Nuveen Commodity Funds Announce Plan to Liquidate
December 09 2016 - 4:00PM
Business Wire
Liquidation Expected to be Completed by December 30,
2016
Nuveen, an operating division of TIAA Global Asset Management,
today announced that Nuveen Diversified Commodity Fund (NYSE
MKT: CFD) and Nuveen Long/Short Commodity Total Return Fund
(NYSE MKT: CTF) intend to liquidate and distribute their net
assets to shareholders. Each fund expects to delist its shares at
the close of business on Friday, December 23, 2016, after which
time there will be no secondary market for the funds’ shares. Each
fund intends to make a single liquidating distribution of its net
assets on Friday, December 30, 2016 (Liquidation Date). The funds
may begin liquidating positions at any time prior to the
Liquidation Date, and when that process begins, they will not be
managed in accordance with their investment objectives.
Shareholders had previously approved a plan to convert the funds
into exchange-traded funds (ETFs) in an effort to seek closer
alignment between the funds’ share price and net asset value. The
conversion required approval of a new exchange rule by the
Securities and Exchange Commission. Although Nuveen expected to
obtain the necessary approval, Nuveen determined that the funds’
future growth prospects as ETFs had diminished over the course of
the extended regulatory approval process period and especially more
recently, and that it was in the best interest of shareholders to
not undertake the conversion and instead liquidate the funds.
Information about the funds’ pricing and performance will
continue to be available on Nuveen’s website through year end.
Access to Schedule K-1s and information for the 2016 tax year is
expected to be provided by the end of the first full week of March
2017, and will be made available on Nuveen’s website. In accordance
with Commodity Futures Trading Commission rules applicable to the
funds, each fund will furnish a final audited liquidation statement
to shareholders within 90 days after the Liquidation Date.
Investments in shares of the funds are subject to investment
risk, including the possible loss of the entire amount invested.
The funds currently invest primarily in commodity futures contracts
and options on commodity futures contracts, which have a high
degree of price variability and are subject to rapid and
substantial price changes. The funds could incur significant losses
on their commodity investments. The funds are not mutual funds or
any other type of “investment company” within the meaning of the
Investment Company Act of 1940, as amended, and are not subject to
regulation thereunder. For more information about the funds,
including a more complete description of risks, please see the
funds’ website, which is publicly available at no charge. The
information and other content contained on or linked from the
funds’ website is not incorporated by reference in each fund’s
prospectus and should not be considered a part of each fund’s
prospectus.
This is not a solicitation to buy or sell the funds’ shares, nor
is it a solicitation of any proxy. The funds do not presently offer
any new shares for sale; existing shares trade on the NYSE MKT.
Nuveen Commodities Asset Management, LLC, a wholly-owned
subsidiary of Nuveen, is the manager of the funds and is registered
as a commodity pool operator with the Commodity Futures Trading
Commission. Nuveen provides investment solutions designed to help
secure the long-term goals of individual investors and the
financial advisors who serve them. Through the expertise and
capabilities of TIAA Global Asset Management’s high-caliber
investment managers, Nuveen is committed to providing world-class
consultative services and advice that align with client needs.
Nuveen is an operating division of TIAA Global Asset Management.
For more information, please visit Nuveen’s website at
www.nuveen.com.
21384-INV-O-12/17
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version on businesswire.com: http://www.businesswire.com/news/home/20161209005700/en/
NuveenMedia Contact:Kristyna Munoz, (312)
917-8343kristyna.munoz@nuveen.com
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