UNITEDTable STATESof Contents

~~SECURITIES~~UNITED ~~AND~~STATES ~~EXCHANGE COMMISSION~~

~~Washington, D.C.~~SECURITIES ~~20549~~AND EXCHANGE COMMISSION

~~FORM~~Washington, ~~10-K~~D.C. 20549

x	Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the fiscal year ended December 31, 2015.
¨	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the transition period from _____ to ____

FORM 10-K

~~Commission file~~☒ ~~number~~Annual ~~001-36840~~report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

~~WisdomTree Continuous~~For ~~Commodity~~the ~~Index~~fiscal ~~Fund~~year ended December 31, 2016.

~~(f/k/a~~☐ ~~GreenHaven Continuous~~Transition ~~Commodity~~report ~~Index~~pursuant ~~Fund~~to Section 13 or 15(d) of the Securities Exchange Act of 1934

~~(Exact~~For ~~name~~the ~~of registrant~~transition asperiod ~~specified in its charter)~~ from to

~~WisdomTree Continuous~~Commission ~~Commodity~~file ~~Index~~numbers: ~~Master~~001-33908, ~~Fund~~001-33909

~~(f/k/a~~WisdomTree ~~GreenHaven~~ Continuous Commodity Index ~~Master~~ Fund)

(Exact name of ~~Co-~~ registrant as specified in its charter)

Delaware	26-0151234
(State or Other Jurisdiction	(I.R.S. Employer Identification No.)
of Incorporation or Organization)
c/o WisdomTree Commodity Services, LLC
245 Park Avenue, 35th Floor New York, New York	10167
(Address of Principal Executive Offices)	(Zip Code)

WisdomTree Continuous Commodity Index Master Fund

(~~866)~~Exact ~~909~~name of Co-~~9473~~registrant as specified in its charter)

(Registrant’s Telephone Number, Including Area Code)


Delaware		26-0151234 26-0151301
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

c/o WisdomTree Commodity Services, LLC 245 Park Avenue, 35^th Floor New York, New York		10167
(Address of Principal Executive Offices)		(Zip Code)

(866) 909-9473 (Registrant’s Telephone Number, Including Area Code) Securities Registered Pursuant to Section 12(b) of the Act:

Shares		NYSE Arca, Inc.
(Title of Class)		(Name of Exchange on Which Registered)

Securities ~~Registered~~ ~~Pursuant~~registered pursuant to Section 12(bg) of the Act: None

~~Shares~~Indicate ~~NYSE~~by ~~Arca~~check mark if the registrant is a well-known seasoned issuer, ~~Inc.~~as ~~(Title~~defined ofin ~~Class)~~Rule ~~(Name~~405 of ~~Exchange~~the onSecurities Act. Yes ☐ No ☒ ~~Which Registered)~~

~~Securities~~Indicate by check mark if the registrant is not required ~~registered~~to file reports pursuant to Section 13 12or Section 15(gd) of the Act:. Yes ☐ No ☒ ~~None~~

Indicate by check mark ifwhether the registrant is(1) has afiled ~~well-known~~all ~~seasoned~~reports ~~issuer,~~required asto ~~defined~~be infiled ~~Rule~~by ~~405~~Section 13 or 15(d) of the Securities and Exchange Act. ~~Yes~~of ¨1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports) and (2) Nohas been subject to such filing requirements for the past 90 xdays. Yes ☒ No ☐

Indicate by check mark if ~~the~~disclosure ~~registrant~~of delinquent filers pursuant to Item 405 of Regulation S-K is not ~~required~~contained toherein, ~~file~~and ~~reports~~will ~~pursuant~~not be contained, to ~~Section~~the 13best of registrant’s knowledge, in definitive proxy or ~~Section~~information ~~15(d)~~statements incorporated by reference in Part III of ~~the~~this ~~Act.~~Form ~~Yes~~10-K ~~¨ No x~~or any amendment to this Form 10-K. ☒

Indicate by check mark whether the registrant ~~(1)~~ has ~~filed~~submitted ~~all~~electronically ~~reports~~and ~~required~~posted toon beits ~~filed~~corporate byWeb ~~Section~~site, 13if orany, ~~15(d)~~every ofInteractive ~~the~~Data ~~Securities~~File ~~and~~required ~~Exchange~~to ~~Act~~be submitted and posted pursuant to Rule 405 of ~~1934~~Regulation S-T during the preceding ~~twelve~~12 months (or for such shorter period that the registrant was required to ~~file~~submit ~~such reports)~~ and ~~(2)~~post ~~has been subject to~~ such ~~filing requirements for the past 90 days~~ files). Yes x ☒ No ¨ ☐

Indicate by check mark ifwhether ~~disclosure~~the ofregistrant ~~delinquent filers pursuant to Item 405 of Regulation S-K~~ is ~~not~~a large ~~contained~~accelerated ~~herein~~filer, ~~and~~an ~~will~~accelerated ~~not be contained~~filer, toor ~~the~~a ~~best~~non-accelerated offiler. ~~registrant’s~~See ~~knowledge,~~definition inof ~~definitive~~“accelerated ~~proxy~~filer orand ~~information~~large ~~statements~~accelerated ~~incorporated~~filer” ~~by reference~~ in ~~Part~~Rule ~~III~~12b-2 of the ~~this~~Exchange ~~Form~~Act. ~~10-K~~(Check orone): ~~any amendment to this Form 10-K. x~~

~~Indicate~~Large ~~by check~~accelerated ~~mark~~filer ~~whether~~☐ ~~the~~Accelerated ~~registrant~~filer ~~has~~☒ ~~submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S~~Non-Taccelerated ~~during~~filer ~~the~~☐ ~~preceding~~Smaller 12reporting ~~months~~company ~~(or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨~~☐

Indicate by check mark whether the registrant is a ~~large~~shell ~~accelerated~~company ~~filer,~~(as andefined ~~accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer”~~ in Rule 12b-2 of the ~~Exchange~~ Act). Yes ☐ No ☒ ~~(Check one):~~

~~Large~~As ~~accelerated~~of ~~filer~~June 30, ¨2016, ~~Accelerated~~the ~~filer~~aggregate ~~x Non-accelerated~~market ~~filer~~value ¨of ~~Smaller~~the ~~reporting~~shares ~~company~~held ¨by non-affiliates was approximately $227,106,000.

~~Indicate~~As ~~by check~~of ~~mark~~February ~~whether~~27, ~~the~~2017, ~~registrant~~there iswere a10,750,000 ~~shell~~limited ~~company~~units ~~(as~~and ~~defined~~50 ingeneral ~~Rule~~units ~~12b-2 of the Act)~~outstanding. ~~Yes ¨ No x~~

AsDOCUMENTS ofINCORPORATED ~~June~~BY ~~30, 2015,~~REFERENCE: ~~the aggregate market value of the shares held by non-affiliates was approximately $279,186,604.~~

~~As of January 31, 2016, there were 11,800,000 shares outstanding~~None.

~~DOCUMENTS~~THE FINANCIAL STATEMENT SCHEDULES ~~INCORPORATED~~CONTAINED BYIN ~~REFERENCE:~~PART IV OF THIS FORM 10-K CONSTITUTE THE ANNUAL REPORT WITH RESPECT TO THE REGISTRANT AND CO-REGISTRANT FOR PURPOSES OF THE U.S. COMMODITY FUTURES TRADING COMMISSION RULE 4.22(C) OF THE COMMODITY EXCHANGE ACT (THE “ANNUAL REPORT”).

None.Table of Contents

WisdomTree Continuous Commodity Index Fund

WisdomTree Continuous Commodity Index Master Fund

Table of Contents

			~~Page~~	Page
PART I			1		1
ITEM 1.	Business		1
Item 1.		Business.			1
ITEM 1A.	Risk Factors		17
Item 1A.		Risk Factors.			17
ITEM 1B.	Unresolved Staff Comments		25
Item 1B.		Unresolved Staff Comments.			25
ITEM 2.	Properties		25
Item 2.		Properties.			25
ITEM 3.	Legal Proceedings		25
Item 3.		Legal Proceedings.			25
ITEM 4.	Mining Safety Disclosures		25
Item 4.		Mining Safety Disclosures.			25
PART II			26		26
ITEM 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		26
Item 5.		Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.			26
ITEM 6.	Selected Financial Data		27
Item 6.		Selected Financial Data.			27
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		27
Item 7.		Management’s Discussion and Analysis of Financial Condition and Results of Operations.			28
ITEM 7A.	Quantitative and Qualitative Disclosures about Market Risk		37
Item 7A.		Quantitative and Qualitative Disclosures about Market Risk.			36
ITEM 8.	Financial Statements and Supplementary Data		37
Item 8.		Financial Statements and Supplementary Data.			37
ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		37
Item 9.		Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.			37
ITEM 9A.	Controls and Procedures		38
Item 9A.		Controls and Procedures.			38
ITEM 9B.	Other Information		38
Item 9B.		Other Information.			38
PART III			39		39
ITEM 10.	Managers and Executive Officers of the Registrant		39
Item 10.		Managers and Executive Officers of the Registrant.			39
ITEM 11.	Executive Compensation		41
Item 11.		Executive Compensation.			41
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		41
Item 12.		Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.			41
ITEM 13.	Certain Relationships and Related Transactions and Director Independence		41
Item 13.		Certain Relationships and Related Transactions and Director Independence.			41
ITEM 14.	Principal Accountant Fees and Services		42
Item 14.		Principal Accountant Fees and Services.			42
ITEM 15.	Exhibits, Financial Statement Schedules		43
PART IV					43
Item 15.		Exhibits, Financial Statement Schedules.			43
Item 16.		Summary.			44

PARTTable Iof Contents

~~Item~~PART 1.I ~~Business.~~

~~The~~Item ~~WisdomTree Continuous Commodity Index Fund (the “Fund”) is a commodity pool that was organized as a Delaware statutory trust on October 27, 2006~~1. ~~The Fund’s commodity pool operator is WisdomTree Commodity Services, LLC (the “Managing Owner”)~~Business. The Fund’s Trustee is CSC Trust Company of Delaware. Shares representing units of fractional undivided beneficial interest in and ownership of the Fund are listed on the NYSE Arca under the symbol “GCC.”

~~The~~WisdomTree Continuous Commodity Index Fund (the “Fund”) and WisdomTree Continuous Commodity Index Master Fund (the “Master Fund,” and together with the Fund, the “Funds”) are ~~was~~commodity pools that were organized as a Delaware statutory ~~trust~~ trusts on October 27, 2006. ~~The~~For ~~Fund~~each ~~invests substantially all~~ of ~~its assets in~~ the ~~Master~~Funds, ~~Fund~~WisdomTree inCommodity aServices, ~~master-feeder~~LLC ~~structure.~~serves ~~The Fund~~as ~~holds~~the nocommodity ~~investment~~pool ~~assets~~operator ~~other~~and managing ~~than~~owner ~~units of beneficial interest in the Master Fund~~ (the “~~Master~~Managing ~~Fund Units~~Owner”)~~. The~~, ~~Master Fund is wholly-owned by the Fund~~ and ~~the~~GreenHaven ~~Managing~~Advisors ~~Owner.~~LLC ~~Each~~serves ~~Share~~as ~~issued by~~ the ~~Fund~~commodity ~~correlates~~trading toadvisor ~~a Master Fund Unit issued by~~ (the ~~Master Fund and held by the Fund~~“Sub-Adviser”).

~~Effective~~The ~~January~~Fund’s 1,common ~~2016,~~units ~~in accordance with the terms~~ of abeneficial ~~Unit~~interest, ~~Purchase~~which ~~Agreement~~represent ~~dated~~units ~~October~~of ~~29,~~fractional ~~2015,~~undivided ~~GreenHaven~~beneficial ~~LLC~~interest ~~sold~~in ~~100%~~and ownership of the ~~issued~~Fund, ~~and outstanding membership~~are ~~interest~~listed inon the ~~Managing~~NYSE ~~Owner~~Arca tounder ~~WisdomTree~~the ~~Investments~~symbol ~~Inc~~“GCC.” ~~Following~~Upon ~~the~~inception ~~sale, the name~~ of the Fund, ~~was~~50 ~~changed~~General ~~from~~Units ~~“GreenHaven Continuous~~of ~~Commodity~~the ~~Index~~ Fund” to (“~~WisdomTree~~General ~~Continuous Commodity Index Fund~~Shares”;) ~~the~~were ~~name~~issued ofto the ~~Master~~Managing ~~Fund was~~Owner ~~changed~~in ~~from~~exchange ~~“GreenHaven~~for ~~Continuous~~a ~~Commodity~~capital ~~Index~~contribution ~~Master~~of ~~Fund”~~$1,500. toThe term “~~WisdomTree~~Shares” ~~Continuous~~as ~~Commodity~~used ~~Index Master~~herein, ~~Fund”;~~means ~~and~~Limited ~~the~~Units ~~name~~ of the ~~Managing~~Fund. ~~Owner~~The ~~was~~term ~~changed~~“Total ~~from~~Shares” ~~“GreenHaven~~as ~~Commodity~~used ~~Services~~herein, ~~LLC”~~means toGeneral ~~“WisdomTree Commodity~~Shares ~~Services~~and Shares, ~~LLC~~collectively.”

AsThe ofFunds’ ~~January~~investment 1,strategy ~~2016,~~is ~~the~~to ~~Fund’s~~provide investors with a cost-effective and convenient way to invest in an equal-weight portfolio of commodity ~~trading~~futures ~~advisor~~by istracking ~~GreenHaven~~the ~~Advisors~~performance ~~LLC~~of (the ~~“Sub-Advisor”)~~Thomson Reuters Continuous Commodity Index over time, less the Funds’ expenses.

The ~~current~~Fund ~~principal~~invests substantially ~~offices~~all of ~~the~~its ~~Funds and~~assets in the ~~Managing~~Master ~~Owner~~Fund ~~are~~in ~~located~~a atmaster-feeder ~~245~~structure. ~~Park~~The ~~Avenue,~~Master ~~35th~~Fund ~~Floor,~~is ~~New~~wholly-owned ~~York,~~by ~~New~~the ~~York~~Fund ~~10167,~~and ~~telephone~~the ~~(866)~~Managing ~~909-9473~~Owner. The ~~Managing Owner~~Master ~~currently~~Fund ~~maintains~~and anthe ~~Internet~~Fund ~~website~~each atfollow ~~www.wisdomtree.com,~~the ~~through~~same ~~which~~investment ~~the~~objective. ~~Funds’~~The ~~annual~~Fund ~~reports~~holds onno ~~Form 10-K,~~investment ~~quarterly~~assets ~~reports~~other onthan ~~Form~~the ~~10-Q,~~Master ~~current~~Fund’s ~~reports~~common onunits ~~Form~~of ~~8-K,~~beneficial ~~and~~interest ~~amendments~~(“Master toFund ~~those~~Units”). ~~reports~~Upon ~~filed~~inception orof ~~furnished~~the ~~pursuant~~Master toFund, ~~Section 13(a)~~50 orGeneral ~~15(d)~~Units of the ~~Securities~~Master ~~Exchange~~Fund ~~Act~~were ofissued ~~1934,~~to asthe ~~amended~~Managing ~~(“Exchange~~Owner ~~Act”),~~in ~~are~~exchange ~~made~~for ~~available~~a ~~free~~capital contribution of ~~charge after~~$1,500. ~~they~~Each ~~have~~Share ~~been~~issued ~~filed~~by ~~or furnished to~~ the ~~Securities~~Fund ~~and~~correlates ~~Exchange~~to ~~Commission~~a ~~(the~~Master ~~“SEC”).~~Fund ~~Additional~~Unit ~~information regarding~~held ~~the~~by ~~Funds may also be found on~~ the ~~SEC’s EDGAR database at www~~Fund.~~sec.gov.~~

~~Investment~~Effective ~~Objective~~January 1, 2016, in accordance with the terms of a Unit Purchase Agreement dated October 29, 2015, GreenHaven LLC sold 100% of the issued and outstanding membership interest in the Managing Owner to WisdomTree Investments Inc. Following the sale, the name of the Fund was changed from “GreenHaven Continuous Commodity Index Fund” to “WisdomTree Continuous Commodity Index Fund,” the name of the Master Fund was changed from “GreenHaven Continuous Commodity Index Master Fund” to “WisdomTree Continuous Commodity Index Master Fund,” and the name of the Managing Owner was changed from “GreenHaven Commodity Services LLC” to “WisdomTree Commodity Services, LLC.”

The current principal offices of the Funds and the Managing Owner are located at 245 Park Avenue, 35th Floor, New York, New York 10167, telephone (866) 909-9473. The Managing Owner currently maintains an Internet website at www.wisdomtree.com, through which the Funds’ ~~investment~~annual, ~~objective~~quarterly isand periodic reports filed with or furnished to the Securities and Exchange ~~reflect~~Commission (the ~~performance~~“SEC”) pursuant to Section 13(a) or 15(d) of the ~~Continuous~~Securities ~~Commodity~~Exchange ~~Total~~Act ~~Return~~of ~~Index~~1934, ~~over~~as ~~time~~amended (“Exchange Act”), ~~less~~are ~~the~~made ~~expenses~~available free of ~~the~~charge. ~~operations~~Additional ofinformation regarding the Funds may also be found on the SEC’s EDGAR database at www.sec.gov.

~~The~~Investment ~~Fund~~Objective pursues its investment objective by investing substantially all of its assets in the Master Fund. The Master Fund pursues its investment objective by investing in a Portfolio of exchange-traded futures on the commodities comprising the Index (the “Index Commodities”).

The ~~Master~~Funds’ ~~Fund~~investment ~~holds~~objective ais ~~Portfolio~~to ofprovide ~~futures contracts~~investors onwith ~~the~~exposure ~~Index~~to ~~Commodities~~the asdaily ~~well~~change asin ~~cash~~the ~~and~~price ~~United~~of ~~States~~a ~~Treasury~~portfolio ~~securities~~of ~~for~~commodities ~~deposit with~~ (the ~~Master Fund’s~~“Index ~~Commodity~~Commodities”) ~~Brokers~~comprising asthe ~~margin~~Thomson ~~and~~Reuters ~~other~~Continuous ~~high~~Commodity ~~credit~~Index, ~~quality~~sometimes ~~short-term~~referred ~~fixed income securities. The Master Fund’s Portfolio is traded with a view~~ to ~~reflecting~~as the ~~performance~~Continuous ofCommodity ~~the~~Total ~~Index~~Return ~~over time, whether the~~ Index ~~is rising, falling~~ or ~~flat~~Equal ~~over any~~Weight ~~particular~~Continuous ~~period.~~Commodity ~~The~~Total ~~Master~~Return ~~Fund~~Index is(the ~~not~~ “~~managed~~Index” ~~by traditional methods~~), ~~which~~before ~~typically involve effecting~~Fund ~~changes~~liabilities ~~in the composition of the Master Fund’s Portfolio on the basis of judgments relating to economic, financial~~ and ~~market~~ ~~considerations with a view to obtaining positive results under all market conditions~~expenses. ToThe ~~maintain the correspondence between the composition and weightings of the~~ Index Commodities ~~comprising~~consist ~~the~~of ~~Index~~corn, ~~the~~soybeans, ~~Sub-Adviser~~wheat, ~~may~~live ~~adjust~~cattle, ~~the~~lean ~~Portfolio~~hogs, ongold, asilver, ~~daily basis~~copper, tococoa, ~~conform~~coffee, tosugar, ~~periodic~~cotton, ~~changes~~soybean inoil, ~~the~~platinum, ~~identity~~crude ~~and/or~~oil, ~~relative~~NY ~~weighting~~Harbor ofULSD ~~the~~(formerly ~~Index~~known ~~Commodities.~~as ~~The~~heating ~~Sub-Adviser~~oil), ~~aggregates~~and ~~certain~~natural ~~of the adjustments and makes changes to the Portfolio in the case of significant changes to the Index~~gas.

~~There~~The ~~can~~Fund bepursues noits ~~assurance~~investment ~~that~~objective ~~the~~by ~~Fund~~investing or substantially all of its assets in the Master Fund. ~~will~~The ~~achieve~~Master ~~its~~Fund pursues its investment objective orby ~~avoid~~actively ~~substantial~~trading ~~losses.~~exchange ~~The~~traded ~~value~~futures of(“Commodity ~~the~~Futures”) ~~Shares~~on isthe ~~expected~~Index toCommodities, ~~fluctuate generally~~with ina ~~relation~~view to ~~changes~~tracking inthe performance of the ~~value~~Index over time, regardless of whether the Index is rising, falling or flat over any particular period. The Master Fund’s ~~Units~~non-discretionary investment strategy is designed to provide investors with a cost-effective and convenient way to invest in an equal-weight portfolio of commodity futures.

1The Master Fund’s portfolio (its “Portfolio”) also includes cash, U.S. Treasury obligations and other high credit-quality, short-term fixed income securities (collectively, “U.S. Treasuries”) for deposit with the Commodity Broker (as defined below) as margin or otherwise held to cover the Master Fund’s notional exposure to Commodity Futures.

