusetts - 0.4%
|
|||||||
|
Massachusetts Development Finance Agency, 5.00%, 07/01/2051 (Obligor: Ascentria Care
Alliance)
|
1,250,000
|
980,401
|
|||||
|
Mississippi - 1.6%
|
|||||||
|
Mississippi Development Bank, 3.63%, 11/01/2036
|
1,000,000
|
889,659
|
|||||
|
Tunica County, 6.00%, 10/01/2040
|
3,850,000
|
3,408,533
|
|||||
|
4,298,191
|
|||||||
|
New Jersey - 0.0%(f)
|
|||||||
|
New Jersey Economic Development Authority, 7.00%, 09/01/2047 (Obligor: Kintock Obligated
Group)
|
65,000
|
65,478
|
|||||
|
New York - 6.4%
|
|||||||
|
Build NYC Resource Corp.
|
|||||||
|
Series A-1, 7.63%, 02/01/2053 (Obligor: Voices of Community Activists)
|
1,815,000
|
1,756,124
|
|||||
|
Series A-2, 8.13%, 02/01/2026 (Obligor: Voices of Community Activists)
|
300,000
|
297,832
|
|||||
|
Series B, 7.63%, 02/01/2026 (Obligor: Voices of Community Activists)(a)
|
1,690,000
|
1,680,341
|
|||||
|
Erie Tobacco Asset Securitization Corp.
|
|||||||
|
0.00%, 06/01/2055(g)
|
6,000,000
|
419,383
|
|||||
|
0.00%, 06/01/2060(g)
|
115,000,000
|
6,733,124
|
|||||
|
New York City Municipal Water Finance Authority, 5.00%, 06/15/2044
|
1,035,000
|
1,122,056
|
|||||
|
New York Counties Tobacco Trust IV, Series F, 0.00%, 06/01/2060(g)
|
50,000,000
|
3,129,430
|
|||||
|
New York Transportation Development Corp., 6.00%, 06/30/2054 (Obligor: JFK NTO LLC)(d)
|
1,000,000
|
1,062,960
|
|||||
|
Ulster County Capital Resource Corp.
|
|||||||
|
5.25%, 09/15/2047 (Obligor: Woodland Pond)
|
550,000
|
398,805
|
|||||
|
5.25%, 09/15/2053 (Obligor: Woodland Pond)
|
920,000
|
640,423
|
|||||
|
17,240,479
|
|||||||
|
Ohio - 0.8%
|
|||||||
|
Southern Ohio Port Authority, Series A, 7.00%, 12/01/2042 (Obligor: PureCycle Ohio)(d)
|
2,600,000
|
2,005,201
|
|||||
|
Oklahoma - 2.9%
|
|||||||
|
Atoka Industrial Development Authority
|
|||||||
|
8.00%, 08/01/2039 (Obligor: Gladieux Metals Recycling)(d)
|
6,900,000
|
6,914,312
|
|||||
|
Series A, 8.00%, 08/01/2039 (Obligor: Gladieux Metals Recycling)
|
750,000
|
751,556
|
|||||
|
7,665,868
|
|||||||
|
Pennsylvania - 2.4%
|
|||||||
|
Pennsylvania Economic Development Financing Authority
|
|||||||
|
Series A, 6.50%, 12/01/2038 (Obligor: Tapestry Moon)(b)
|
2,950,000
|
1,124,688
|
|||||
|
Series A, 9.00%, 04/01/2051 (Obligor: Consol Energy)(d)(h)
|
4,000,000
|
4,391,330
|
|||||
|
Series A, 6.75%, 12/01/2053 (Obligor: Tapestry Moon)(b)
|
2,650,000
|
1,010,313
|
|||||
|
6,526,331
|
|||||||
|
Puerto Rico - 3.7%
|
|||||||
|
Children's Trust Fund
|
|||||||
|
0.00%, 05/15/2057(g)
|
42,000,000
|
3,103,997
|
|||||
|
Series B, 0.00%, 05/15/2057(g)
|
120,000,000
|
6,722,424
|
|||||
|
Commonwealth of Puerto Rico, 0.00%, 11/01/2051(h)
|
0
|
0
|
|||||
|
9,826,421
|
|||||||
|
South Carolina - 5.4%
|
|||||||
