Principal Street Short Term Municipal Fund
Schedule of Investments
November 30, 2022 (Unaudited)

Description	Par		Value
MUNICIPAL BONDS - 96.6%
ALABAMA - 4.3%
Black Belt Energy Gas District No. 7, Series C-1
4.000%, 10/01/2052	$	250,000	$	247,584
Black Belt Energy Gas District, Series F
5.250%, 12/01/2025		1,000,000		1,028,902
Russell County Public Building Authority
4.500%, 01/01/2033		425,000		425,600
				1,702,086
ARIZONA - 5.8%
County of Pima
4.000%, 07/01/2024		205,000		205,240
Pima Country Industrial Development Authority, Series B-3 (a)
(Obligor: La Posada Park Centre)
5.125%, 11/15/2029		500,000		500,842
(Obligor: La Posada Park Centre)
5.625%, 11/15/2030		500,000		502,611
Maricopa County Industrial Development Authority, Series B
4.000%, 07/01/2029 (a)		1,000,000		967,888
Maricopa County Union High School District No 210-Phoenix, Series A
4.000%, 07/01/2026		150,000		150,162
				2,326,743
CALIFORNIA - 2.4%
California Municipal Finance Authority
4.000%, 07/15/2029 (b)		100,000		97,060
California School Finance Authority
(Obligor: Hawking STEAM Charter Schools)
5.000%, 07/01/2025 (a)		400,000		407,931
Palomar Community College District, Series B
0.000%, 08/01/2029 (c)		100,000		79,632
San Diego Association of Governments, Series A
5.000%, 11/15/2023		255,000		255,380
San Ysidro School District
4.000%, 08/01/2029		130,000		130,116
				970,119
COLORADO - 1.2%
Denver City & County Airport Revenue, Series A
5.000%, 12/01/2032 (b)		300,000		318,568
Denver City & County Airport Revenue, Series C
6.125%, 11/15/2025		135,000		144,891
				463,459
DISTRICT OF COLUMBIA - 4.4%
District of Columbia Housing Finance Agency, Series A
(Obligor: Tyler House Association 2012)
4.450%, 06/15/2031		700,000		701,219
Metropolitan Washington Airports Authority
5.000%, 10/01/2027 (b)		1,000,000		1,068,354
				1,769,573
FLORIDA - 2.7%
City of Tallahassee
5.000%, 10/01/2030		100,000		100,000
County of Miami-Dade Aviation Revenue
5.000%, 10/01/2030 (b)		500,000		511,380
Miami-Dade County Industrial Development Authority
(Obligor: Pinecrest Academy)
5.000%, 09/15/2024		350,000		354,681
(Obligor: Academir Charter Schools)
6.750%, 07/01/2029		100,000		96,409
				1,062,470
GEORGIA - 1.0%
Augusta Water & Sewer Revenue
4.000%, 10/01/2031		80,000		80,039
County of DeKalb Water & Sewerage Revenue, Series A
5.250%, 10/01/2036		200,000		200,280
Glynn-Brunswick Memorial Hospital Authority
(Obligor: Southeast Georiga Health System)
5.000%, 08/01/2026		125,000		129,004
				409,323
ILLINOIS - 5.8%
Chicago Board of Education
5.250%, 12/01/2023		135,000		136,318
Chicago O'Hare International Airport, Series B (b)
4.000%, 01/01/2027		250,000		251,587
5.000%, 01/01/2031		240,000		241,528
City of Chicago Wastewater Transmission Revenue
5.000%, 01/01/2025		125,000		125,179
5.000%, 01/01/2030		100,000		100,149
Illinois Finance Authority, Series B-2
(Obligor: Plymouth Place)
5.250%, 11/15/2027		500,000		502,040
Sales Tax Securitization Corp., Series A
5.000%, 01/01/2030		200,000		217,848
State of Illinois
6.000%, 11/01/2026		350,000		368,125
5.250%, 07/01/2029		200,000		201,367
State of Illinois, Series A
4.000%, 04/01/2032		190,000		187,225
				2,331,366
INDIANA - 5.4%
Indiana Finance Authority
(Obligor: Fulcrum Centerpoint LLC)
4.500%, 12/15/2046 (b)		1,000,000		1,001,748
Perry Township Schools Marion County, Series C
4.000%, 07/15/2024		555,000		561,911
University Of Southern Indiana Foundation
4.500%, 10/01/2024		575,000		576,228
				2,139,887
IOWA - 0.5%
PEFA, Inc.
5.000%, 09/01/2049		200,000		204,921

KANSAS - 0.6%
City of Topeka, Series B
(Obligor: Congregational Home)
5.125%, 12/01/2026		250,000		250,090