~~The~~1 ~~Index~~

ThomsonTable Reuters (Markets) LLC, formerly Thomson Reuters America LLC, is the owner, publisher, and custodian of the Continuous Commodity Total Return Index, sometimes referred to as the Equal Weight Continuous Commodity Total Return Index (“CCI-TR” or “Index”), which represents a total return version of the underlying commodities of the tenth revision (as of January 2013) of the original Commodity Research Bureau Index (the “CRB Index”).Contents

~~The~~An ~~original~~investment ~~CRB~~in ~~Index was widely viewed as a broad measure of overall commodity price trends because of~~ the ~~diverse nature~~Shares ~~of its constituent commodities. In 2005, the CRB Index was revised for a ninth time, and~~ is: currently known as the Thomson Reuters/Jefferies CRB Index. The ninth revision formula continued to be calculated and was renamed the Continuous Commodity Index (the “CCI Index”). On January 7, 2013, the CCI Index was revised for a tenth time to include CME Soybean oil and remove ICE Frozen Concentrated Orange Juice at an equivalent allocation. Additionally, the Index methodology was changed from geometric averaging to arithmetic averaging and a five-day roll period replaced the former one-day period. Thomson Reuters (Markets) LLC is the owner, publisher, and custodian of the CCI-TR which represents a total return version of the CCI Index. Prior to the tenth revision, the Index was calculated to produce an equal-weighted geometric mean of the individual commodity price relatives, i.e., a ratio of the current price to the base year average price. The base year of the CCI is 1967 with a starting value of 100.

~~The~~• ~~Funds~~Easily Accessible and Relatively Cost Efficient. As the Shares are ~~based~~listed on the ~~total~~NYSE ~~return version CCI~~Arca, ~~called~~investors ~~the~~can ~~CCI-TR.~~indirectly ~~The~~invest ~~base~~in ~~year~~a ~~for~~portfolio comprised of the ~~CCI-TR is~~Index ~~1982,~~Commodities ~~with~~through a ~~starting~~traditional ~~value~~brokerage account. Investors are able to more effectively implement strategic and tactical asset allocation strategies that are affected by changes in the performance of ~~100. The~~the ~~CCI~~Index isby ~~materially different~~investing ~~from~~in the ~~CRB~~Shares as compared to other means of investing in the underlying Index Commodities.

~~The~~• ~~CCI~~Exchange-TRtraded is calculated to offer investors a representation of the investable returns that an investor should expect to receive by attempting to replicate the CCI index by buying the respective commodity futures and ~~collateralizing their investment with United States Government securities, (i~~Transparent.~~e.,~~ ~~90 day T-Bills).~~ The ~~CCI-TR~~Shares ~~takes~~trade ~~into~~on ~~account~~ the ~~economics of~~NYSE ~~rolling~~Arca, ~~listed~~providing ~~commodity~~investors ~~futures~~with ~~forward~~an toefficient ~~avoid delivery~~means ~~and~~to ~~maintain~~implement ~~exposure~~various ininvestment ~~liquid contracts~~strategies. ~~The~~ ~~Index is notionally composed of commodity futures contracts on physical commodities. Unlike equities~~Furthermore, ~~which~~ ~~typically entitle~~ the ~~holder~~Managing toOwner awill ~~continuing~~attempt ~~stake~~to incause ~~a corporation, commodity futures contracts normally specify a certain date for~~ the ~~delivery~~composition of the ~~underlying~~Portfolio ~~physical commodity. In order~~ to ~~avoid the delivery process and maintain a long futures position, contracts nearing a delivery date must~~ be ~~sold~~posted ~~and~~at ~~contracts that have not yet reached delivery must be purchased~~www. ~~This process is known as “rolling” a futures position~~wisdomtree.com ~~An index~~daily, ~~such as~~providing ~~the~~investors ~~CCI-TR,~~with ~~is commonly known as~~ a ~~“rolling~~clear ~~index” because it replaces futures contracts as they approach maturity by notionally selling~~ and ~~purchasing~~timely ~~offsetting~~picture ~~contracts~~of tothe ~~avoid~~Funds’ ~~delivery and maintain exposure in liquid contracts~~holdings.

• Competitively Priced. The Managing Owner’s fee and certain other expenses paid by the Funds represent costs to an investor in the Shares. An investor’s decision to purchase Shares may be influenced by such fees and expenses relative to the costs associated with investing in the Index ~~Methodology~~Commodities by other means.

There can be no assurance that the Funds will achieve their investment objective or avoid substantial losses. The ~~individual~~value ~~commodity~~of ~~contributions~~the ~~are calculated~~Shares asis ~~follows:~~expected to fluctuate generally in relation to changes in the value of the Master Fund Units.

1.The ~~Arithmetic~~Index ~~averages for each commodity on the relevant business day are calculated.~~

2Thomson Reuters (Markets) LLC, formerly Thomson Reuters America LLC, is the owner, publisher and custodian of the Thomson Reuters Continuous Commodity Index, sometimes referred to as the Continuous Commodity Total Return Index or Equal Weight Continuous Commodity Total Return Index (for purposes of this section, also referred to as the “CCI-TR”).

~~where~~The CCI-TR is an equal weighted index of 17 commodities. It is a “total return” version of the Thomson Reuters Continuous Commodity Index (the “CCI”) because it includes a “roll yield” and adds the yield of 3 month U.S. Treasury bills to the return. Due to its equal weighting, the CCI-TR offers significant exposure to grains, livestock and soft commodities, and a lower energy weighting than many of its peers.

CmThe CCI is an iteration of the original Commodity Research Bureau Index,t ~~stands for~~which is currently known as the ~~sum~~Thomson Reuters/CoreCommodity ~~across~~CRB Index (the ~~included~~“CRB ~~contracts~~Index”). ~~for~~The ~~each~~original CRB Index was widely viewed as a broad measure of overall commodity price trends because of the 17diverse nature of its constituent commodities. In 2005, sothe CRB Index was revised for a ninth time, and that ninth version was named the Continuous Commodity Index. On January 7, 2013, the CCI was revised to include CME Soybean oil and remove ICE Frozen Concentrated Orange Juice at an equivalent allocation.

~~where~~The sbase ~~stands~~year for the ~~price~~ CCI-TR is 1982, with a starting value of 100. The base year of the CCI is 1967 with a ~~given~~starting value ~~contract~~of ~~month~~100. The CCI and CCI-TR are materially different from the CRB Index.

~~For~~Each ~~example~~of the CCI and the CCI-TR reflects the price movement of 17 exchange-traded Commodity Futures: corn, soybeans, wheat, live cattle, lean hogs, gold, silver, copper, cocoa, coffee, sugar, cotton, soybean oil, platinum, crude oil, NY Harbor ULSD (formerly known as heating oil) and natural gas.

~~(Mar~~The CCI-TR aims to represent the return that an investor should expect to receive if such ~~‘13~~investor ~~Corn~~were ~~price~~to +attempt ~~May~~to ~~‘13~~replicate ~~Corn~~the ~~price~~CCI +(by ~~Jul~~buying ~~‘13~~the ~~Corn~~applicable ~~price~~Commodity Futures and collateralizing the investment with U.S. Treasuries). The CCI-TR takes into account the economics of rolling listed commodity futures forward to avoid delivery and maintain exposure in liquid contracts. The CCI-TR is notionally composed of Commodity Futures on the physical Index Commodities. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, commodity futures contracts normally specify a certain date for the delivery of the underlying physical commodity. In order to avoid the delivery process and maintain a long futures position, contracts nearing a delivery date must be sold and contracts that have not yet reached delivery must be purchased. This process is known as “rolling” a futures position. An index, such as the CCI-TR, is commonly known as a “rolling index” because it replaces futures contracts as they approach maturity by notionally selling and purchasing offsetting contracts to avoid delivery and maintain exposure in liquid contracts.

~~Corn~~2 ~~sum (as of Jan 7, 2013) = ——————————————————————————~~

3Table of Contents

~~avgt~~Index ~~stands~~Methodology ~~for the daily average of settlement prices~~

wThe isindividual ~~the~~commodity ~~equal~~contributions ~~weight~~are ofcalculated ~~5.88%~~as ~~(1/17th)~~follows: ~~for each constituent commodity~~

m1. ~~stands~~Arithmetic averages for each commodity on the relevant business day are calculated.

LOGO

twhere, ~~stands for each trading day for which updated settlement prices are available~~

2. ~~Today’s~~stands ~~value~~for of the ~~average~~sum ~~for~~across the 17included ~~components~~contracts isfor ~~then~~each ~~used~~of ~~with yesterday’s value to derive~~ the ~~applicable~~17 ~~fair~~commodities, ~~value~~so ~~index (“CRBCC”):~~

LOGO

~~The~~where ~~CRBCC~~“s” ~~defines~~stands ~~the actively considered set of futures contracts~~ for ~~each commodity as defined further in~~ the 6price ~~roll~~of ~~schedules~~a ~~listed~~given incontract ~~the appendix~~month.

3.For ~~Total Return~~example:

~~Note~~Corn ~~that~~sum ~~for~~(as ~~example after~~of aJan ~~weekend~~7, 32013) ~~days~~= of(Mar ~~returns~~‘13 ~~are~~Corn ~~due~~price to+ beMay ~~added~~‘13 toCorn ~~the~~price ~~index.~~+ Jul ‘13 Corn price) 3

~~Contract~~stands ~~Roll~~for the daily average of settlement prices

~~The~~w ~~roll~~is ~~periods take place during~~ the ~~week leading~~equal upweight ~~to the second Friday~~ of ~~the~~5.88% ~~same six months~~ (~~Jan, Feb, Apr, June, Aug, and Nov~~1/17th) ~~every~~for ~~year.~~each ~~The~~constituent ~~roll implies a change from the pre-roll basket of contracts to the post-roll basket according to the following pattern:~~commodity

Atm ~~the~~stands ~~close~~for ofeach ~~the 1st roll day (a Monday): 20% post-roll basket + 80% pre-roll basket~~commodity

~~Intraday~~t ofstands ~~the~~for ~~2nd~~each ~~roll~~trading day ~~(a Tuesday):~~for ~~20%~~which ~~post-roll~~updated ~~basket~~settlement +prices ~~80%~~are ~~pre-roll basket~~available

At2. ~~the~~Today’s ~~close~~value of the ~~2nd~~average ~~roll~~for ~~day: 40%~~the ~~post-roll~~17 ~~basket~~components +is ~~60%~~then ~~pre-roll~~used ~~basket~~with yesterday’s value to derive the applicable fair value index (“CRBCC”):

LOGO

~~Intraday~~The ofCRBCC defines the ~~3rd~~actively ~~roll~~considered ~~day~~set (aof futures contracts for each commodity as defined further in ~~Wednesday):~~the ~~40%~~6 ~~post-~~roll ~~basket~~schedules +listed ~~60%~~in ~~pre-roll~~the ~~basket~~appendix.

3. Total Return:

LOGO

AtNote ~~the~~that ~~close~~for example after a weekend, 3 days of ~~the~~returns ~~3rd~~are ~~roll~~due ~~day: 60%~~to ~~post-roll~~be ~~basket~~added +to ~~40%~~the ~~pre-roll~~index. ~~basket~~

~~Intraday~~3 ~~of the 4th roll day (a Thursday): 60% post-roll basket + 40% pre-roll basket~~

AtTable the close of the 4th roll day: 80% post-roll basket + 20% pre-roll basketContents

~~Intraday~~Contract ofRoll ~~the 5th roll day (a Friday): 80% post-roll basket + 20% pre-roll basket~~

AtThe roll periods take place during the ~~close~~week leading up to the second Friday of the ~~5th~~same ~~roll~~six ~~day:~~months (Jan, Feb, Apr, June, Aug, and Nov) every year. The roll ~~100%~~implies a change from the pre-roll basket of contracts to the post-roll basket according to the following pattern:

~~Good~~At ~~Friday~~the ~~can~~close ~~fall~~of on the ~~second Friday~~1st inroll ~~April~~day (~~e.g.,~~a ~~2017~~Monday).: ~~In this case, the open on the following Monday shows the final 40~~20% ~~of the~~ post-roll ~~rather~~basket ~~than~~+ ~~the final 20~~80%. ~~If no trading takes place during the~~ pre-roll ~~for~~basket ~~other reasons, reallocation between contracts without a price change is implemented for such days.~~

~~Real~~Intraday of the 2nd roll day (a Tuesday): 20% post-~~Time~~roll ~~Pricing~~basket ~~Considerations~~+ 80% pre-roll basket

~~The~~At ~~Index~~the isclose ~~calculated:~~of ~~5:00am~~the –2nd 6roll day:~~00pm ET~~ ~~(internal),~~40% ~~8:00am~~post-roll –basket ~~8:22pm~~+ ET60% ~~(NYSE~~pre-roll ~~Arca).~~basket

~~The~~Intraday ~~Index~~of ~~settles~~the on3rd aroll ~~final~~day ~~value~~(a ~~at around 3~~Wednesday):~~15pm~~ ~~ET.~~40% ~~Index~~post-roll ~~outputs~~basket ~~start~~+ at60% ~~5am~~pre-roll ETbasket ~~carrying the previous day close and then the Index will start fluctuating at 8:00am ET when the underlying contracts begin trading.~~

~~Constituent~~At ~~Contracts~~the close of the 3rd roll day: 60% post-roll basket + 40% pre-roll basket

Contract	Name	Exchange	Included contract months
CL	Crude Oil	NYMEX	All 12 calendar months
HO	Heating Oil	NYMEX	All 12 calendar months
NG	Natural Gas	NYMEX	All 12 calendar months
C	Corn	CBOT	Mar, May, Jul, Sep, Dec
S	Soybeans	CBOT	Jan, Mar, May, Jul, Aug, Nov
LC	Live Cattle	CME	Feb, Apr, Jun, Aug, Oct, Dec
GC	Gold	COMEX	Feb, Apr, Jun, Aug, Dec
HG	Copper	COMEX	Mar, May, Jul, Sep, Dec
SB	Sugar	ICE US	Mar, May, Jul, Oct
CT	Cotton	ICE US	Mar, May, Jul, Dec
CC	Cocoa	ICE US	Mar, May, Jul, Sep, Dec
KC	Coffee	ICE US	Mar, May, Jul, Sep, Dec
W	Wheat	CBOT	Mar, May, Jul, Sep, Dec
LH	Lean Hogs	CME	Feb, Apr, Jun, Jul, Aug, Oct, Dec
SI	Silver	COMEX	Mar, May, Jul, Sep, Dec
BO	Soy Oil	CBOT	Jan, Mar, May, Jul, Aug, Sep, Oct, Dec
PL	Platinum	COMEX	Jan, Apr, Jul, Oct

Intraday of the 4th roll day (a Thursday): 60% post-roll basket + 40% pre-roll basket

4At the close of the 4th roll day: 80% post-roll basket + 20% pre-roll basket

~~CCI~~Intraday ~~Total~~of ~~Return~~the ~~Historical~~5th ~~Prices~~roll day (~~Monthly~~a Friday): 80% post-roll basket + 20% pre-roll basket

~~Tabular~~At ~~Performance~~the close of the 5th roll day: 100% post-roll basket

	1982		1983		1984		1985		1986		1987		1988		1989		1990		1991
January		101.34		103.24		110.00		103.27		102.07		107.23		124.46		141.62		155.48		151.18
February		97.88		98.56		111.46		99.17		98.26		106.00		121.18		144.01		158.05		153.90
March		95.25		102.16		116.15		103.90		97.97		107.87		127.08		145.51		159.10		154.35
April		96.80		104.58		114.17		101.06		100.60		115.54		128.08		146.19		162.61		153.43
May		93.93		108.48		116.20		98.95		97.33		116.74		134.02		142.61		162.60		152.96
June		92.81		107.15		112.18		96.93		96.02		116.95		138.37		146.79		158.82		149.72
July		93.17		111.80		103.00		97.80		96.09		119.23		132.59		142.60		160.55		154.80
August		95.18		113.31		107.59		98.97		102.70		117.97		132.63		144.06		163.58		152.99
September		93.88		110.20		105.27		100.66		103.82		118.36		128.43		144.97		168.59		156.77
October		96.53		106.39		106.20		103.64		104.31		119.00		134.88		144.75		161.51		160.40
November		98.58		109.27		104.62		104.85		103.81		124.75		139.34		147.55		159.48		158.33
December		98.44		111.16		101.03		106.03		104.80		124.41		144.35		150.98		158.64		152.25
		1992		1993		1994		1995		1996		1997		1998		1999		2000		2001
January		152.62		144.22		159.78		167.63		193.04		212.80		224.10		171.56		182.49		200.87
February		150.99		145.81		160.80		170.77		196.45		217.12		217.32		163.26		181.60		199.37
March		151.55		151.90		162.09		173.78		201.72		221.21		218.08		170.85		186.68		189.30
April		149.17		153.95		161.89		176.61		209.92		224.26		215.22		169.20		184.96		192.80
May		152.77		153.73		170.00		176.38		210.32		227.67		207.33		165.19		195.03		188.39
June		153.52		152.79		169.55		174.40		208.80		220.61		203.41		167.21		195.06		183.78
July		151.05		158.83		172.93		176.39		205.26		224.71		195.17		165.29		192.53		182.33
August		147.35		156.42		169.51		180.43		212.64		226.65		183.20		171.44		198.89		178.58
September		147.89		154.52		169.57		181.67		209.55		227.92		188.69		177.22		200.19		170.11
October		145.91		153.92		170.16		183.18		204.28		227.01		188.01		175.05		196.31		165.99
November		148.41		152.67		166.41		184.92		211.48		224.59		180.37		176.49		203.55		170.96
December		147.44		156.48		172.50		187.77		210.35		219.56		174.47		178.07		203.47		168.51
		2002		2003		2004		2005		2006		2007		2008		2009		2010		2011
January		164.83		212.14		229.67		250.91		317.12		330.62		411.13		275.21		309.71		413.98
February		167.85		210.43		241.16		269.04		307.28		342.83		459.94		262.70		316.72		427.41
March		178.98		200.92		249.10		276.15		314.70		341.39		419.58		272.62		309.01		427.31
April		174.76		201.16		239.12		267.03		328.57		335.77		432.82		271.52		317.08		440.35
May		177.87		204.61		243.59		264.15		328.29		339.71		436.36		302.54		301.20		421.70
June		179.55		202.54		234.32		268.09		329.35		339.29		475.72		284.18		305.96		405.75
July		182.26		203.40		235.75		270.29		333.17		349.84		434.38		291.59		323.85		416.20
August		188.45		210.55		243.06		276.76		330.54		339.34		407.25		288.18		321.16		424.72
September		192.98		210.87		249.04		289.08		313.12		367.75		355.30		296.28		344.96		366.31
October		194.72		214.61		248.86		285.12		323.59		373.06		288.96		308.74		363.59		386.60
November		195.84		215.63		253.96		289.17		342.87		369.02		279.58		322.67		361.99		372.96
December		199.55		222.14		249.80		303.40		331.29		388.41		277.32		323.90		400.73		358.71
		2012		2013		2014		2015
January		373.80		348.30		308.61		263.18
February		378.37		333.29		331.93		267.87
March		361.80		327.20		336.91		255.94
April		351.72		334.18		346.35		264.60
May		320.53		318.42		332.52		260.10
June		337.51		305.34		334.31		267.26
July		351.10		308.50		319.18		244.07
August		359.43		318.70		315.06		241.28
September		361.61		314.69		297.74		236.52
October		349.29		311.05		298.08		240.56
November		352.37		307.63		288.44		226.78
December		340.74		306.28		274.71		225.92

Good Friday can fall on the second Friday in April (e.g., 2017). In this case, the open on the following Monday shows the final 40% of the roll rather than the final 20%. If no trading takes place during the roll for other reasons, reallocation between contracts without a price change is implemented for such days.

5Real-Time Pricing Considerations

The ~~CCI-TR~~Index is calculated: an5:00 ~~equal weight commodity index~~a. Bym. ~~its~~– ~~very~~6:00 ~~structure an evenly-weighted index will provide broader exposure than one that is not evenly-weighted~~p.m. ToET ~~the extent~~(internal), ~~that~~8:00 ~~an index is over-weighted in~~ a.m. ~~particular~~– ~~commodity class,~~8:22 ~~such as energy, that index will reflect the energy sector more than it will the broad commodity universe~~p. ~~The~~m. ~~table~~ET ~~below~~(NYSE ~~indicates the constituent commodities, their index weighting and the sector weighting within the Index~~Arca).

Commodity	Index Weight	Sector Weight
Crude Oil	5.88%	Energy 17.65%
Heating Oil	5.88%
Natural Gas	5.88%
Corn	5.88%	Grains 23.53%
Wheat	5.88%
Soybeans	5.88%
Soybean Oil	5.88%
Live Cattle	5.88%	Livestock 11.76%
Lean Hogs	5.88%
Sugar	5.88%	Softs 23.53%
Cotton	5.88%
Coffee	5.88%
Cocoa	5.88%
Gold	5.88%	Metals 23.53%
Silver	5.88%
Platinum	5.88%
Copper	5.88%

The Index settles on a final value at around 3:15 p.m. ET. Index outputs start at 5 a.m. ET carrying the previous day close and then the Index will start fluctuating at 8:00 a.m. ET when the underlying contracts begin trading.

~~Interruption~~Constituent ofContracts ~~Index Calculation~~

Calculation of the Index may not be possible or feasible under certain events or circumstances, including, without limitation, a systems failure, natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance, that is beyond the reasonable control of Thomson Reuters or the Managing Owner. Additionally, calculation of the Index may also be disrupted by an event that would require Thomson Reuters to calculate the closing price in respect of the relevant commodity on an alternative basis.