|
City of Hardeeville, 4.00%, 05/01/2052
|
700,000
|
484,082
|
|||||
|
South Carolina Jobs-Economic Development Authority
|
|||||||
|
4.00%, 11/15/2027 (Obligor: Upstate Senior Living Obligated Group)
|
25,000
|
24,062
|
|||||
|
6.00%, 02/01/2035 (Obligor: Repower S. Berkeley)(b)(d)
|
1,000,000
|
100,000
|
|||||
|
Series A, 7.00%, 11/01/2038 (Obligor: Jasper Pellets)(b)(d)
|
1,500,000
|
1,425,000
|
|||||
|
Series A, 7.00%, 05/01/2039 (Obligor: AAC East)(d)
|
3,500,000
|
2,784,635
|
|||||
|
Series A, 6.50%, 06/01/2051 (Obligor: Last Step Recycling, LLC)(b)(d)
|
2,000,000
|
1,474,909
|
|||||
|
Series A, 5.00%, 06/15/2051 (Obligor: Virtus Academy)
|
1,330,000
|
1,015,013
|
|||||
|
Series A, 5.00%, 06/15/2056 (Obligor: Virtus Academy)
|
1,100,000
|
820,315
|
|||||
|
Series A, 7.75%, 10/01/2057 (Obligor: CR River Park)
|
6,150,000
|
6,493,674
|
|||||
|
14,621,690
|
|||||||
|
Tennessee - 1.1%
|
|||||||
|
Knox County Industrial Development Board, 9.50%, 11/01/2052 (Obligor: TomPaul Knoxville,
LLC)(a)(d)
|
1,000,000
|
991,269
|
|||||
|
Metropolitan Government Nashville & Davidson County Health & Educational Facilities
Board, Series B-1, 7.50%, 04/01/2049 (Obligor: Trousdale Foundation Obligated Group)(b)
|
1,140,000
|
11,400
|
|||||
|
Shelby County Health Educational & Housing Facilities Board, Series A, 5.75%,
10/01/2059 (Obligor: Luke Obligated Group)
|
3,000,000
|
2,070,910
|
|||||
|
3,073,578
|
|||||||
|
Texas - 17.1%
|
|||||||
|
Angelina & Neches River Authority, 7.50%, 12/01/2045 (Obligor: Jefferson Enterprises
Energy)(d)
|
11,900,000
|
8,048,103
|
|||||
|
Arlington Higher Education Finance Corp.
|
|||||||
|
6.13%, 02/15/2053 (Obligor: Odyssey 2020 Academy)
|
500,000
|
479,328
|
|||||
|
6.38%, 06/01/2062 (Obligor: The Magellan School)(a)
|
1,000,000
|
1,004,867
|
|||||
|
Brazoria County Industrial Development Corp.
|
|||||||
|
9.00%, 03/01/2039 (Obligor: Gladieux Metals Recycling)(d)
|
4,275,000
|
4,463,466
|
|||||
|
Series A, 9.00%, 03/01/2039 (Obligor: Gladieux Metals Recycling)(d)
|
3,330,000
|
3,476,805
|
|||||
|
Series B, 7.00%, 03/01/2039 (Obligor: Gladieux Metals Recycling)(d)
|
1,250,000
|
1,145,937
|
|||||
|
Calhoun County Navigation Industrial Development Authority
|
|||||||
|
Series A, 3.63%, 07/01/2026 (Obligor: Max Midstream Texas, LLC)(d)
|
1,500,000
|
1,381,857
|
|||||
|
Series B, 6.50%, 07/01/2026 (Obligor: Max Midstream Texas, LLC)
|
1,000,000
|
942,858
|
|||||
|
Jefferson County Industrial Development Corp., 7.75%, 04/01/2039 (Obligor: TRP Crude
Marketing)
|
900,000
|
787,728
|
|||||
|
Kountze Economic Development Corp., 15.00%, 11/01/2027 (Obligor: Allegiant Industrial)(a)
|
3,550,000
|
4,047,957
|
|||||
|
New Hope Cultural Education Facilities Finance Corp.
