When you put a meter on a AC setting, you would be greatly surprised if it was including DC in the measurement. TRMS is simply a description of the measurement technology, which involves measuring the heat dissipated by a resistor. This permits correct readings for non-sinusoidal waveforms, up to a specified crest factor which will be in the DMM's spec sheet. Meters without TRMS converters perform Average measurement of AC signals, and then apply a correction factor that assumes the signal is sinusoidal, \$ \pi \over {2 \sqrt 2} \$ times the average.