Nuveen Diversified Commodity Fund (CFD)

Nuveen Diversified Commodity Fund was organized as a Delaware statutory trust on December 7, 2005. It operates as a commodity pool. The Fund's investment objective is to generate risk-adjusted total return than commodity market benchmarks, specifically the Dow Jones-UBS Commodity Index ('DJ-UBSCI') and the S&P GSCI Commodity Index ('GSCI'), and passively managed commodity funds. Risk-adjusted total return refers to the income and capital appreciation generated by a portfolio (the combination of which equals its total return) per unit of risk taken, with such risk measured by the volatility of the portfolio's total returns over a specific period of time. In pursuing its investment objective, the Fund invests directly in a diversified portfolio of commodity futures and forward contracts to obtain exposure to all principal groups in the global commodity markets. The Fund makes commodity investments in the six principal commodity groups in the global commodities markets: energy; industrial metals; agriculturals; precious metals; foods and fibers; and livestock. NCAM is the manager of the Fund, and is responsible for determining the Fund's overall investment strategy and its implementation.