PMSCX — Global Multi-Strategy Fund

PMSCX Fund Overview

PMSCX — Global Multi-Strategy Fund is a US mutual fund managed by Principal Funds, Inc., categorised as Total Return Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Principal Funds, Inc.
• Category: Total Return Allocation
• Assets under management: $561.73M
• 1-year return: 5.6%
• Ticker: PMSCX
• SEC CIK: 0000898745
• SEC series ID: S000033960
• Share class ID: C000115417

PMSCX Investment Objective and Strategy

Global Multi-Strategy Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Principal Funds, Inc..

Investment objective

The Fund seeks to achieve long-term capital appreciation with an emphasis on positive total returns and managing volatility.

Principal investment strategy

"Principal Global Investors, LLC (""PGI""), the Fund's investment advisor, seeks to combine diversified investment strategies efficiently and systematically so that the Fund generates a positive total return with relatively low volatility and low sensitivity or correlation to market indices. In managing the Fund, PGI allocates the Funds assets among the investment strategies described below, which one or more of the Fund's sub-advisors execute. PGI has considerable latitude in allocating the Fund's assets. The Fund will use strategies and sub-advisors to varying degrees and may change allocations, add new or eliminate existing strategies and sub-advisors, and temporarily or permanently reduce allocations from time to time such that the Fund would have little or no assets allocated to a particular strategy or sub-advisor.

The Fund invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, commodities, convertible securities, and bank loans. Under normal market conditions, the Fund invests in securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least twenty countries. The Fund invests in equity securities regardless of market capitalization size (small, medium, or large) and style (growth or value). The Fund invests in investment-grade and below investment-grade bonds (sometimes called high yield bonds or ""junk bonds"") which are rated at the time of purchase Ba1 or lower by Moody's Investors Service, Inc. (""Moody's"") and BB+ or lower by S&P Global Ratings (""S&P Global"") (if the bond has been rated by only one of those agencies, that rating will determine whether the bond is below investment grade; if the bond has not been rated by either of those agencies, those selecting such investments will determine whether the bond is of a quality comparable to those rated below investment grade).

The fixed income portion of the Fund is not managed to a particular maturity or duration. The Fund actively trades portfolio securities. The Fund invests in derivative instruments. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The strategies use different types of derivative instruments for various purposes, including to gain exposure to securities and to attempt to reduce risk. The Fund may invest in money market funds in order to provide collateral for certain derivative positions and other financial instruments and to provide asset coverage for certain derivative positions and other financial instruments that create obligations to make future payments to third parties. The Fund takes long and short positions in securities and derivative instruments.

When taking a short position, the Fund may sell an instrument that it does not own and then borrow to meet its settlement obligations. Short positions benefit from a decrease in price of the underlying instrument and lose value if the price of the underlying instrument increases. Long positions profit if the value of the instrument increases. Simultaneously engaging in long investing and short selling reduces the net exposure to general market movements. The Fund also takes relative value positions in an effort capitalize on price differences between similar securities or relative value among securities of the same company. Credit/Distressed. This strategy uses a flexible approach to invest primarily in fixed income securities and instruments related to credit, currencies and interest rates, while employing risk management strategies.

This strategy uses a variety of techniques to obtain market exposure, such as derivative instruments, including options, futures, forwards and swaps (including credit default swaps); entering into a series of purchase and sale contracts; purchasing securities on a when-issued, delayed delivery or forward commitment basis; and engaging in short sales. This strategy may obtain investment exposure substantially through derivatives instruments, may use such instruments in an effort to minimize volatility, and may use equity futures for hedging purposes. A portion of this strategy takes long and short positions in selected emerging market issuers when those selecting such investments identify factors (such as macro-economic factors, country-specific factors, or credit-specific factors) that they believe will drive substantial appreciation or depreciation of the particular exposure.

The strategy's geographic focus is derived from economic and political developments and the specific nature of local jurisdictions in the emerging markets. Equity Long/Short. This strategy provides long and short exposure to a diversified portfolio of U.S. and foreign, including emerging market, equity securities. Those selecting such investments simultaneously invest long in equities they expect to increase in value and either short sells equities they expect to decrease in value, or hedges equity market exposure another way (for example, by using derivatives such as futures or options). This strategy uses two methods of analysis: fundamental analysis, which examines a company's financial statements and operations, especially sales, earnings, products, management and competition; and quantitative analysis, which uses mathematical models to evaluate a company's measurable characteristics such as revenue, earnings, margins and market share.