Contract	Name	Exchange	Included contract months
CL	Crude Oil	NYMEX	All 12 calendar months
HO	Heating Oil	NYMEX	All 12 calendar months
NG	Natural Gas	NYMEX	All 12 calendar months
C	Corn	CBOT	Mar, May, Jul, Sep, Dec
S	Soybeans	CBOT	Jan, Mar, May, Jul, Aug, Nov
LC	Live Cattle	CME	Feb, Apr, Jun, Aug, Oct, Dec
GC	Gold	COMEX	Feb, Apr, Jun, Aug, Dec
HG	Copper	COMEX	Mar, May, Jul, Sep, Dec
SB	Sugar	ICE US	Mar, May, July, Oct
CT	Cotton	ICE US	Mar, May, July, Dec
CC	Cocoa	ICE US	Mar, May, July, Sep, Dec
KC	Coffee	ICE US	Mar, May, July, Sep, Dec
W	Wheat	CBOT	Mar, May, Jul, Sep, Dec
LH	Lean Hogs	CME	Feb, Apr, Jun, Jul, Aug, Oct, Dec
SI	Silver	COMEX	Mar, May, Jul, Sep, Dec
BO	Soy Oil	CBOT	Jan, Mar, May, Jul, Aug, Sep, Oct, Dec
PL	Platinum	COMEX	Jan, Apr, Jul, Oct

~~Investments;~~4 ~~Margin~~

ATable substantial amount of proceeds of the offering of Shares has and will be used by the Fund, through the Master Fund, to engage in the trading of exchange-traded futures contracts on the Index Commodities with a view to reflecting the performance of the Index over time, less the expenses of the operations of the Fund and the Master Fund. The Master Fund’s Portfolio also includes United States Treasury securities and other high credit-quality short-term fixed income securities for deposit with the Commodity Broker as margin.Contents

ToCCI ~~the~~Total ~~extent~~Return ~~that~~Historical ~~the~~Prices Master Fund trades in futures contracts on United States exchanges, the assets deposited by the Master Fund with its Commodity Broker as margin must be segregated pursuant to the regulations of the U.S. Commodity Futures Trading Commission (~~“CFTC”~~Monthly). ~~Such segregated funds may be invested only in a limited range of instruments.~~

~~Although~~Tabular ~~the~~Performance ~~percentages set forth below may vary substantially over time, as of the date of this Annual Report, the Master Fund estimates:~~

(i) approximately 10% of the Net Asset Value of the Master Fund will be held as margin deposits and will be placed in segregated accounts in the name of the Master Fund with the Commodity Broker (or another eligible financial institution, as applicable) in the form of cash or United States Treasury bills to margin commodity positions; and


	1982		1983		1984		1985		1986		1987		1988		1989		1990		1991
January		101.34		103.24		110.00		103.27		102.07		107.23		124.46		141.62		155.48		151.18
February		97.88		98.56		111.46		99.17		98.26		106.00		121.18		144.01		158.05		153.90
March		95.25		102.16		116.15		103.90		97.97		107.87		127.08		145.51		159.10		154.35
April		96.80		104.58		114.17		101.06		100.60		115.54		128.08		146.19		162.61		153.43
May		93.93		108.48		116.20		98.95		97.33		116.74		134.02		142.61		162.60		152.96
June		92.81		107.15		112.18		96.93		96.02		116.95		138.37		146.79		158.82		149.72
July		93.17		111.80		103.00		97.80		96.09		119.23		132.59		142.60		160.55		154.80
August		95.18		113.31		107.59		98.97		102.70		117.97		132.63		144.06		163.58		152.99
September		93.88		110.20		105.27		100.66		103.82		118.36		128.43		144.97		168.59		156.77
October		96.53		106.39		106.20		103.64		104.31		119.00		134.88		144.75		161.51		160.40
November		98.58		109.27		104.62		104.85		103.81		124.75		139.34		147.55		159.48		158.33
December		98.44		111.16		101.03		106.03		104.80		124.41		144.35		150.98		158.64		152.25

	1992		1993		1994		1995		1996		1997		1998		1999		2000		2001
January		152.62		144.22		159.78		167.63		193.04		212.80		224.10		171.56		182.49		200.87
February		150.99		145.81		160.80		170.77		196.45		217.12		217.32		163.26		181.60		199.37
March		151.55		151.90		162.09		173.78		201.72		221.21		218.08		170.85		186.68		189.30
April		149.17		153.95		161.89		176.61		209.92		224.26		215.22		169.20		184.96		192.80
May		152.77		153.73		170.00		176.38		210.32		227.67		207.33		165.19		195.03		188.39
June		153.52		152.79		169.55		174.40		208.80		220.61		203.41		167.21		195.06		183.78
July		151.05		158.83		172.93		176.39		205.26		224.71		195.17		165.29		192.53		182.33
August		147.35		156.42		169.51		180.43		212.64		226.65		183.20		171.44		198.89		178.58
September		147.89		154.52		169.57		181.67		209.55		227.92		188.69		177.22		200.19		170.11
October		145.91		153.92		170.16		183.18		204.28		227.01		188.01		175.05		196.31		165.99
November		148.41		152.67		166.41		184.92		211.48		224.59		180.37		176.49		203.55		170.96
December		147.44		156.48		172.50		187.77		210.35		219.56		174.47		178.07		203.47		168.51

	2002		2003		2004		2005		2006		2007		2008		2009		2010		2011
January		164.83		212.14		229.67		250.91		317.12		330.62		411.13		275.21		309.71		413.98
February		167.85		210.43		241.16		269.04		307.28		342.83		459.94		262.70		316.72		427.41
March		178.98		200.92		249.10		276.15		314.70		341.39		419.58		272.62		309.01		427.31
April		174.76		201.16		239.12		267.03		328.57		335.77		432.82		271.52		317.08		440.35
May		177.87		204.61		243.59		264.15		328.29		339.71		436.36		302.54		301.20		421.70
June		179.55		202.54		234.32		268.09		329.35		339.29		475.72		284.18		305.96		405.75
July		182.26		203.40		235.75		270.29		333.17		349.84		434.38		291.59		323.85		416.20
August		188.45		210.55		243.06		276.76		330.54		339.34		407.25		288.18		321.16		424.72
September		192.98		210.87		249.04		289.08		313.12		367.75		355.30		296.28		344.96		366.31
October		194.72		214.61		248.86		285.12		323.59		373.06		288.96		308.74		363.59		386.60
November		195.84		215.63		253.96		289.17		342.87		369.02		279.58		322.67		361.99		372.96
December		199.55		222.14		249.80		303.40		331.29		388.41		277.32		323.90		400.73		358.71

	2012		2013		2014		2015		2016
January		373.80		348.30		308.61		263.18		220.32
February		378.37		333.29		331.93		267.87		219.04
March		361.80		327.20		336.91		255.94		228.74
April		351.72		334.18		346.35		264.60		242.44
May		320.53		318.42		332.52		260.10		240.03
June		337.51		305.34		334.31		267.26		250.19
July		351.10		308.50		319.18		244.07		243.22
August		359.43		318.70		315.06		241.28		237.34
September		361.61		314.69		297.74		236.52		239.80
October		349.29		311.05		298.08		240.56		241.42
November		352.37		307.63		288.44		226.78		238.81
December		340.74		306.28		274.71		225.92		238.59

(ii)Table approximately 90% of the Net Asset Value of the Master Fund will be maintained in segregated accounts in the name of the Master Fund in bank deposits or United States Treasury and United States Government Agencies issues.Contents

The ~~Managing~~CCI-TR ~~Owner~~ is ~~responsible~~an ~~for~~equal ~~the~~weight commodity index. By its very structure an ~~cash~~evenly-weighted ~~management~~index ~~activities~~will ofprovide broader exposure than one that is not evenly-weighted. To the ~~Master~~extent ~~Fund,~~that ~~including~~an ~~investing~~index is over-weighted in ~~United~~a ~~States~~particular ~~Treasury~~commodity class, ~~and~~such ~~United~~as ~~States~~energy, ~~government~~that ~~agencies~~index will reflect the energy sector more than it ~~issues~~will the broad commodity universe. The table below indicates the constituent commodities, their index weighting and the sector weighting within the Index.

In addition, assets of the Master Fund not required to margin positions may be maintained in United States bank accounts opened in the name of the Master Fund and may be held in United States Treasury bills (or other securities approved by the CFTC for investment of customer funds).


Commodity	Index Weight			Sector Weight
Crude Oil		5.88	%		Energy 17.65	%
Heating Oil		5.88	%
Natural Gas		5.88	%

Corn		5.88	%		Grains 23.53	%
Wheat		5.88	%
Soybeans		5.88	%
Soybean Oil		5.88	%

Live Cattle		5.88	%		Livestock 11.76	%
Lean Hogs		5.88	%

Sugar		5.88	%		Softs 23.53	%
Cotton		5.88	%
Coffee		5.88	%
Cocoa		5.88	%

Gold		5.88	%		Metals 23.53	%
Silver		5.88	%
Platinum		5.88	%
Copper		5.88	%

~~The~~Interruption ~~Master Fund receives 100%~~ of ~~the~~Index ~~interest income~~Calculation ~~earned on its interest income assets.~~

~~Net~~Calculation ~~Asset~~of ~~Value~~the CCI-TR may not be possible or feasible under certain events or circumstances, including, without limitation, a systems failure, natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance, that is beyond the reasonable control of Thomson Reuters, the Managing Owner or the Sub-Adviser. Additionally, calculation of the CCI-TR may also be disrupted by an event that would require Thomson Reuters to calculate the closing price in respect of the relevant commodity on an alternative basis.

“Net Asset Value” means the total assets of the Master Fund including, but not limited to, all cash and cash equivalents or other debt securities less total liabilities of the Master Fund, each determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting. In particular, Net Asset Value includes any unrealized profit or loss on open commodity futures contracts, and any other credit or debit accruing to the Master Fund but unpaid or not received by the Master Fund. All open commodity futures contracts traded on a United States exchange will be calculated at their then current market value, which will be based upon the settlement price for that particular commodity futures contract traded on the applicable United States exchange on the date with respect to which Net Asset Value is being determinedInvestments; ~~provided,~~Margin that if a commodity futures contract traded on a United States exchange could not be liquidated on such day, due to the operation of daily limits or other rules of the exchange upon which that position is traded or otherwise, the settlement price on the most recent day on which the position could have been liquidated shall be the basis for determining the market value of such position for such day.

The ~~current~~Master ~~market~~Fund ~~value~~uses ofproceeds ~~all~~from ~~open commodity futures contracts traded on a non-United States exchange shall be based upon~~ the ~~settlement~~offering ~~price~~of ~~for~~Shares ~~that~~to ~~particular~~engage ~~commodity futures~~in ~~contract traded on~~ the ~~applicable~~trading ~~non-United~~of ~~States~~Commodity ~~exchange~~Futures on the ~~date~~Index Commodities with ~~respect~~a view to ~~which~~tracking ~~Net~~the performance ~~Asset~~of ~~Value~~the isIndex ~~being determined;~~over ~~provided~~time, ~~that~~less ifthe aFunds’ ~~commodity~~expenses. ~~futures~~The ~~contract~~Master ~~traded~~Fund’s onPortfolio aalso ~~non-United~~includes ~~States~~cash ~~exchange~~and ~~could~~U.S. ~~not~~Treasuries befor ~~liquidated~~deposit onwith ~~such day, due to~~ the ~~operation~~Commodity ofBroker ~~daily~~as ~~limits~~margin ~~(if applicable)~~ or ~~other rules of the exchange upon which that position is traded or~~ otherwise, ~~the~~held ~~settlement~~to ~~price~~cover on the ~~most~~Master ~~recent~~Fund’s ~~day on which the position could have been liquidated shall be the basis for~~notional ~~determining~~exposure ~~the~~to ~~market~~Commodity ~~value of such position for such day~~Futures.

~~The~~When ~~Managing~~the ~~Owner~~Master ~~may~~Fund trades in ~~its~~Commodity ~~discretion~~Futures ~~(and under~~on ~~extraordinary~~United ~~circumstances,~~States ~~including~~exchanges, ~~but~~it ~~not~~is ~~limited~~required to, ~~periods~~deposit ~~during which~~ a ~~settlement~~portion ~~price~~ of ~~a futures contract~~the isvalue ~~not~~of ~~available~~the ~~due~~contract ~~to exchange limit orders~~ or ~~force~~other ~~majeure~~interest ~~type events such~~ as ~~systems~~security ~~failure,~~to ~~natural~~ensure orpayment ~~man-made~~for ~~disaster, act~~the ofunderlying ~~God,~~obligation. ~~armed~~This ~~conflict,~~deposit ~~act~~is ofknown ~~terrorism,~~as ~~riot~~initial ormargin. ~~labor~~The ~~disruption~~assets ordeposited ~~any~~by ~~similar intervening circumstance) value any asset of~~ the Master Fund ~~pursuant~~with toits ~~such~~Commodity ~~other~~Broker ~~principles~~ as ~~the~~margin ~~Managing~~must ~~Owner~~be ~~deems~~segregated ~~fair~~pursuant ~~and equitable so long as such principles~~to ~~are~~the ~~consistent~~regulations ~~with~~of ~~normal~~the ~~industry standards~~U.S. ~~Notwithstanding,~~Commodity ~~such~~Futures ~~valuations~~Trading ~~may~~Commission ~~differ from valuations of others in~~ (the ~~industry~~“CFTC”). ~~Interest~~ ~~earned~~Such onsegregated ~~the~~funds ~~Master~~may ~~Fund’s commodity brokerage account will~~ be ~~accrued~~invested atonly ~~least~~in ~~monthly.~~a ~~The~~limited ~~amount~~range of ~~any distribution will be a liability of the Master Fund from the day when the distribution is declared until it is paid~~instruments.

~~Net~~Although ~~Asset~~the ~~Value~~percentages ~~per~~set ~~Master~~forth ~~Fund~~below ~~Unit~~may isvary ~~the Net~~substantially ~~Asset~~over ~~Value~~time, as of the ~~Master~~date ~~Fund divided by the number~~ of ~~outstanding~~this ~~Master~~Annual ~~Fund Units. Because there will be a one-to-one correlation between Shares and Master Fund Units~~Report, the ~~Net Asset Value per Share and the Net Asset Value per~~ Master Fund ~~Unit~~estimates: ~~will be equal.~~

7(i) approximately 15% of the Net Asset Value (as defined below) of the Master Fund will be held as margin in the form of U.S. Treasuries in segregated accounts with the Commodity Broker (or another eligible financial institution, as applicable); and

~~Creation~~6 ~~and Redemption of Shares~~

TheTable Fund creates and redeems Shares from time to time, but only in one or more Baskets of 50,000 Shares. Authorized Participants are the only persons that may place orders to create and redeem Baskets. Each Authorized Participant must (i) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution that is not required to register as a broker-dealer to engage in securities transactions, (ii) be a participant in the Depository Trust Company (“DTC”), and (iii) have entered into a Participant Agreement. A list of the current Authorized Participants can be obtained from the Managing Owner. Investors not qualified as Authorized Participants will not be able to place orders to create and redeem Baskets directly from the Fund. However, Authorized Participants may sell the Shares included in the Baskets they purchase from the Fund to other investors.Contents

To(ii) ~~compensate~~approximately ~~the~~85% ~~Fund’s~~of ~~Administrator for services in processing~~ the ~~creation~~Net ~~and~~Asset ~~redemption~~Value ~~of Baskets, an Authorized Participant is required to pay, as of January 1, 2016, a transaction fee of $200 per order. Authorized Participants who purchase Baskets~~ will ~~receive~~be nomaintained ~~fees,~~in ~~commissions~~segregated ~~or other~~accounts ~~form~~in ofthe ~~compensation~~name ~~or inducement~~ of ~~any kind from~~ the Master Fund, ~~and~~in nobank ~~such~~deposits ~~person has any obligation~~ or ~~responsibility~~United ~~to the~~States ~~Managing~~Treasury ~~Owner~~and orUnited ~~the~~States ~~Fund~~government toagencies ~~affect any sale or resale of Shares~~issues.

The ~~Participant~~Managing ~~Agreement~~Owner ~~sets~~is ~~forth~~responsible ~~the procedures~~ for the ~~creation~~cash ~~and~~management ~~redemption~~activities of ~~Baskets and for~~ the ~~payment~~Master ~~of cash required for such creations and redemptions. Under the Participant Agreement~~Fund, ~~the Managing Owner has agreed to indemnify an Authorized Participant against certain liabilities,~~ including ~~liabilities~~investing ~~under the Securities Act of 1933, as amended (the “1933 Act”). Authorized Participants are cautioned that some of their activities may result~~ in ~~their~~United ~~being~~States ~~deemed~~Treasury ~~participants in a distribution in a manner that would render them~~and ~~statutory~~United ~~underwriters~~States ~~and~~government ~~subject~~agencies ~~them to the prospectus delivery and liability provisions of the Securities Act~~issues.

The ~~times~~Master ~~for~~Fund ~~creation~~receives ~~and~~100% ~~redemption order cut-off times and/or settlement set forth below are as~~ of the ~~date~~interest ofincome ~~this~~earned ~~annual~~on ~~report and may be revised as designated by the Fund or~~ its ~~agents~~interest onincome ~~the order form or related procedures as communicated to Authorized Participants~~assets.

~~Creation~~Net ~~Procedures~~Asset Value; Indicative Fund Value

~~General.~~“Net OnAsset Value” ~~any~~means ~~business~~the ~~day~~total assets of the Master Fund including, anbut ~~Authorized Participant~~not ~~may~~limited ~~place~~to, anall ~~order~~cash ~~with~~and ~~the~~cash ~~Fund’s~~equivalents ~~Distributor~~or ~~(as~~other ~~facilitated~~debt bysecurities, less total liabilities of the Master Fund’s, ~~Administrator)~~each todetermined ~~create~~on the basis of generally accepted accounting ~~one~~principles orin ~~more~~the ~~Baskets.~~United ~~For~~States, ~~purposes~~consistently ofapplied ~~processing~~under ~~both~~the ~~purchase~~accrual ~~and~~method ~~redemption~~of ~~orders~~accounting. In particular, aNet ~~“business~~Asset ~~day”~~Value ~~means~~includes any ~~day other~~unrealized ~~than~~profit aor ~~day~~loss ~~when~~on ~~banks~~open inCommodity ~~New~~Futures, ~~York~~and ~~City~~any ~~are~~other ~~required~~credit or ~~permitted~~debit accruing to bethe ~~closed.~~Master ~~Purchase~~Fund but ~~orders~~unpaid ~~must~~or benot ~~placed~~received by ~~10:00~~the aMaster Fund.~~m., New~~ ~~York~~All ~~time.~~open ~~The~~Commodity ~~day~~Futures traded on a United States exchange will be calculated at their then current market value, which awill ~~valid~~be ~~purchase~~based ~~order~~upon isthe ~~received~~settlement isprice for that particular Commodity Future traded on the ~~purchase~~applicable ~~order~~United States exchange on the date. ~~Purchase~~with ~~orders~~respect ~~are~~to ~~irrevocable. By~~which ~~placing~~Net aAsset ~~purchase~~Value ~~order~~is being determined; provided, ~~and~~that ~~prior~~if a Commodity Future traded on a United States exchange could not be liquidated on such day, due to ~~delivery~~the operation of ~~such~~daily ~~Baskets~~limits or other rules of the exchange upon which that position is traded or otherwise, anthe ~~Authorized~~settlement ~~Participant’s~~price ~~DTC~~on ~~account~~the ~~will~~most berecent ~~charged~~ day on which the ~~non-refundable~~position ~~transaction~~could ~~fee~~have ~~due~~been liquidated shall be the basis for determining the ~~purchase~~market ~~order~~value of such position for such day.

~~Determination of Required Payment.~~ The ~~total~~current ~~payment~~market ~~required~~value toof ~~create~~all ~~each~~open ~~Basket~~Commodity isFutures ~~the~~traded ~~Net~~on ~~Asset~~a ~~Value~~non-United ofStates exchange ~~50,000~~shall ~~Shares~~be asbased ofupon the ~~closing~~settlement ~~time~~price offor ~~NYSE~~that ~~Arca~~particular ~~or the~~commodity ~~last~~futures tocontract ~~close~~traded ofon the ~~exchanges~~applicable onnon-United ~~which~~States exchange on the ~~Index~~date ~~Commodities~~with ~~are~~respect ~~traded,~~to ~~whichever~~which Net Asset Value is ~~later~~being determined; provided, onthat ~~the~~if ~~purchase~~a ~~order~~Commodity ~~date. Baskets~~Future ~~will~~traded beon ~~issued~~a asnon-United ofStates ~~12:00~~exchange ~~p.m.,~~could ~~New~~not ~~York~~be ~~time,~~liquidated on ~~the~~such ~~business~~ day, ~~immediately~~due ~~following~~to the ~~purchase~~operation ~~order~~of ~~date~~daily atlimits ~~Net Asset~~(if ~~Value~~applicable) ~~per~~or ~~Share~~other asrules of the ~~closing~~exchange upon ~~time~~which ofthat ~~NYSE~~position ~~Arca~~is traded or otherwise, the ~~last~~settlement toprice ~~close~~on of the ~~exchanges~~most recent day on which the ~~Index~~position ~~Commodities are~~could ~~traded,~~have ~~whichever~~been isliquidated ~~later,~~shall onbe the ~~purchase~~basis ~~order~~for ~~date~~determining ~~during~~ the ~~continuous~~market ~~offering~~value ~~period,~~of ~~but~~such ~~only~~position iffor ~~the~~such ~~required payment has been timely received~~day.