|
|||||||
|
Series A, 6.50%, 10/01/2033 (Obligor: Outlook At Windhaven)
|
1,500,000
|
1,455,432
|
|||||
|
Series A-2, 6.50%, 01/01/2031 (Obligor: Sanctuary LTC, LLC)
|
2,500,000
|
1,630,693
|
|||||
|
Series B, 2.00%, 11/15/2061 (Obligor: Buckingham Senior Living Obligated Group)(h)
|
2,365,425
|
873,424
|
|||||
|
Port Beaumont Navigation District, 8.00%, 02/01/2039 (Obligor: Allegiant Industrial Island)(a)(d)
|
7,285,000
|
6,876,195
|
|||||
|
San Antonio Education Facilities Corp.
|
|||||||
|
Series A, 5.00%, 10/01/2041 (Obligor: Hallmark University)
|
840,000
|
691,108
|
|||||
|
Series A, 5.00%, 10/01/2051 (Obligor: Hallmark University)
|
2,000,000
|
1,528,480
|
|||||
|
Series B, 5.25%, 10/01/2028 (Obligor: Hallmark University)
|
275,000
|
266,860
|
|||||
|
Tarrant County Cultural Education Facilities Finance Corp.
|
|||||||
|
6.88%, 11/15/2055 (Obligor: MRC Senior Living Fort Worth)
|
2,600,000
|
2,312,740
|
|||||
|
Series A, 6.75%, 11/15/2051 (Obligor: MRC Senior Living Fort Worth)
|
5,000,000
|
4,416,168
|
|||||
|
Series B, 6.38%, 02/15/2041 (Obligor: CC Young Memorial Home)(b)
|
550,000
|
302,500
|
|||||
|
Woodloch Health Facilities Development Corp., Series A1, 6.75%, 12/01/2051 (Obligor: Senior
Care Living VII)(a)(b)
|
3,573,081
|
71,462
|
|||||
|
46,203,966
|
|||||||
|
Utah - 1.6%
|
|||||||
|
Jordanelle Ridge Public Infrastructure District No 2, 7.75%, 03/01/2054(a)
|
2,000,000
|
2,003,960
|
|||||
|
Utah Charter School Finance Authority
|
|||||||
|
Series A, 5.38%, 07/15/2042 (Obligor: Rockwell Charter High School)
|
905,000
|
767,586
|
|||||
|
Series A, 5.50%, 07/15/2047 (Obligor: Rockwell Charter High School)
|
1,460,000
|
1,228,426
|
|||||
|
Series B, 6.63%, 07/15/2047 (Obligor: Rockwell Charter High School)
|
300,000
|
260,115
|
|||||
|
4,260,087
|
|||||||
|
Washington - 1.2%
|
|||||||
|
Washington State Housing Finance Commission
|
|||||||
|
6.38%, 07/01/2063 (Obligor: Seattle Academy Of Arts)(a)
|
900,000
|
963,612
|
|||||
|
Series A, 5.00%, 07/01/2038 (Obligor: Lutheran Retirement Home Obligated Group)
|
1,075,000
|
855,355
|
|||||
|
Series A, 4.00%, 01/01/2057 (Obligor: Eliseo Obligated Group)
|
2,000,000
|
1,296,393
|
|||||
|
3,115,360
|
|||||||
|
West Virginia - 2.3%
|
|||||||
|
West Virginia Economic Development Authority
|
|||||||
|
8.75%, 02/01/2036 (Obligor: Entsorga West Virginia)(b)(d)
|
1,000,000
|
800,000
|
|||||
|
7.63%, 12/01/2040 (Obligor: Empire Trimodal Terminal)
|
6,800,000
|
5,409,024
|
|||||
|
6,209,024
|
|||||||
|
Wisconsin - 12.0%
|
|||||||
|
Public Finance Authority
|
|||||||
|
5.50%, 05/01/2039 (Obligor: Cedars Obligated Group)
|
1,210,000
|
1,003,553
|
|||||
|
5.75%, 05/01/2054 (Obligor: Cedars Obligated Group)
