PDRMX — PIMCO Inflation Response Multi-Asset Fund

PDRMX Fund Overview

PDRMX — PIMCO Inflation Response Multi-Asset Fund is a US mutual fund managed by PIMCO Funds, categorised as Long Treasury / Sovereign Bond. 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: Long Treasury / Sovereign Bond
• Assets under management: $2.16B
• Ticker: PDRMX
• SEC CIK: 0000810893
• SEC series ID: S000033597
• Share class ID: C000103228

PDRMX Investment Objective and Strategy

PIMCO Inflation Response Multi-Asset Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by PIMCO Funds.

Investment objective

The Fund seeks total return which exceeds that of its benchmark.

Principal investment strategy

"The Fund is intended for investors who prefer to have their asset allocation decisions made by professional investment managers. PIMCO uses a three-step approach in seeking to achieve the Fund's investment objective which consists of 1) developing a target asset allocation; 2) developing a series of relative value strategies designed to add value beyond the target allocation; and 3) utilizing hedging techniques to manage risks. PIMCO evaluates these three steps and uses varying combinations of Acquired Funds and/or direct investments to implement them within the Fund. The Fund may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds (""Underlying PIMCO Funds""), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, ""Acquired Funds"").

The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of Fixed Income Instruments of varying maturities, equity securities, affiliated and unaffiliated investment companies, which may or may not be registered under the Investment Company Act of 1940, as amended (the ""1940 Act""), forwards and derivatives, such as options, futures contracts or swap agreements, of various asset classes in seeking to mitigate the negative effects of inflation. Such asset classes include, but are not limited to, inflation-linked bonds, commodities, emerging market currencies and real estate-related 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.

The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund may invest, without limitation, in any of the Underlying PIMCO Funds (except as described below). The Fund may invest in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities and corporations. Inflation-indexed bonds are fixed income securities that are structured to provide protection against inflation. The value of the bond's principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure. The U.S. Treasury uses the Consumer Price Index for Urban Consumers as the inflation measure. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government.

To mitigate the negative effects of inflation, the Fund seeks concurrent exposure to a broad spectrum of asset classes and other investments. The Fund may invest up to 25% of its total assets in equity-related investments (including investment in common stock, preferred securities, equity securities of Real Estate Investment Trusts (""REITs"") and/or investment in the Domestic Equity-Related Underlying PIMCO Funds, the International Equity-Related Underlying PIMCO Funds and the PIMCO RealEstateRealReturn Strategy Fund, an Underlying PIMCO Fund, and in other equity-related Acquired Funds). With respect to its direct or indirect (through a fund) investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. The Fund may invest up to 50% of its total assets in commodity-related investments (including investment in the PIMCO Cayman Commodity Fund VII, Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the ""Subsidiary""), and the PIMCO CommoditiesPLUS Strategy Fund and PIMCO Commodity RealReturn Strategy Fund, each an Underlying PIMCO Fund).

The Subsidiary is advised by PIMCO and primarily invests in commodity-linked derivative instruments backed by a portfolio of Fixed Income Instruments. As discussed in greater detail elsewhere in the prospectus, the Subsidiary (unlike the Fund) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments. The Fund may invest up to 25% of its total assets in the Subsidiary. The Fund will normally limit its exposure to gold to 25% of its total assets. The Fund may invest, without limitation, in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 25% of its total assets.

The Fund may invest, without limitation, in high yield securities (""junk bonds""). The Fund may invest, without limitation, in securities and instruments that are economically tied to emerging market countries. The Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund's assets are not allocated according to a predetermined blend of shares of the Acquired Funds and/or direct investments in securities, instruments and other investments. Instead, when making allocation decisions among the Acquired Funds, securities, instruments and other investments, PIMCO considers various qualitative and quantitative factors relating to the U.S. and non-U.S. economies, and securities and commodities markets. These factors include projected growth trends in the U.S.

and non-U.S. economies, forecasts for interest rates and the relationship between short- and long-term interest rates (yield curve), current and projected trends in inflation, relative valuation levels in the equity, fixed income, commodity and real estate markets and various segments within those markets, the outlook and projected growth of various industrial sectors, information relating to business cycles, borrowing needs and the cost of capital, political trends, data relating to trade balances, and labor information. PIMCO uses these factors to help determine the Fund's target asset allocation and to identify potentially attractive relative value and risk hedging strategies. PIMCO has the flexibility to reallocate the Fund's assets among any or all of the investment exposures represented by affiliated or unaffiliated funds, or invest directly in securities, instruments and other investments, based on its ongoing analyses of the global economy and financial markets.

While these analyses are performed daily, material shifts in investment exposures typically take place over longer periods of time. Once the target asset allocation, relative value strategies and risk hedging strategies have been determined, PIMCO then evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly."

PDRMX Holdings

Top 10 holdings of PIMCO Inflation Response Multi-Asset Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all PDRMX holdings

PDRMX Portfolio Allocation

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

PDRMX Performance

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

PDRMX Risk Information

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

• 1-year volatility (annualised): 6.8%

PDRMX Costs and Fees

PDRMX costs about $131 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.31%
• Gross expense ratio: 1.59%
• Portfolio turnover: 219%
• Brokerage commissions: 2.34 bps of average net assets (SEC N-CEN)

PDRMX Cashflows

Over the 12 months to 2026-06, PIMCO Inflation Response Multi-Asset Fund had net inflows of $251.04M, from monthly SEC N-PORT filings.

PDRMX Debt Constituents

Largest debt holdings of PIMCO Inflation Response Multi-Asset Fund by percentage of net assets, from the latest SEC N-PORT filing.

PDRMX Prospectus and SEC Filings

Official PIMCO Inflation Response Multi-Asset 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 Long Treasury / Sovereign Bond funds tracked on ABC INVEST:

• iShares 7-10 Year Treasury Bond ETF (IEF)
• iShares 20+ Year Treasury Bond ETF (TLT)
• U.S. Government Securities Fund (AMUSX)
• Fidelity Series Long-Term Treasury Bond Index Fund (FTLTX)
• Vanguard Long-Term Treasury Index Fund (VLGSX)

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.