Document:

Custodian Agreement.

 Exhibit 10.3 
 CUSTODIAN AGREEMENT 
 This Agreement, dated as of October 25,
2012, is by and between NUVEEN LONG/SHORT COMMODITY TOTAL RETURN FUND, a Delaware statutory trust (the “Trust”), and
STATE STREET BANK and TRUST COMPANY, a Massachusetts trust company (the “Custodian”). 

WHEREAS, the Trust has selected and desires to retain the Custodian to act as custodian of Trust
assets, and the Custodian is willing to provide such services to the Trust upon the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter
contained, the parties hereto agree as follows: 
  

	Section 1.	Employment of Custodian and Property to be Held by It 

 The Trust hereby employs the Custodian as the custodian of its assets, including securities which the Trust desires to be held in places within the United States (“domestic
securities”) and securities it desires to be held outside the United States (“foreign securities”). The Custodian shall not be responsible for any property of the Trust which is not received by it or which is
delivered out in accordance with Proper Instructions (as such term is defined in Section 6 hereof) including, without limitation, Trust property (i) held by brokers, private bankers or other entities on behalf of the Trust, (ii) held
by Special Sub-Custodians (as such term is defined in Section 4 hereof), (iii) held by entities which have advanced monies to or on behalf of the Trust and which have received Trust property as security for such advance(s), or
(iv) delivered or otherwise removed from the custody of the Custodian pursuant to Special Instructions (as such term is defined in Section 6 hereof). With respect to uncertificated shares of or other interests (“Underlying
Shares”) in collective investment vehicles including, inter alia, registered investment companies (“Underlying Funds”), the holding of confirmation statements which identify such Underlying Shares as being
recorded in the Custodian’s name (or in the name of a nominee of the Custodian) for the benefit of the Trust, shall be deemed custody for purposes of this Agreement. 
 Upon receipt of Proper Instructions, the Custodian shall from time to time employ one or more sub-custodians located in the United States, provided that the Custodian shall have no more or less
responsibility or liability to the Trust on account of any actions or omissions of any sub-custodian so employed than any such sub-custodian has to the Custodian. The Custodian may employ as sub-custodians for the Trust’s securities and other
assets the foreign banking institutions and foreign securities depositories designated in Schedule A hereto (as amended by the Custodian from time to time by its delivery to the Trust of an updated Schedule A). 

	Section 2.	Duties of the Custodian with Respect to Property of the Trust to be Held in the United States 

 

	2.1	Holding Securities. The Custodian shall hold and segregate for the account of the Trust all non-cash property, to be held by it in the United States, including
all domestic securities owned by the Trust, other than (a) securities which are maintained pursuant to Section 2.8 in a clearing agency which acts as a securities depository or in a book-entry system authorized by the U.S. Department of
the Treasury and certain federal agencies (each, a “U.S. Securities System”) and (b) Underlying Shares owned by the Trust which are maintained pursuant to Section 2.10 hereof in an account with State Street Bank and
Trust Company or such other entity which may from time to time act as a transfer agent, registrar, corporate secretary, general partner or other relevant third party for the Underlying Funds and with respect to which the Custodian is provided with
Proper Instructions (the “Underlying Transfer Agent”). 

  

	2.2	Delivery of Securities. The Custodian shall release and deliver domestic securities owned by the Trust held by the Custodian, in a U.S. Securities System account
of the Custodian or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases: 

 

	 	1)	Upon sale of such securities for the account of the Trust and receipt of payment therefor; 

 

	 	2)	Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Trust; 

 

	 	3)	In the case of a sale effected through a U.S. Securities System, in accordance with the provisions of Section 2.8 hereof; 

 

	 	4)	To the depository agent in connection with tender or other similar offers for portfolio securities of the Trust; 

 

	 	5)	To the issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other
consideration is to be delivered to the Custodian; 

  

	 	6)	To the issuer thereof, or its agent, for transfer into the name of the Trust or into the name of any nominee or nominees of the Custodian or into the name or nominee
name of any agent appointed pursuant to Section 2.7 or into the name or nominee name of any sub-custodian appointed pursuant to Section 1; or for exchange for a different number of bonds, certificates or other evidence representing the
same aggregate face amount or number of units; provided, that, in any such case, the new securities are to be delivered to the Custodian; 

  

	 	7)	Upon the sale of such securities for the account of the Trust, to the broker or its clearing agent, against a receipt, for examination in accordance with “street
delivery” custom; provided that in any such case, the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the
Custodian’s own gross negligence or willful misconduct; 

  
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	 	8)	For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such
securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

  

	 	9)	In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim
receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian; 

 

	 	10)	For delivery in connection with any loans of securities made by the Trust, (a) against receipt of collateral as agreed upon from time to time by the Trust, except
that in connection with any loans for which collateral is to be credited to the Custodian’s account in the book-entry system authorized by the U.S. Department of the Treasury, the Custodian will not be held liable or responsible for the
delivery of securities owned by the Trust prior to the receipt of such collateral or (b) to the lending agent, or the lending agent’s custodian, in accordance with Proper Instructions (which may not provide for the receipt by the Custodian
of collateral therefor) agreed upon from time to time by the Custodian and the Trust; 

  

	 	11)	For delivery as security in connection with any borrowing by the Trust requiring a pledge of assets by the Trust; 

 

	 	12)	For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer which is a member of The Financial Regulatory
Authority (“FINRA”), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or
other arrangements in connection with transactions by the Trust; 

  

	 	13)	For delivery in accordance with the provisions of any agreement among the Trust, the Custodian, and a Futures Commission Merchant registered under the Commodity
Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission (“CFTC”) and/or any contract market, or any similar organization or organizations, regarding account deposits in connection with
transactions by the Trust; 

  
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	 	14)	Upon the sale or other delivery of such investments (including, without limitation, to one or more (a) Special Sub-Custodians or (b) additional custodians
appointed by the Trust, and communicated to the Custodian from time to time via a writing duly executed by an authorized officer of Nuveen Commodities Asset Management, LLC, acting as the manager of the Trust (the “Manager”),
for the purpose of engaging in repurchase agreement transaction(s), each a “Repo Custodian”), and prior to receipt of payment therefor, if any, as set forth in written Proper Instructions (such delivery in advance of payment,
along with payment in advance of delivery made in accordance with Section 2.6(7), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall set forth (a) the
securities of the Trust to be delivered and (b) the person(s) to whom delivery of such securities shall be made; 

  

	 	15)	Upon receipt of instructions from the transfer agent or registrar of the Trust, if any (“Transfer Agent”), or from the Trust, if there is no
such Transfer Agent, for delivery to such Transfer Agent or to holders of Shares in connection with distributions in kind, in satisfaction of requests by holders of Shares for withdrawal of their Shares; 

 

	 	16)	In the case of a sale processed through the Underlying Transfer Agent of Underlying Shares, in accordance with Section 2.10 hereof; 

 

	 	17)	For delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Trust; and 

 

	 	18)	For any other purpose, but only upon receipt of Proper Instructions specifying (a) the securities to be delivered and (b) the person(s) to whom delivery of
such securities shall be made. 

  

	2.3	Registration of Securities. Domestic securities held by the Custodian (other than bearer securities) shall be registered in the name of the Trust or in the name
of any nominee of the Trust or of any nominee of the Custodian which nominee shall be assigned exclusively to the Trust, unless the Trust has authorized in writing the appointment of a nominee to be used in common with other investment companies or
funds having the same investment adviser as the Trust, or in the name or nominee name of any agent appointed pursuant to Section 2.7 or in the name or nominee name of any sub-custodian appointed pursuant to Section 1. All securities
accepted by the Custodian on behalf of the Trust under the terms of this Agreement shall be in “street name” or other good delivery form. If, however, the Trust directs the Custodian to maintain securities in “street name”, the
Custodian shall utilize its best efforts only to timely collect income due the Trust on such securities and to notify the Trust on a best efforts basis only of relevant corporate actions including, without limitation, pendency of calls, maturities,
tender or exchange offers. 

  
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	2.4	Bank Accounts. The Custodian shall open and maintain a separate bank account or accounts in the United States in the name of the Trust, subject only to draft or
order by the Custodian acting pursuant to the terms of this Agreement, and shall hold in such account or accounts, subject to the provisions hereof, all cash received by it from or for the account of the Trust. Funds held by the Custodian for the
Trust may be deposited by it to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable. Such funds shall be deposited by the Custodian in
its capacity as Custodian and shall be withdrawable by the Custodian only in that capacity. 

  

	2.5	Collection of Income. Except with respect to Trust property released and delivered pursuant to Section 2.2(14) or purchased pursuant to Section 2.6(7),
and subject to the provisions of Section 2.3, the Custodian shall collect on a timely basis all income and other payments with respect to registered domestic securities held hereunder to which the Trust shall be entitled either by law or
pursuant to custom in the securities business, and shall collect on a timely basis all income and other payments with respect to bearer domestic securities if, on the date of payment by the issuer, such securities are held by the Custodian or its
agent thereof and shall credit such income, as collected, to the Trust’s custodian account. Without limiting the generality of the foregoing, the Custodian shall detach and present for payment all coupons and other income items requiring
presentation as and when they become due and shall collect interest when due on securities held hereunder. Income due the Trust on domestic securities loaned pursuant to the provisions of Section 2.2(10) shall be the responsibility of the
Trust. The Custodian will have no duty or responsibility in connection therewith, other than to provide the Trust with such information or data as may be necessary to assist the Trust in arranging for the timely delivery to the Custodian of the
income to which the Trust is properly entitled. 

  

	2.6	Payment of Trust Monies. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall
pay out monies of the Trust in the following cases only: 

  

	 	1)	 Upon the purchase of domestic securities, options, futures contracts, forwards contracts or options on futures contracts for the account of the Trust
but only (a) against the delivery of such securities, or evidence of title to such options, futures contracts, forwards contracts or options on futures contracts, to the Custodian (or any bank, banking firm or trust company doing business in
the United States or abroad as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper
form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the
conditions set forth in Section 2.10 hereof; or (d) in the case of repurchase agreements entered into between the Trust and the Custodian, or 

  
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another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the securities either in certificated form or through an entry crediting the Custodian’s account at
the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such
securities from the Trust; or (e) for transfer to a time deposit account of the Trust in any bank, whether domestic or foreign or any savings and loan; such transfer may be effected prior to receipt of a confirmation from a broker and/or the
applicable bank or savings and loan pursuant to Proper Instructions from the Trust as defined in Section 6 herein; 

  

	 	2)	In connection with conversion, exchange or surrender of securities owned by the Trust as set forth in Section 2.2 hereof; 

 

	 	3)	For the payments in connection with withdrawal from the Trust by holders of Shares as set forth in Section 5 hereof; 

 

	 	4)	For the payment of any expense or liability incurred by the Trust, including but not limited to the following payments for the account of the Trust: interest, taxes,
management, accounting, Transfer Agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 

 

	 	5)	For the payment of any distributions by the Trust; 

  

	 	6)	For payment of the amount of dividends received in respect of securities sold short; 

 

	 	7)	Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions involving delivery of Trust monies to Repo Custodian(s), and
prior to receipt of such investments, if any, as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be
referred to herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made; 

 

	 	8)	For delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Trust; 

 

	 	9)	For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance
with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow,
margin, or other arrangements in connection with transactions by the Trust; and 

  
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	 	10)	For any other purpose, but only upon receipt of Proper Instructions specifying (a) the amount of such payment and (b) the person(s) to whom such payment is to
be made. 