|
7,950,000
|
6,237,574
|
|||||
|
Series A, 7.50%, 06/01/2025 (Obligor: Dreamhouse 'Ewa Beach)(a)
|
1,000,000
|
975,928
|
|||||
|
Series A, 5.75%, 06/01/2025 (Obligor: Dreamhouse 'Ewa Beach)(a)
|
675,000
|
675,540
|
|||||
|
Series A, 7.05%, 09/01/2046 (Obligor: Austin FBO LLC)(d)(h)
|
9,090,000
|
8,861,006
|
|||||
|
Series A, 6.85%, 10/01/2047 (Obligor: Proton International Alabama LLC)(b)
|
400,000
|
80,000
|
|||||
|
Series A, 6.13%, 02/01/2048 (Obligor: Explore Academy)
|
1,550,000
|
1,333,547
|
|||||
|
Series A, 6.63%, 06/01/2052 (Obligor: Discovery Charter School)(a)
|
900,000
|
852,219
|
|||||
|
Series A, 5.88%, 06/01/2052 (Obligor: Coral Academy Of Science)(a)
|
600,000
|
574,066
|
|||||
|
Series A, 6.00%, 06/15/2052 (Obligor: Shining Rock Classical)
|
900,000
|
822,412
|
|||||
|
Series A-1, 7.38%, 01/01/2050 (Obligor: Trinity Regional Hospital)(b)(e)
|
12,425,000
|
8,753,413
|
|||||
|
Wisconsin Health & Educational Facilities Authority
|
|||||||
|
Series C, 7.00%, 07/01/2043 (Obligor: Chiara Communities, Inc.)
|
505,000
|
359,316
|
|||||
|
Series C, 7.50%, 07/01/2053 (Obligor: Chiara Communities, Inc.)
|
2,500,000
|
1,792,949
|
|||||
|
32,321,523
|
|||||||
|
TOTAL MUNICIPAL BONDS (Cost
$303,389,185)
|
242,218,795
|
||||||
|
CORPORATE BONDS - 8.6%
|
Par
|
Value
|
|||||
|
CalPlant I LLC, 15.00%, 07/01/2025(a)(b)(e)
|
1,290,000
|
1,290,000
|
|||||
|
CalPlant I, LLC, 9.50%, 08/21/2024(a)(b)(e)
|
3,000,000
|
3,000,000
|
|||||
|
LSC Estero Prime, 12.00%, 04/30/2024(e)
|
1,250,000
|
1,250,000
|
|||||
|
Sundland Medical Foundation, 12.00%, 10/20/2024(b)(e)
|
10,000,000
|
10,000,000
|
|||||
|
Sunland Medical Foundation, 12.00%, 02/29/2024(b) (e)
|
7,803,261
|
7,803,261
|
|||||
|
TOTAL CORPORATE BONDS (Cost
$23,237,088)
|
23,343,261
|
||||||
|
CONVERTIBLE PREFERRED STOCKS -
1.9%
|
Shares
|
Value
|
|||||
|
Next Renewable Fuels, Series A, 0.00%(e)
|
7
|
5,083,502
|
|||||
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,083,650)
|
5,083,502
|
||||||
|
SHORT-TERM INVESTMENTS - 0.0%(f)
|
Shares
|
Value
|
|||||
|
Money Market Funds - 0.0%(f)
|
|||||||
|
First American Government Obligations Fund - Class X, 5.29%(i)
|
1,059
|
1,059
|
|||||
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,059)
|
1,059
|
||||||
|
TOTAL INVESTMENTS - 100.5% (Cost
$331,710,983)
|
$
|
270,646,617
|
|||||
|
Liabilities in Excess of Other Assets - (0.5)%
|
(1,344,600
|
)
|
|||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
269,302,017
|
|||||
|
Percentages are stated as a percent of net assets.
|
|||||||
|
(a)
|
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 $56,802,557 or 21.1% of the Fund’s net assets.
|
|
|
(b)
|
Issuer is currently in default.