~~Because~~The ~~orders~~Managing toOwner ~~purchase~~may ~~Baskets~~in ~~must~~its ~~be placed~~discretion by(and ~~10:00~~under ~~a.m.~~extraordinary circumstances, ~~New York time~~including, but ~~the~~not ~~total~~limited ~~payment~~to, ~~required~~periods toduring ~~create~~which a ~~Basket~~settlement ~~during~~price ~~the~~of ~~continuous~~a Commodity ~~offering~~Future ~~period~~is ~~will~~ not beavailable ~~determined~~due ~~until~~to ~~4:00~~exchange ~~p.m.,~~limit ~~New~~orders ~~York~~or ~~time~~force majeure type events such as systems failure, onnatural ~~the~~or ~~date~~man-made ~~the~~disaster, ~~purchase~~act ~~order~~of isGod, ~~received~~armed conflict, ~~Authorized~~act ~~Participants~~of ~~will~~terrorism, ~~not~~riot or labor ~~know~~disruption ~~the~~or ~~total~~any ~~amount~~similar intervening circumstance) value any asset of the ~~payment~~Master ~~required~~Fund pursuant to ~~create~~such aother ~~Basket~~principles atas the ~~time~~Managing ~~they~~Owner ~~submit~~deems anfair ~~irrevocable~~and ~~purchase~~equitable ~~order~~so ~~for~~long ~~the~~as such principles are consistent with normal industry standards. ~~Basket~~Notwithstanding the foregoing, such valuations may differ from valuations of others in the industry. ~~The~~Interest earned on the Master Fund’s ~~Net~~commodity ~~Asset~~brokerage ~~Value~~account ~~and~~will ~~the~~be ~~total~~accrued at least monthly. The amount of ~~the~~any ~~payment~~distribution ~~required~~will tobe ~~create~~ a liability ~~Basket~~of ~~could~~the ~~rise~~Master orFund ~~fall~~from ~~substantially between~~the day when the ~~time~~distribution anis ~~irrevocable~~declared ~~purchase~~until ~~order~~it is ~~submitted~~paid. Because there will be a one-to-one correlation between Shares and ~~the~~Master Fund ~~time~~Units, the ~~amount~~Net ofAsset Value per Share and the ~~purchase~~Net ~~price~~Asset inValue ~~respect~~per ~~thereof~~Master ~~is determined~~Fund Unit will be equal.

~~Rejection~~The ofFund’s ~~Purchase~~Administrator ~~Orders~~(as defined below) calculates the Net Asset Value once each NYSE Arca trading day. The ~~Administrator may~~Net ~~reject~~Asset Value for a ~~purchase~~particular ~~order~~trading ifday is released after 5:00 p.m. ET and posted at www.wisdomtree.com.

~~(i)~~To itprovide ~~determines~~updated ~~that~~information relating to the ~~purchase~~Fund ~~order~~for use by investors and market professionals, the NYSE Arca calculates and disseminates throughout the trading day an updated “indicative fund value.” The indicative fund value is calculated by using the prior day’s closing Net Asset Value per Master Fund Unit as a base and updating that value throughout the trading day to reflect changes in the value of the Master Fund’s Commodity Futures during the trading day. Changes in the value of U.S. Treasuries will not be included in ~~proper~~the ~~form;~~calculation of indicative fund value. The indicative fund value will be disseminated on a per Share basis every 15 seconds during regular NYSE Arca trading hours of 9:30 a.m. ET to 4:00 p.m. ET.

~~(ii)~~7 ~~the Managing Owner believes that the purchase order would have adverse tax consequences to the Fund or its Shareholders; or~~

(iii)Table circumstances outside the control of the Managing Owner or the Distributor make it, for all practical purposes, not feasible to process creations of Baskets.Contents

8Creation and Redemption of Shares

The ~~Distributor~~Fund creates and redeems Shares from time to time, but only in one or more baskets (“Baskets”) of 50,000 Shares. Authorized Participants are the only persons that may place orders to create and redeem Baskets. Each “Authorized Participant” must (i) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution that is not required to register as a broker-dealer to engage in securities transactions, (ii) be a participant in the Depository Trust Company (“DTC”), and (iii) have entered into a “Participant Agreement.” A list of the current Authorized Participants can be obtained from the Managing Owner. Investors not qualified as Authorized Participants will not be ~~liable~~able ~~for~~to place orders to create and redeem Baskets directly from the ~~rejection~~Fund. ofHowever, ~~any~~Authorized Participants may sell the Shares included in the Baskets they purchase ~~order~~from the Fund to other investors.

~~Redemption~~To ~~Procedures~~compensate the Administrator for services in processing the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee of $200 per order. Authorized Participants who purchase Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from the Fund, and no such person has any obligation or responsibility to the Managing Owner or the Fund to affect any sale or resale of Shares.

~~General.~~ The Participant ~~procedures~~Agreement bysets ~~which~~forth ~~an Authorized~~the ~~Participant~~procedures ~~can~~for ~~redeem~~the ~~one~~creation orand ~~more~~redemption of Baskets ~~mirror~~and for the ~~procedures~~payment of cash required for ~~the~~such ~~creation~~creations ofand ~~Baskets~~redemptions. OnUnder ~~any~~the ~~business~~Participant ~~day~~Agreement, an ~~Authorized~~the ~~Participant~~Managing ~~may~~Owner ~~place~~has agreed to indemnify an Authorized ~~order~~Participant ~~with~~against ~~the~~certain ~~Distributor~~liabilities, ~~(as~~including ~~facilitated~~liabilities byunder the ~~Administrator)~~Securities toAct ~~redeem~~of ~~one~~1933, oras ~~more Baskets.~~amended ~~Redemption~~(the ~~orders~~“1933 ~~must~~Act”). beAuthorized ~~placed~~Participants byare ~~10:00~~cautioned ~~a.m.,~~that ~~New~~some ~~York~~of ~~time.~~their ~~The~~activities ~~day~~may onresult ~~which~~in atheir ~~valid~~being ~~redemption~~deemed participants ~~order~~in isa ~~received~~ distribution in ~~proper~~a ~~form~~manner isthat ~~the~~would ~~redemption~~render ~~order~~them ~~date.~~statutory ~~Redemption~~underwriters ~~orders~~and ~~are~~subject ~~irrevocable.~~them ~~Individual~~to ~~Shareholders~~the ~~may~~prospectus ~~not~~delivery ~~redeem~~and ~~directly from~~liability provisions of the ~~Fund~~Securities Act.

ByThe ~~placing~~times afor creation and redemption order, ancut-off ~~Authorized Participant~~times ~~agrees~~and/or tosettlement ~~deliver~~set ~~the~~forth ~~Baskets~~below toare beas ~~redeemed~~of ~~through DTC’s book-entry system to~~ the ~~Fund~~date ~~not~~of ~~later than 12:00pm,~~this ~~New~~annual ~~York~~report ~~time,~~and onmay ~~the~~be ~~business~~revised ~~day~~as ~~immediately~~designated ~~following~~by the ~~redemption~~Fund ~~order~~or ~~date.~~its Byagents ~~placing~~on athe ~~redemption~~ order, ~~and~~form ~~prior~~or ~~to receipt~~related ofprocedures ~~the~~as ~~redemption~~communicated ~~proceeds,~~to an Authorized ~~Participant’s DTC account will be charged the non-refundable transaction fee due for the redemption order~~Participants.

~~Determination~~Creation ofProcedures Required Payment. The redemption proceeds from the Fund consist of the cash redemption amount equal to the Net Asset Value of the number of Basket(s) requested in the Authorized Participant’s redemption order as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Index Commodities are traded, whichever is later, on the redemption order date. The Managing Owner will distribute the cash redemption amount at 12:00 p.m., New York time, on the business day immediately following the redemption order date through DTC to the account of the Authorized Participant as recorded on DTC’s book entry system.

~~Delivery of Redemption Proceeds~~General. ~~The~~On any ~~redemption~~business ~~proceeds~~day, ~~due~~an ~~from the Fund are delivered to the~~ Authorized Participant atmay ~~12:00pm,~~place ~~New~~an ~~York time, on the business day immediately following the redemption~~ order ~~date~~with ~~if, by such time,~~ the Fund’s ~~DTC~~Distributor ~~account~~(as ~~has~~defined ~~been~~below) ~~credited~~(as ~~with~~facilitated ~~the~~by ~~Baskets to be redeemed. If~~ the Fund’s ~~DTC~~Administrator) ~~account has not been credited with all of the Baskets~~ to becreate ~~redeemed~~one byor ~~such~~more ~~time, the redemption distribution is delivered to the extent of whole~~ Baskets ~~received~~. ~~Any~~For ~~remainder~~purposes of ~~the~~processing ~~redemption~~both ~~distribution~~purchase isand redemption ~~delivered~~orders, ona ~~the next~~ “business day” tomeans ~~the~~any ~~extent~~day ofother ~~remaining~~than ~~whole~~a ~~Baskets~~day ~~received~~when ifbanks ~~the~~in ~~Distributor~~New ~~receives~~York ~~the~~City ~~fee~~are ~~applicable to~~required ~~the~~or ~~extension~~permitted ~~of the redemption distribution date which the Distributor may, from time-~~to~~-time,~~ ~~determine~~be ~~and~~closed. ~~the~~Purchase ~~remaining Baskets~~orders tomust be ~~redeemed~~placed ~~are credited to the Fund’s DTC account~~ by 1210:~~00pm,~~00 ~~New~~a.m. ~~York~~ET. ~~time,~~The ~~on such next business~~ day. ~~Any further~~on ~~outstanding~~which ~~amount~~a ofvalid ~~the~~purchase ~~redemption~~ order ~~shall~~is bereceived ~~cancelled. The Distributor~~ is ~~also authorized to deliver~~ the ~~redemption~~ ~~distribution~~purchase ~~notwithstanding~~order ~~that~~date. ~~the~~Purchase ~~Baskets~~orders ~~to be redeemed~~ are ~~not~~irrevocable. ~~credited~~By toplacing ~~the~~a ~~Fund’s~~purchase ~~DTC account by 12:00pm~~order, ~~New York~~and ~~time,~~prior onto ~~the~~delivery ~~business~~of ~~day~~such ~~immediately~~Baskets, ~~following~~an ~~the redemption order date if the~~ Authorized Participant ~~has collateralized its obligation to deliver the Baskets through DTC~~’s ~~book~~DTC ~~entry~~account ~~system~~will onbe ~~such~~charged ~~terms as~~ the ~~Distributor and the Managing~~non-refundable ~~Owner~~transaction ~~may~~fee ~~from~~due ~~time-to-time~~for ~~agree~~the ~~upon~~purchase order.

~~Suspension~~Determination ~~or Rejection~~ of ~~Redemption~~Required ~~Orders~~Payment. The ~~Managing~~total ~~Owner~~payment ~~may~~required ~~suspend~~to create each Basket is the ~~right~~Net Asset Value of ~~redemption~~50,000 Shares as of the closing time of NYSE Arca or ~~postpone~~the last to close of the ~~redemption~~exchanges ~~settlement~~on ~~date~~which the Index Commodities are traded, ~~(1)~~whichever ~~for~~is ~~any~~later, ~~period~~on ~~during which~~the anpurchase ~~emergency~~order ~~exists~~date. asBaskets awill ~~result~~be issued as of ~~which~~12:00 p.m. ET, on the ~~redemption~~business day ~~distribution~~immediately isfollowing ~~not~~the ~~reasonably~~purchase ~~practicable,~~order ordate ~~(2)~~at ~~for~~Net ~~such~~Asset ~~other period~~Value per Share as of the ~~Managing~~closing ~~Owner~~time ~~determines~~of toNYSE beArca ~~necessary~~or ~~for~~ the ~~protection~~last to close of the ~~Shareholders.~~exchanges ~~The~~on ~~Managing~~which ~~Owner~~the ~~will~~Index ~~not~~Commodities ~~be liable~~are totraded, ~~any~~whichever ~~person~~is orlater, inon ~~any~~the ~~way~~purchase ~~for~~order ~~any~~date ~~loss~~during the orcontinuous ~~damages~~offering ~~that~~period, ~~may~~but ~~result~~only ~~from~~if ~~any~~the ~~such~~required ~~suspension~~payment orhas ~~postponement~~been timely received.

ABecause ~~redemption~~orders ~~order~~to ~~may~~purchase Baskets must be ~~rejected~~placed ifby ~~the~~10:00 a.m. ET, but the total payment required to create a Basket during the continuous offering period will not be determined until 4:00 p.m. ET, on the date the purchase order is received, Authorized Participants will not inknow ~~proper~~the ~~form~~total asamount ~~described~~of inthe payment required to create a Basket at the time they submit an irrevocable purchase order ~~form~~for ~~and/or~~the ~~Participant~~Basket. ~~Agreement~~The orFund’s ifNet Asset Value and the ~~fulfillment~~total amount of the ~~order,~~payment inrequired to create a Basket could rise or fall substantially between the time an irrevocable purchase order is submitted and the ~~opinion~~time the amount of ~~its~~the ~~counsel,~~purchase ~~might~~price bein ~~unlawful~~respect thereof is determined.

~~Advisors~~Rejection ~~and~~of ~~Associated~~Purchase Orders. ~~Persons~~The Administrator may reject a purchase order if:

~~The~~(i) ~~Trustee~~it determines that the purchase order is not in proper form;

~~CSC~~8 Trust Company of Delaware, a Delaware corporation, is the sole Trustee of the Fund and Master Fund. The Trustee’s principal offices are located at 2711 Centerville Road, Suite 210, Wilmington, DE 19808. The Trustee is unaffiliated with the Managing Owner. The Trustee’s duties and liabilities with respect to the offering of the Shares and the management of the Fund and Master Fund are limited to its express obligations under the Funds’ Trust Agreements.

9Table of Contents

The Trustee serves as the sole trustee of the Funds in the State of Delaware. The Trustee will accept service of legal process on the Funds in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. The Trustee does not owe any other duties to the Funds, the Managing Owner or the Shareholders. The Trustee is permitted to resign upon at least sixty (60ii) ~~days’ notice to~~ the ~~Fund or the Master Fund, as applicable; provided, that any such resignation will not be effective until a successor Trustee is appointed by the~~ Managing Owner. ~~The~~believes ~~Trust Agreements of each of the Funds provides~~ that the ~~Trustee~~purchase isorder ~~compensated~~would byhave ~~the~~adverse ~~Fund~~tax orconsequences ~~the Master Fund, as applicable, and is indemnified by the Fund or Master Fund, as applicable, against any expenses it incurs relating~~ to or ~~arising out of~~ the ~~formation, operation or termination of the~~ Fund or ~~Master Fund, as applicable, or the performance of~~ its ~~duties~~ ~~pursuant~~Shareholders; ~~to the applicable Trust Agreement, except to the extent that such expenses result from the gross negligence~~ or ~~willful misconduct of the Trustee. The Managing Owner has the discretion to replace the Trustee.~~

~~Under~~(iii) ~~the~~circumstances ~~Trust~~outside ~~Agreements,~~ the ~~Trustee has delegated to the Managing Owner the exclusive management and~~ control of ~~all aspects of~~ the ~~business of the Funds. The Trustee will have no duty or liability to supervise or monitor the performance of the~~ Managing Owner, ~~nor will the Trustee have any liability for the acts~~ or ~~omissions of~~ the ~~Managing~~Distributor ~~Owner.~~make ~~The Shareholders have no voice in the day-to-day management of the business and operations of the Funds~~it, ~~other~~for ~~than~~all ~~certain~~practical ~~limited voting rights as set forth in each Trust Agreement. In the course of its management of the business and affairs of the Funds~~purposes, ~~the~~not ~~Managing~~feasible Owner may, in its sole and absolute discretion, appoint an affiliate or affiliates of the Managing Owner as additional managing owners (except where the Managing Owner has been notified by the Shareholders that it is to beprocess ~~replaced~~creations ~~as the managing owner) and retain such persons, including affiliates~~ of ~~the Managing Owner, as it deems necessary for the efficient operation of the Fund or Master Fund, as applicable~~Baskets.

~~Because~~The ~~the~~Distributor ~~Trustee~~and ~~has delegated substantially all of its authority over~~ the ~~operation of the Funds to the~~ Managing Owner, ~~the~~will ~~Trustee itself is~~ not ~~registered~~be inliable ~~any~~for ~~capacity with~~ the ~~CFTC~~rejection orof ~~the~~any ~~National~~purchase ~~Futures Association (“NFA”)~~order.

~~The~~Redemption ~~Managing~~Procedures ~~Owner~~

~~WisdomTree~~General. ~~Commodity~~The procedures ~~Services,~~by ~~LLC,~~which aan ~~Delaware limited~~Authorized ~~liability~~Participant ~~company,~~can isredeem ~~the~~one ~~Managing~~or ~~Owner~~more ofBaskets ~~each~~mirror of the ~~Funds.~~procedures ~~The~~for ~~Managing Owner serves as~~ the ~~commodity~~creation ~~pool operator~~ of ~~each of the Funds~~Baskets. ~~The~~On ~~Managing~~any ~~Owner~~business isday, ~~registered~~an asAuthorized aParticipant ~~commodity~~may ~~pool~~place ~~operator~~an order with the ~~CFTC~~Distributor ~~and~~(as isfacilitated aby ~~member of~~ the ~~NFA.~~ ~~Its~~Administrator) ~~principal~~to ~~place~~redeem ofone ~~business~~or ismore ~~245~~Baskets. ~~Park~~Redemption ~~Avenue,~~orders ~~35th~~must ~~Floor,~~be ~~New~~placed ~~York,~~by ~~New~~10:00 ~~York~~a.m. ~~10167, and its telephone number is (866) 909-9473~~ET. The ~~registration~~day ofon ~~the~~which ~~Managing~~a ~~Owner~~valid ~~with~~redemption ~~the~~order ~~CFTC~~is ~~and~~received ~~its membership~~ in ~~the~~proper ~~NFA~~form ~~must~~is ~~not~~the beredemption ~~taken~~order asdate. ~~an indication~~Redemption ~~that~~orders ~~either~~are ~~the~~irrevocable. ~~CFTC~~Individual orholders of ~~the~~Shares ~~NFA~~(“Shareholders”) ~~has~~may ~~recommended~~not orredeem ~~approved~~directly ~~the~~from ~~Managing Owner,~~ the Fund ~~or the Master Fund~~.

~~The~~By ~~Trustee~~placing ~~has~~a ~~delegated~~redemption order, an Authorized Participant agrees to deliver the ~~Managing Owner~~Baskets ~~the~~to ~~exclusive~~be ~~power~~redeemed ~~and~~through ~~authority~~DTC’s book-entry system to ~~manage~~the Fund not later than 12:00 p.m. ET, on the business ~~and~~day ~~affairs~~immediately offollowing the ~~Funds~~redemption order date. ~~Specifically~~ By placing a redemption order, ~~with~~and ~~respect~~ prior to ~~each~~receipt ~~Fund~~of the redemption proceeds, an Authorized Participant’s DTC account will be charged the ~~Managing~~non-refundable ~~Owner:~~transaction fee due for the redemption order.

Determination of Required Payment. The redemption proceeds from the Fund consist of the cash redemption amount equal to the Net Asset Value of the number of Basket(is) ~~selects~~requested in the ~~Trustee~~Authorized Participant’s redemption order as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Index Commodities are traded, ~~Administrator~~whichever is later, ~~Distributor~~on ~~and~~the ~~each~~redemption ~~Fund~~order date. The Managing Owner will distribute the cash redemption amount at 12:00 p.m. ET, on the business day immediately following the redemption order date through DTC to the account of the Authorized Participant as recorded on DTC’s ~~auditor;~~book entry system.

~~(ii)~~Delivery ~~negotiates~~of ~~various~~Redemption ~~agreements~~Proceeds. The redemption proceeds due from the Fund are delivered to the Authorized Participant at 12:00 p.m. ET, on the business day immediately following the redemption order date if, by such time, the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Baskets received if the Distributor receives the fee applicable to the extension of the redemption distribution date which the Distributor may, from time-to-time, determine and ~~fees;~~the remaining Baskets to be redeemed are credited to the Fund’s DTC account by 12:00 p.m. ET, on such next business day. Any further outstanding amount of the redemption order shall be cancelled. The Distributor is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by 12:00 p.m. ET, on the business day immediately following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the Distributor and the Managing Owner may from time-to-time agree upon.

Suspension or Rejection of Redemption Orders. The Managing Owner may suspend the right of redemption, or postpone the redemption settlement date, (~~iii~~1) for ~~performs~~any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable, or (2) for such other ~~services~~period as the Managing Owner ~~believes~~determines ~~that~~to be necessary for the ~~Funds~~protection of the Shareholders. The Managing Owner will not be liable to any person or in any way for any loss or damages that may result from ~~time~~any tosuch ~~time~~suspension ~~require~~or postponement.

~~Specifically,~~A ~~with~~redemption ~~respect~~order tomay be rejected if the ~~Master~~order ~~Fund,~~ is not in proper form as described in the ~~Sub-Adviser~~order ~~pursuant~~form toand/or ~~delegation~~Participant byAgreement or if the ~~Managing~~fulfillment ~~Owner:~~of the order, in the opinion of its counsel, might be unlawful.

~~(i)~~Secondary ~~selects~~Market ~~the~~Trading ~~Commodity Broker; and~~

~~(ii)~~The ~~monitors~~NAV per Share will change as fluctuations occur in the ~~performance~~market ~~results~~value of the ~~Master~~Portfolio. ~~Fund’s~~The ~~Portfolio~~public ~~and~~trading ~~reallocates~~price ~~assets~~per ~~within~~Share may be different from the ~~Portfolio~~NAV ~~with~~per Share. Consequently, an Authorized Participant may be able to create or redeem a ~~view~~Basket at a discount or a premium to ~~causing~~the public trading price per Share. This price difference may be due, in large part, to the ~~performance~~fact ofthat supply and demand forces at work in the ~~Master~~secondary ~~Fund’s~~trading ~~Portfolio~~market for Shares is closely related, but not identical, to ~~track~~the ~~that~~same forces influencing the price of the ~~Index~~underlying ~~over~~commodity at any point in time.