Event-Driven. This strategy invests in securities on the basis that a specific event or catalyst will affect future prices. This strategy attempts to capitalize on price discrepancies and returns generated by corporate activity, such as merger arbitrage, where the Fund holds a long/short portfolio of stocks of companies involved in mergers. Global Macro. This strategy provides long and short exposure to a broad spectrum of global assets (including equities, currencies, fixed income securities, bonds, commodities, and interest rates) in an effort to profit from movement in the prices of securities that are highly sensitive to macroeconomic conditions. The managed futures portion of this strategy uses quantitative selection models to help predict movements in these markets. In pursuing this strategy, the Fund, either directly or through its wholly-owned subsidiary organized under the laws of the Cayman Islands (the Cayman Subsidiary) invests in commodity-linked derivatives and in instruments such as fixed income securities, cash and cash equivalents and/or U.S.

government securities, either as investments or to serve as margin or collateral for derivative positions. Commodities are assets that have tangible properties, such as oil, coal, natural gas, agricultural products, industrial metals, livestock and precious metals. In pursuing certain commodity strategies, the Fund invests its assets in the Cayman Subsidiary to gain exposure to the commodity markets within the limitations of the federal tax law requirements applicable to regulated investment companies (RICs) under the Internal Revenue Code (the Code). The Fund's investments in its Cayman Subsidiary at any time will not exceed 25% of the Fund's net assets. Market Neutral. This strategy invests in long and short positions across different asset classes (including equity and fixed income securities) in an effort to neutralize market risk exposure.

The fixed income portion seeks product types that have attractive return characteristics with low volatility. This strategy uses arbitrage, which is the simultaneous purchase and sale of assets in an effort to exploit price differences of identical or similar securities on different markets or in different forms. The fixed-income arbitrage portion seeks to exploit mispricing of various, liquid fixed income or interest rate sensitive securities and provides long and short exposure to developed country bond and currency markets, investment grade and high yield credit markets, and forward mortgage-backed securities trading in the to-be-announced (""TBA"") markets. The convertible arbitrage portion structures trades using multiple securities within a convertible bond issuer's capital structure.

This strategy may also use derivatives to hedge against a decline in interest rates or credit exposure."

PMSCX Holdings

Top 10 holdings of Global Multi-Strategy Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all PMSCX holdings

PMSCX Portfolio Allocation

Asset-class allocation of Global Multi-Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.

PMSCX Performance

Total returns for PMSCX (as of 2026-10-01), from SEC filings.

PMSCX Risk Information

Risk metrics for PMSCX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 10.4%

PMSCX Costs and Fees

PMSCX costs about $434 per $10,000 invested per year in fund expenses.

• Net expense ratio: 4.34%
• Gross expense ratio: 4.51%
• Portfolio turnover: 139%
• Brokerage commissions: 4.21 bps of average net assets (SEC N-CEN)

PMSCX Cashflows

Over the 12 months to 2026-05, Global Multi-Strategy Fund had net inflows of $103.60M, from monthly SEC N-PORT filings.

PMSCX Debt Constituents

Largest debt holdings of Global Multi-Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.

PMSCX Prospectus and SEC Filings

Official Global Multi-Strategy Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-12-23
• Prospectus (485BPOS) — filed 2024-12-27
• Prospectus (485BPOS) — filed 2023-12-27
• Portfolio holdings (N-PORT) — filed 2026-07-24
• Portfolio holdings (N-PORT) — filed 2026-04-24
• Portfolio holdings (N-PORT) — filed 2026-01-23
• Annual census (N-CEN) — filed 2025-11-14
• Annual census (N-CEN) — filed 2023-11-13

Related Funds

Other Total Return Allocation funds tracked on ABC INVEST:

• Federated Total Return Bond Fund (FTRFX)
• Columbia Balanced Fund (CBLAX)
• MFS Total Return Fund (MSFRX)
• AllianzGI Income & Growth Fund (AZNAX)
• AQR Risk Parity Fund (AQRNX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.