COMMODITY MUTUAL FUNDS

Currently, the Deutsche Bank Commodity Index Tracking Fund is the only exchanged traded commodity index fund listed on the US market.

Also see Exchange Traded Commodities listed in London Stock Exchange

Most other funds that invest in commodities are either hedge funds, or commodity pools that are not open to the average investors. 

According to my search of commodity mutual funds that started two years ago, there were only two commodity mutual funds available on the US market:

1. Oppenheimer Real Asset Fund (tracks the Goldman Sachs Commodity Index)

2. Pimco Commodity Real Return Fund  (tracks the Dow Jones Commodity Index)

Both the Oppenheimer Real Asset Fund and the Pimco Commodity Real Return Fund use commodity futures/swaps contracts, which are naturally leveraged, so both funds keep some of their assets in bonds. The PIMCO fund uses US Government inflation-protected bonds, whereas the Oppenheimer Fund uses non-inflation protected bonds. The Oppenheimer Fund arguably has more inflation risk as a result.

You can also visit Managed Futures Funds for more information about managed futures.