109

InTable its capacity as a commodity pool operator, the Managing Owner is an organization which operates or solicits funds for a commodity pool; that is, an enterprise in which funds contributed by a number of persons are combined for the purpose of trading futures contracts.Contents

~~The~~Advisors ~~Sub-Advisor~~and Associated Persons

~~GreenHaven Advisors LLC, as the Sub-Advisor, serves as the commodity trading advisor of the Funds.~~ The ~~Sub-Advisor~~Trustee is registered with the CFTC as a commodity trading advisor and was approved as a member of the NFA as of November 10, 2015. Its principal place of business is 3340 Peachtree Road, Suite 1910, Atlanta, Georgia 30326, and its telephone number is (404) 389-9744.

~~The~~Delaware ~~Sub-Advisor~~Trust Company, ~~under~~a ~~authority delegated~~Delaware ~~by the Managing Owner~~corporation, is ~~responsible for selecting Commodity Brokers and reallocating assets within~~ the ~~Portfolio~~sole ~~with~~Trustee aof ~~view to achieving~~ the Funds’ ~~investment~~(the ~~objective~~“Trustee”). InThe ~~its~~Trustee’s ~~capacity~~principal asoffices aare ~~commodity~~located ~~trading~~at ~~advisor,~~2711 ~~the~~Centerville ~~Sub-Advisor~~Road, isSuite ~~an organization which~~210, ~~for compensation or profit~~Wilmington, ~~advises~~DE ~~others~~19808. asThe toTrustee ~~the~~is ~~value~~unaffiliated ofwith or the ~~advisability~~Managing ~~of buying or selling futures contracts~~Owner.

Under the Declaration of Trust and Trust Agreement, dated as of October 27, 2006 and as amended January 4, 2016, of the Fund, (the “Fund Trust Agreement”) and the Declaration of Trust and Trust Agreement, dated as of October 27, 2006 and as amended July 29, 2007 and January 4, 2016, of the Master Fund (the “Master Fund Trust Agreement” and collectively with the Fund Trust Agreement, the “Trust Agreements”), the Trustee has delegated to the Managing Owner the exclusive management and control of all aspects of the business of the Funds. The ~~Commodity~~Trustee ~~Broker~~will accept service of legal process on the Funds in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. The Trustee does not owe any other duties to the Funds, the Managing Owner or the Shareholders. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner. The Trustee is permitted to resign upon at least sixty (60) days’ notice to the Fund or the Master Fund, as applicable; provided, that any such resignation will not be effective until a successor Trustee is appointed by the Managing Owner. The Trust Agreements of each of the Funds provides that the Trustee is compensated by the Fund or the Master Fund, as applicable, and is indemnified by the Fund or Master Fund, as applicable, against any expenses it incurs relating to or arising out of the formation, operation or termination of the Fund or Master Fund, as applicable, or the performance of its duties pursuant to the applicable Trust Agreement, except to the extent that such expenses result from the gross negligence or willful misconduct of the Trustee. The Managing Owner has the discretion to replace the Trustee.

ABecause ~~variety of executing brokers may execute futures transactions on behalf of~~ the ~~Master~~Trustee ~~Fund.~~has ~~The Sub-Adviser, under authority~~ delegated bysubstantially ~~the~~all ~~Managing~~of ~~Owner, has designated Morgan Stanley & Co. LLC (together with~~ its ~~parent~~authority ~~Morgan~~over ~~Stanley, Morgan Stanley Wealth Management, and its consolidated subsidiaries are collectively referred to as “MS&Co” hereafter), as~~ the ~~Master~~operation ~~Fund’s~~of ~~commodity broker (~~the ~~“Commodity~~ ~~Broker”),~~Funds to ~~which~~ the ~~executing~~Managing ~~brokers give-up all such transactions. In its capacity as clearing broker~~Owner, ~~the~~ ~~Commodity Broker may execute and clear each of~~ the ~~Master~~Trustee ~~Fund’s~~itself ~~futures~~is ~~transactions and perform certain administrative~~not ~~services~~registered ~~for~~in ~~the~~any ~~Master~~capacity ~~Fund. The Commodity Broker is registered~~ with the CFTC asor ~~a futures commission merchant and is a member of~~ the ~~NFA~~National inFutures ~~such~~Association ~~capacity~~(“NFA”).

The Master Fund pays to the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities. On average, total charges paid to the Commodity Broker are expected to be less than $20 per round-turn trade, although the Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. The Managing Owner does not expect brokerage commissions and fees together with the routine, operational, administrative and other ordinary expenses of the Fund and the Master Fund to exceed 0.20% of the Net Asset Value of the Master Fund in any year, although the actual amount of such brokerage commissions, fees and expenses in any year may be greater.

WisdomTree Commodity Services, LLC, a Delaware limited liability company, is the managing owner and commodity pool operator of each of the Funds. The ~~Administrator~~Managing Owner is registered as a commodity pool operator with the CFTC and is a member of the NFA. Its principal place of business is 245 Park Avenue, 35th Floor, New York, New York 10167, and its telephone number is (866) 909-9473. The registration of the Managing Owner with the CFTC and its membership in the NFA must not be taken as an indication that either the CFTC or the NFA has recommended or approved the Managing Owner or the Funds.

~~Effective as~~The ofTrustee ~~January~~has 1,delegated ~~2016,~~to the Managing Owner, ~~on behalf of~~ the ~~Fund~~exclusive ~~and~~power ~~the Master Fund, has appointed State Street Bank~~ and ~~Trust~~ ~~Company~~authority ~~(“State~~to ~~Street”~~manage or the ~~“Administrator”)~~business ~~as the administrator of the Fund~~ and ~~the Master~~ ~~Fund~~affairs ~~and has entered into an Administration Agreement in connection therewith. State Street serves as Custodian~~ of the ~~Fund and has entered into a Master Custodian Agreement in connection therewith~~Funds. Specifically, ~~State~~with ~~Street~~respect ~~also~~to ~~serves~~each asFund, the ~~transfer~~Managing ~~agent~~Owner: ~~of the Fund and has entered into a Transfer Agency and Service Agreement in connection therewith.~~

~~State~~(i) ~~Street,~~selects ~~a state-chartered bank organized under~~ the ~~laws of the Commonwealth of Massachusetts with trust powers~~Trustee, ~~has an office at One Lincoln Street~~Administrator, ~~Boston, Massachusetts~~Distributor ~~02110. State Street is subject to supervision by the Massachusetts Division of Banks~~ and ~~the~~each ~~Board of Governors of the Federal Reserve System. Information regarding the Net Asset Value of the~~ Fund,’s ~~creation and redemption transaction fees and the names of the parties that have executed a Participant Agreement may be obtained by calling the following number: (866) 909-9473.~~auditor;

~~As the Administrator, State Street performs certain services necessary for the operation and administration of the Funds~~ (~~other than making investment decisions~~ii), ~~including Net~~negotiates ~~Asset~~various ~~Value~~agreements ~~calculations, accounting~~ and ~~other~~fees; ~~fund administrative services. State Street retains certain financial books~~ and records, including: fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details and trading and related documents received from futures commission merchants.

11(iii) performs such other services as the Managing Owner believes that the Funds may from time to time require.

~~The~~With ~~State~~respect ~~Street~~to ~~agreements with~~ the ~~Funds~~Master ~~will continue in effect through March 31~~Fund, ~~2019 unless terminated earlier as specified in~~ the ~~Agreement~~Managing ~~(e.g.,~~Owner ~~material breach).~~has ~~The~~also ~~agreements~~delegated ~~generally provide for~~ the ~~exculpation~~following ~~and~~responsibilities ~~indemnification~~to ~~of State Street from and against any costs,~~the ~~expenses,~~Sub-Adviser: damages, liabilities or claims (other than those resulting from State Street’s own bad faith, negligence or willful misconduct) which may be imposed on, incurred by or asserted against State Street in performing its obligations or duties thereunder.

~~State~~(i) ~~Street~~selecting ~~and~~the ~~any~~Commodity ofBroker; ~~its affiliates may from time to time purchase or sell Shares for their own account, as agent for their customers~~ and ~~for accounts over which they exercise investment discretion.~~

~~Effective~~(ii) asmonitoring ofthe ~~January~~performance 1,of ~~2016,~~the ~~State~~Portfolio ~~Street also~~and ~~will~~reallocating ~~receive~~assets awithin ~~transaction~~the ~~processing~~Portfolio ~~fee in connection~~ with ~~orders~~a ~~from~~view ~~Authorized Participants~~ to ~~create~~tracking ~~or redeem Baskets in~~ the ~~amount~~performance of ~~$200 per order. These transaction processing fees are paid directly by~~ the ~~Authorized~~Index ~~Participants~~over ~~and not by the Fund or the Master Fund~~time.

~~The~~10 ~~Distributor~~

Effective asTable of January 1, 2016, the Managing Owner, on behalf of the Funds, has appointed Foreside Fund Services LLC (“FFS” or the “Distributor”), to assist the Managing Owner and the Administrator with certain functions and duties relating to the creation and redemption of Baskets, including assisting in matters associated with receiving and processing orders from Authorized Participants to create and redeem Baskets, coordinating the processing of such orders and related functions and duties. FFS may be contacted at Foreside Fund Services LLC, 3 Canal Plaza, Suite 100, Portland, Maine 04101. Investors may obtain information regarding the Distributor by calling toll-free in the U.S. at (866) 909-9473. The Fund has entered into a Distribution Services Agreement with FFS.Contents

~~The~~In its capacity as a commodity pool operator, the Managing Owner ~~will~~is ~~pay~~an ~~the~~organization ~~Distributor~~which operates or solicits funds for a ~~fee~~commodity ~~based~~pool; onthat ~~the~~is, ~~Net~~an ~~Asset~~enterprise ~~Value,~~in ~~plus~~which ~~reimbursement~~funds contributed by a number of ~~certain~~persons ~~out-~~are combined for the purpose of~~-pocket~~ ~~expenses~~trading futures contracts.

~~Fees~~The ~~and~~Sub-Adviser ~~Charges~~

~~Upfront~~The ~~Selling~~Managing ~~Commission~~Owner, on behalf of the Funds, has appointed GreenHaven Advisors LLC as the sub-adviser and commodity trading advisor of the Funds. The Sub-Adviser is registered with the CFTC as a commodity trading advisor and is a member of the NFA. Its principal place of business is 3340 Peachtree Road, Suite 1910, Atlanta, Georgia 30326, and its telephone number is (404) 389-9744.

NoThe Sub-Adviser, ~~upfront~~under ~~selling~~authority ~~commissions~~delegated ~~are~~by ~~charged during~~ the ~~Funds’~~Managing ~~continuous~~Owner, ~~offering~~is ~~period,~~responsible ~~although~~for itselecting isCommodity ~~expected~~Brokers ~~that~~and ~~investors~~reallocating ~~will~~assets bewithin ~~charged~~the Portfolio with a ~~customary~~view ~~commission~~to achieving the Funds’ investment byobjective. ~~their~~In ~~brokers~~its incapacity ~~connection~~as ~~with~~a ~~purchases~~commodity oftrading ~~Shares~~advisor, ~~that~~the ~~will~~Sub-Adviser ~~vary~~is ~~from~~an ~~investor~~organization towhich, ~~investor.~~for ~~Investors~~compensation ~~are~~or ~~encouraged~~profit, advises others as to ~~review~~ the ~~terms~~value of ~~their~~or ~~brokerage~~the ~~accounts~~advisability ~~for~~of ~~details~~buying onor ~~applicable~~selling futures ~~charges~~contracts.

~~Management~~The ~~Fee~~Commodity Broker

~~The~~A variety of executing brokers may execute transactions in Commodity Futures on behalf of the Master Fund. ~~pays~~The Sub-Adviser, under authority delegated by the Managing Owner, ahas ~~Management~~designated Morgan ~~Fee~~Stanley & ~~monthly~~Co. inLLC ~~arrears~~( “MS&Co” or the “Commodity Broker”), inas anthe ~~amount~~Master ~~equal~~Fund’s commodity broker, to 0which the executing brokers give-up all such transactions.~~85%~~ ~~per~~In ~~annum~~its capacity ofas clearing broker, the ~~average~~Commodity ~~amount~~Broker ofmay ~~daily~~execute ~~net~~and ~~assets~~clear each of the Master Fund’s futures transactions. ~~No separate~~The ~~management~~Commodity ~~fee~~Broker ~~will~~is beregistered ~~paid~~with bythe CFTC as a futures commission merchant and is a member of the ~~Fund~~NFA in such capacity. MS&Co is based in New York, New York.

~~Sub-Adviser~~The ~~Fee~~Administrator

~~The~~Prior ~~Managing~~to ~~Owner~~January 1, ~~out~~2016, the Bank of ~~its~~New ~~Management Fee,~~York ~~will~~Mellon ~~pay~~Corporation served as the ~~Sub-Adviser~~administrator, ancustodian ~~annual~~and ~~fee~~transfer ~~equal~~agent toof ~~20%~~the Funds. As of January 1, 2016, the ~~Management~~Managing ~~Fee~~Owner, ~~plus~~on ~~20%~~behalf of the ~~Fund’s~~Funds, ~~other~~appointed ~~expense~~State ~~accrual~~ Street Bank and Trust Company (~~excluding~~“State ~~brokerage~~Street” ~~expense~~or ~~accrual~~the “Administrator”) ~~based~~as onthe administrator of the ~~Net~~Funds ~~Asset~~and ~~Value,~~has ~~subject~~entered tointo aan ~~$200,000~~Administration Agreement ~~annual~~in ~~minimum~~connection therewith. InState ~~addition,~~Street ~~the~~serves ~~Managing Owner~~as ~~will~~custodian ~~reimburse~~of the ~~Sub-Adviser~~Funds ~~for~~pursuant ~~certain~~to ofa ~~its~~Master ~~out-~~Custodian Agreement, and transfer agent of~~-pocket~~ ~~expenses~~the Funds pursuant to a Transfer Agency and Service Agreement.

~~Organization~~State Street, a state-charted bank organized under the laws of the Commonwealth of Massachusetts with trust powers, has an office at One Lincoln Street, Boston, Massachusetts 02110. State Street is subject to supervision by the Massachusetts Division of Banks and ~~Offering~~the ~~Expenses~~Board of Governors of the Federal Reserve System. Information regarding the Net Asset Value, creation and redemption transaction fees and a list of Authorized Participants may be obtained by calling the following number: (866) 909-9473.

~~Expenses~~As ~~incurred~~the inAdministrator, ~~connection~~State ~~with~~Street ~~organizing~~performs ~~the~~certain ~~Fund~~services ~~and~~necessary for the ~~Master~~operation ~~Fund~~ and administration of the ~~offering~~Funds of(other ~~Shares~~than ~~through~~making ~~December~~investment 31decisions), ~~2015~~including ~~was~~Net ~~paid~~Asset byValue ~~GreenHaven~~calculations, ~~LLC,~~accounting aand ~~limited~~other ~~liability company~~fund ~~organized~~administrative inservices. ~~the~~ State ofStreet ~~Georgia,~~retains ~~which~~certain isfinancial books ~~the~~and ~~former~~records, ~~sole~~including: ~~member~~fund ofaccounting ~~the~~records, ~~Managing~~ledgers ~~Owner.~~with ~~Neither~~respect ~~GreenHaven~~to assets, ~~LLC~~liabilities, ~~nor the~~capital, ~~Managing~~income ~~Owner~~and isexpenses, ~~entitled~~the toregistrar, ~~reimbursement~~transfer injournals ~~connection~~and ~~with~~related ~~the~~details ~~payment~~and oftrading ~~the~~and ~~organizational~~related ~~and~~documents ~~offering~~received ~~expenses~~from futures commission merchants.

~~Brokerage~~The ~~Commissions~~State Street agreements with the Fund will continue in effect through March 31, ~~Fees~~2019 unless terminated earlier as specified in the applicable agreement (e.g., material breach). The agreements generally provide for the exculpation and ~~Routine~~indemnification of State Street from and against any costs, expenses, damages, liabilities or claims (other than those resulting from State ~~Operational~~Street’s own bad faith, ~~Administrative~~negligence or willful misconduct) which may be imposed on, ~~and~~incurred ~~Other~~by ~~Ordinary~~or ~~Expenses~~asserted against State Street in performing its obligations or duties thereunder.

~~The~~State ~~Managing~~Street ~~Owner does not expect brokerage commissions~~ and ~~fees~~any ~~as well as routine operational, administrative and other ordinary expenses for which the Funds are responsible, including, but not limited to, the fees and expenses~~ of ~~the~~its ~~Trustee,~~affiliates ~~legal~~may ~~and~~from ~~accounting~~time ~~fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs,~~ to ~~exceed~~time ~~0.20%~~purchase ofor ~~the~~sell ~~Net~~Shares ~~Asset~~for ~~Value~~their ofown ~~the Master Fund in any year~~account, ~~although~~ ~~the~~as ~~actual~~agent ~~amount~~for oftheir ~~such~~customers ~~fees~~ and ~~expenses~~for inaccounts ~~any year may be greater. These estimates are based on the Net Asset Value~~over ~~per~~which ~~share~~they ofexercise ~~$18.56~~investment ~~on December 31, 2015~~discretion.

12State Street also receives a transaction processing fee in connection with orders from Authorized Participants to create or redeem Baskets in the amount of $200 per order. These transaction processing fees are paid directly by the Authorized Participants and not by the Funds.

~~Unusual~~11 ~~Fees and Expenses~~

TheTable Master Fund pays all its unusual fees and expenses, if any, of the Fund and Master Fund generally, if any, as determined by the Managing Owner. Unusual fees and expenses are fees and expenses which are non-recurring and unusual in nature, such as legal claims and liabilities and litigation costs and any permitted indemnification payments related thereto. Unusual fees and expenses shall also include material expenses which are not currently anticipated obligations of the Fund or Master Fund or of managed futures funds in general. Routine operational, administrative and other ordinary expenses will not be deemed unusual expenses. There have been no unusual fees or expenses since the Funds commenced investment operations on January 23, 2008.Contents

~~Management~~The ~~Fee~~Distributor ~~and Ongoing Expenses to be Paid First out of Interest Income~~

The ~~Management~~Managing ~~Fee~~Owner, ~~and~~on ~~ordinary~~behalf ~~ongoing expenses~~ of the Funds, ~~will~~has beappointed ~~paid~~Foreside ~~first~~Fund ~~out~~Services ofLLC ~~interest~~(“FFS” ~~income~~or ~~from~~ the ~~Master~~“Distributor”) ~~Fund~~to serve as the Funds’s ~~holdings~~distributor, ofpursuant Uto a Distribution Services Agreement.S. ~~Treasury~~In ~~bills~~its ~~and~~capacity ~~other high~~as ~~credit-quality~~Distributor, ~~short-term~~FFS ~~fixed~~assists ~~income~~the ~~securities~~Managing onOwner ~~deposit~~and the Administrator with ~~the~~certain ~~Commodity~~functions ~~Broker~~and asduties ~~margin~~relating orto ~~otherwise.~~the Itcreation isand ~~expected that~~redemption of Baskets, including atassisting ~~current~~in ~~interest~~matters ~~rates,~~associated ~~such~~with ~~interest~~receiving ~~income~~and ~~will~~processing ~~not~~orders befrom ~~sufficient~~Authorized Participants to ~~cover~~create ~~all~~and orredeem aBaskets, ~~significant~~coordinating ~~portion~~the processing of ~~the~~such ~~Management Fee~~orders and ~~ordinary~~related ~~ongoing~~functions ~~expenses~~and ofduties. FFS may be contacted at Foreside Fund Services LLC, 3 Canal Plaza, Suite 100, Portland, Maine 04101. Investors may obtain information regarding the ~~Funds~~Distributor by calling toll-free in the U.S. at (866) 909-9473.

~~Governance;~~Fees ~~Shareholder Rights~~ and ~~Protections~~Charges

~~Duties~~Upfront ofSelling ~~the Managing Owner~~Commissions

AsNo ~~managing~~upfront ~~owner~~selling ofcommissions ~~the~~are ~~Funds,~~charged ~~the~~during ~~Managing Owner effectively is subject to~~ the ~~duties~~Funds’ ~~and~~continuous ~~restrictions~~offering ~~imposed~~period, onalthough ~~“fiduciaries”~~it ~~under~~is ~~both~~expected ~~statutory~~that ~~and~~investors ~~common~~will be ~~law.~~charged ~~The Managing Owner has~~ a ~~fiduciary~~customary ~~responsibility~~commission toby ~~the~~their ~~Shareholders~~brokers ~~to exercise good faith, fairness and loyalty~~ in ~~all dealings~~connection ~~affecting the Fund and the Master Fund, consistent~~ with ~~the~~purchases ~~terms~~ of ~~the~~Shares ~~Trust~~that ~~Agreements.~~will ~~The~~vary ~~general~~from ~~fiduciary~~investor ~~duties which would otherwise be imposed on the Managing Owner (which would make the operation of the Funds as described herein impracticable due~~ to ~~the~~investor. ~~strict~~Investors ~~prohibition imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its beneficiaries),~~ are ~~defined~~encouraged ~~and~~to ~~limited~~review ~~in scope by~~ the ~~disclosure of the business~~ terms of ~~the~~their ~~Funds,~~brokerage asaccounts ~~set~~for ~~forth~~details ~~herein and~~on inapplicable ~~the Trust Agreements (to which terms all Shareholders, by subscribing to the Shares, are deemed to consent)~~charges.

