Today, the Division of Investment Management issued guidance on the use of derivatives by registered investment companies.  It is available here and is entitled "Disclosure and Compliance Matters for Investment Company Registrants that Invest in Commodity Interests".  The guidance address the following key areas:

Disclosure of Derivatives and Associated Risks;

Performance Presentations;

Legend Requirement; and

Compliance and Risk Management.

As a related item, the CFTC has issued its long-awaited harmonization rules for registered investment company disclosure.  The release (unofficial as of now), summary and Q&A in respect of the CFTC's harmonization rules are available here.