  

	2.7	Appointment of Agents. The Custodian may at any time or times in its discretion appoint (and may at any time remove) any other bank or trust company to act as a
custodian, as its agent to carry out such of the provisions of this Section 2 as the Custodian may from time to time direct; provided, however, that the appointment of any agent shall not relieve the Custodian of its responsibilities or
liabilities hereunder; and provided further, that, in the case of an agent maintaining records listed on Schedule A of the Commodity Futures Trading Commission acknowledgment attached as Exhibit A hereto, the Custodian shall only appoint such agent
once an acknowledgment substantially in the form of Exhibit A executed by the agent has been filed by the Trust with the Commodity Futures Trading Commission. The Underlying Transfer Agent shall not be deemed an agent or sub-custodian of the
Custodian for purposes of this Section 2.7 or any other provision of this Agreement. 

  

	2.8	Deposit of Trust Assets in U.S. Securities Systems. The Custodian may deposit and/or maintain domestic securities owned by the Trust in a U.S. Securities System
in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and to the extent applicable hereto. 

 

	2.9	Segregated Account. The Custodian shall upon receipt of Proper Instructions establish and maintain a segregated account or accounts for and on behalf of the
Trust, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.8 hereof, (a) in accordance with the provisions of any agreement among
the Trust, the Custodian and a broker-dealer which is a member of FINRA (or any Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered
national securities exchange (or the CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Trust, (b) for purposes of segregating
cash or government securities in connection with options purchased, sold or written by the Trust or commodity futures contracts or options thereon purchased or sold by the Trust, and (c) for any other purpose in accordance with Proper
Instructions. 

  

	2.10	Deposit of Underlying Shares with the Underlying Transfer Agent. Underlying Shares beneficially owned by the Trust shall be deposited and/or maintained in an
account or accounts maintained with an Underlying Transfer Agent and the Custodian’s only responsibilities with respect thereto shall be limited to the following: 

  
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	 	1)	Upon receipt of a confirmation or statement from an Underlying Transfer Agent that such Underlying Transfer Agent is holding or maintaining Underlying Shares in the
name of the Custodian (or a nominee of the Custodian) for the benefit of the Trust, the Custodian shall identify by book-entry that such Underlying Shares are being held by it as custodian for the benefit of the Trust. 

 

	 	2)	In respect of the purchase of Underlying Shares for the account of the Trust, upon receipt of Proper Instructions, the Custodian shall pay out monies of the Trust as so
directed, and record such payment from the account of the Trust on the Custodian’s books and records. 

  

	 	3)	In respect of the sale or redemption of Underlying Shares for the account of the Trust, upon receipt of Proper Instructions, the Custodian shall transfer such
Underlying Shares as so directed, record such transfer from the account of the Trust on the Custodian’s books and records and, upon the Custodian’s receipt of the proceeds therefor, record such payment for the account of the Trust on the
Custodian’s books and records. 

 The Custodian shall not be liable to the Trust for any loss or damage to
the Trust resulting from the maintenance of Underlying Shares with Underlying Transfer Agent except for losses resulting directly from the fraud, gross negligence or willful misconduct of the Custodian or any of its agents or of any of its or their
employees. 
  

	2.11	Ownership Certificates for Tax Purposes. The Custodian shall execute ownership and other certificates and affidavits for all federal and state tax purposes in
connection with receipt of income or other payments with respect to domestic securities of the Trust held by it and in connection with transfers of such securities. 

 

	2.12	Proxies. Except with respect to property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7), the Custodian
shall, with respect to the domestic securities held hereunder, cause to be promptly executed by the registered holder of such securities, if the securities are registered otherwise than in the name of the Trust or a nominee of the Trust, all
proxies, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices relating to such securities. 

 

	2.13	 Communications Relating to Trust Securities. Except with respect to property released and delivered pursuant to Section 2.2(14), or
purchased pursuant to Section 2.6(7), and subject to the provisions of Section 2.3, the Custodian shall transmit promptly to the Trust all written information (including, without limitation, pendency of calls and maturities of domestic
securities and expirations of rights in connection therewith and notices of exercise of call and put options written by the Trust and the maturity of futures contracts purchased or sold by the Trust) received by the

  
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Custodian from issuers of the domestic securities being held for the Trust. With respect to tender or exchange offers, the Custodian shall transmit promptly to the Trust all written information
received by the Custodian from issuers of the securities whose tender or exchange is sought and from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable for any untimely exercise of any tender, exchange
or other right or power in connection with domestic securities or other property of the Trust at any time held by it unless (i) the Custodian is in actual possession of such domestic securities or property and (ii) the Custodian receives
Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur at least three business days prior to the date on which the Custodian is to take action to exercise such right or power. The Custodian
shall also transmit promptly to the Trust all written information received by the Custodian regarding any class action or other litigation in connection with securities or other assets issued in the United States and then held, or previously held,
during the term of this Agreement by the Custodian for the account of the Trust, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination of this Agreement,
the Custodian shall have no responsibility to so transmit any information under this Section 2.13. 

  

	2.14	Reports to Trust by Independent Public Accountants. The Custodian shall provide the Trust, at such times as the Trust may reasonably require, with reports by
independent public accountants on the accounting system, internal accounting control and procedures for safeguarding securities, futures contracts and options on futures contracts, including domestic securities deposited and/or maintained in a U.S.
Securities System, relating to the services provided by the Custodian under this Agreement; such reports shall be of sufficient scope and in sufficient detail, as may reasonably be required by the Trust to provide reasonable assurance that any
material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the reports shall so state. 

  

	Section 3.	Duties of the Custodian with Respect to Property of the Trust to be Held Outside of the United States 

 

	3.1	Appointment of Foreign Sub-Custodians. The Trust hereby authorizes and instructs the Custodian to employ as sub-custodians for the Trust’s securities and
other assets maintained outside the United States the foreign banking institutions and foreign securities depositories designated on Schedule A hereto (“foreign sub-custodians”). 

 

	3.2	Foreign Securities Systems. Except as may otherwise be agreed upon in writing by the Custodian and the Trust, assets of the Trust shall be maintained in a
clearing agency which acts as a securities depository or in a book-entry system for the central handling of securities located outside the United States (each, a “Foreign Securities System”) only through arrangements
implemented by the foreign banking institutions serving as sub-custodians pursuant to the terms hereof (Foreign Securities Systems and U.S. Securities Systems are collectively referred to herein as the “Securities Systems”).
Where possible, such arrangements shall include entry into agreements containing the provisions set forth in Section 3.4 hereof. 

  
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	3.3	Holding Securities. The Custodian may hold foreign securities and other non-cash property for all of its customers, including the Trust, with a foreign
sub-custodian in a single account that is identified as belonging to the Custodian for the benefit of its customers; provided, however, that (a) the records of the Custodian with respect to foreign securities and other non-cash property of the
Trust which are maintained in such account shall identify by book-entry those foreign securities and other non-cash property belonging to the Trust and (b) the Custodian shall require that foreign securities and other non-cash property so held
by the foreign sub-custodian be held separately from any assets of the foreign sub-custodian or of others. 

  

	3.4	Agreements with Foreign Banking Institutions. The Custodian shall use commercially reasonable efforts to require that each agreement with a foreign banking
institution employed as a foreign sub-custodian shall provide that: (a) the Trust’s assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the foreign banking institution or its creditors
or agent, except a claim of payment for their safe custody or administration or, in the case of cash deposits, liens or rights in favor of creditors of the foreign banking institution arising under bankruptcy, insolvency or similar laws;
(b) beneficial ownership of the Trust’s assets will be freely transferable without the payment of money or value other than for custody or administration; (c) adequate records will be maintained identifying the assets as belonging to
the Trust; (d) officers of or auditors employed by, or other representatives of the Manager or the Trust, including to the extent permitted under applicable law the independent public accountants for the Trust, will be given access to the books
and records of the foreign banking institution relating to its actions under its agreement with the Custodian; and (e) assets of the Trust held by the foreign sub-custodian will be subject only to the instructions of the Custodian or its
agents. 

  

	3.5	Access of Independent Accountants of the Trust. Upon request of the Trust, the Custodian will use commercially reasonable efforts to arrange for the independent
accountants of the Trust to be afforded access to the books and records of any foreign banking institution employed as a foreign sub-custodian insofar as such books and records relate to the performance of such foreign banking institution under its
agreement with the Custodian. 

  

	3.6	Reports by Custodian. The Custodian will supply to the Trust from time to time, as mutually agreed upon, statements in respect of the securities and other assets
of the Trust held by foreign sub-custodians, including but not limited to an identification of entities having possession of the Trust’s foreign securities and other assets and advices or notifications of any transfers of securities to or from
each custodial account maintained by a foreign banking institution for the Custodian on behalf of the Trust indicating, as to foreign securities acquired for the Trust, the identity of the entity having physical possession of such securities.

  
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	3.7	Transactions in Foreign Custody Account. 

 (a) Except as otherwise provided in paragraph (b) of this Section 3.7, the provision of Sections 2.2 and 2.6 of this Agreement shall apply, mutatis mutandis to the foreign
securities of the Trust held outside the United States by foreign sub-custodians. 
 (b) Notwithstanding any provision of this
Agreement to the contrary, settlement and payment for foreign securities received for the account of the Trust and delivery of foreign securities maintained for the account of the Trust may be effected in accordance with the customary established
securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivering foreign securities to the purchaser thereof or to a dealer therefor (or an
agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer. 
 (c) The foreign securities maintained in the custody of a foreign sub-custodian (other than bearer securities) shall be registered in the name of the Trust or in the name of the Custodian or in the name
of any foreign sub-custodian or in the name of any nominee of the foregoing, and the Trust agrees to hold any such nominee harmless from any liability as a holder of record of such foreign securities. The Custodian or a foreign sub-custodian shall
not be obligated to accept securities on behalf of the Trust under the terms of this Agreement unless the form of such securities and the manner in which they are delivered are in accordance with reasonable market practice. 

 

	3.8	Liability for Foreign Sub-Custodians. The Custodian shall be liable for the acts or omissions of a foreign sub-custodian to the same extent as set forth with
respect to sub-custodians generally in this Agreement and, regardless of whether assets are maintained in the custody or banking department of a foreign sub-custodian or a Foreign Securities System, the Custodian shall not be liable for any loss,
damage, cost, expense, liability or claim resulting from nationalization, expropriation, currency restrictions, or acts of war or terrorism, or any other loss where the foreign sub-custodian has otherwise acted with reasonable care, or any loss,
damage, cost, expense, liability or claim resulting from the bankruptcy, insolvency or receivership of any Foreign Sub-Custodian. 