~~The~~Management ~~Trust~~Fee Agreements provide that the Managing Owner and its affiliates shall have no liability to the Fund, the Master Fund or any Shareholder for any loss suffered by the Fund or the Master Fund arising out of any action or inaction of the Managing Owner or its affiliates or their respective directors, officers, shareholders, partners, members, managers or employees (the “Managing Owner Related Parties”) if the Managing Owner Related Parties, in good faith, determined that such course of conduct was in the best interests of the Fund or the Master Fund, as applicable, and such course of conduct did not constitute gross negligence or misconduct by the Managing Owner Related Parties. The Funds have agreed to indemnify the Managing Owner Related Parties against claims, losses or liabilities based on their conduct relating to the Funds, provided that the conduct resulting in the claims, losses or liabilities for which indemnity is sought did not constitute gross negligence or misconduct and was done in good faith and in a manner reasonably believed to be in the best interests of the Fund or the Master Fund, as applicable.

AnFor ~~investor should be aware that~~ the ~~terms~~year ended ofDecember 31, ~~the~~2016, ~~governing instrument of~~ the ~~Fund~~Funds orpaid the ~~Master~~ ~~Fund,~~Managing ~~as applicable~~Owner, ~~may~~ ~~expand~~monthly orin ~~restrict~~arrears, ora ~~eliminate~~fee (the ~~Managing Owner’s~~“Management ~~duties (including fiduciary duties~~Fee”) ~~owed~~equal to ~~the~~0.85% ~~Fund,~~of the ~~Master~~average ~~Fund~~annual orNet ~~any~~Asset ~~beneficial~~Value. ~~owner~~Effective January of1, 2017, the ~~Fund~~Funds or will pay the ~~Master~~Managing ~~Fund~~Owner, monthly asin ~~applicable~~arrears, ~~provided~~ ~~that~~a ~~the~~net ~~governing~~Management ~~instrument~~Fee ofequal ~~the~~to ~~Fund~~0.75% orof the ~~Master~~average ~~Fund,~~annual asNet ~~applicable, may not~~Asset ~~eliminate~~Value ~~the~~after ~~implied~~deducting ~~contractual~~a ~~covenant~~0.10% ofper ~~good~~annum ~~faith~~voluntary ~~and~~management ~~fair~~fee ~~dealing~~waiver.

13Initial Organization and Offering Expenses

~~Under~~Expenses ~~Delaware~~incurred ~~law,~~in aconnection ~~beneficial~~with ~~owner~~formation of ~~a statutory~~ ~~trust~~the ~~(such~~Funds ~~as a Shareholder) may, under certain circumstances~~ and ~~in accordance with~~ the ~~statutory~~offering ~~trust’s governing instrument, institute legal action on behalf~~ of ~~himself~~the ~~and~~Shares ~~all~~prior ~~other similarly situated beneficial owners (a “class action”)~~ to ~~recover damages from a managing owner of such~~January ~~statutory~~1, ~~trust~~2016, ~~for~~were ~~violations~~paid ofby ~~fiduciary duties~~GreenHaven, ~~or on~~LLC. ~~behalf~~GreenHaven, ofLLC ~~a statutory~~is ~~trust~~the (aformer ~~“derivative~~sole ~~action”)~~member toof ~~recover~~the ~~damages~~Managing ~~from a third party where a trustee with authority to do so has failed or refused to institute proceedings to recover such damages~~Owner. InThe ~~addition,~~Fund ~~beneficial~~does ~~owners may~~not have ~~the~~an ~~right,~~obligation ~~subject~~ to ~~certain~~reimburse ~~legal requirements~~GreenHaven, toLLC ~~bring~~or ~~class~~its ~~actions~~affiliates infor ~~federal~~organization ~~court to enforce their rights under the federal securities laws~~ and ~~the~~offering ~~rules~~expenses ~~and~~paid ~~regulations~~on ~~promulgated thereunder by the SEC. Beneficial owners who have suffered losses in connection with the purchase or sale of~~ their ~~beneficial interests may be able to recover such losses from a managing owner where the losses result from a violation by the managing owner of the anti-fraud provisions of the federal securities laws~~behalf.

~~Management;~~Brokerage ~~Voting~~Commissions, byFees, ~~Shareholders~~and Routine Operational, Administrative and Other Ordinary Expenses

~~The~~For ~~Shareholders~~the ~~take~~year noended ~~part~~December 31, ~~in the management or control~~2016, ~~and have no voice in~~ the ~~operations~~Funds’ orbrokerage ~~the~~commissions ~~business~~and offees ~~the~~as ~~Funds.~~well ~~Shareholders,~~as ~~may,~~routine ~~however~~operational, ~~remove~~administrative and ~~replace~~other ~~the~~ordinary ~~Managing~~expenses, ~~Owner as the managing owner of the Fund~~including, ~~except~~but innot ~~certain~~ limited ~~respects~~to, ~~upon~~ the ~~affirmative~~fees ~~vote~~and ofexpenses ~~the Shares then owned by Shareholders representing at least 75%~~ of the ~~Net~~Trustee, ~~Asset~~legal ~~Value.~~and ~~The~~accounting ~~Shareholders~~fees ~~may~~and ~~also~~expenses, ~~amend~~tax ~~the~~preparation ~~Trust~~expenses, ~~Agreement of~~filing ~~the Fund~~fees, ~~except~~and ~~in certain limited respects~~printing, bymailing ~~the~~and ~~affirmative~~duplication ~~vote~~costs, ofwere ~~the~~accrued ~~Shares~~at ~~then owned by Shareholders representing~~ a ~~majority~~rate of ~~the Net Asset Value (excluding any Shares held by the Managing Owner and its affiliates)~~0. ~~The affirmative vote of the Shares then owned by Shareholders representing at least 75~~20% of the Net Asset Value ~~may~~per ~~also~~annum ~~compel~~in ~~dissolution of~~ the ~~Fund~~aggregate. ~~The~~ ~~owners~~Of ~~of 10% of~~ the ~~outstanding~~amounts ~~Shares~~so ~~then~~accrued, ~~owned~~the byFunds ~~Shareholders~~first ~~have~~paid ~~the~~brokerage ~~right~~commissions toand ~~bring~~fees, aand ~~matter~~secondly, ~~before~~from athe ~~vote~~remainder of the ~~Shareholders. The~~amounts ~~Managing~~so ~~Owner~~accrued, ~~has~~reimbursed ~~no power under~~ the ~~Trust~~Managing ~~Agreement~~Owner tofor ~~restrict any of~~ the ~~Shareholders~~Funds’ ~~voting rights. Any Shares~~routine ~~purchased~~operational, byadministrative ~~the~~and ~~Managing~~other ~~Owner~~ordinary orexpenses ~~its~~paid ~~affiliates,~~by ~~as well as~~ the Managing Owner~~’s general liability interest in the Fund or Master Fund, are non-voting~~.

~~The~~Effective ~~Managing~~January 1, ~~Owner~~2017, ~~has~~(i) the ~~right~~Funds ~~unilaterally to~~will ~~amend~~pay ~~the~~for ~~Trust~~their brokerage ~~Agreement~~commissions ~~provided~~and ~~that~~fees ~~any~~directly ~~such~~(which ~~amendment~~are isestimated ~~for~~to ~~the~~be ~~benefit~~0.14% of ~~and~~the ~~not~~Net ~~adverse~~Asset toValue ~~the~~per ~~Shareholders~~annum orin the ~~Trustee~~ aggregate), and ~~also~~(ii) the inManaging ~~certain~~Owner ~~unusual~~will ~~circumstances~~pay —the ~~for~~Funds’ ~~example~~routine operational, ifadministrative ~~doing~~and soother isordinary ~~necessary~~expenses. Such toexpenses ~~comply~~paid ~~with~~by ~~certain~~the ~~regulatory requirements~~Managing Owner will not be subject to reimbursement.

~~Otherwise,~~Extraordinary ~~when~~Fees a proposed action requires Shareholder approval, the Trust Agreement permits the Managing Owner to obtain Shareholder approval through a negative solicitation process. After providing Shareholders with proper notice and anExpenses opportunity to consent or object to a proposed action, the Managing Owner may take such action unless written objection is received from Shareholders representing Shares that constitute over 50% of Net Asset Value.

~~Recognition~~The Funds pay all of their respective extraordinary fees and expenses generally, if any, as determined by the ~~Fund~~Managing Owner. Extraordinary fees and expenses are likely to include non-recurring fees such as legal claims and liabilities, litigation costs and any permitted indemnification payments related thereto, if any; but the ~~Master~~Managing Owner has discretion to ~~Fund~~treat inother ~~Certain~~unanticipated ~~States~~expenses as extraordinary fees and expenses. Routine operational, administrative and other ordinary fees and expenses will not be deemed to be extraordinary fees and expenses.

AFee ~~number~~Table of states do not have “business trust” statutes such as that under which the Funds have been formed in the State of Delaware. It is possible, although unlikely, that a court in such a state could hold that, due to the absence of any statutory provision to the contrary in such jurisdiction, the Shareholders, although entitled under Delaware law to the same limitation on personal liability as stockholders in a private corporation for profit organized under the laws of the State of Delaware, are not so entitled in such state. To protect Shareholders against any loss of limited liability, the Trust Agreements provide that no written obligation may be undertaken by the Fund or Master Fund, as applicable, unless such obligation is explicitly limited so as not to be enforceable against any Shareholder personally. Furthermore, each of the Fund and Master Fund indemnifies all of its Shareholders against any liability that such Shareholders might incur in addition to that of a beneficial owner. The Managing Owner is generally liable for all obligations of the Funds and will use its assets to satisfy any such liability before such liability would be enforced against any Shareholder individually.

~~Possible~~The ~~Repayment~~following table describes the Funds’ estimated fees and compensation arrangements with the Managing Owner, the Trustee and certain of ~~Distributions~~the Funds’ other service providers (i) for the year ended December 31, 2016, and (ii) effective January 1, 2017. ~~Received~~Asset-based byfees ~~Shareholders;~~are ~~Indemnification~~calculated on a daily basis (accrued at 1/365 of the applicable percentage of Net Asset Value on that day) and paid on a monthly basis. The Management Fee and the other fees and expenses payable by ~~Shareholders~~the Fund will be paid first out of interest income from the Funds’ holdings of U.S. Treasuries.

~~The~~12 Shares are limited liability investments; investors may not lose more than the amount that they invest plus any profits recognized on their investment. However, Shareholders could be required, as a matter of bankruptcy law, to return to the estate of the Fund any distribution they received at a time when the Fund was in fact insolvent or in violation of its Trust Agreement. In addition, although the Managing Owner is not aware of this provision ever having been invoked in the case of any public futures fund, Shareholders agree in the Trust Agreement that they will indemnify the Fund for any harm suffered by it as a result of (i) Shareholders’ actions unrelated to the business of the Fund, or (ii) taxes imposed on the Shares by the states or municipalities in which such investors reside.

14Table of Contents

The foregoing repayment of distributions and indemnity provisions (other than the provision for Shareholders indemnifying the Fund for taxes imposed upon it by the state or municipality in which particular Shareholders reside, which is included only as a formality due to the fact that many states do not have business trust statutes so that the tax status of the Fund in such states might, theoretically, be challenged — although the Managing Owner is unaware of any instance in which this has actually occurred) are commonplace in statutory trusts and limited partnerships.


Service Provider	Annual Compensation (for the year ended December 31, 2016)	Annual Compensation (effective January 1, 2017)
WisdomTree Commodity Services, LLC Managing Owner	0.85% of the average annual Net Asset Value	0.75% of the average annual Net Asset Value (4)

Delaware Trust Company Trustee	$6,000 annually	$6,000 annually

Morgan Stanley & Co. LLC Commodity Broker	Based on trading activity (1)(2)	Based on trading activity (1)(2)

State Street Bank and Trust Company Administrator	Basis points based on annual Net Asset Value (3)	Basis points based on annual Net Asset Value (3)

Foreside Fund Services LLC Distributor	Basis points based on annual Net Asset Value (3)	Basis points based on annual Net Asset Value (3)

GreenHaven Advisors LLC Sub-Adviser	An annual fee equal to 0.20% of the Management Fee plus 0.20% of the Fund’s other expense accrual (excluding brokerage expense accrual) based on the average annual Net Asset Value; subject to a $200,000 annual minimum. (3)	An annual fee equal to 0.20% of the Management Fee; subject to a $200,000 annual minimum.

~~Shares;~~(1) ~~Certificates~~The costs to the Fund for brokerage commissions and trading fees will vary by the broker or brokers involved to execute specific contracts for the funds interest. The Fund expects to pay rates that are commensurate with the going market rate for commissions and brokerage. The costs to the Fund will also be subject to the trading frequency of the Fund. On average, total charges paid to the Commodity Broker are expected to be less than $20 per round-turn trade, although the Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. The Managing Owner does not expect brokerage commissions and fees together with the routine, operational, administrative and other ordinary expenses of the Fund and the Master Fund as described above in the section entitled “Brokerage Commissions, Fees and Routine Operational, Administrative and Other Ordinary Expenses” to exceed 0.20% of the Net Asset Value of the Master Fund in any year, although the actual amount of such brokerage commissions, fees and expenses in any year may be greater. Effective January 1, 2017, the Funds will pay for their brokerage commissions and fees directly (which are estimated to be 0.14% of the Net Asset Value per annum in the aggregate), and the Managing Owner will pay the Funds’ routine operational, administrative and other ordinary expenses.

Individual certificates are not issued for the Shares. Instead, global certificates are deposited by the Trustee with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Under the Fund’s Trust Agreement, Shareholders are limited to (~~1) participants in DTC such as banks, brokers, dealers and trust companies (“DTC Participants”), (~~2) ~~those~~All ~~who~~Commodity ~~maintain,~~Broker ~~either~~fees ~~directly or indirectly, a custodial relationship with a DTC Participant (Indirect Participants),~~ and ~~(3)~~expenses ~~those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares~~ are ~~only~~determined ~~transferable~~on ~~through~~a ~~the book~~contract-~~entry~~by-contract ~~system of DTC~~basis. ~~Shareholders~~Accordingly, ~~who~~neither ~~are~~the ~~not~~Funds ~~DTC~~nor ~~Participants may transfer their Shares through DTC by instructing~~ the ~~DTC~~Managing ~~Participant~~Owner ~~holding~~can ~~their~~give ~~Shares~~any ~~(or~~assurance bythat ~~instructing~~ the ~~Indirect Participant~~total orfees, ~~other~~commissions ~~entity~~and ~~through~~expenses ~~which~~paid ~~their Shares are held)~~ to ~~transfer~~ the ~~Shares.~~Commodity ~~Transfers~~Broker ~~are~~will ~~made~~not inexceed ~~accordance~~the ~~with standard~~stated ~~securities~~fee ~~industry practice~~estimate.

~~Employees~~(3) Certain out-of-pocket expenses are also subject to reimbursement.

~~The~~(4) ~~Fund~~Reflects ~~and~~a ~~the~~voluntary ~~Master~~management ~~Fund~~fee ~~have~~waiver noof ~~employees~~0. ~~Management functions are performed by the Managing Owner and requisite administrative services are provided on a contractual basis by various entities~~10%.

~~Conflicts~~Governance; ofShareholder ~~Interest~~Rights and Protections

~~General~~Duties of the Managing Owner

~~For~~As ~~the~~managing owner ~~year~~of ~~ending~~the ~~December 31~~Funds, ~~2015,~~ the Managing Owner ~~had~~effectively ~~not~~is ~~established~~subject ~~formal procedures~~ to ~~resolve~~the ~~all~~duties ~~potential~~and ~~conflicts~~restrictions ofimposed ~~interest.~~on ~~Consequently,~~“fiduciaries” ~~investors~~under ~~may be~~both ~~dependent~~statutory onand ~~the~~common ~~good~~law. ~~faith~~The ofManaging ~~the~~Owner ~~respective~~has ~~parties~~a ~~subject~~fiduciary responsibility to ~~such~~the ~~conflicts~~Shareholders to ~~resolve~~exercise good ~~them~~faith, ~~equitably.~~fairness ~~Although~~and ~~the~~loyalty ~~Managing Owner~~in ~~attempts~~all todealings ~~monitor~~affecting ~~these~~the ~~conflicts~~Funds, itconsistent iswith ~~extremely~~the ~~difficult,~~terms ifof ~~not~~the ~~impossible,~~Trust ~~for~~Agreements. ~~the~~The ~~Managing~~general ~~Owner~~fiduciary toduties ~~ensure~~which ~~that these~~would ~~conflicts~~otherwise dobe ~~not,~~imposed inon ~~fact,~~the ~~result~~Managing inOwner ~~adverse~~(which ~~consequences~~would tomake the operation of the Funds. as described herein

~~The~~13 ~~Managing Owner~~

TheTable Managing Owner has a conflict of interest in allocating its own limited resources among different clients and potential future business ventures, to which it owes fiduciary duties. Additionally, the professional staff of the Managing Owner also services other affiliates of the Managing Owner and their respective clients. Although the Managing Owner and its professional staff cannot and will not devote all of its or their respective time or resources to the management of the business and affairs of the Funds, the Managing Owner intends to devote, and to cause its professional staff to devote, sufficient time and resources to properly manage the business and affairs of the Funds consistent with its or their respective fiduciary duties to the Funds and others.Contents

~~The~~ impracticable ~~Commodity~~due ~~Broker~~to the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its beneficiaries), are defined and limited in scope by the disclosure of the business terms of the Funds, as set forth herein and in the Trust Agreements (to which terms all Shareholders, by subscribing to the Shares, are deemed to consent).

The ~~Commodity~~Trust ~~Broker~~Agreements ~~may~~provide ~~act~~that ~~from~~the ~~time~~Managing ~~to time~~Owner asand aits ~~commodity~~affiliates ~~broker~~shall ~~for~~have ~~other~~no ~~accounts~~liability ~~with~~to ~~which~~the itFund, isthe ~~affiliated~~Master Fund or inany ~~which~~Shareholder itfor orany ~~one~~loss suffered ofby ~~its~~the ~~affiliates~~Fund ~~has~~or athe ~~financial interest.~~Master ~~The~~Fund ~~compensation~~arising ~~received~~out byof ~~the~~any ~~Commodity~~action ~~Broker~~or ~~from~~inaction ~~such~~of ~~accounts~~the ~~may~~Managing beOwner ~~more~~ or ~~less~~its ~~than~~affiliates ~~the~~or ~~compensation~~their ~~received for~~respective ~~brokerage~~directors, ~~services~~officers, ~~provided~~shareholders, topartners, ~~the~~members, ~~Master~~managers ~~Fund.~~or Inemployees ~~addition,~~(the ~~various~~“Managing ~~accounts~~Owner ~~traded~~Related Parties”) ~~through~~if the ~~Commodity~~Managing ~~Broker~~Owner ~~(and~~Related ~~over which~~Parties, ~~its~~in ~~personnel~~good ~~may~~faith, ~~have~~determined ~~discretionary~~that ~~trading~~such ~~authority)~~course ~~may~~of ~~take~~conduct ~~positions~~was in the ~~futures~~best ~~markets~~interests ~~opposite~~of tothe ~~those~~Fund ofor the Master Fund, oras ~~may~~applicable, ~~compete~~and ~~with~~such ~~the~~course ~~Master~~of ~~Fund~~conduct ~~for~~did not constitute gross negligence or misconduct by the ~~same~~Managing ~~positions~~Owner Related Parties. The ~~Commodity~~Funds ~~Broker may~~ have aagreed ~~conflict~~to ofindemnify ~~interest~~the ~~in its~~Managing ~~execution~~Owner ofRelated ~~trades~~Parties ~~for~~against ~~the~~claims, ~~Master~~losses ~~Fund~~or ~~and~~liabilities ~~for~~based ~~other~~on ~~customers.~~their ~~The~~conduct ~~Managing~~relating ~~Owner~~to ~~will,~~the ~~however~~Funds, ~~not~~provided ~~retain~~that ~~any~~the ~~commodity broker~~conduct ~~for~~resulting in the claims, ~~Master~~losses ~~Fund~~or ~~which~~liabilities ~~the~~for ~~Managing~~which ~~Owner~~indemnity ~~has~~is ~~reason~~sought todid ~~believe~~not ~~would~~constitute ~~knowingly~~gross negligence or ~~deliberately~~misconduct ~~favor~~and ~~any~~was ~~other~~done ~~customer over~~in ~~the~~good ~~Master~~faith ~~Fund~~and ~~with~~in ~~respect~~a manner reasonably believed to be in the ~~execution~~best interests of ~~commodity~~the ~~trades~~Fund or the Master Fund, as applicable.

15Under Delaware law, a beneficial owner of a statutory trust (such as a Shareholder) may, under certain circumstances and in accordance with the statutory trust’s governing instrument, institute legal action on behalf of himself and all other similarly situated beneficial owners (a “class action”) to recover damages from a managing owner of such statutory trust for violations of fiduciary duties, or on behalf of a statutory trust (a “derivative action”) to recover damages from a third party where a trustee with authority to do so has failed or refused to institute proceedings to recover such damages. In addition, beneficial owners may have the right, subject to certain legal requirements, to bring class actions in federal court to enforce their rights under the federal securities laws and the rules and regulations promulgated thereunder by the SEC. Beneficial owners who have suffered losses in connection with the purchase or sale of their beneficial interests may be able to recover such losses from a managing owner where the losses result from a violation by the managing owner of the anti-fraud provisions of the federal securities laws.

