Who says the Internal Revenue Service doesn't have a heart? The Wall Street Journal reported Thursday that the IRS has taken pity on commodities funds struggling with a dearth of suppliers for mandated types of investment, and extended the deadline for getting their investment strategies into compliance.

The grace period for changing investment strategies to maintain tax benefits will now last until September 30, rather than the end of June, as previously specified. Pimco had said it was on track for the June deadline, but Rydex admitted concern about securing brokers, and in April OppenheimerFunds closed its Real Asset Fund because of a pinched market for commodity-linked notes.  

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