  

	3.9	Bank Accounts. The Custodian shall identify on its books as belonging to the Trust cash (including cash denominated in foreign currencies) deposited with the
Custodian. Where the Custodian is unable to maintain, or market practice does not facilitate the maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained outside the United States on behalf
of the Trust with a foreign sub-custodian. All accounts referred to in this Section shall be subject only to draft or order by the Custodian (or, if applicable, such foreign sub-custodian) acting pursuant to the terms of this Agreement to hold cash
received by or from or for the account of the Trust. Cash maintained on the books of the Custodian (including its branches, subsidiaries and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and
subject to the laws of, The Commonwealth of Massachusetts. 

  
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	3.10	Collection of Income. The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the foreign securities held
hereunder to which the Trust shall be entitled and shall credit such income, as collected, to the Trust. In the event that extraordinary measures are required to collect such income, the Trust and the Custodian shall consult as to such measures and
as to the compensation and expenses of the Custodian relating to such measures. 

  

	3.11	Shareholder Rights. With respect to the foreign securities held pursuant to this Section 3, the Custodian will use reasonable commercial efforts to
facilitate the exercise of voting and other shareholder rights, subject always to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Trust acknowledges that local conditions, including
lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Trust to exercise shareholder rights. 

 

	3.12	Communications Relating to Foreign Securities. The Custodian shall transmit promptly to the Trust written information with respect to materials received
by the Custodian via the foreign sub-custodians from issuers of the foreign securities being held for the account of the Trust (including, without limitation, pendency of calls and maturities of foreign securities and expirations of rights in
connection therewith). With respect to tender or exchange offers, the Custodian shall transmit promptly to the Trust written information with respect to materials so received by the Custodian from issuers of the foreign securities whose tender or
exchange is sought or from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with foreign securities or other
property of the Trust at any time held by it unless (i) the Custodian or the respective foreign sub-custodian is in actual possession of such foreign securities or property and (ii) the Custodian receives Proper Instructions with regard to
the exercise of any such right or power, and both (i) and (ii) occur at least three business days prior to the date on which the Custodian is to take action to exercise such right or power. The Custodian shall also transmit promptly to the
Trust all written information received by the Custodian via the foreign sub-custodians from issuers of the foreign securities being held for the account of the Trust regarding any class action or other litigation in connection with foreign
securities or other assets issued outside the United States and then held, or previously held, during the term of this Agreement by the Custodian for the account of the Trust, including, but not limited to, opt-out notices and proof-of-claim forms.
For avoidance of doubt, upon and after the effective date of any termination of this Agreement, the Custodian shall have no responsibility to so transmit any information under this Section 3.12 

  
 -12-

	Section 4.	Special Sub-Custodians 

Upon receipt of Special Instructions (as such term is defined in Section 6 hereof), the Custodian shall, on behalf of the Trust,
appoint one or more banks, trust companies or other entities designated in such Special Instructions to act as a sub-custodian for purposes of effecting such transaction as may be designated by the Trust in Special Instructions. Each such designated
sub-custodian is referred to herein as a “Special Sub-Custodian.” Each such duly appointed Special Sub-Custodian shall be listed on Schedule B hereto, as it may be amended from time to time by the Trust, with the
acknowledgment of the Custodian. In connection with the appointment of any Special Sub-Custodian, and in accordance with Special Instructions, the Custodian shall enter into a sub-custodian agreement with the Trust and the Special Sub-Custodian in
form and substance approved by the Trust. 
  

	Section 5.	Payments for Withdrawals and Sales of Shares 

 If and as may be applicable, the Custodian shall receive from the distributor or placing agent for shares of capital stock of the Trust (“Shares”) or from the Transfer Agent and
deposit into the Trust’s such payments as are received for Shares thereof issued or sold from time to time by the Trust. The Custodian will provide timely notification to the Trust and the Transfer Agent of any receipt by it of payments for
Shares of the Trust. 
 If and as may be applicable, from such funds as may be available for the purpose, the Custodian shall,
upon receipt of instructions from the Transfer Agent, make funds available for payment to holders of Shares who have delivered to the Transfer Agent a request for redemption or repurchase of their Shares. In connection with the redemption or
repurchase of Shares, the Custodian is authorized upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the redeeming shareholders. In connection with the redemption or repurchase of Shares,
the Custodian shall honor checks drawn on the Custodian by a holder of Shares, which checks have been furnished by the Trust to the holder of Shares, when presented to the Custodian in accordance with such procedures and controls as are mutually
agreed upon from time to time between the Trust and the Custodian. 
  

	Section 6.	Proper Instructions and Special Instructions 

 “Proper Instructions,” as such term is used throughout this Agreement, means a writing signed or initialed by one or more person or persons as the Trust shall have
from time to time authorized. Each such writing shall set forth the specific transaction or type of transaction involved. Oral instructions will be considered Proper Instructions if the Custodian reasonably believes them to have been given by a
person authorized to give such instructions with respect to the transaction involved; the Trust shall cause all oral instructions to be confirmed in writing. Proper Instructions may include communications effected directly between electro-mechanical
or electronic devices 

  
 -13-

 
provided that the Trust and the Custodian agree to security procedures including, but not limited to, the security procedures selected by the Trust via the form of Funds Transfer Addendum
attached hereto, the terms of which are hereby agreed to. For purposes of this Section, Proper Instructions shall include instructions received by the Custodian pursuant to any three-party agreement which requires a segregated asset account in
accordance with Section 2.9. 
 “Special Instructions,” as such term is used
throughout this Agreement, means Proper Instructions countersigned or confirmed in writing by the Chief Financial Officer of the Manager acting on behalf of the Trust or any other person designated in writing by the Trust, which countersignature or
confirmation shall be (a) included on the same instrument containing the Proper Instructions or on a separate instrument clearly relating thereto and (b) delivered by hand, by facsimile transmission, or in such other manner as the Trust
and the Custodian agree in writing. 
 Concurrently with the execution of this Agreement, and from time to time thereafter, as
appropriate, the Trust shall deliver to the Custodian, duly certified by a duly authorized officer of the Manager acting on behalf of the Trust, a certificate setting forth: (i) the names, titles, signatures and scope of authority of all
persons authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Trust and (ii) the names, titles and signatures of those persons authorized to give Special
Instructions. Such certificate may be accepted and relied upon by the Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Custodian of a similar certificate to
the contrary. 
  

	Section 7.	Evidence of Authority 

The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate or other instrument or paper
believed by it to be genuine and to have been properly executed by or on behalf of the Trust. The Custodian may receive and accept a copy of a resolution of the Board, certified by the Secretary or an Assistant Secretary of the Manager on behalf of
the Trust, as conclusive evidence (a) of the authority of any person to act in accordance with such resolution or (b) of any determination or of any action by the Board as described in such resolution, and such resolution may be considered
as in full force and effect until receipt by the Custodian of written notice to the contrary. 
  

	Section 8.	Actions Permitted without Express Authority 

 The Custodian may in its discretion, without express authority from the Trust: 
  

	 	1)	make payments to itself or others for minor expenses of handling securities or other similar items relating to its duties under this Agreement, provided that all such
payments shall be accounted for to the Trust; 

  
 -14-

	 	2)	surrender securities in temporary form for securities in definitive form; 

  

	 	3)	endorse for collection, in the name of the Trust, checks, drafts and other negotiable instruments; and 

 

	 	4)	in general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and
property of the Trust except as otherwise directed by the Trust. 

  

	Section 9.	Duties of Custodian with Respect to the Books of Account and Calculation of Net Asset Value and Net Income 

The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Trust to keep the books of
account of the Trust and/or compute the net asset value per Share of the outstanding Shares or, if directed in writing to do so by the Trust, shall itself keep such books of account and/or compute such net asset value per Share, but only on a
“book basis,” and the Custodian shall have no responsibility for determining any tax accounting for the Trust with respect to the Trust or with respect to any holder’s interest in the Trust. If so directed, the Custodian shall also
calculate the net income of the Trust as may be agreed upon by the Custodian and the Trust but likewise, only on a book basis, and shall advise the Trust of the total amounts of such net income. The Trust acknowledges and agrees that, with respect
to investments maintained with the Underlying Transfer Agent, the Underlying Transfer Agent is the sole source of information on the number of shares or interests held by it on behalf of a Trust and that the Custodian has the right to rely on
holdings information furnished by the Underlying Transfer Agent to the Custodian in performing its duties under this Agreement, including without limitation, the duties set forth in this Section 9 and in Section 10 hereof; provided,
however, that the Custodian shall be obligated to reconcile information as to purchases and sales of Underlying Shares contained in trade instructions and confirmations received by the Custodian and to report promptly any discrepancies to the
Underlying Transfer Agent. The calculations of the net asset value per Share and the income of the Trust shall be made at such time or times as may be agreed upon by the Custodian and the Trust. The Trust acknowledges that, in keeping the books of
account of the Trust and/or making the calculations described herein with respect to Trust property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7) hereof, the Custodian is authorized and
instructed to rely upon information provided to it by the Trust, the Trust’s counterparty(ies), or the agents of either of them. 
  

	Section 10.	Records 

 The Custodian
shall create and maintain all records relating to its activities and obligations under this Agreement in such manner as may be agreed to from time to time by the Trust and the Custodian and shall at all times during the regular business

  
 -15-

 
hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Manager or the Trust. The Custodian shall, at the Trust’s request, supply the Trust with
a tabulation of securities owned by the Trust and held by the Custodian and shall, when requested to do so by the Trust and for such compensation as shall be agreed upon between the Trust and the Custodian, include certificate numbers in such
tabulations. The Trust acknowledges that, in creating and maintaining the records as set forth herein with respect to Trust property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7) hereof, the
Custodian is authorized and instructed to rely upon information provided to it by the Trust, the Trust’s counterparty(ies), or the agents of either of them. 
  

	Section 11.	Opinion of Trust’s Independent Accountant 

 The Custodian shall cooperate reasonably with the Trust’s independent accountants. 
  

	Section 12.	Compensation of Custodian 

The Custodian shall be entitled to reasonable compensation for its services and expenses as Custodian, as agreed upon from time to time
between the Trust and the Custodian. 
  

	Section 13.	Responsibility of Custodian 

 The Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement and shall be held
harmless in acting upon any notice, request, consent, certificate or other instrument reasonably believed by it to be genuine and to be signed by the proper party or parties, including any futures commission merchant acting pursuant to the terms of
a three-party futures or options agreement. The Custodian shall be held to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall be kept indemnified by and shall be without liability to the Trust for any action
taken or omitted by it in good faith without gross negligence, including, without limitation, acting in accordance with any Proper Instruction. It shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the Trust) on
all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall be entitled to rely upon, and shall have no duty of inquiry with respect to, the accuracy of any representation or
warranty given to it by the Trust and shall be without liability for any action reasonably taken or omitted by it in reliance thereon. The Custodian shall have no responsibility and shall be without liability for any loss, liability, claim or
expense resulting from or caused by its reliance on any information, records, reports or other data that is or was prepared or maintained for the Trust by any person other than the Custodian. 