~~The~~Management; ~~Commodity~~Voting ~~Broker~~by ~~will~~Shareholders benefit from executing orders for other clients, whereas the Master Fund may be harmed to the extent that the Commodity Broker has fewer resources to allocate to the Master Fund’s accounts due to the existence of such other clients.

~~Certain~~The ~~officers~~Shareholders take no part in the management or ~~employees~~control, and have no voice in the operations or the business of the ~~Commodity Broker~~Funds. Shareholders, may, behowever, remove ~~members~~and replace the Managing Owner as the managing owner of ~~United~~the ~~States~~Fund, ~~commodities~~except ~~exchanges~~in ~~and/or~~certain ~~serve~~limited onrespects, upon the ~~governing~~affirmative ~~bodies~~vote ~~and~~of ~~standing~~the ~~committees~~Shares then owned by Shareholders representing at least 75% of ~~such~~the Net Asset Value. The Shareholders may ~~exchanges~~also amend the Fund Trust Agreement, ~~their~~except ~~clearing~~in ~~houses~~certain ~~and/or~~limited ~~various~~respects, ~~other~~by ~~industry~~the ~~organizations.~~affirmative Invote ~~such~~of ~~capacities,~~the ~~these~~Shares ~~officers~~then orowned ~~employees may~~by ~~have~~Shareholders representing a ~~fiduciary~~majority ~~duty~~of to the ~~exchanges,~~Net ~~their~~Asset ~~clearing~~Value ~~houses~~(excluding ~~and/or~~any ~~such~~Shares ~~various~~held ~~other~~by ~~industry~~the ~~organizations~~Managing ~~which~~Owner ~~could~~and its affiliates). The affirmative vote of the Shares then owned by Shareholders representing at least 75% of the Net Asset Value may also compel ~~such~~dissolution ~~employees~~of the Fund. The owners of 10% of the outstanding Shares then owned by Shareholders have the right to ~~act~~bring ina matter before a vote of the ~~best~~Shareholders. ~~interests~~The Managing Owner has no power under the Trust Agreement to restrict any of ~~these~~the ~~entities~~Shareholders’ voting rights. Any Shares purchased by the Managing Owner or its affiliates, ~~perhaps~~as towell as the ~~detriment~~Managing ofOwner’s general liability interest in the ~~Master~~Funds, ~~Fund~~are non-voting.

~~Proprietary~~The ~~Trading/Other~~Managing ~~Clients~~Owner has the right unilaterally to amend the Fund Trust Agreement provided that any such amendment is for the benefit of and not adverse to the Shareholders or the Trustee and also in certain unusual circumstances (eg, if doing so is necessary to comply with certain regulatory requirements).

~~The~~When ~~Managing~~a ~~Owner,~~proposed ~~the~~action ~~Commodity~~requires ~~Broker~~Shareholder ~~and their~~approval, ~~respective~~the ~~principals~~Fund ~~and~~Trust ~~affiliates~~Agreement ~~may~~permits ~~trade in~~ the ~~commodity~~Managing ~~markets~~Owner ~~for~~to ~~their~~obtain Shareholder ~~own~~approval ~~accounts~~through ~~and~~a ~~for~~negative ~~the~~solicitation ~~accounts~~process. After ofproviding ~~their clients,~~Shareholders ~~and~~with inproper ~~doing~~notice soand ~~may~~an ~~take~~opportunity ~~positions opposite~~ to ~~those~~consent ~~held by the Master Fund~~ or ~~may~~object ~~compete~~to ~~with~~a ~~the~~proposed ~~Master~~action, ~~Fund for positions in~~ the ~~marketplace.~~Managing ~~Such~~Owner ~~trading~~ may ~~create~~take ~~conflicts of interest on behalf of one or more~~ such ~~persons~~action inunless ~~respect~~written ofobjection is ~~their~~received ~~obligations~~from toShareholders ~~the~~representing ~~Master~~Shares ~~Fund.~~that ~~Records~~constitute ofover ~~proprietary~~50% ~~trading and trading on behalf~~ of ~~other~~Net ~~clients~~Asset ~~will not be available for inspection by Shareholders~~Value.

~~Because~~Recognition ~~the Managing Owner, the Commodity Broker and their respective principals and affiliates may trade for their own accounts at the same time that they are managing the account~~ of the ~~Master~~Funds Fund, prospective investors should be aware that – as a result of a neutral allocation system, testing a new trading system, trading their proprietary accounts more aggressively or other activities not constituting a breach of fiduciary duty – such persons may from time-to-time take positions in ~~their~~Certain ~~proprietary~~States ~~accounts which are opposite, or ahead of, the positions taken for the Master Fund.~~

NoA ~~Distributions~~number of states do not have “business trust” statutes such as that under which the Funds have been formed in the State of Delaware. It is possible, although unlikely, that a court in such a state could hold that, due to the absence of any statutory provision to the contrary in such jurisdiction, the Shareholders, although entitled under Delaware law to the same limitation on personal liability as stockholders in a private corporation for profit organized under the laws of the State of Delaware, are not so entitled in such state. To protect Shareholders against any loss of limited liability, the Trust Agreements provide that no written obligation may be undertaken by the Fund or Master Fund, as applicable, unless such obligation is explicitly limited so as not to be enforceable against any Shareholder personally. Furthermore, each of the Funds indemnifies all of its Shareholders against any liability that such Shareholders might incur in addition to that of a beneficial owner. The Managing Owner is generally liable for all obligations of the Funds and will use its assets to satisfy any such liability before such liability would be enforced against any Shareholder individually.

~~The~~14 Managing Owner has discretionary authority over all distributions made by the Fund. In view of the Fund’s objective of seeking significant capital appreciation, the Managing Owner currently does not intend to make any distributions, but, has the sole discretion to do so from time-to-time. Greater management fees will be generated to the benefit of the Managing Owner if the Fund’s assets are not reduced by distributions to the Shareholders.

16Table of Contents

Possible Repayment of Distributions Received by Shareholders; Indemnification by Shareholders

The Shares are limited liability investments, and accordingly, investors may not lose more than the amount that they invest plus any profits recognized on their investment. However, Shareholders could be required, as a matter of bankruptcy law, to return to the estate of the Fund any distribution they received at a time when the Fund was in fact insolvent or in violation of its Trust Agreement. In addition, although the Managing Owner is not aware of this provision ever having been invoked in the case of any public futures fund, Shareholders agree in the Trust Agreement that they will indemnify the Fund for any harm suffered by it as a result of (i) Shareholders’ actions unrelated to the business of the Fund, or (ii) taxes imposed on the Shares by the states or municipalities in which such investors reside.

Shares; Certificates

Individual certificates are not issued for the Shares. Instead, global certificates are deposited by the Trustee with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Under the Fund Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (“DTC Participants”), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (Indirect Participants), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers are made in accordance with standard securities industry practice.

Employees

The Funds have no employees. Management functions are performed by the Managing Owner and requisite administrative services are provided on a contractual basis by various entities.

Conflicts of Interest

General

Investors are dependent on the good faith of the Funds’ affiliates and advisors, such as the Managing Owner and Sub-Adviser, subject to conflicts of interest to resolve such conflicts equitably. Although such parties attempt to monitor these conflicts, it is extremely difficult, if not impossible, for such parties to ensure that these conflicts do not, in fact, result in adverse consequences to the Fund. Prospective investors should be aware that such parties presently intend to assert that Shareholders have, by subscribing for Shares of the Fund, consented to the following conflicts of interest in the event of any proceeding alleging that such conflicts violated any duty owed by the Managing Owner to investors.

The Managing Owner and Sub-Adviser

The Managing Owner and Sub-Adviser have a conflict of interest in allocating their own limited resources among different clients and potential future business ventures, to each of which it owes fiduciary duties. Additionally, some of the professional staff of each party also services and has ownership in other affiliates of such party, and their respective clients. Although such parties and their professional staff cannot and will not devote all of its or their respective time or resources to the management of the business and affairs of the Funds, such parties intend to devote, and to cause their respective professional staff to devote, sufficient time and resources properly to manage the business and affairs of the Funds consistent with its or their respective fiduciary duties to the Funds and others.

The Commodity Broker

The Commodity Broker may act from time to time as a commodity broker for other accounts with which it is affiliated or in which it or one of its affiliates has a financial interest. The compensation received by the Commodity Broker from such accounts may be more or less than the compensation received for brokerage services provided to the Master Fund. In addition, various accounts traded through the Commodity Broker (and over which their personnel may have discretionary trading authority) may take positions in the futures markets opposite to those of the Master Fund or may compete with the Master Fund for the same positions. The Commodity Broker may have a conflict of interest in its execution of trades for the Master Fund and for other customers. The Managing Owner, under delegation to the Sub-Adviser, does not presently intend to retain any commodity broker for the Master Fund which the Sub-Adviser has reason to believe would knowingly or deliberately favor any other customer over the Master Fund with respect to the execution of commodity trades.

The Commodity Broker will benefit from executing orders for other clients, whereas the Master Fund may be harmed to the extent that the Commodity Broker has fewer resources to allocate to the Master Fund’s accounts due to the existence of such other clients.

Certain officers or employees of the Commodity Broker may be members of United States commodities exchanges and/or serve on the governing bodies and standing committees of such exchanges, their clearing houses and/or various other industry organizations. In such capacities, these officers or employees may have a fiduciary duty to the exchanges, their clearing houses and/or such various other industry organizations which could compel such employees to act in the best interests of these entities, perhaps to the detriment of the Master Fund.

Proprietary Trading/Other Clients

The Managing Owner, the Sub-Adviser and the Commodity Broker and their respective principals and affiliates may trade in the commodity markets for their own accounts and for the accounts of their clients, and in doing so may take positions opposite to those held by the Master Fund or may compete with the Master Fund for positions in the marketplace. Such trading may create conflicts of interest on behalf of one or more such persons in respect of their obligations to the Master Fund. Records of proprietary trading and trading on behalf of other clients will not be available for inspection by Shareholders.

Because the Managing Owner, the Sub-Adviser and the Commodity Broker and their respective principals and affiliates may trade for their own accounts at the same time that they are managing the account of the Master Fund, prospective investors should be aware that – as a result of a neutral allocation system, testing a new trading system, trading their proprietary accounts more aggressively or other activities not constituting a breach of fiduciary duty – such persons may from time to time take positions in their proprietary accounts which are opposite, or ahead of, the positions taken for the Master Fund.

No Distributions

The Managing Owner has discretionary authority over all distributions made by the Fund. In view of the Fund’s objective of seeking significant capital appreciation, the Managing Owner currently does not intend to make any distributions, but, has the sole discretion to do so from time to time. Greater management fees will be generated to the benefit of the Managing Owner if the Fund’s assets are not reduced by distributions to the Shareholders.

Item 1A. Risk Factors.

These risk factors should be read in connection with the other information included in this Annual Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Fund’s Financial Statements and the related Notes to the Fund’s Financial Statements.

The value of the Shares relates directly to the value of the ~~commodity futures and other assets held by the~~ Master Fund’s Portfolio and fluctuations in the price of these assets could materially adversely ~~affect~~effect an investment in the Shares.

The Shares are designed to reflect, as closely as possible, the performance of the Index through the Master Fund’s Portfolio of exchange-traded ~~futures~~Futures Contracts on the Index Commodities. The value of the Shares relate directly to the value of the Portfolio, less the Funds’ liabilities (including estimated accrued but unpaid expenses) ~~of the Fund and the Master Fund~~. The price of the Index Commodities may fluctuate widely based on many factors. Some of those factors are:

·• changing supply and demand relationships;

·• general economic activities and conditions;

·• weather and other environmental conditions;

·• acts of God;

·• agricultural, fiscal, monetary and exchange control programs and policies of governments;

·• national and international political and economic events and policies;

·• changes in rates of inflation; or

·• the general emotions and psychology of the marketplace, which at times can be volatile and unrelated to other more tangible factors.

In addition to the factors set forth above, each commodity has risks that are inherent in the investment in such commodity.

Metals Commodities: Price movements in ~~futures~~Futures ~~contracts~~Contracts held by the Master Fund in metals commodities such as gold, silver, platinum and copper are affected by many specific other factors. Some of these metal specific factors include, but are not limited to:

·• A change in economic conditions, such as a recession, can adversely affect the price of both industrial and precious metals. An economic downturn may have a negative impact on the usage and demand of metals which may result in a loss for the Master Fund.

·• A sudden shift in political conditions of the world’s leading metal producers may have a negative effect on the global pricing of metals.

·• An increase in the hedging of precious metals may result in the price of precious metals to decline.

·• Changes in global supply and demand for industrial and precious metals.

·• The price and quantity of imports and exports of industrial and precious metals.

·• Technological advances in the processing and mining of industrial and precious metals.

AgriculturalTable Commodities: Price movements in futures contracts held by the Master Fund in agricultural commodities, such as wheat, corn and soybeans, are affected by many factors. Some of these agricultural specific factors include, but are not limited to:Contents

·Agricultural ~~Farmer~~Commodities: ~~planting~~Price ~~decisions~~movements in Futures Contracts held by the Master Fund in agricultural commodities, ~~general~~such ~~economic~~as wheat, ~~market~~corn and ~~regulatory~~soybeans, ~~factors~~are ~~all~~affected ~~influence~~by ~~the~~many ~~price~~factors. Some of these agricultural ~~commodities.~~specific factors include, but are not limited to:

·• ~~Weather~~Farmer ~~conditions,~~planting ~~including hurricanes~~decisions, ~~tornadoes,~~general ~~storms and droughts~~economic, ~~may~~market ~~have a material adverse effect on crops, live cattle, live hogs~~ and ~~lumber,~~regulatory ~~which~~factors ~~may~~all ~~result~~influence inthe ~~significant~~price ~~fluctuations~~of inagricultural ~~prices in such~~ commodities.

·• ~~Changes~~Weather inconditions, ~~global~~including ~~supply~~hurricanes, tornadoes, storms and ~~demand~~droughts, ~~for~~may ~~agriculture~~have ~~products~~a material adverse effect on crops, live cattle, live hogs and lumber, which may result in significant fluctuations in prices in such commodities.

·• ~~The~~Changes ~~price~~in ~~and~~global ~~quantity~~supply ~~of imports~~ and ~~exports~~demand offor ~~agricultural~~agriculture ~~commodities~~products.

·• ~~Political~~The ~~conditions,~~price ~~including embargoes~~ and ~~war,~~quantity inof ~~or affecting agricultural production,~~ imports and exports of agricultural commodities.

·• ~~Technological~~Political ~~advances~~conditions, including embargoes and war, in or affecting agricultural production, imports and exports.

·• ~~The~~Technological ~~price~~advances ~~and~~in ~~availability of alternative~~ agricultural ~~commodities~~production.

~~Energy~~• ~~Commodities:~~The ~~Price~~price ~~movements in futures contracts held by the Master Fund in energy commodities, such as crude oil, heating oil~~ and ~~natural~~availability ~~gas, are subject to risks due to frequent and often substantial fluctuations in energy commodity prices. In the past, the prices~~ of ~~natural~~alternative ~~gas and~~agricultural ~~crude oil have been extremely volatile, and the Managing Owner expects this volatility to continue. The markets and prices for energy~~ commodities ~~are affected by many factors~~. ~~Some of those factors include, but are not limited to:~~

·Energy ~~Changes~~Commodities: Price movements in ~~global~~Futures ~~supply~~Contracts ~~and~~held ~~demand~~by ~~for~~the Master Fund in energy commodities, such as crude oil, heating oil and natural gas, are subject to risks due to frequent and often substantial fluctuations in energy commodity prices. In the past, the prices of natural gas and crude oil have been extremely volatile, and the Managing Owner expects this volatility to continue. The markets and prices for energy commodities are affected by many factors. Some of those factors include, but are not limited to:

·• ~~The~~Changes ~~price~~in ~~and~~global ~~quantity~~supply ~~of imports~~ and ~~exports~~demand offor oil and natural gas.

·• ~~Political~~The ~~conditions,~~price ~~including embargoes~~ and ~~war,~~quantity inof orimports ~~affecting~~and ~~other~~exports of oil ~~producing~~and ~~activities~~natural gas.

·• ~~The~~Political ~~level~~conditions, ofincluding ~~global~~embargoes ~~oil~~ and ~~natural~~war, ~~gas~~in ~~exploration~~or ~~and~~affecting ~~production~~other oil producing activities.

·• The level of global oil and natural gas ~~inventories,~~exploration ~~production~~and ~~or pricing~~production.

·• ~~Weather~~The ~~conditions~~level of global oil and natural gas inventories, production or pricing.

·• ~~Technological~~Weather ~~advances affecting energy consumption~~conditions.

·• ~~The~~Technological ~~price~~advances ~~and~~effecting ~~availability~~energy ~~of alternative fuels~~consumption.

~~None~~• of these factors can be controlled by the Managing Owner or Sub-Adviser. Even if current and correct information as to substantially all factors are known or thought to be known, prices still will not always react as predicted. The ~~profitability~~price ~~of the Fund~~ and ~~the~~availability ~~Master Fund will depend on whether the Master Fund’s Portfolio increases in value over time. If the value increases, the Fund will only be profitable if such increases exceed the fees and expenses~~ of ~~the~~alternative ~~Fund~~fuels. ~~If these values do not increase, the Fund will not be profitable and will incur losses.~~

18None of these factors can be controlled by the Managing Owner or Sub-Adviser. Even if current and correct information as to substantially all factors are known or thought to be known, prices still will not always react as predicted. The profitability of the Fund and the Master Fund will depend on whether the Master Fund’s Portfolio increases in value over time. If the value increases, the Fund will only be profitable if such increases exceed the fees and expenses of the Funds. If these values do not increase, the Fund will not be profitable and will incur losses.

Net Asset Value may not always correspond to market price and, as a result, Baskets may be created or redeemed at a value that differs from the market price of the Shares.

The Net Asset Value ~~of the Shares~~ will change as fluctuations occur in the market value of the Master Fund’s Portfolio. Investors should be aware that the public trading price of a Basket of Shares may be different from the Net Asset Value ofper a Basket of Shares (i.e., Shares may trade at a premium over, or a discount to, the Net Asset Value ofper a Basket of Shares) and similarly the public trading market price per Share may be different from the Net Asset Value per Share. Consequently, an Authorized Participant may be able to create or redeem a Basket of of Shares at a discount or a premium to Net Asset Value. This price difference may be due, in large part, to the fact that supply and demand forces are at work in the secondary trading market for Shares that is closely related to, but not identical to, ~~the~~ the same forces influencing the prices of the Index Commodities trading individually or in the aggregate at any point in time. Investors also should note that the size of the Fund in terms of total assets held may change substantially over time and from time to time as Baskets are created and redeemed.

~~Authorized~~18 Participants or their clients or customers may have an opportunity to realize a profit if they can purchase a Basket at a discount to the public trading price of the Shares or can redeem a Basket at a premium over the public trading price of the Shares. The Managing Owner expects that the exploitation of such arbitrage opportunities by Authorized Participants and their clients and customers will tend to cause the public trading price to not materially differ from the Net Asset Value per Share over time.

InvestorsTable should be aware that if the Fund issues all its authorized Shares it could have to cease creating new Baskets. This could increase the possibility that the trading price of the Fund’s Shares may not accurately reflect the Index or the Net Asset Value of the Fund. The Fund commenced investment operations on January 23, 2008 with 4,000,000 Shares registered. On March 26, 2009 the Fund had issued all but one Basket of 50,000 Shares under its previous registration statement and had to cease creating new Baskets of Shares. On May 14, 2009 the Fund registered an additional 21,000,000 Shares and resumed creating new Baskets of Shares. On January 25, 2011, the Fund registered an additional 20,000,000 Shares. On September 24, 2013, the Fund registered an additional 61,000,000 Shares. As of December 31, 2015, the Fund had issued 17,650,000 Shares of the 20,000,000 authorized related to such offering.Contents

~~Moreover,~~Authorized ~~soon~~Participants ~~after~~or ~~new~~their ~~Baskets~~clients ofor ~~Shares are~~customers ~~created~~may ~~and~~have ~~sold,~~an ~~there~~opportunity isto realize a ~~possibility~~profit ~~that~~if they can purchase a Basket at a discount to the ~~availability~~public oftrading ~~newly~~price ~~created~~of the Shares ~~may (~~or ~~may~~can ~~not)~~redeem ~~affect~~a Basket at a premium over the public trading price of the Shares. ~~already~~The ~~issued,~~Managing ~~and~~Owner ~~both~~expects ~~current~~that ~~Shareholders~~the exploitation of such arbitrage opportunities by Authorized Participants and ~~purchasers~~their ofclients ~~newly~~and ~~created~~customers ~~Shares~~will ~~could~~tend beto ~~adversely~~cause ~~affected by~~the ~~falling~~public trading ~~prices~~price to not materially differ from the Net Asset Value per Share over time.

AnInvestors ~~investment~~should inbe aware that if the Fund issues all its authorized Shares it could ~~suffer~~have to cease creating new Baskets until additional Shares are registered infor sale. This could increase the ~~event~~possibility that ~~Thomson~~the ~~Reuters~~trading ~~(Markets)~~price ~~LLC~~of ~~decides~~the toShares ~~terminate~~may ~~its~~not ~~License~~accurately ~~Agreement~~reflect ~~with~~the Index or the ~~Managing Owner~~Net Asset Value. As of December 31, 2016 there were 60,600,000 Shares available for issuance.

