Parametric Commodity Strategy Fund
Eaton Vance Mutual Funds Trust · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Parametric Commodity Strategy Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2026 Q2
The Funds investment objective is to seek total return.
The fund invests primarily in commodity-linked derivatives—including swap agreements, futures, and commodity-linked notes—backed by a portfolio of short-duration U.S. Treasury securities and money market instruments, seeking to gain commodity exposure without holding physical commodities. Part of this exposure is obtained through PSC Commodity Subsidiary, Ltd., a wholly-owned Cayman Islands subsidiary with the same investment objective and strategies. The fund employs a rules-based, systematic process that targets diversified exposure across commodities and sectors, using quantitative factors such as volatility, liquidity, and correlation to set target weights that may diverge materially from the Bloomberg Commodity Index Total Return, and rebalances within disciplined bands to manage trading costs and concentration risk.
| Share class | Expense ratio |
|---|---|
| EIPCX | 0.69% |
| EAPCX | 0.94% |
Portfolio turnover 17.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 71.71% |
| Cash & short-term | 15.04% |
| Stocks | 3.47% |
| Derivatives | -6.81% |
These positions come to 83.41% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury ×5, Commodities Exchange Center, London Metal Exchange, New York Mercantile Exchange
Largest exited: United States Treasury ×6, New York Mercantile Exchange, ICE Futures Europe
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +45.47% | +62.00% | +106.43% | 7.53% | -6.02% | |
| +44.96% | +60.51% | +104.01% | 7.52% | -6.05% |
These classes hold the same portfolio, so the 2.41pp spread over 5 years is the cost difference between them — roughly 0.48pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.18 yr | 47% |
| 1 yr | 0.20 yr | 53% |
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.18 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.20 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | United States Treasury4.38% · due 2026-08-15 | 7.98% | — | $233.31M | — |
| — | United States Treasury4.38% · due 2026-07-31 | 7.78% | — | $227.61M | — |
| — | United States Treasury0.13% · due 2027-04-15 | 6.33% | — | $184.99M | — |
| — | United States Treasury2.38% · due 2027-05-15 | 5.90% | — | $172.47M | — |
| — | United States Treasury0.38% · due 2027-01-15 | 4.65% | — | $136.02M | — |
| MVRXX | Morgan Stanley & Co. LLCMVRXX | 3.91% | — | $114.38M | — |
| — | United States Treasury4.13% · due 2027-02-15 | 3.71% | — | $108.53M | — |
| — | SPDR Gold MiniShares Trust | 3.47% | $79.42 | $101.42M | 1.3M |
| — | United States Treasury4.50% · due 2027-04-15 | 3.43% | — | $100.37M | — |
| — | United States Treasury1.63% · due 2026-10-31 | 3.18% | — | $93.04M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 50.33% of net assets, top 25 80.10%, across 11 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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