  
 -16-

 Except as may arise from the Custodian’s gross negligence or willful misconduct, the
Custodian shall be without liability to the Trust for any loss, liability, claim or expense resulting from or caused by: (i) events or circumstances beyond the reasonable control of the Custodian or any sub-custodian or Securities System or any
agent or nominee of any of the foregoing, including, without limitation, nationalization or expropriation, imposition of currency controls or restrictions, the interruption, suspension or restriction of trading on or the closure of any securities
market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, acts of war or terrorism, riots, revolutions, work stoppages, natural disasters or other similar events or acts;
(ii) errors by the Trust, its investment manager or any other third-party agent of the Trust in their respective instructions to the Custodian, provided such instructions have been in accordance with this Agreement; (iii) the insolvency of
or acts or omissions by a Securities System; (iv) any delay or failure of any broker, agent or intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian’s sub-custodian or agent
securities purchased or in the remittance or payment made in connection with securities sold; (v) any delay or failure of any company, corporation, or other body in charge or registering or transferring securities in the name of the Custodian,
the Trust, the Custodian’s sub-custodians, nominees or agents or any consequential losses arising out of such delay or failure to transfer such securities including non-receipt of bonus, dividends and rights and other accretions or benefits;
(vi) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security or Securities System; and (vii) any provision of any present or future law or regulation or order of the
United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction. 
 If the Trust requires the Custodian to take any action with respect to securities, which action involves the payment of money or which action may, in the opinion of the Custodian, result in the Custodian
or its nominee assigned to the Trust being liable for the payment of money or incurring liability of some other form, the Trust, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to the Custodian in an amount
and form satisfactory to it. 
 If the Custodian, or any of its affiliates, subsidiaries or agents, advance cash or securities
for any purpose (including but not limited to securities settlements, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims
or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee’s gross negligence or willful misconduct, or if the Trust fails to compensate the Custodian pursuant to Section 12
hereof, any property at any time held for the account of the Trust shall be security therefor and should the Trust fail to repay the Custodian promptly, the Custodian shall be entitled to utilize available cash and to dispose of the Trust assets to
the extent necessary to obtain reimbursement. 
 In no event shall the Custodian be liable for indirect, special or
consequential damages. 

  
 -17-

	Section 14.	Tax Law 

 The Custodian
shall have no responsibility or liability for any obligations now or hereafter imposed on the Trust or the Custodian as custodian of the Trust by the tax law of the United States or of any state or political subdivision thereof. It shall be the
responsibility of the Trust to notify the Custodian of the obligations imposed on the Trust or the Custodian as custodian of the Trust by the tax law of countries other than those mentioned in the above sentence, including responsibility for
withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to assist the Trust with
respect to any claim for exemption or refund under the tax law of countries for which the Trust has provided such information. 
  

	Section 15.	Representations and Warranties 

 The Trust represents and warrants to the Custodian that: 
  

	 	(a)	It is duly formed, validly existing in good standing in its jurisdiction of formation and qualified to conduct its business in every jurisdiction where its business is
conducted; 

  

	 	(b)	The execution, delivery and performance of this Agreement, all documents and instruments to be delivered hereunder or thereunder and all transactions contemplated
hereunder or thereunder have been duly authorized by all necessary corporate action; 

  

	 	(c)	The person executing this Agreement on its behalf has been duly authorized to act on its behalf; 

 

	 	(d)	This Agreement constitutes its legal, valid, binding and enforceable agreement; 

 

	 	(e)	It has obtained all authorizations, approvals and consents of any governmental body required in connection with this Agreement and all transactions contemplated
hereunder and such authorizations are in full force and effect; 

  

	 	(f)	The execution, delivery and performance of this Agreement and the transactions hereunder will not violate any agreement, law, ordinance, charter, by-law, rule or
regulation applicable to it or by which it is bound or by which any of its assets are affected. Further, the Trust hereby acknowledges and agrees that it shall promptly notify the Custodian of any statute, regulation, rule, or other regulatory
requirement or policy governing the Trust, and any change thereto, which may affect the Custodian’s responsibilities under this Agreement; and 

  
 -18-

	 	(g)	The aggregate interest in any class (or similar designation, if any) of Shares held by benefit plan investors (as such term is interpreted under The Employee Retirement
Income Security Act of 1974, as amended (“ERISA”)) shall not at any time equal or exceed 25% of the outstanding Shares of such class (or similar designation, if any) without the prior written consent of the Custodian and the Trust shall
not, without the prior written consent of the Custodian, permit the assets of the Trust to be deemed assets of an employee benefit plan which is subject to ERISA. The Trust acknowledges and agrees that the Custodian shall not grant its consent in
either of the foregoing circumstances unless and until (i) the Trust has entered into an amendment to this Agreement in form and substance satisfactory to the Custodian and (ii) the Trust’s investment adviser has (x) provided the
Custodian with satisfactory evidence of its compliance with the requirements of the aforementioned amendment to this Agreement and (y) executed and delivered to the Custodian an Indemnification and Contribution Agreement, in form and substance
satisfactory to the Custodian. If for any reason the Trust, its investment manager or any other third-party agent of the Trust breaches or otherwise fails to comply with the provisions of this Section 15(g), this Agreement may be terminated
immediately and without prior notice by the Custodian. 

  

	Section 16.	Effective Period, Termination and Amendment 

 This Agreement shall become effective as of its execution, shall continue in full force and effect until terminated as hereinafter provided, may be amended at any time by mutual agreement of the parties
hereto and may be terminated by either party by an instrument in writing delivered or mailed, postage prepaid to the other party, such termination to take effect not sooner than sixty (60) days after the date of such delivery or mailing;
provided, however that the Trust shall not amend or terminate this Agreement in contravention of any applicable federal or state regulations, or any provision of the Trust’s governing documents, and further provided, that the Trust may
at any time (i) substitute another bank or trust company for the Custodian by giving notice as described above to the Custodian, or (ii) immediately terminate this Agreement in the event of the appointment of a conservator or receiver for
the Custodian by the Comptroller of the Currency or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction. 
 Upon termination of the Agreement, the Trust shall pay to the Custodian such compensation as may be due as of the date of such termination and shall likewise reimburse the Custodian for its costs,
expenses and disbursements. The provisions of Sections 12, 13 and 14 of this Agreement shall survive termination of this Agreement for any reason. 

  
 -19-

	Section 17.	Successor Custodian 

 If
a successor custodian shall be appointed by the Trust, the Custodian shall, upon termination and receipt of Proper Instructions, deliver to such successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all
securities then held by it hereunder and shall transfer to an account of the successor custodian all of the Trust’s securities held in a Securities System or at an Underlying Transfer Agent. 

If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at
the office of the Custodian and transfer such securities, funds and other properties in accordance with such Proper Instructions. 
 In the event that no Proper Instructions designating a successor custodian or alternative arrangements shall have been delivered to the Custodian on or before the date when such termination shall become
effective, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, all securities, funds and other properties held by the Custodian and all instruments held by the Custodian relative thereto and all other
property held by it under this Agreement and to transfer to an account of such successor custodian all of the Trust’s securities held in any Securities System or at an Underlying Transfer Agent. Thereafter, such bank or trust company shall be
the successor of the Custodian under this Agreement. 
 In the event that securities, funds and other properties remain in the
possession of the Custodian after the date of termination hereof owing to failure of the Trust to provide Proper Instructions as aforesaid, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian
retains possession of such securities, funds and other properties and the provisions of this Agreement relating to the duties and obligations of the Custodian shall remain in full force and effect. 

 

	Section 18.	Anti-Money Laundering 

The Trust acknowledges that the Custodian is required to comply with a number of federal regulations and policies concerning matters such
as the identity of its customers and the source of funds it handles, including the Bank Secrecy Act and the USA Patriot Act, and all regulations issued thereunder, and the regulations issued by the U.S. Department of Treasury, Office of Foreign
Asset Control (together, the “U.S. Money Laundering and Investor Identification Requirements”). Accordingly, the Trust confirms that it has complied and shall continue to comply with all applicable U.S. Money Laundering and
Investor Identity Requirements with respect to the account of the Trust, including without limitation maintaining and effecting appropriate procedures to verify suspicious transactions and the source of funds for settlement of transactions.

  
 -20-

	Section 19.	General 

Section 19.1 Massachusetts Law to Apply. This Agreement shall be construed and the provisions thereof interpreted under and in
accordance with laws of The Commonwealth of Massachusetts. 
 Section 19.2 Prior Contracts. This Agreement
supersedes and terminates, as of the date hereof, all prior contracts between the Trust and the Custodian relating to the custody of the Trust’s assets. 
 Section 19.3 Assignment. Neither this Agreement nor any rights or obligations hereunder may be assigned by either party, whether voluntarily, involuntarily or by operation of law, without the
prior written consent of the other, such consent not to be unreasonably withheld, except to entities controlled by, under common control with or controlling the assigning party, provided that such assignee has financial capacity at least equal to
that of the assignor. 
 Section 19.4 Interpretive and Additional Provisions. In connection with the operation of
this Agreement, the Custodian and the Trust may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any
such interpretive or additional provisions shall be in a writing signed by both parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any
provision of the Trust’s governing documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement. 

Section 19.5 Remote Access Services Addendum. The Custodian and the Trust agree to be bound by the terms of the Remote Access
Services Addendum attached hereto. 
 Section 19.6 Notices. Any notice, instruction or other instrument required to
be given hereunder may be delivered in person to the offices of the parties as set forth herein during normal business hours or delivered prepaid registered mail or by telex, cable or telecopy to the parties at the following addresses or such other
addresses as may be notified by any party from time to time. 
  

	 To the Trust: 
	Nuveen Commodities Asset Management, LLC 

 333 W. Wacker
Drive 
 Suite 3300 
 Chicago, IL 60606 
 Attention: General Counsel 

Facsimile: (312) 917-7952 
  

	 To the Custodian: 
	State Street Bank and Trust Company 

 2 Avenue de
Lafayette 
 Boston, MA 02111 
 Attention: Jennifer A. Vaudo, Vice President 
 Telephone: (617) 662-0197

 Facsimile: (617) 662-4096 

  
 -21-

 Such notice, instruction or other instrument shall be deemed to have been served in the case of a registered
letter at the expiration of five business days after posting, in the case of overnight courier, upon receipt, in the case of cable twenty-four hours after dispatch and, in the case of telex or telecopy, immediately upon dispatch and if delivered by
cable, telex or telecopy outside normal business hours it shall be deemed to have been received at the next time after delivery when normal business hours commence. Evidence that the notice was properly addressed, stamped and put into the post shall
be conclusive evidence of posting. 
 Section 19.7 Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute but one and the same Agreement. 
 Section 19.8 Severability. If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired. 
 Section 19.9 Confidentiality. The parties hereto agree
that each shall treat confidentially all information provided by each party to the other party regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the
purpose of rendering or receiving services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party. The foregoing shall not be applicable to any information (i) that is
publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, or that is independently derived by any party hereto without the use of any information provided by the other party hereto in
connection with this Agreement, (ii) that is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or by operation of law or regulation, or
(iii) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. Notwithstanding anything herein to the contrary, the Custodian and its
affiliates may report and use nonpublic portfolio holdings information of its clients, including the Trust, on an aggregated basis with all or substantially all other client information and without specific reference to the Trust. 