|
|
|
(c)
|
Step coupon bond. The rate disclosed is as of November 30, 2023.
|
|
|
(d)
|
Security subject to the Alternative Minimum Tax ("AMT"). As of November 30, 2023, the total value of securities subject to the
AMT was $67,560,866 or 25.1% of net assets.
|
|
|
(e)
|
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the
supervision of the Adviser, acting as Valuation Designee. These securities represented $43,234,290 or 16.1% of net assets as of November 30, 2023.
|
|
|
(f)
|
Represents less than 0.05% of net assets.
|
|
|
(g)
|
Zero coupon bonds make no periodic interest payments but are issued at a discount from par value.
|
|
|
(h)
|
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.
|
|
|
(i)
|
The rate shown represents the 7-day effective yield as of November 30, 2023.
|
|
Principal Street High Income Municipal Fund
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Municipal Bonds
|
$
|
–
|
$
|
227,411,268
|
$
|
14,807,527
|
$
|
242,218,795
|
||||||||
|
Corporate Bonds
|
–
|
–
|
23,343,261
|
23,343,261
|
||||||||||||
|
Convertible Preferred Stocks
|
–
|
–
|
5,083,502
|
5,083,502
|
||||||||||||
|
Money Market Funds
|
1,059
|
–
|
–
|
1,059
|
||||||||||||
|
Total Investments
|
$
|
1,059
|
$
|
227,411,268
|
$
|
43,234,290
|
$
|
270,646,617
|
||||||||
|
Investments
|
||||
|
in
|
||||
|
Securities
|
||||
|
Balance as of August 31, 2023
|
$
|
33,360,652
|
||
|
Accrued discounts/premiums
|
-
|
|||
|
Realized gain (loss)
|
-
|
|||
|
Change in net unrealized appreciation/depreciation
|
-
|
|||
|
Net purchases
|
9,873,638
|
|||
|
Transfers into and/or out of Level 3
|
-
|
|||
|
Balance as of November 30, 2023
|
$
|
43,234,290
|
||
|
Change in unrealized appreciation/depreciation during the period for Level 3 investments as of November 30, 2023
|
$
|
-
|
||
|
Security Description
|
Security Type
|
Fair Value as of
August 31, 2023
|
Valuation Technique
|
Unobservable Input*
|
Range
|
Weighted Average
|
|
CalPlant I, LLC, 9.50%, 08/21/2024
|
Corporate Bond
|
$3,000,000
|
Liquidation Approach
|
Recovery Rate
|
100%
|
100%
|
|
CalPlant I, LLC, 15.00%, 07/01/2025
|
Municipal Bond
|
1,290,000
|
Liquidation Approach
|
Recovery Rate
|
100%
|
100%
|
|
Florida Development Finance Corp., Series B, 12.00%, 11/15/2056
|
Municipal Bond
|
5,273,737
|
Discounted Cash Flow
|
Discount Rate
|
11.4%
|
100%
|
|
LSC Estero Prime, 12.00%, 04/30/2024
|
Corporate Bond
|
1,250,000
|
Refinance Approach
|
Recovery Rate
|
100%
|
100%
|
|
Next Renewable Fuels, Series A
|
Convertible Preferred Stock
|
5,083,502
|
Acquisition Cost
|
Recovery Rate
|
100%
|
100%
|
|
Sunland Medical Foundation, 12.00%, 02/29/2024
|
Corporate Bond
|
7,803,261
|
Liquidation Approach
|
Recovery Rate
|
100%
|
100%
|
|
Sunland Medical Foundation, 12.00%, 10/20/2024
|
Corporate Bond
|
10,000,000
|
Liquidation Approach
|
Recovery Rate
|
100%
|
100%
|
|
William G King, 12.00%, 10/01/2024
|
Municipal Bond
|
780,377
|
Acquisition Cost
|
Recovery Rate
|
100%
|
100%
|
|
Wisconsin Public Finance Authority, Series A-1, 7.375%, 01/01/2050
|
Municipal Bond
|
8,753,413
|
Liquidation Approach
|
Recovery Rate
|
70.5%
|
100%
|