MASSACHUSETTS - 0.3%
Town of North Reading
5.000%, 05/15/2030		120,000		120,217

MICHIGAN - 0.7%
Healthsource Saginaw, Inc.
4.000%, 05/01/2027		80,000		80,074
Michigan Finance Authority
(Obligor: Henry Ford Health System)
5.000%, 11/15/2027		105,000		111,757
Michigan Finance Authority, Series MI-2
(Obligor: Trinity Health Corp.)
5.000%, 12/01/2044		100,000		104,001
				295,832
MISSISSIPPI - 9.0%
City of Natchez
4.500%, 09/01/2025		545,000		560,325
Mississippi Hospital Equipment & Facilities Authority, Series II
(Obligor: North Mississippi Medical Center)
5.000%, 10/01/2040		150,000		156,821
State of Mississippi Gaming Tax Revenue, Series E
5.000%, 10/15/2027		1,345,000		1,414,187
5.000%, 10/15/2031		1,410,000		1,479,387
				3,610,720
MISSOURI - 2.6%
Health & Educational Facilities Authority
(Obligor: Lutheran Senior Services)
5.000%, 02/01/2035		150,000		149,854
Kirkwood Industrial Development Authority, Series A
(Obligor: Ashfield Active Living)
5.000%, 05/15/2023		880,000		878,317
				1,028,171
NEW JERSEY - 3.3%
New Jersey Housing & Mortgage Finance Agency, Series I
4.000%, 04/01/2033		795,000		802,933
New Jersey Transportation Trust Fund Authority, Series AA
5.250%, 06/15/2028		475,000		498,287
				1,301,220
NEW MEXICO - 1.0%
County of Dona Ana
4.000%, 05/01/2028		395,000		395,440

NEW YORK - 10.0%
City of Hudson
4.000%, 04/15/2028		95,000		95,089
Metropolitan Transportation Authority, Series B
4.000%, 11/15/2028		125,000		123,440
Metropolitan Transportation Authority, Series C-1
5.000%, 11/15/2030		1,000,000		1,023,785
5.250%, 11/15/2030		100,000		102,902
New York State Dormitory Authority, Series 2015B-B
5.000%, 03/15/2032		300,000		317,408
New York State Dormitory Authority, Series A
(Obligor: St John's University)
4.000%, 07/01/2033		100,000		101,849
(Obligor: The New School)
5.000%, 07/01/2029		450,000		471,328
Port Authority of New York & New Jersey, Series 223
5.000%, 07/15/2027 (b)		1,320,000		1,404,373
Westchester County Local Development Corp.
(Obligor: Westchester County Health)
5.000%, 11/01/2030		350,000		357,298
				3,997,472
NORTH CAROLINA - 0.3%
North Carolina Capital Facilities Finance Agency, Series A
(Obligor: Arc of North Carolina)
5.000%, 10/01/2027		100,000		104,189

NORTH DAKOTA - 0.3%
Jamestown Park District Sales Tax Revenue, Series A
4.000%, 07/01/2028		140,000		141,269

OKLAHOMA - 0.6%
Tulsa County Industrial Authority
(Obligor: Montereau Obligated Group)
5.000%, 11/15/2023		230,000		231,397

OREGON - 0.3%
Klamath Falls Intercommunity Hospital Authority
(Obligor: Sky Lakes Medical Center)
4.000%, 09/01/2031		130,000		130,014

PENNSYLVANIA - 2.5%
Lycoming County Authority, Series S2
(Obligor: Lycoming College)
4.500%, 11/01/2035		500,000		500,000
Montgomery County Industrial Development Authority
5.000%, 12/01/2025		230,000		236,304
Montgomery County Higher Education and Health Authority, Series UU1
(Obligor: Gwynedd Mercy University)
5.000%, 05/01/2029		240,000		249,542
				985,846
PUERTO RICO - 7.2%
Children's Trust Fund
5.500%, 05/15/2039		500,000		498,752
Commonwealth of Puerto Rico, Series A
0.000%, 07/01/2024 (c)		1,000,000		918,948
Commonwealth of Puerto Rico, Series A1
5.250%, 07/01/2023		149,246		149,900
Puerto Rico Electric Power Authority, Series PP
5.000%, 07/01/2024		100,000		100,402
Puerto Rico Electric Power Authority, Series UU
5.000%, 07/01/2024		600,000		604,015
Puerto Rico Electric Power Authority, Series VV
5.250%, 07/01/2026		200,000		200,838
Puerto Rico Highway & Transportation Authority, Series AA-1
4.950%, 07/01/2026		420,000		419,983
				2,892,838
SOUTH CAROLINA - 0.4%
South Carolina Jobs-Economic Development Authority
(Obligor: Upstate Senior Living)
4.000%, 11/15/2027		175,000		168,367