Section 19.10 Reproduction of Documents. This Agreement and all schedules, exhibits, addenda, attachments and amendments
hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in
any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such
reproduction shall likewise be admissible in evidence. 

  
 -22-

 Section 19.11 Regulation GG. The Trust hereby represents and warrants that it
does not engage in an “Internet gambling business,” as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) (“Regulation GG”). The Trust hereby covenants and agrees that it
shall not engage in an Internet gambling business. In accordance with Regulation GG, the Trust is hereby notified that “restricted transactions,” as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any
dealings with the Custodian pursuant to this Agreement or otherwise between or among any party hereto. 
 Section 19.12
DATA PRIVACY. The Custodian will implement and maintain a written information security program that contains appropriate security measures to safeguard the personal information of the Trust’s shareholders
and employees, directors and/or officers of the Manager that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, “personal information”
shall mean (i) an individual’s name (first initial and last name or first name and last name), address or telephone number plus (a) social security number, (b) drivers license number, (c) state identification card
number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person’s account or (ii) any combination of the foregoing that would allow
a person to log onto or access an individual’s account. Notwithstanding the foregoing “personal information” shall not include information that is lawfully obtained from publicly available information, or from federal, state or
local government records lawfully made available to the general public. 
 Section 19.13 Shareholder Communications.
Securities and Exchange Commission Rule 14b-2 requires banks which hold securities for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer
held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, the Custodian needs the Trust to indicate whether it authorizes the Custodian to provide the Trust’s name,
address, and share position to requesting companies whose stock the Trust owns. If the Trust tells the Custodian “no”, the Custodian will not provide this information to requesting companies. If the Trust tells the Custodian
“yes” or do not check either “yes” or “no” below, the Custodian is required by the rule to treat the Trust as consenting to disclosure of this information for all securities owned by the Trust or any funds or accounts
established by the Trust. For the Trust’s protection, the Rule prohibits the requesting Trust from using the Trust’s name and address for any purpose other than corporate communications. Please indicate below whether the Trust consents or
objects by checking one of the alternatives below. 
 YES  ̈ The
Custodian is authorized to release the Trust’s name, address, and share positions. 
 NO x The Custodian is not authorized to release the Trust’s name, address, and share positions. 

  
 -23-

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 -24-

 IN WITNESS WHEREOF, each of the parties has caused this instrument to be executed in its
name and behalf by its duly authorized representative and its seal to be hereunder affixed as of the date first above-written. 
  

			
	NUVEEN LONG/SHORT COMMODITY TOTAL RETURN 
FUND
	    By:	 	Nuveen Commodities Asset Management, LLC, its manager
		
	By:	 	/s/ Gifford R. Zimmerman
	Name:	 	Gifford R. Zimmerman
	Title:	 	Chief Administrative Officer
	
	STATE STREET BANK AND TRUST COMPANY
		
	By:	 	/s/ Michael F. Rogers
	Name:	 	Michael F. Rogers
	Title:	 	Executive Vice President

 Custodian Agreement 

 SCHEDULE B 
 to 
 CUSTODIAN
AGREEMENT 
 SPECIAL SUB-CUSTODIANS

 None 

  
 B-1Shareholder Transfer Agency and Service Agreement.

 Exhibit 10.4 
 Transfer Agency and Service Agreement 
 Among 

Nuveen Long/Short Commodity Total Return Fund 
 and 
 State Street Bank and Trust Company 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1. Appointment of Agent
	  	 	1	  
		
	 2. Standard Services
	  	 	2	  
		
	 3. Dividend Disbursing Services
	  	 	3	  
		
	 4. Shareholder Internet Services
	  	 	3	  
		
	 5. Fees and Expenses
	  	 	4	  
		
	 6. Representations and Warranties of the Transfer Agent
	  	 	6	  
		
	 7. Representations and Warranties of Fund
	  	 	6	  
		
	 8. Data Access and Proprietary Information
	  	 	6	  
		
	 9. Indemnification
	  	 	8	  
		
	 10. Consequential Damages
	  	 	10	  
		
	 11. Responsibilities of the Transfer Agent
	  	 	10	  
		
	 12. Confidentiality
	  	 	11	  
		
	 13. Covenants of the Fund and the Transfer Agent
	  	 	12	  
		
	 14. Termination of Agreement
	  	 	13	  
		
	 15. Assignment and Third Party Beneficiaries
	  	 	14	  
		
	 16. Subcontractors
	  	 	15	  
		
	 17. Miscellaneous
	  	 	15	  
		
	 18. Limitation of Liability
	  	 	17	  

 TRANSFER AGENCY AND SERVICE AGREEMENT 

AGREEMENT made as of the 25th day of October, 2012, by and among the Nuveen Long/Short Commodity Total Return Fund, a Delaware statutory trust, and
such other Nuveen Funds as may be added to Schedule A to this Agreement from time to time by mutual agreement of the parties, (each the “Fund”), and State Street Bank and Trust Company, a Massachusetts trust company, having a principal
office and place of business at One Lincoln Street, Boston, Massachusetts 02111 (the “Transfer Agent”). 
 WHEREAS, Nuveen
Commodities Asset Management, LLC, the Fund’s manager (the “Manager”) acting on behalf of the Fund, desires to appoint the Transfer Agent as transfer agent and registrar, and as dividend disbursing agent and processor of all payments
received or made by the Fund under this Agreement. 
 WHEREAS, the Transfer Agent desires to accept such appointments and perform the
services related to such appointments; 
 NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto
agree as follows: 
 1. Appointment of Agent. 
  

	 	1.1	Appointments. The Fund hereby appoints the Transfer Agent to act as transfer agent and registrar for all shares which represent units of fractional undivided
beneficial interest in and ownership of the Fund (“Shares”) in accordance with the terms and conditions hereof and appoints the Transfer Agent as dividend disbursing agent and processor of all payments received or made by or on behalf of
the Fund under this Agreement, and the Transfer Agent accepts these appointments. The Fund shall provide the Transfer Agent with certified copies of resolutions appointing the Transfer Agent as transfer agent. 

 

	 	1.2	Documents. In connection with the appointing of the Transfer Agent as the transfer agent and registrar for the Fund, the Fund will provide or has previously
provided each of the following documents to the Transfer Agent: 

  

	 	(a)	Copies (in paper, electronic or other agreed upon format) of its Registration Statements and amendments thereto, filed with the Securities and Exchange Commission for
initial public offerings; and 

  

	 	(b)	Specimens of the Signatures of the officers of the Fund authorized to sign written instructions and requests. 

	 	1.3	Shares. The Fund shall, if applicable, inform the Transfer Agent as to (i) the existence or termination of any restrictions on the transfer of Shares,
(ii) any authorized but unissued Shares reserved for specific purposes, (iii) any outstanding Shares which are exchangeable for Shares and the basis for exchange, (iv) reserved Shares subject to option and the details of such
reservation and (v) special instructions regarding dividends and information of foreign holders. 

  

	 	1.4	Fund’s Agent. The Transfer Agent represents that it is engaged in an independent business and will perform its obligations under this Agreement as an agent
of the Fund. 

 2. Standard Services. 

 

	 	2.1	Transfer Agent Services. In accordance with the procedures established from time to time by agreement between the Fund and the Transfer Agent, the Transfer Agent
shall: 

  

	 	(a)	issue and record the appropriate number of Shares as authorized and hold such Shares in the appropriate shareholder account; 

 

	 	(b)	effect transfers of Shares by the registered owners thereof upon receipt of appropriate documentation; 

 

	 	(c)	prepare and transmit payments for dividends and distributions declared by the Fund, provided good funds for said dividends or distributions are received by the Transfer
Agent prior to the scheduled payable date for said dividends or distributions; and 

  

	 	(f)	issue replacement checks and place stop orders on original checks based on a shareholder’s representation that a check was not received or was lost, with such stop
orders and replacements deemed to have been made at the request of the Fund, and the Fund shall be responsible for all losses or claims resulting from such replacement. 

 

	 	2.3	Customary Services. The Transfer Agent shall perform all the customary services of a transfer agent and of a dividend disbursing agent and a processor of
payments as described above consistent with those requirements in effect as of the date of this Agreement. 

  

	 	2.4	Unclaimed Property and Lost Shareholders. The Transfer Agent shall report unclaimed property to each state in compliance with state law and shall comply with
Section 17Ad-17 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for lost shareholders. If the Fund is not in compliance with applicable state laws, there will be no charge for the first two years for this
service for such Fund, other than a charge for due diligence notices (reflected on the Fee Schedule) provided that after the first two years, the Transfer Agent will charge the Fund its then standard fee plus any out-of-pocket expenses.

  
 2 

 3. Dividend Disbursing Services. 

 

	 	3.1	Declaration of Dividends. Upon receipt of a written notice from an officer of the Manager declaring the payment of a dividend by the Fund, the Transfer Agent
shall disburse such dividend payments provided that in advance of such payment, the Fund furnishes the Transfer Agent with sufficient funds. The payment of such funds to the Transfer Agent for the purpose of being available for the payment of
dividend checks from time to time is not intended by the Fund to confer any rights in such funds on the Fund’s shareholders whether in trust or in contract or otherwise. 

 

	 	3.2	Stop Payments. The Fund hereby authorizes the Transfer Agent to stop payment of checks issued in payment of dividends, but not presented for payment, when the
payees thereof allege either that they have not received the checks or that such checks have been mislaid, lost, stolen, destroyed or, through no fault of theirs, are otherwise beyond their control and cannot be produced by them for presentation and
collection, and the Transfer Agent shall issue and deliver duplicate checks in replacement thereof, and the Fund shall indemnify Transfer Agent against any loss or damage resulting from reissuance of the checks. 

 

	 	3.3	Tax Withholding. The Transfer Agent is hereby authorized to deduct from all dividends declared by the Fund and disbursed by the Transfer Agent, as dividend
disbursing agent, the tax required to be withheld pursuant to Sections 1441, 1442 and 3406 of the Internal Revenue Code of 1986, as amended, or by any Federal or State statutes subsequently enacted, and to make the necessary return and payment of
such tax in connection therewith. 

