PCRDX — PIMCO CommodityRealReturn Strategy Fund

PCRDX Fund Overview

PCRDX — PIMCO CommodityRealReturn Strategy Fund is a US mutual fund managed by PIMCO Funds, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: PIMCO Funds
• Category: Commodity
• Assets under management: $4.08B
• Ticker: PCRDX
• SEC CIK: 0000810893
• SEC series ID: S000009708
• Share class ID: C000026655

PCRDX Investment Objective and Strategy

PIMCO CommodityRealReturn Strategy Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by PIMCO Funds.

Investment objective

The Fund seeks maximum real return, consistent with prudent investment management.

Principal investment strategy

"The Fund seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other Fixed Income Instruments. ""Fixed Income Instruments"" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. ""Real Return"" equals total return less the estimated cost of inflation, which is typically measured by the change in an official inflation measure. The Fund invests in commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures and options on futures, that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities.

Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. The value of commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and regulatory developments. The Fund may also invest in common and preferred securities as well as convertible securities of issuers in commodity-related industries. The Fund will seek to gain exposure to the commodity markets primarily through investments in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices, and through investments in the PIMCO Cayman Commodity Fund I Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the ""Subsidiary"").

These commodity index-linked notes are sometimes referred to as ""structured notes"" because the terms of these notes may be structured by the issuer and the purchaser of the note. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investment. The Fund may also gain exposure to commodity markets by investing in the Subsidiary. The Subsidiary is advised by PIMCO, and has the same investment objective as the Fund. As discussed in greater detail elsewhere in this prospectus, the Subsidiary (unlike the Fund) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments. The derivative instruments in which the Fund and the Subsidiary primarily intend to invest are instruments linked to certain commodity indices and instruments linked to the value of a particular commodity or commodity futures contract, or a subset of commodities or commodity futures contracts.

These instruments may specify exposure to commodity futures with different roll dates, reset dates or contract months than those specified by a particular commodity index. As a result, the commodity-linked derivatives component of the Fund's portfolio may deviate from the returns of any particular commodity index. The Fund or the Subsidiary may over-weight or under-weight its exposure to a particular commodity index, or a subset of commodities, such that the Fund has greater or lesser exposure to that index than the value of the Fund's net assets, or greater or lesser exposure to a subset of commodities than is represented by a particular commodity index. Such deviations will frequently be the result of temporary market fluctuations, and under normal circumstances the Fund will seek to maintain notional exposure to one or more commodity indices within 5% (plus or minus) of the value of the Fund's net assets.

Assets not invested in commodity-linked derivative instruments or the Subsidiary may be invested in inflation-indexed securities and other Fixed Income Instruments, including derivative Fixed Income Instruments. In addition, the Fund may invest its assets in particular sectors of the commodities market. The average portfolio duration of the fixed income portion of this Fund will vary based on PIMCO's market forecasts and under normal market conditions is not expected to exceed ten years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The Fund may invest up to 10% of its total assets in high yield securities (""junk bonds""), as rated by Moody's Investors Service, Inc.

(""Moody's""), Standard & Poor's Ratings Services (""S&P"") or Fitch, Inc. (""Fitch""), or, if unrated, as determined by PIMCO. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest, together with any other investments denominated in foreign currencies, up to 30% of its total assets in such instruments). The Fund will normally limit its foreign currency exposure (from non-U.S.

dollar-denominated securities or currencies) to 20% of its total assets. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Fund may also invest up to 10% of its total assets in preferred securities. The Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales."

PCRDX Holdings

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

View all PCRDX holdings

PCRDX Portfolio Allocation

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

PCRDX Performance

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

PCRDX Risk Information

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

• 1-year volatility (annualised): 17.3%

PCRDX Costs and Fees

PCRDX costs about $137 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.37%
• Gross expense ratio: 1.52%
• Portfolio turnover: 172%
• Brokerage commissions: 2.23 bps of average net assets (SEC N-CEN)

PCRDX Cashflows

Over the 12 months to 2026-06, PIMCO CommodityRealReturn Strategy Fund had net inflows of $153.45M, from monthly SEC N-PORT filings.

PCRDX Debt Constituents

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

PCRDX Prospectus and SEC Filings

Official PIMCO CommodityRealReturn Strategy Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2024-07-25
• Prospectus supplement (497) — filed 2024-01-08
• Prospectus supplement (497) — filed 2023-10-02
• Portfolio holdings (N-PORT) — filed 2026-08-31
• Portfolio holdings (N-PORT) — filed 2026-05-29
• Portfolio holdings (N-PORT) — filed 2026-03-02
• Annual census (N-CEN) — filed 2026-06-11
• Annual census (N-CEN) — filed 2025-06-13

Related Funds

Other Commodity funds tracked on ABC INVEST:

• VanEck Vectors Gold Miners ETF (GDX)
• VanEck Vectors Junior Gold Miners ETF (GDXJ)
• Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)
• PIMCO CommoditiesPLUS Strategy Fund (PCLAX)
• First Eagle Gold Fund (SGGDX)

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.