TENNESSEE - 5.6%
City of Jackson
(Obligor: West Tennesee Healthcare)
5.000%, 04/01/2026		850,000		877,032
Metropolitan Nashville Airport Authority, Series A
5.000%, 07/01/2033		140,000		146,595
Tennessee Energy Acquisition Corp., Series A
5.250%, 09/01/2024		1,000,000		1,017,475
Town of Greeneville
4.000%, 06/01/2029		165,000		176,334
				2,217,436
TEXAS - 8.2%
Arlington Housing Finance Corp.
(Obligor: Reserve at Mayfield, LLC)
3.500%, 11/01/2043		300,000		300,536
Board of Regents of the University of Texas System, Series A
4.000%, 08/15/2042		200,000		200,385
City of Converse
4.000%, 02/01/2032		550,000		550,640
County of Wise
5.000%, 08/15/2026		200,000		209,403
Harris County Cultural Education Facilities Finance Corp.
(Obligor: Baylor College of Medicine)
4.000%, 11/15/2030		135,000		137,956
Harris County Cultural Education Facilities Finance Corp., Series A
(Obligor: Brazos Presbyterian Obligated Group)
5.000%, 01/01/2033		285,000		268,181
Harris County Municipal Utility District No. 167
4.000%, 09/01/2031		100,000		100,069
Harris County Municipal Utility District No. 278
4.000%, 09/01/2037		200,000		200,220
Interstate Municipal Utility District
4.000%, 09/01/2029		525,000		534,407
San Antonio Education Facilities Corp., Series B
(Obligor: Hallmark University, Inc.)
5.250%, 10/01/2028		100,000		95,997
Sienna Municipal Utility District No. 6
5.000%, 09/01/2030		200,000		211,124
Texas Municipal Gas Acquisition and Supply Corp. I
6.250%, 12/15/2026		430,000		449,373
				3,258,291
WASHINGTON - 2.9%
Washington Health Care Facilities Authority, Series B
(Obligor: Seattle Children's Hospital)
5.000%, 10/01/2038		250,000		255,607
Washington State Housing Finance Commission, Series A
(Obligor: Heron's Key Obligation Group)
6.000%, 07/01/2025 (a)		850,000		885,141
				1,140,748
WEST VIRGINIA - 1.2%
Monongalia County Building Commission
(Obligor: Monongalia Health System)
5.000%, 07/01/2028		455,000		462,335

WISCONSIN - 6.1%
Wisconsin Public Finance Authority
(Obligor: Eno River Academy)
4.750%, 06/15/2023 (a)		195,000		192,059
(Obligor: Noorda College of Osteopathic)
6.500%, 06/01/2045 (a)		100,000		79,566
Wisconsin Public Finance Authority, Series A
(Obligor: Dreamhouse 'Ewa Beach)
5.750%, 06/01/2025 (a)		575,000		578,841
(Obligor: Prime Healthcare Foundation)
5.000%, 12/01/2027		500,000		510,596
Village of McFarland
4.500%, 12/01/2023		305,000		305,482
Wisconsin Center District
5.250%, 12/15/2023		750,000		759,058
				2,425,602
Total Municipal Bonds
(Cost $38,478,217)				38,537,441

SHORT-TERM INVESTMENT - 2.6%
First American Government Obligations Fund - Class X, 3.67%^
Total Short-Term Investment
(Cost $1,040,391)		1,040,391		1,040,391

Total Investments - 99.2%
(Cost $39,518,608)				39,577,832
Other Assets & Liabilities, Net - 0.8%				313,989
Total Net Assets - 100.0%			$	39,891,821

(a)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act 0f 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of November 30, 2022, the total value of these investments was $4,114,879 or 10.3% of total net assets.
(b)	Security subject to the Alternative Minimum Tax ("AMT"). As of November 30, 2022, the total value of securities subject to the AMT was $4,894,598 or 12.3% of net assets.
(c)	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value.
^	The rate shown is the annualized seven day effective yield as of November 30, 2022.

	Summary of Fair Value Exposure

	The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period and expanded disclosure of valuation Levels for major security types. These inputs are summarized in the three broad Levels listed below:

	Level 1 - Unadjusted quoted prices in active markets for identical assets or liablities that the Fund has the ability to access.

	Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds , credit risk, yield curves, default rates and similar data.

	Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

	As of November 30, 2022, the Fund's investments in securities were classified as follows:

	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	-	$	38,537,441	$	-	$	38,537,441
Short-Term Investment		1,040,391		-	$	-		1,040,391
Total Investments in Securities	$	1,040,391	$	38,537,441	$	-	$	39,577,832

Refer to the Schedule of Investments for further information on the classification of investments.