  

	 	3.4	Optional Services. To the extent that the Fund elects to engage the Transfer Agent to provide the following services the Fund shall engage the Transfer Agent to
provide such services upon terms and fees to be agreed upon by the parties: 

  

	 	(a)	Corporate actions (including inter alia, odd lot buy backs, exchanges, mergers, redemptions, subscriptions, capital reorganization, coordination of post-merger services
and special meetings). 

 4. Shareholder Internet Services. 

 

	 	4.1	Shareholder Internet Services. The Transfer Agent shall provide internet access to the Fund’s shareholders through a designated web site (“Shareholder
Internet Services”), which will be accessed by the Fund’s shareholders via a link on the Fund’s web site. The Shareholder Internet Services will be provided pursuant to established procedures and will allow shareholders to view their
account information and perform certain on-line transaction request capabilities. The Shareholder Internet Services shall be provided at no additional charge, other than the transaction fees currently being charged for the different transactions as
described on the Fee Schedule (as defined in Section 5.1). The Transfer Agent reserves the right to charge a fee for this service in the future. 

  
 3 

	 	4.2	Scope of Obligations. The Transfer Agent shall at all times use reasonable care in performing Shareholder Internet Services under this Agreement. With respect to
any claims for losses, damages, costs or expenses which may arise directly or indirectly from security procedures which the Transfer Agent has implemented or omitted, the Transfer Agent shall be presumed to have used reasonable care if it has
followed, in all material respects, its security procedures then in effect. The Transfer Agent’s security procedures for shareholder Internet access reflect current industry standards and the Transfer Agent shall modify such security procedures
from time to time to reflect changes in industry standards. The Transfer Agent also may, but shall not be required to, modify such security procedures to the extent it believes, in good faith, that such modifications will enhance the security of
Shareholder Internet Services. All data and information transmissions accessed via Shareholder Internet Services are for informational purposes only, and are not intended to satisfy regulatory requirements or comply with any laws, rules,
requirements or standards of any federal, state or local governmental authority, agency or industry regulatory body, including the securities industry, which compliance is the sole responsibility of the Fund. 

 

	 	4.3	No Other Warranties. EXCEPT AS OTHERWISE EXPRESSLY STATED IN SECTION 4.2 OF THIS AGREEMENT, THE SHAREHOLDER INTERNET SERVICES ARE PROVIDED “AS-IS,”
ON AN “AS AVAILABLE” BASIS, AND THE TRANSFER AGENT HEREBY SPECIFICALLY DISCLAIMS ANY AND ALL REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, REGARDING SUCH SERVICES PROVIDED BY TRANSFER AGENT HEREUNDER, INCLUDING ANY IMPLIED WARRANTY OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE. 

 5. Fees and Expenses 
  

	 	5.1	Fee Schedule. For the performance by the Transfer Agent of the services pursuant to this Agreement, the Fund agrees to pay the Transfer Agent an annual
maintenance fee for each shareholder account as set forth in the attached fee schedule (the “Fee Schedule”). Such fees and out-of-pocket expenses and advances identified under Section 5.2 below may be changed from time to time
subject to mutual written agreement between the Fund and the Transfer Agent. 

  

	 	5.2	 Out-of-Pocket Expenses. In addition to the fee paid under Section 5.1 above, the Fund agrees to reimburse the Transfer Agent
for out-of-pocket expenses, including but not limited to postage, confirmation statements, investor statements, audio response, telephone calls, records retention/storage, customized programming /enhancements, federal wire fees, transcripts,

  
 4 

	 	
microfilm, microfiche, disaster recovery, hardware at the Fund’s facility, telecommunications /network configuration, forms, sales taxes, exchange and broker fees, or advances incurred by
the Transfer Agent for the items set out in the Fee Schedule attached hereto. Out-of-pocket expenses may include the costs to Transfer Agent of certain administrative expenses so long as such expenses are described in reasonable detail on the
applicable invoice. In addition, any other expenses incurred by the Transfer Agent at the request or with the consent of the Fund, will be reimbursed by the Fund. 

 

	 	5.3	Postage. Postage for mailing of dividends, proxies, Fund reports and other mailings to all shareholder accounts shall be advanced to the Transfer Agent by
the Fund at least seven (7) days prior to the mailing date of such materials. 

  

	 	5.4	Invoices. The Fund agrees to pay all fees and reimbursable expenses within thirty (30) days following the receipt of the respective invoice, except
for any fees or expenses that are subject to good faith dispute. In the event of such a dispute, the Fund may only withhold that portion of the fee or expense subject to the good faith dispute. The Fund shall notify the Transfer Agent in writing
within twenty-one (21) calendar days following the receipt of each invoice if the Fund is disputing any amounts in good faith. If the Fund does not provide such notice of dispute within the required time, the invoice will be deemed accepted by
the Fund. The Fund shall settle such disputed amounts within five (5) days of the day on which the parties agree on the amount to be paid by payment of the agreed amount. If no agreement is reached, then such disputed amounts shall be settled
as may be required by law or legal process. 

  

	 	5.5	Cost of Living Adjustment. For each year following the Initial Term (as defined in Section 14.1), unless the parties shall otherwise agree and provided that
the service mix and volumes remain consistent as previously provided in the Initial Term, the total fee for all services shall equal the fee that would be charged for the same services based on a fee rate (as reflected in a fee rate schedule)
increased by the percentage increase for the twelve-month period of such previous calendar year of the CPI-W (defined below) or, in the event that publication of such index is terminated, any successor or substitute index, appropriately adjusted,
acceptable to both parties. As used herein, “CPI-W” shall mean the Consumer Price Index for Urban Wage Earners and Clerical Workers (Area: Boston-Brockton-Nashua, MA-NH-ME-CT; Base Period: 1982-84=100), as published by the United States
Department of Labor, Bureau of Labor Statistics. 

  

	 	5.6	Late Payments. If any undisputed amount in an invoice of the Transfer Agent (for fees or reimbursable expenses) is not paid when due, the Fund shall pay the
Transfer Agent interest thereon (from the due date to the date of payment) at a per annum rate equal to one percent (1.0%) plus the Prime Rate (that is, the base rate on corporate loans posted by large domestic banks) published by The Wall
Street Journal (or, in the event such rate is not so published, a reasonably equivalent published rate selected by the Fund) on the first day of publication during the month when such amount was due. Notwithstanding any other provision hereof,
such interest rate shall be no greater than permitted under applicable provisions of Massachusetts law. 

  
 5 

	 	5.7	Bank Accounts. The Fund acknowledges that the bank demand deposit accounts (“DDAs”) maintained by the Transfer Agent in connection with the services
provided hereunder will be in the Transfer Agent’s name as agent for the Fund and that the Transfer Agent may receive investment earnings in connection with the investment of funds, at the Transfer Agent’s risk and for its benefit, held in
those accounts from time to time. 

 6. Representations and Warranties of the Transfer Agent 

The Transfer Agent represents and warrants to the Fund that: 

 

	 	6.1	It is a trust company duly organized and existing under the laws of The Commonwealth of Massachusetts. 

 

	 	6.2	It is duly qualified to carry on its business in The Commonwealth of Massachusetts. 

 

	 	6.3	It is empowered under applicable laws and by its Charter and By-Laws to enter into and perform this Agreement. 

 

	 	6.4	All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement. 

 

	 	6.5	It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

 7. Representations and Warranties of the Fund 

The Fund represents and warrants to the Transfer Agent that: 

 

	 	7.1	It is a business trust or corporation (as indicated on Exhibit A) duly organized and existing under the laws of its state of organization. 

 

	 	7.2	It is empowered under applicable laws and by its organizational documents to enter into and perform this Agreement. 

 

	 	7.3	All corporate proceedings required by said organizational documents have been taken to authorize it to enter into and perform this Agreement. 

 

	 	7.4	A registration statement under the Securities Act of 1933, as amended is currently effective and will remain effective, and appropriate state securities law filings
have been made and will continue to be made, with respect to all Shares of the Fund being offered for sale. 

 8. Data
Access and Proprietary Information 
  

  
 6 

	 	8.1	The Fund acknowledges that the databases, computer programs, screen formats, report formats, interactive design techniques, and documentation manuals furnished to the
Fund by the Transfer Agent as part of the Fund’s ability to access certain Fund-related data (“Fund Data”) maintained by the Transfer Agent on databases under the control and ownership of the Transfer Agent or other third party
(“Data Access Services”) constitute copyrighted, trade secret, or other proprietary information (collectively, “Proprietary Information”) of substantial value to the Transfer Agent or other third party. In no event shall
Proprietary Information be deemed Fund Data. The Fund agrees to treat all Proprietary Information as proprietary to the Transfer Agent and further agrees that it shall not divulge any Proprietary Information to any person or organization except as
may be provided hereunder. Without limiting the foregoing, the Fund agrees for itself and its employees and agents to: 

  

	 	(a)	Use such programs and databases solely on computers of the Fund or the Manager, and in accordance with the Transfer Agent’s applicable user documentation;

  

	 	(b)	Refrain from copying or duplicating in any way (other than in the normal course of performing processing on computers of the Fund or the Manager), the Proprietary
Information; 

  

	 	(c)	Refrain from obtaining unauthorized access to any portion of the Proprietary Information, and if such access is inadvertently obtained, to inform in a timely manner of
such fact and dispose of such information in accordance with the Transfer Agent’s instructions; 

  

	 	(d)	Refrain from causing or allowing information transmitted from the Transfer Agent’s computer to computers of the Fund or the Manager to be retransmitted to any
other computer terminal or other device except as expressly permitted by the Transfer Agent (such permission not to be unreasonably withheld); 

  

	 	(e)	Allow the Fund to have access only to those authorized transactions as agreed to between the Fund and the Transfer Agent; and 

 

	 	(f)	Honor all reasonable written requests made by the Transfer Agent to protect at the Transfer Agent’s expense the rights of the Transfer Agent in Proprietary
Information at common law, under federal copyright law and under other federal or state law. 

  

	 	8.2	Proprietary Information shall not include all or any portion of any of the foregoing items that: (i) are or become publicly available without breach of this
Agreement; (ii) are released for general disclosure by a written release by the Transfer Agent; or (iii) are already in the possession of the receiving party at the time of receipt without obligation of confidentiality or breach of this
Agreement. 

  

	 	8.3	 The Fund acknowledges that its obligation to protect the Transfer Agent’s Proprietary Information is essential to the business interest of the
Transfer Agent and that the disclosure of such Proprietary Information in breach of this 

  
 7 

 
Agreement would cause the Transfer Agent immediate, substantial and irreparable harm, the value of which would be extremely difficult to determine. Accordingly, the parties agree that, in
addition to any other remedies that may be available in law, equity, or otherwise for the disclosure or use of the Proprietary Information in breach of this Agreement, the Transfer Agent shall be entitled to seek and obtain a temporary restraining
order, injunctive relief, or other equitable relief against the continuance of such breach. 
  

