Document:

Subscription Agreement.

 Exhibit 10.5 
 NUVEEN LONG/SHORT COMMODITY TOTAL RETURN FUND 
 Subscription
Agreement 
 This Agreement made this August 31, 2011, by and between Nuveen Long/Short Commodity Total Return Fund, a
Delaware statutory trust (the “Fund”), and Nuveen Commoditites Asset Management, LLC (the “Subscriber”), a Delaware limited liability company. 
 WITNESSETH: 
 WHEREAS, the Fund is a commodity pool that issues shares which
represent units of fractional undivided beneficial interest in and ownership of the Fund; and 
 WHEREAS, the Subscriber, which
is registered with the Commodity Futures Trading 
 Commission as a commodity trading advisor and a commodity pool operator and
is a member of the National Futures Association, serves as the manager of the Fund (in such capacity, the “Manager”); and 
 WHEREAS, the Subscriber wishes to subscribe for and purchase, and the Fund wishes to sell to the Subscriber, 840 shares for a purchase price of $23.875 per share. 

NOW THEREFORE, IT IS AGREED: 
 l. The Subscriber subscribes for and agrees to purchase from the Fund 840 shares for a purchase price of $23.875 per share. Subscriber agrees to make payment for these shares at such time as demand for
payment may be made by the Fund. 
 2. The Fund agrees to issue and sell said shares to Subscriber promptly upon its receipt of
the purchase price. 
 3. To induce the Fund to accept its subscription and issue the shares subscribed for, the Subscriber
represents that it is informed as follows: 
 (a) That the shares being subscribed for have not been and will not
be registered under the Securities Act of l933 (“Securities Act”); 
 (b) That the shares will be sold
by the Fund in reliance on an exemption from the registration requirements of the Securities Act; 
 (c) That the
Fund’s reliance upon an exemption from the registration requirements of the Securities Act is predicated in part on the representations and agreements contained in this Subscription Agreement; 

 (d) That when issued, the shares will be “restricted securities”
as defined in paragraph (a)(3) of Rule l44 of the General Rules and Regulations under the Securities Act (“Rule l44”) and cannot be sold or transferred by Subscriber unless they are subsequently registered under the Securities Act or
unless an exemption from such registration is available; and 
 (e) That there do not appear to be any exemptions
from the registration provisions of the Securities Act available to the Subscriber for resale of the shares. In the future, certain exemptions may possibly become available, including an exemption for limited sales in accordance with the conditions
of Rule l44. 
 The Subscriber understands that a primary purpose of the information acknowledged in subparagraphs (a) through
(e) above is to put it on notice as to restrictions on the transferability of the shares. 
 4. To further induce the Fund
to accept its subscription and issue the shares subscribed for, the Subscriber: 
 (a) Represents and warrants
that the shares subscribed for are being and will be acquired for investment for its own account and not on behalf of any other person or persons and not with a view to, or for sale in connection with, any public distribution thereof; and

 (b) Agrees that any certificates representing the shares subscribed for may bear a legend substantially in the
following form: 
 The shares represented by this certificate have been acquired for investment and have not been registered
under the Securities Act of l933 or any other federal or state securities law. These shares may not be offered for sale, sold or otherwise transferred unless registered under said securities laws or unless some exemption from registration is
available. 
 5. This Subscription Agreement and all of its provisions shall be binding upon the legal representatives, heirs,
successors and assigns of the parties hereto. 
 6. The Fund’s Declaration of Trust is on file with the Secretary of the
State of Delaware. This Agreement is executed on behalf of the Fund by officers of the Manager as officers and not individually and the obligations imposed upon the Fund by this Agreement are not binding upon any of the Fund’s Trustees or
shareholders individually but are binding only upon the assets and property of the Fund. 

 IN WITNESS WHEREOF, this Subscription Agreement has been executed by the parties hereto as
of the day and date first above written. 
  

					
	NUVEEN LONG/SHORT COMMODITY TOTAL RETURN FUND
		
	By:	 	Nuveen Commodities Asset Management, LLC, its manager
			
		 	By:	 	/s/ Gifford R. Zimmerman
		 		 	     Gifford R. Zimmerman
     Chief Administrative Officer

  

			
	NUVEEN COMMODITIES ASSET MANAGEMENT, LLC
		
	By:	 	/s/ William Adams IV
		 	     William Adams IV
     PresidentInvestment Management Agreement.

 Exhibit 10.6 
 INVESTMENT MANAGEMENT AGREEMENT 
 AGREEMENT made as of
this 25th day of October, 2012, by and between Nuveen
Long/Short Commodity Total Return Fund, a Delaware statutory trust (the “Fund”), and Nuveen Commodities Asset Management, LLC, a Delaware limited liability company (the “Manager”). 

