Nuveen Commodity Funds Provide Update on Proposed Conversion to ETF Structure
October 24 2016 - 3:30PM
Business Wire
Public Comment Period on Proposed Exchange Rule Ends
Nuveen, an operating division of TIAA Global Asset Management,
today announced the expiration of the public comment period for the
review by the Securities and Exchange Commission (SEC) of the
proposed new exchange rule pursuant to which shares of Nuveen
Diversified Commodity Fund (NYSE:CFD) and Nuveen Long/Short
Commodity Total Return Fund (NYSE:CTF) would trade upon conversion
of each respective fund into an exchange-traded fund (ETF). The
proposed rule was initially published in the Federal Register on
June 13, 2016, and was subject to an initial review period of 45
days. The SEC has twice extended the review period, with the
current review period scheduled to end on or about December 8,
2016. The public comment period for the current review period ended
on October 20, 2016. The SEC may take action on the proposed rule
at any time during the current review period, and may further
extend the review period for up to an additional 60 days.
If the SEC approves the proposed rule, the funds intend to
complete their conversion to ETFs as soon as practicable
thereafter. There can be no assurance that approval will be
obtained, or if obtained, that the conversion will be completed in
the anticipated time frame. Although Nuveen continues to believe
that the conversion is in the best interests of shareholders of the
funds and that the proposed rule should and will be approved, in
the event that the rule is not approved, Nuveen will consider all
available options, including liquidation of the funds. The funds
will continue to provide updates as new information becomes
available.
The funds are not currently, and after the conversion will not
be, mutual funds or any other type of investment company within the
meaning of the Investment Company Act of 1940. A registration
statement relating to the securities each fund intends to issue
following the conversion has been filed with the SEC but has not
yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration
statement of each fund becomes effective.
Shareholders are able to obtain, free of charge, copies of the
registration statements referred to above and any prospectus
included therein, as well as any other documents filed by the funds
with the SEC at the SEC’s website at www.sec.gov, by calling Nuveen
Commodities Asset Management, LLC (NCAM) at 877-827-5920 or by
writing to the funds at 333 W. Wacker Drive, Chicago, Illinois,
60606.
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 currently, and
after the conversion will not be, 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.
NCAM, 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 the Nuveen’s website
at www.nuveen.com.
20197-INV-O-10/17
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version on businesswire.com: http://www.businesswire.com/news/home/20161024006370/en/
NuveenMedia Contact:Kristyna Munoz(312)
917-8343kristyna.munoz@nuveen.com
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