	 	8.4	If the Fund notifies the Transfer Agent that any of the Data Access Services do not operate in material compliance with the most recently issued user documentation for
such services, the Transfer Agent shall use its best efforts to correct such failure in a timely manner. Organizations from which the Transfer Agent may obtain certain data included in the Data Access Services are solely responsible for the contents
of such data and the Fund agrees to make no claim against the Transfer Agent arising out of the contents of such third-party data, including, but not limited to, the accuracy thereof. DATA ACCESS SERVICES AND ALL COMPUTER PROGRAMS AND SOFTWARE
SPECIFICATIONS USED IN CONNECTION THEREWITH ARE PROVIDED ON AN AS IS, AS AVAILABLE BASIS. THE TRANSFER AGENT EXPRESSLY DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 

  

	 	8.5	If the transactions available to the Fund include the ability to originate electronic instructions to the Transfer Agent in order to (i) effect the transfer or
movement of cash or Shares or (ii) transmit shareholder information or other information, then in such event the Transfer Agent shall be entitled to rely on the validity and authenticity of such instruction without undertaking any further
inquiry as long as such instruction is undertaken in conformity with security procedures established by the Transfer Agent from time to time. 

  

	 	8.6	Each party shall take reasonable efforts to advise its employees of their obligations pursuant to this Section 8. The obligations of this Section shall
survive any termination of this Agreement. 

 9. Indemnification. 

 

	 	9.1	The Transfer Agent shall not be responsible for, and the Fund shall indemnify and hold the Transfer Agent harmless from and against, any and all losses, claims,
damages, costs, charges, counsel fees and expenses, payments, expenses and liability arising out of or attributable to: 

  

	 	(a)	All actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to this Agreement, provided such actions are taken in good faith and
without negligence or willful misconduct; 

  

	 	(b)	 The Fund’s lack of good faith, negligence or willful misconduct or the breach of any representation or warranty of the Fund hereunder;

  
 8 

	 	(c)	The reasonable reliance or use by the Transfer Agent or its agents or subcontractors of information, records, documents or data, which are received by the Transfer
Agent or its agents or subcontractors by machine readable input, facsimile, CRT data entry, electronic instructions or other similar means authorized by the Fund, and which have been prepared, maintained or performed by the Fund or any other person
or firm on behalf of the Fund including but not limited to any broker-dealer, third party administrator or previous transfer agent; 

  

	 	(d)	The reasonable reliance or use by the Transfer Agent or its agents or subcontractors of any paper or document reasonably believed to be genuine and to have been signed
by the proper person or persons including shareholders or electronic instruction from shareholders submitted through electronic means pursuant to the security procedures for such electronic communication established by the Transfer Agent;

  

	 	(e)	The reasonable reliance on, or the carrying out by the Transfer Agent or its agents or subcontractors of any instructions or requests of the Fund’s authorized
representatives; 

  

	 	(f)	The offer or sale of Shares in violation of any federal or state securities laws requiring that such Shares be registered or in violation of any stop order or other
determination or ruling by any federal or state agency with respect to the offer or sale of such Shares; 

  

	 	(g)	The negotiation and processing of any checks in accordance with the procedures mutually agreed upon by the parties; and 

 

	 	(i)	The negotiation, presentment, delivery or transfer of Shares through the Direct Registration System Profile System. 

 

	 	9.2	Instructions. At any time the Transfer Agent may apply to any officer of the Fund for instruction, and may consult with legal counsel for the Transfer Agent or
the Fund with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement, and the Transfer Agent and its agents and subcontractors shall not be liable and shall be indemnified by the Fund
for any action taken or omitted by it in reliance upon such instructions or upon the advice or opinion of such counsel. The Transfer Agent, its agents and subcontractors shall be protected and indemnified in acting upon any paper or document
reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided the Transfer Agent or its agents or subcontractors by telephone, in person, machine
readable input, telex, CRT data entry or similar means authorized by the Fund, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Fund. 

  
 9 

	 	9.3.	Standard of Care. The Transfer Agent shall at all times act in good faith and agrees to use its best efforts within reasonable limits to ensure the accuracy of
all services performed under this Agreement, but assumes no responsibility and shall not be liable for loss or damage due to errors, including encoding and payment processing errors, unless said errors are caused by the negligence, bad faith, or
willful misconduct of its employees or agents. 

  

	 	9.4.	Notice. In order that the indemnification provisions contained in this Section shall apply, upon the assertion of a claim for which the Fund may be required to
indemnify the Transfer Agent, the Transfer Agent shall promptly notify the Fund of such assertion, and shall keep the Fund advised with respect to all developments concerning such claim. The Fund shall have the option to participate with the
Transfer Agent in the defense of such claim or to defend against said claim in its own name or the name of the Transfer Agent. The Transfer Agent shall in no case confess any claim or make any compromise in any case in which the Fund may be required
to indemnify it except with the Fund’s prior written consent. 

 10. Consequential Damages. 

NO PARTY SHALL BE LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY NATURE WHATSOEVER, INCLUDING, BUT NOT
LIMITED TO, LOSS OF ANTICIPATED PROFITS, OCCASIONED BY A BREACH OF ANY PROVISION OF THIS AGREEMENT EVEN IF APPRISED OF THE POSSIBILITY OF SUCH DAMAGES. 
 11. Responsibilities of the Transfer Agent. 
 The Transfer Agent
undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions, by all of which the Fund, by its acceptance hereof, shall be bound: 

 

	 	11.1	Whenever in the performance of its duties hereunder the Transfer Agent shall deem it necessary or desirable that any fact or matter be proved or established prior to
taking or suffering any action hereunder, such fact or matter may be deemed to be conclusively proved and established by a certificate signed by an officer of the Manager and delivered to the Transfer Agent. Such certificate shall be full
authorization to the recipient for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 

 

	 	11.2	The Fund agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts,
instruments and assurances as may reasonably be required by the Transfer Agent for the carrying out, or performing by the Transfer Agent of the provisions of this Agreement. 

 

  
 10 

	 	11.3	The Transfer Agent, any of its affiliates or subsidiaries, and any stockholder, director, officer or employee of the Transfer Agent may buy, sell or deal in the
securities of the Fund or become pecuniarily interested in any transaction in which the Fund may be interested, or contract with or lend money to the Fund or otherwise act as fully and freely as though it were not appointed as agent under this
Agreement. Nothing herein shall preclude the Transfer Agent from acting in any other capacity for the Fund or for any other legal entity. 

  

	 	11.4	No provision of this Agreement shall require the Transfer Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of
its duties hereunder or in the exercise of its rights if it shall believe in good faith that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it. 

12. Confidentiality 
  

	 	12.1	The Transfer Agent and the Fund agree that they will not, at any time during the term of this Agreement or after its termination, reveal, divulge, or make known to any
person, firm, corporation or other business organization, any Confidential Information (as defined below) of the other party used or gained by the Transfer Agent or the Fund, respectively, during performance under this Agreement. The Fund and the
Transfer Agent further agree to retain all such Confidential Information in trust for the sole benefit of the Transfer Agent or the Fund, respectively, and their successors and assigns. In the event of breach of the foregoing by either party, the
remedies provided by Section 8.3 shall be available to the party whose Confidential Information is disclosed. The above prohibition of disclosure shall not apply to the extent that the Transfer Agent must disclose such Confidential
Information to its sub-contractor or Fund agent for purposes of providing services under this Agreement. 

  

	 	12.2	For purposes of this Agreement, Confidential Information shall mean: (a) with respect to Confidential Information of the Fund: (i) shareholder lists, cost
figures and projections, profit figures and projections, all non-public information, including but not limited to trade secrets, proprietary information, and information about products, business methods and business plans) relating to the business
of the Fund, or any other secret or confidential information whatsoever of the Fund; and (ii) all information that the Fund is obligated by law to treat as confidential for the benefit of third parties, including but not limited to Customer
Information (defined below); and (b) with respect to the Transfer Agent’s Confidential Information: all non-public information, including but not limited to trade secrets, proprietary information, and information about products, business
methods and business plans, customer names and other information related to customers, fee schedules, price lists, pricing policies, financial information, discoveries, ideas, concepts, software in various stages of development, designs, drawings,
specifications, techniques, models, data, source code, object code, documentation, diagrams, flow charts, research, development, processes, procedures, “know-how,” organizational structure, user guides, marketing techniques and materials,
marketing and development plans, and data processing software and systems relating to the Transfer Agent’s business, operations or systems (or to the business, systems or operations of the Transfer Agent’s affiliates.

  
 11 

	 	12.3	For purposes of this Agreement, “Customer Information” means all the customer identifying data however collected or received, including without limitation,
through “cookies” or non-electronic means pertaining to or identifiable to the Fund’s Shareholders, prospective shareholders and plan administrators (collectively, “Fund Customers”), including without limitation,
(i) name, address, email address, passwords, account numbers, personal financial information, personal preferences, demographic data, marketing data, data about securities transactions, credit data or any other identification data;
(ii) any information that reflects the use of or interactions with a Fund service, including the Fund’s web site; or (iii) any data otherwise submitted in the process of registering for a Fund service. For the avoidance of doubt,
Customer Information shall include all “nonpublic personal information,” as defined under the Gramm-Leach-Bliley Act of 1999 (Public Law 106-102, 113 Stat. 1138) (“GLB Act”) and “personal information” as defined under
the Massachusetts Standards for the Protection of Personal Information, 201 CMR 17.00, et seq., (“Mass Privacy Act”). This Agreement shall not be construed as granting the Transfer Agent any ownership rights in the Customer
Information. 

  

	 	12.4	The Transfer Agent will use the Confidential Information, including Customer Information, only in compliance with the provisions of this Agreement, and federal and
state privacy laws, including the GLB Act and the Mass Privacy Act, as such is applicable to its transfer agency business. 

  

	 	12.5	In the event that any requests or demands are made for the inspection of the shareholder records of the Fund, other than request for records of shareholders pursuant to
standard subpoenas from state or federal government authorities (i.e., divorce and criminal actions), the Transfer Agent will use reasonable efforts to notify the Fund (except where prohibited by law) and to secure instructions from an authorized
officer of the Fund as to such inspection. The Transfer Agent expressly reserves the right, however, to exhibit the shareholder records to any person whenever it is advised by counsel that it may be held liable for the failure to exhibit the
shareholder records to such person or if required by law or court order. 

 13. Covenants of the Fund and the Transfer
Agent 
  

	 	13.1	Documentation. The Fund shall promptly furnish to the Transfer Agent a copy (in paper, electronic or other agreed upon format) of the organizational documents of
the Fund and all amendments thereto. 

  

	 	13.2	Facilities. The Transfer Agent hereby agrees to establish and maintain facilities and procedures reasonably acceptable to the Fund for safekeeping of check forms
and facsimile signature imprinting devices, if any; and for the preparation or use, and for keeping account of, such forms and devices. 