W I T N E S S E T H 

In consideration of the mutual covenants hereinafter contained, it is hereby agreed by and between the parties hereto as follows:

 1. Pursuant to the Amended and Restated Trust Agreement of the Fund dated September 14, 2012, as amended from time to time (the
“Trust Agreement”), the Trust is managed by the Manager, and the conduct of the Trust’s business is controlled and conducted solely by the Manager (subject to certain limited powers and authority accorded to the Resident
Delaware Trustee and to the Manager’s independent committee). The terms and provisions of the Trust Agreement with respect to the rights and obligations of the Manager are hereby incorporated herein, including, without limitation,
Section 4.5 thereof regarding limitation of liability and Section 4.7 thereof regarding indemnification. 
 In
addition to and not in limitation of any rights and powers conferred by law or other provisions of the Trust Agreement, the Fund hereby appoints the Manager, and the Manager hereby accepts such appointment, to act as the commodity pool operator for,
and to manage the investment and reinvestment of the assets of, the Fund in accordance with the Fund’s investment objective and policies and limitations, and to administer the Fund’s affairs for the period and upon the terms herein set
forth. The Manager’s responsibilities shall include, without limitation, (i) determining the Fund’s overall investment strategy, (ii) implementing the Fund’s investment strategy pursuant to the provisions herein,
(iii) managing the Fund’s business affairs, and (iv) providing certain clerical, bookkeeping and other administrative services for the Fund. 
 The investment of the Fund’s assets shall be subject to (i) the Fund’s policies, restrictions and limitations with respect to investments as set forth in the Fund’s registration
statement on Form S-1 as declared effective by the United States Securities and Exchange Commission (the “Registration Statement”), as such policies, restrictions and limitations may, from time to time, be amended, and (ii) all
applicable provisions of state or federal law and any self-regulatory organization to which the Manager is subject, including but not limited to, the regulations of the Securities and Exchange Commission, the Commodity Futures Trading Commission and
the National Futures Association relating to the management of public commodity pools. The Manager may change, or temporarily deviate from, the Fund’s investment strategy and the manner in which the strategy is implemented if the Manager
determines that it is in the best interest of the Fund’s shareholders to do so based on existing market conditions or otherwise. 
 The Manager may delegate the above duties for all or a portion of the Fund’s assets to one or more trading advisors it reasonably deems experienced and qualified on such written terms and conditions
as the Manager deems appropriate; provided, however, that the Manager shall be responsible for ongoing monitoring of any such subadvisor in order to assess performance and the potential need to

 
modify the Fund’s investment strategy or change subadvisors. Such delegation may be made to one or more registered commodity trading advisors and registered investment advisers who shall act
as subadvisors to the Fund as described in the Registration Statement and in accordance with the applicable sub-advisory agreement. Any such delegation of duties shall be by a written agreement. Such agreement shall require each and every subadvisor
to act in accordance with the Registration Statement and all applicable provisions of state or federal law. 
 2. For the services and
facilities described in Section l, the Fund will pay to the Manager an annual investment management fee based on the Fund’s average daily net assets (total assets of the Fund, minus the sum of its accrued liabilities) calculated as follows:

  

			
	 Average Daily Net Assets
	  	Annual Management Fee
	For the first $500 million	  	1.250%
	For the next $500 million	  	1.225%
	For the next $500 million	  	1.200%
	For the next $500 million	  	1.175%
	For net assets over $2 billion	  	1.150%

 The management fee shall accrue on each calendar day, and shall be payable monthly on the first business day of the next
succeeding calendar month. The daily fee accrual shall be computed by multiplying the fraction of one divided by the number of days in the calendar year by the applicable annual rate of fee, and multiplying this product by the net assets of the Fund
(not reduced by its cash reserves) as of the close of business on the last preceding business day on which the Fund’s net asset value was determined. The Fund’s net asset value for this purpose shall be calculated as provided in the
Fund’s prospectus then in effect. 
 For the month and year in which this Agreement becomes effective or terminates, there shall be an
appropriate proration on the basis of the number of days that this Agreement shall have been in effect during the month and year, respectively. The services of the Manager to the Fund under this Agreement are not to be deemed exclusive, and the
Manager shall be free to render similar services or other services to others so long as its services hereunder are not impaired thereby. 
 3.
This Agreement shall continue in effect unless and until terminated as hereinafter provided. This Agreement shall automatically terminate without the payment of any penalty by the Fund or by the Manager in the event of (i) the Manager’s
withdrawal as manager of the Fund pursuant to Section 4.10 of the Trust Agreement, (ii) the removal of the Manager by a majority vote of the shareholders of the Fund pursuant to Section 8.3(c) of the Trust Agreement, and
(iii) the filing of a certificate of dissolution or cancellation of the Manager’s certificate of formation upon the expiration of ninety (90) days after the date of notice to the Manager without a reinstatement of its certificate of
formation. The termination of this Agreement shall not affect the right of the Manager to receive payments on any unpaid balance of the compensation, described in Section 2, earned prior to such termination. 

  
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 4. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule, or
otherwise, the remainder shall not be thereby affected. 
 5. Any notice under this Agreement shall be in writing, addressed and delivered or
mailed, postage prepaid, to the other party at such address as such other party may designate for receipt of such notice. 
 6. This Agreement
shall be construed in accordance with the laws of the State of Delaware without reference to its conflicts of law principles. 
 7. This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the Fund and the Manager have caused this Agreement to be executed on
the day and year above written. 
  

							
	NUVEEN LONG/SHORT COMMODITY TOTAL RETURN FUND, a Delaware statutory trust
		
		 	By: NUVEEN COMMODITIES ASSET MANAGEMENT, LLC, its Manager
				
		 		 	By:	 	/s/ Gifford R. Zimmerman
		 		 	Name:	 	Gifford R. Zimmerman
		 		 	Title:	 	Chief Administrative Officer

			
		
	Attest:	 	 
		 	Assistant Secretary

  

			
	NUVEEN COMMODITIES ASSET MANAGEMENT, LLC
		
	By:	 	/s/ William Adams IV
	Name:	 	William Adams IV
	 Title:
	 	President

			
		
	Attest:	 	 
		 	Assistant Secretary

  
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