PUSAX — Spectrum Preferred and Capital Securities Income Fund

PUSAX Fund Overview

PUSAX — Spectrum Preferred and Capital Securities Income Fund is a US mutual fund managed by Principal Funds, Inc., categorised as Corporate Bond. 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: Corporate Bond
• Assets under management: $4.80B
• 1-year return: 11.9%
• Ticker: PUSAX
• SEC CIK: 0000898745
• SEC series ID: S000007170
• Share class ID: C000019594

PUSAX Investment Objective and Strategy

Spectrum Preferred and Capital Securities Income 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 provide current income.

Principal investment strategy

"Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in preferred securities at the time of purchase. Preferred securities typically include preferred stock and various types of junior subordinated debt and trust preferred securities. Preferred securities may pay fixed rate or adjustable rate distributions and generally have a payment ""preference"" over common stock, but are junior to the issuer's senior debt in a liquidation of the issuers assets. The Fund also invests in contingent convertible securities (Cocos), which are hybrid debt securities typically issued by non-US banking institutions that have contractual equity conversion or principal write-down features that are triggered by regulatory capital thresholds or regulatory actions calling into question the issuing banking institutions continued viability as a going-concern if the conversion trigger were not exercised.

Preferred securities purchased by the Fund are of companies with senior debt rated at the time of purchase BBB- or higher by S&P Global Ratings (""S&P Global"") or Baa3 or higher by Moody's Investors Service, Inc. (""Moody's"") or, if unrated, of comparable quality in the opinion of those selecting such investments. The Fund also invests up to 40% of its assets in below investment grade preferred securities and bonds (sometimes called high yield bonds or ""junk bonds"") which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by 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 Fund invests in other debt obligations, including (but not limited to) U.S. Treasury securities and obligations of the U.S. Government, its agencies and instrumentalities. The Fund invests in foreign securities. The Fund concentrates its investments (invests more than 25% of its net assets) in securities in the financial services (i.e., banking, insurance and commercial finance) industry. During the fiscal year ended August 31, 2017, the average ratings of the Funds fixed-income assets, based on market value at each month-end, were as follows (all ratings are by Moodys): 0.00% in securities rated Aaa 65.05% in securities rated Baa 0.00% in securities rated Caa 0.00% in securities rated D 0.18% in securities rated Aa 20.84% in securities rated Ba 0.00% in securities rated Ca 1.04% in securities not rated 10.00% in securities rated A 2.89% in securities rated B 0.00% in securities rated C"

PUSAX Holdings

Top 10 holdings of Spectrum Preferred and Capital Securities Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all PUSAX holdings

PUSAX Portfolio Allocation

Asset-class allocation of Spectrum Preferred and Capital Securities Income Fund by percentage of net assets, from the latest SEC N-PORT filing.

PUSAX Performance

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

PUSAX Risk Information

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

• 1-year volatility (annualised): 3.8%

PUSAX Costs and Fees

PUSAX costs about $158 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.58%
• Gross expense ratio: 1.58%
• Portfolio turnover: 25%
• Brokerage commissions: 0.15 bps of average net assets (SEC N-CEN)

PUSAX Cashflows

Over the 12 months to 2026-05, Spectrum Preferred and Capital Securities Income Fund had net outflows of $756.89M, from monthly SEC N-PORT filings.

PUSAX Debt Constituents

Largest debt holdings of Spectrum Preferred and Capital Securities Income Fund by percentage of net assets, from the latest SEC N-PORT filing.

PUSAX Prospectus and SEC Filings

Official Spectrum Preferred and Capital Securities Income 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 Corporate Bond funds tracked on ABC INVEST:

• First Trust Preferred Securities and Income ETF (FPE)
• Nuveen Preferred Securities and Income Fund (NPSAX)
• Invesco Variable Rate Preferred ETF (VRP)
• First Trust Institutional Preferred Securities and Income ETF (FPEI)
• Capital Securities Fund (PCSFX)

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.