  
 12 

	 	13.3	Records. The Transfer Agent shall keep records relating to the services to be performed hereunder, in the form and manner as it may deem advisable. The
Transfer Agent agrees that all such records prepared or maintained by it relating to the services performed hereunder are the property of the Fund and will be preserved, maintained and made available in accordance with the requirements of law
applicable to the Transfer Agent or its services, and will be surrendered promptly to the Fund on and in accordance with its request. The Transfer Agent acknowledges that the records maintained with respect to the Fund may be inspected by a
representative of the Commodity Futures Trading Commission (“CFTC”), the National Futures Association or the Department of Justice, or other applicable regulatory agency. In connection with the Manager’s receipt of any such request to
inspect the records, the Transfer Agent will cooperate with the Manager in making such records available. Under no circumstances, shall the Transfer Agent be deemed to be acting as a “commodity pool operator,” and the Manager shall remain
fully responsible for compliance with the CFTC and Commodities Exchange Act rules regarding the maintenance of the Fund’s books and records. 

  

	 	13.4	Non-Solicitation of Transfer Agent Employees. The Fund shall not attempt to hire or assist with the hiring of an employee of the Transfer Agent or of its
affiliated companies or encourage any employee to terminate their relationship with the Transfer Agent or its affiliated companies. 

 14. Termination of Agreement 
  

	 	14.1	Term. The initial term of this Agreement (the “Initial Term”) shall be from October 25, 2012 through October 24, 2013 unless terminated
pursuant to the provisions of this Section 14. Unless a terminating party gives written notice to the other party one hundred and twenty (120) days before the expiration of the Initial Term or any Renewal Term, this Agreement will
renew automatically from year to year (each such year-to-year renewal term a “Renewal Term”). One hundred and twenty (120) days before the expiration of the Initial Term or a Renewal Term the parties to this Agreement will agree upon
a revised Fee Schedule for the upcoming Renewal Term. Otherwise, the fees in the then current Fee Schedule shall be increased pursuant to Section 5.5 of this Agreement. 

 

	 	14.2	 Early Termination. Notwithstanding anything contained in this Agreement to the contrary, should the Fund desire to move any of its services
provided by the Transfer Agent hereunder to a successor service provider prior to the expiration of the then current Initial or Renewal Term, or without the required notice, the Transfer Agent shall make a good faith effort to facilitate the
conversion on such prior date; however, there can be no guarantee or assurance that the Transfer Agent will be able to facilitate a conversion of services on such prior date. In connection with the foregoing, should this Agreement be terminated by
the Fund for any reason other than a material breach of the Agreement by the Transfer Agent and the services be converted to a successor service provider, or if the Fund is liquidated or its assets merged or purchased or the like with or by

  
 13 

 
another entity which does not utilize the services of the Transfer Agent, the fees payable to the Transfer Agent shall be calculated as if the services had been performed by the Transfer Agent
until the expiration of the then current Initial or Renewal Term and calculated at the asset and/or shareholder account levels, as the case may be, on the date notice of termination was given to the Transfer Agent. In addition to the forgoing, in
the event that the Fund terminates this Agreement during the Initial Term, other than due to a material breach of the Agreement by the Transfer Agent, then the Fund will reimburse the Transfer Agent in an amount equal to the cost of conversion and
implementation, which will be subject to a pro rata reduction over the Initial Term. The payment of all fees to the Transfer Agent as set forth herein shall be accelerated to the business day immediately prior to the conversion or termination of
services or such later date or dates as may be mutually agreed by the parties. 
  

	 	14.3	Expiration of Term. During the Initial Term or Renewal Term, whichever currently is in effect, should either party exercise its right to terminate, all
out-of-pocket expenses or costs associated with the movement of records and material will be borne by the Fund. Additionally, the Transfer Agent reserves the right to charge for any other reasonable expenses associated with such termination.

  

	 	14.4	Confidential Information. Upon termination of this Agreement, each party shall return to the other party all copies of confidential or proprietary materials or
information received from such other party hereunder, other than materials or information required to be retained by such party under applicable laws or regulations. 

 

	 	14.5	Unpaid Invoices. The Transfer Agent may terminate this Agreement immediately upon an unpaid invoice payable by the Fund to the Transfer Agent being outstanding
for more than ninety (90) days, except with respect to any amount subject to a good faith dispute within the meaning of Section 5.4 of this Agreement. 

 

	 	14.6	Bankruptcy. Either party hereto may terminate this Agreement by notice to the other party, effective at any time specified therein, in the event that
(a) the other party ceases to carry on its business or (b) an action is commenced by or against the other party under Title 11 of the United States Code or a receiver, conservator or similar officer is appointed for the other party and
such suit, conservatorship or receivership is not discharged within sixty (60) days. 

 15. Assignment and Third Party
Beneficiaries 
  

	 	15.1	Except as provided in Section 16.1 below, neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written
consent of the other party. Any attempt to do so in violation of this Section shall be void. Unless specifically stated to the contrary in any written consent to an assignment, no assignment will release or discharge the assignor from any duty or
responsibility under this Agreement. 

  
 14 

	 	15.2	Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be construed to give any rights or benefits in this Agreement to anyone
other than the Transfer Agent and the Fund, and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer Agent and the Fund. This Agreement shall inure to the benefit of and be
binding upon the parties and their respective permitted successors and assigns. 

  

	 	15.3	This Agreement does not constitute an agreement for a partnership or joint venture between the Transfer Agent and the Fund. Other than as provided in
Section 16.1, neither party shall make any commitments with third parties that are binding on the other party without the other party’s prior written consent. 

 16. Subcontractors 
  

	 	16.1	The Transfer Agent may subcontract for the performance hereof with (i) Computershare Inc., a Massachusetts corporation (“Computershare”), which is duly
registered as a transfer agent pursuant to Section 17A(c)(2) of the Securities Exchange Act of 1934, as amended (“Section 17A(c)(2)”), or (ii) Boston Financial Data Services, Inc., a Massachusetts corporation (“Boston
Financial”) which is duly registered as a transfer agent pursuant to Section 17A(c)(2); provided, however, that the Transfer Agent shall be as fully responsible to the Fund for the acts and omission of such subcontractor as it is for its
own acts and omissions. The Fund acknowledges that as of the date of this Agreement, the Transfer Agent intends to subcontract to Computershare the performance of its obligations under this Agreement. 

 

	 	16.2	Nothing herein shall impose any duty upon the Transfer Agent in connection with or make the Transfer Agent liable for the actions or omissions to act of unaffiliated
third parties such as by way of example and not limitation, Airborne Services, Federal Express, United Parcel Service, the U.S. Mails, the NSCC and telecommunication companies, provided, if the Transfer Agent selected such company, the Transfer
Agent shall have exercised due care in selecting the same. 

 17. Miscellaneous 

 

	 	17.1	Amendment. This Agreement may be amended or modified by a written amendment executed by the parties hereto. Schedule A hereto may be amended from time to
time by agreement of the parties and the executed by all parties of a later dated Schedule, which shall become a part hereof. 

  

	 	17.2	Massachusetts Law to Apply. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of The
Commonwealth of Massachusetts. 

  
 15 

	 	17.3	Force Majeure. Notwithstanding anything to the contrary contained herein, neither party shall be liable for any delays or failures in performance
resulting from acts beyond its reasonable control including, without limitation, acts of God, acts of war or terrorism, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power
failures or mechanical difficulties with information storage or retrieval systems, labor difficulties or civil unrest. Notwithstanding the foregoing, in the event of such an occurrence, each party agrees to make a good faith effort to perform its
obligations hereunder. 

  

	 	17.4	Survival. All provisions regarding indemnification, warranty, liability, and limits thereon, and confidentiality and/or protections of proprietary rights
and trade secrets shall survive the termination of this Agreement. 

  

	 	17.5	Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be
invalid, void or unenforceable, the remainder of the terms, provision, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 

 

	 	17.6	Successors. All the covenants and provisions of this agreement by or for the benefit of the Fund or the Transfer Agent shall bind and inure to the benefit of
their respective successors and assigns hereunder. 

  

	 	17.7	Priorities Clause. In the event of any conflict, discrepancy or ambiguity between the terms and conditions contained in this Agreement and any Schedules
or attachments hereto, the terms and conditions contained in this Agreement shall take precedence. 

  

	 	17.8	Waiver. No waiver by either party or any breach or default of any of the covenants or conditions herein contained and performed by the other party shall
be construed as a waiver of any succeeding breach of the same or of any other covenant or condition. 

  

	 	17.9	Merger of Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the
subject matter hereof whether oral or written. 

  

	 	17.10	Counterparts. This Agreement may be executed by the parties hereto on any number of counterparts, and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. 

  

	 	17.11	Reproduction of Documents. This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic,
photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding,
whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction shall likewise be admissible in evidence.

  
 16 

	 	17.12	Notices. Any notice or communication by the Transfer Agent or the Fund to the other is duly given if in writing and delivered in person or mailed by first class
mail, postage prepaid, telex, telecopier or overnight air courier guaranteeing next day delivery, to the other’s address: 

  

	 	(a)	If to the Transfer Agent, to: 

 State Street Bank and Trust Company 
 c/o Boston Financial Data
Services, Inc. 
 2000 Crown Colony Drive, 4th Floor 

Quincy, Massachusetts 02169 
 Attention: Legal Department 
 Facsimile: (617) 483-7091

 For notices on operational matters, a copy to: 

Computershare Inc. 
 250 Royall Street 
 Canton, MA 02021 

 

	 	(b)	If to the Fund, to: 

 Nuveen Commodities Asset Management, LLC 
 333 W. Wacker Drive

 Suite 3300 
 Chicago, IL 60606 
 Attn: General Counsel 

Facsimile: (312) 917-7952 
 The Transfer Agent and the Fund may, by notice to the other, designate additional or different addresses for subsequent notices or communications. 
 Section 18. Limitation of Liability 
 This Agreement is executed
on behalf of the Fund by officers of the Manager as officers and not individually. The obligations imposed upon the Fund by this Agreement are not binding upon any of the officers of the Manager or the Fund’s Trustees or shareholders
individually but are binding only upon the assets and property of the Fund. 
 *Signature Page Follows* 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their
behalf by and through their duly authorized officers, as of the day and year first above written. 
  

			
	NUVEEN COMMODITIES ASSET
	 MANAGEMENT, LLC,

on behalf of the Funds listed on Schedule A hereto.

		
	BY:	 	 /s/ Gifford R. Zimmerman

	Name:	 	Gifford R. Zimmerman
	Title:	 	Chief Administrative Officer

  

	
	 ATTEST:

	
	 /s/ Christopher Rohrbacher

  

			
	STATE STREET BANK AND TRUST COMPANY
		
	BY:	 	 /s/ Michael Rogers

	Name:	 	Michael Rogers
	Title:	 	Executive Vice President

  

	
	 ATTEST:

	
	  

  
 18 

 SCHEDULE A 
 FUNDS 
 Nuveen Long/Short Commodity Total Return Fund 

  
 19

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