~~Thomson~~Moreover, ~~Reuters~~soon ~~(Markets)~~after ~~LLC~~new ~~entered~~Baskets ~~into a~~are ~~License~~created ~~Agreement with the Managing Owner whereby the Managing Owner was granted an exclusive license with respect to the development~~ and ~~creation of certain investment products~~sold, ~~including~~there ~~U.S.~~is ~~exchange~~a ~~traded~~possibility ~~funds.~~that ~~The amended license agreement granted to~~ the ~~Managing~~ ~~Owner~~availability ~~has~~of anewly ~~term~~created ~~ending~~Shares ~~December~~may ~~31,~~(or ~~2020, which will automatically renew for another two year increment and will renew for successive two-year terms thereafter. The term~~ may benot) ~~terminated~~affect ~~under certain circumstances which could cause an investment in~~ the ~~Shares to decline significantly in value. In addition to that, a different product could be created under the License Agreement,~~ ~~which~~trading ~~could~~price ~~also~~of ~~cause an investment in~~ the Shares toalready ~~decline~~issued, inand ~~value.~~both Ifcurrent ~~the~~Shareholders ~~license expires~~ and ispurchasers ~~not~~of ~~renewed~~newly ~~or is terminated, or a competitive product is~~ created, ~~then~~Shares ~~the~~could ~~Managing~~be ~~Owner~~adversely ~~would~~affected ~~seek~~by ~~shareholder~~falling ~~approval~~trading ~~to the extent required to either (i) liquidate the Master Fund and the Fund or (ii) approve a different index to track for comparison purposes~~prices.

An investment in the Shares could suffer in the event that ~~the~~Thomson ~~Managing~~Reuters ~~Owner~~(Markets) ~~creates~~LLC ~~another~~decides ~~product~~to ~~under~~terminate ~~its~~the ~~exclusive~~License ~~license~~Agreement ~~agreement~~between ~~which~~itself ~~directly~~and ~~competes with~~ the ~~Fund~~Managing ~~and Master Fund~~Owner.

~~The License Agreement is between~~ Thomson Reuters (Markets) LLC ~~and~~entered into a license agreement with the Managing Owner ~~and~~whereby ~~not~~the ~~between~~Managing ~~Thomson~~Owner ~~Reuters~~was ~~(Markets)~~granted an ~~LLC~~exclusive ~~and~~license with respect to the ~~Fund~~development orand ~~Master~~creation ~~Fund.~~of ~~Therefore~~certain investment products, ~~it is~~including ~~possible~~U.S. ~~that~~exchange traded funds. The current license granted to the Managing Owner ~~could~~has ~~create~~a ~~and~~term ~~manage~~ending December 31, 2020, which will automatically renew for another ~~investment~~two ~~product~~year ~~that~~increment isand ~~substantially~~will ~~similar~~renew for successive two year terms thereafter. The term may be terminated under certain circumstances which could cause an investment in the Shares to, ordecline ~~otherwise~~significantly in value. In ~~competitive~~addition ~~with~~to that, a different product could be created under the ~~Fund~~license ~~and~~agreement, which could also cause an investment in the ~~Master~~Shares ~~Fund~~to decline in value. If ~~this~~the ~~were~~license toexpires ~~happen~~and is not renewed or is terminated, or a competitive product is created, then anthe ~~investment~~Managing inOwner would seek Shareholder approval to the ~~Shares~~extent ~~could~~required ~~suffer~~to either (i) liquidate the Funds or (ii) approve a different index to track for comparison purposes.

~~Regulatory~~An ~~and~~investment ~~exchange~~in ~~position~~the ~~limits and~~Shares ~~other~~could ~~rules~~suffer ~~may~~in ~~restrict~~the event that the ~~creation~~Managing ofOwner ~~baskets~~creates ~~and~~another ~~the~~product ~~operation~~under ofits ~~the~~exclusive ~~Master~~license ~~Fund~~agreement which directly competes with the Funds.

~~CFTC~~The ~~and~~License ~~commodity~~Agreement ~~exchange~~is ~~rules~~between ~~impose~~Thomson ~~speculative position~~Reuters ~~limits~~(Markets) onLLC ~~market~~and ~~participants, including~~ the ~~Master~~Managing ~~Fund,~~Owner ~~trading~~and innot ~~certain~~between ~~agricultural commodities. These position~~Thomson ~~limits~~Reuters ~~prohibit~~(Markets) ~~any~~LLC ~~person~~and ~~from~~the ~~holding~~Fund aor ~~position~~Master ofFund. ~~more~~Therefore, ~~than~~it ais ~~specific~~possible ~~number~~that ofthe ~~such futures contracts. The~~ Managing Owner ~~anticipates~~ ~~that~~could ~~these~~create ~~position~~and ~~limits~~manage asanother ~~well~~investment asproduct ~~accountability~~that ~~limits currently~~is insubstantially ~~place~~similar onto, ~~exchanges~~or ~~will~~otherwise ~~become~~competitive ~~more~~with, ~~of an issue when~~ the ~~Net~~Funds. ~~Asset~~If ~~Value~~this ofwere ~~the Master Fund approaches $1.2~~to ~~billion~~happen, atthen ~~which~~an ~~point~~investment ~~the~~in ~~Managing Owner may either prevent~~ the ~~issuance~~Shares ofcould ~~additional creation units or may apply to the CFTC for relief from certain position limits~~suffer.

19Regulatory and exchange position limits and other rules may restrict the creation of Baskets and the operation of the Master Fund.

IfCFTC ~~the Master Fund applies~~ and iscommodity ~~unable~~exchange ~~to obtain~~rules ~~such~~impose ~~relief,~~speculative ~~the~~position ~~Fund’s~~limits ~~ability~~on tomarket ~~issue new Baskets~~participants, orincluding the Master Fund’s, ~~ability~~trading toin ~~reinvest~~certain ~~income~~agricultural incommodities. ~~these additional~~These ~~futures~~position ~~contracts,~~limits ~~may~~prohibit beany ~~limited~~person tofrom ~~the~~holding ~~extent~~a ~~these~~position ~~activities~~of ~~would~~more ~~cause~~than ~~the~~a ~~Master~~specific ~~Fund~~number toof ~~exceed~~such ~~applicable~~futures ~~position limits~~contracts. ~~Limiting~~The ~~the~~Managing ~~size~~Owner ofanticipates ~~the~~that ~~Fund~~these ~~may~~position ~~affect~~limits ~~the~~as ~~correlation~~well as ~~between~~accountability ~~the~~limits ~~price~~currently ofin ~~the~~place ~~Shares,~~on asexchanges ~~traded~~will onbecome ~~NYSE~~more ~~Arca,~~of ~~and~~ an issue when the Net Asset Value of the Master Fund. ~~That~~approaches is$1.2 billion, ~~the~~at ~~inability~~which topoint ~~create~~the ~~additional~~Managing ~~Baskets~~Owner ~~could~~may ~~result~~either inprevent ~~Shares~~the ~~trading~~issuance atof aadditional ~~premium~~creation units or ~~discount~~may apply to ~~Net~~the ~~Asset~~CFTC ~~Value~~for ofrelief ~~the~~from ~~Fund~~certain position limits.

~~The~~If the Master Fund ~~may~~applies ~~not~~and ~~always~~is beunable ~~able~~to ~~exactly~~obtain such relief, the Fund’s ability to ~~replicate~~issue new Baskets, or the ~~performance~~Master Fund’s ability to reinvest income in these additional futures contracts, may be limited to the extent these activities would cause the Master Fund to exceed applicable position limits. Limiting the size of the ~~Index~~Fund may affect the correlation between the price of the Shares, as traded on NYSE Arca, and the Net Asset Value of the Fund. That is, the inability to create additional Baskets could result in Shares trading at a premium or discount to Net Asset Value.

It19 is possible that the Fund may not fully replicate the performance of the Index due to disruptions in the markets for the Index Commodities or due to other extraordinary circumstances, including, without limitation, the inability to create additional Baskets. In addition, the Fund is not able to replicate exactly the performance of the Index because the total return generated by the Master Fund is reduced by expenses and transaction costs, including those incurred in connection with the Master Fund’s trading activities, and increased by interest income from the Master Fund’s holdings of short-term high quality fixed income securities. Tracking the Index requires rebalancing of the Master Fund’s Portfolio and is dependent upon the skills of the Sub-Adviser and its trading principals, among other factors.

IfTable the Managing Owner permits the Fund to control commodity positions in excess of the value of the Fund’s assets, you could lose all or substantially all of your investment.Contents

~~Commodity~~The ~~pools’~~Fund ~~trading~~may ~~positions~~not ~~in futures~~always ~~contracts or other commodity interests are typically required to~~ be ~~secured~~able byexactly ~~the deposit of margin funds that represent only a small percentage of a futures contract’s (or other commodity interests’) entire market value. This feature permits commodity pools~~ to ~~increase~~replicate ~~their exposure to assets by purchasing or selling futures contracts (or other commodity interests) with an aggregate value in excess of~~ the ~~commodity~~performance ~~pool’s assets. While these actions can increase the pool’s profits, relatively small adverse movements in the price~~ of the ~~pool’s futures contracts can cause significant or complete losses to the pool~~Index. While the Sub-Adviser is not expected to have exposure to futures contracts in excess of the Fund’s collateral, the Fund is dependent upon the trading and management skills of the Sub-Adviser to maintain the proper position sizes.

~~The~~It ~~Master~~is possible that the Fund ismay not ~~actively~~fully ~~managed and~~replicate ~~will~~the ~~track~~performance of the Index ~~during~~due ~~periods~~to disruptions in ~~which~~the markets for the Index Commodities or due to other extraordinary circumstances, including, without limitation, the inability to create additional Baskets. In addition, the Fund is ~~flat~~not orable ~~declining~~to asreplicate ~~well~~exactly asthe ~~when~~performance of the Index because the total return generated by the Master Fund is reduced ~~rising~~by expenses and transaction costs, including those incurred in connection with the Master Fund’s trading activities, and increased by interest income from the Master Fund’s holdings of U.S. Treasuries. Tracking the Index requires rebalancing of the Master Fund’s Portfolio and is dependent upon the skills of the Sub-Adviser and its trading principals, among other factors.

~~The~~If ~~Master~~the ~~Fund~~Managing isOwner ~~not~~permits ~~actively~~the ~~managed~~Fund ~~by traditional~~to ~~methods.~~control ~~Therefore,~~commodity if positions in ~~any~~excess ~~one or more~~ of the ~~Index Commodities are declining in~~ value, of the ~~Master~~ Fund ~~will~~’s ~~not close out such positions~~assets, ~~except~~you incould ~~connection~~lose ~~with~~all ~~a change in the composition~~ or substantially ~~weighting~~all of ~~the~~your ~~Index~~investment. ~~The Sub-Adviser will seek to cause the Net Asset Value to track the Index during periods in which the Index is flat or declining as well as when the Index is rising.~~

~~The~~Commodity ~~Exchange~~pools’ ontrading ~~which~~positions ~~the~~in ~~Shares~~Futures Contracts or other commodity interests are typically ~~listed~~required ~~may~~to ~~halt~~be ~~trading~~secured by the deposit of margin funds that represent only a small percentage of a Futures Contract’s (or other commodity interests’) entire market value. This feature permits commodity pools to increase their exposure to assets by purchasing or selling Futures Contracts (or other commodity interests) with an aggregate value in excess of the ~~Shares~~commodity pool’s assets. While these actions can increase the pool’s profits, ~~which~~relatively ~~would~~small ~~adversely~~adverse ~~impact~~movements anin the ~~investor~~price of the pool’s ~~ability~~Futures Contracts can cause significant or complete losses to ~~sell~~the ~~its~~pool. ~~Shares~~While the Sub-Adviser is not expected to have exposure to Futures Contracts in excess of the Fund’s collateral, the Fund is dependent upon the trading and management skills of the Sub-Adviser to maintain the proper position sizes.

The ~~Shares~~Master ~~are~~Fund ~~listed~~is ~~for~~not ~~trading~~actively onmanaged ~~NYSE Arca under the market symbol “GCC.” Trading in Shares may be halted due to market conditions or, in light of NYSE Arca rules~~ and ~~procedures,~~will ~~for~~track ~~reasons that, in~~ the ~~view~~Index ofduring ~~NYSE~~periods ~~Arca, make trading~~ in ~~Shares~~which ~~inadvisable.~~the InIndex ~~addition, trading~~ is ~~subject~~flat toor ~~trading~~declining ~~halts~~as ~~caused~~well byas ~~extraordinary~~when ~~market volatility pursuant to “circuit breaker” rules that require trading to be halted for a specified period based on a specified market decline in~~ the ~~equity~~Index ~~markets. There can be no assurance~~is ~~that the requirements necessary to maintain the listing of the Shares will continue to be met or will remain unchanged~~rising. ~~The Fund and the Master Fund will be terminated if the Shares are delisted.~~

The ~~lack~~Master Fund is not actively managed by traditional methods. Therefore, if positions in any one or more of anthe ~~active~~Index ~~trading~~Commodities ~~market~~are ~~for~~declining in value, the ~~Shares~~Master ~~may~~Fund ~~result~~will not close out such positions, except in ~~losses~~connection atwith a change in the ~~time~~composition ofor ~~disposition~~weighting of anthe ~~investor’s~~Index. ~~Shares~~The Sub-Adviser will seek to cause the Net Asset Value to track the Index during periods in which the Index is flat or declining as well as when the Index is rising.

~~Although~~The ~~the~~Exchange ~~Shares are listed and traded~~ on ~~NYSE~~which ~~Arca, there can be no guarantee that an active trading market for~~ the Shares ~~will be maintained. If an investor needs~~are tolisted ~~sell~~may ~~its~~halt ~~Shares~~trading atin ~~a time when no active market for~~ the Shares ~~exists~~, ~~the~~which ~~price~~would ~~received~~adversely ~~upon~~impact ~~sale of the Shares, if any, will likely be lower than the price~~ an investor’s ~~would~~ability ~~have~~to ~~received~~sell ifits ~~an active market did exist~~Shares.

20The Shares are listed for trading on NYSE Arca under the market symbol “GCC.” Trading in Shares may be halted due to market conditions or, in light of NYSE Arca rules and procedures, for reasons that, in the view of NYSE Arca, make trading in Shares inadvisable. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules that require trading to be halted for a specified period based on a specified market decline in the equity markets. There can be no assurance that the requirements necessary to maintain the listing of the Shares will continue to be met or will remain unchanged. The Funds will be terminated if the Shares are delisted.

The ~~Shares~~lack ~~are~~of aan ~~relatively~~active ~~new~~trading ~~securities product~~market ~~and~~for ~~their~~the ~~value~~Shares ~~could~~may ~~decrease~~result ifin ~~unanticipated~~losses ~~operational~~at orthe ~~trading~~time ~~problems~~of ~~arise~~disposition of an investor’s Shares.

~~The~~Although ~~mechanisms and procedures governing~~ the ~~creation,~~ ~~redemption and offering of the~~ Shares are ~~recently~~listed ~~developed~~and ~~securities~~traded ~~products.~~on ~~Consequently~~NYSE Arca, there ~~may~~can be ~~unanticipated problems~~no orguarantee ~~issues~~that ~~with~~an ~~respect~~active totrading ~~the~~market ~~mechanics~~for of the ~~operations~~Shares ~~and~~will ~~the~~be ~~trading~~maintained. ofIf ~~the~~an investor ~~Shares~~needs ~~that~~to ~~could~~sell ~~have~~its Shares at a ~~material~~time ~~adverse effect~~when onno anactive ~~investment~~market infor the Shares. ~~In addition~~exists, ~~although~~ the ~~Master~~price ~~Fund~~received isupon ~~not~~sale ~~actively~~of ~~“managed”~~the byShares, ~~traditional methods~~if any, ~~unanticipated~~will ~~operational~~likely orbe ~~trading~~lower ~~problems~~than orthe ~~issues~~price ~~may~~an ~~not~~investor bewould ~~solvable~~have byreceived ~~the~~if ~~Managing~~an ~~Owner~~active ormarket ~~Sub-Adviser~~did exist.

~~Investors~~The ~~should~~Shares ~~not~~are ~~rely~~a onrelatively ~~past~~new ~~performance in~~securities ~~deciding~~product ~~whether~~and totheir ~~buy~~value ~~Shares~~could decrease if unanticipated operational or trading problems arise.

The ~~Fund~~mechanisms and ~~the~~procedures ~~Index’s~~governing ~~performance history~~the iscreation, ~~not~~redemption ~~necessarily~~and ~~indicative~~offering of ~~future~~the ~~results.~~Shares ~~Therefore,~~are ~~one~~recently ~~should~~developed ~~not~~securities ~~rely~~products. ~~upon~~Consequently, ~~the~~there ~~past~~may be ~~performance~~unanticipated ofproblems ~~the Fund~~ or ~~the~~issues ~~Index~~with inrespect ~~deciding whether~~ to ~~buy~~the ~~Shares~~mechanics inof the ~~Fund.~~operations ~~Further,~~and the ~~past~~trading ~~performance~~of ~~up to~~ the ~~date~~Shares ofthat ~~this~~could ~~Annual~~have ~~Report is~~ a ~~reflection~~material ofadverse ~~the~~effect ~~performance~~on ~~associated~~an ~~with~~investment in the ~~prior~~Shares. ~~principals~~In ofaddition, although the ~~Managing~~Master ~~Owner~~Fund ~~(who~~is ~~are~~not ~~now~~actively “managed” ~~principals~~by oftraditional ~~the~~methods, ~~Sub-Adviser) and~~unanticipated ~~new~~operational ~~principals~~or ~~were~~trading ~~installed~~problems asor aissues ~~result~~may ofnot ~~the~~be ~~change~~solvable inby ~~ownership of~~ the Managing Owner. ~~Such~~or ~~changes may impact future performance~~Sub-Adviser.

~~Price~~20 ~~volatility may possibly cause the total loss of an investment in the Shares.~~

FuturesTable contracts have a high degree of price variability and are subject to occasional rapid and substantial changes. Consequently, an investor in the Shares could lose all or substantially all of its investment in the Fund.Contents

~~Fees~~Investors ~~are~~should ~~charged~~not ~~regardless~~rely ofon ~~profitability and~~past ~~may~~performance ~~result~~ in ~~depletion~~deciding ofwhether ~~assets~~to buy Shares.

The Fund’s ~~indirectly~~and ~~is subject to~~ the ~~fees and~~Index’s ~~expenses~~performance ~~described~~history inis ~~this~~not ~~Annual~~necessarily ~~Report~~indicative ~~which are payable irrespective~~ of ~~profitability.~~future ~~Such fees and expenses include asset-based fees of up to 0~~results.~~85%~~ ~~per annum. Additional charges include brokerage fees and routine operational~~Therefore, ~~administrative~~one ~~and~~should ~~other ordinary expenses, including, but~~ not ~~limited~~rely ~~to,~~upon the ~~fees~~past performance ~~and expenses~~ of the ~~Trustee,~~Fund ~~legal~~or ~~and~~the ~~accounting~~Index ~~fees~~in ~~and~~deciding ~~expenses,~~whether ~~tax~~to ~~preparation expenses,~~buy ~~filing~~Shares ~~fees, and printing, mailing and duplication costs. These fees and expenses are accrued at a rate of 0.20% per annum~~ in the ~~aggregate~~Fund. OfFurther, the ~~amounts~~past soperformance ~~accrued,~~up to the ~~Master~~date ~~Fund~~of ~~first~~this ~~pays~~Annual ~~brokerage~~Report ~~fees,~~is ~~and~~a ~~secondly,~~reflection ~~from the remainder~~ of the ~~amounts~~performance soassociated ~~accrued,~~with ~~reimburses~~ the ~~Managing~~prior ~~Owner~~principals ~~for~~of the ~~Fund’s routine operational, administrative and other ordinary expenses paid by the~~ Managing Owner. ~~The~~(who are ~~Fund~~now isprincipals ~~expected to earn interest income at an annual rate~~ of ~~0.26% per annum, based upon~~ the ~~yield~~Sub-Adviser) onand anew ~~three~~principals ~~month~~were ~~U.S.~~installed ~~Treasury~~as ~~bill~~a asresult of ~~December 31, 2015. Consequently, it is expected that interest income will not exceed fees, and therefore~~ the ~~Fund~~change ~~will need to have positive performance~~ in ~~order~~ownership ~~to break-even (net~~ of ~~fees and expenses). Consequently,~~ the ~~expenses~~Managing ~~of the Fund could, over time, result in significant losses to your investment in the Shares~~Owner. ~~You~~Such changes may ~~never~~ ~~achieve~~impact ~~profits,~~future ~~significant or otherwise~~performance.

~~Possible~~Price ~~illiquid~~volatility ~~markets~~ may ~~exacerbate losses~~possibly cause the total loss of an investment in the Shares.

Futures ~~positions~~Contracts ~~cannot~~have ~~always be liquidated at the desired price. It is difficult to execute~~ a ~~trade~~high atdegree aof ~~specific~~ price ~~when~~variability ~~there is a relatively small volume of buy~~ and ~~sell~~ ~~orders~~are ~~in a market. A market disruption, such as when foreign governments may take or be~~ subject to ~~political~~occasional ~~actions~~rapid ~~which disrupt the markets in their currency or major exports, can also make it difficult to liquidate a position. Such periods of illiquidity~~ and ~~the~~substantial ~~events that trigger them are difficult to predict and there can be no assurance that the Managing Owner will be able to do so~~changes. ~~There~~Consequently, ~~can~~an beinvestor noin ~~assurance that market illiquidity will not cause losses for~~ the ~~Fund. The large size of the positions which~~Shares ~~the~~could ~~Master~~lose ~~Fund~~all ~~may~~or ~~acquire~~substantially onall ~~behalf~~ of ~~the Fund increases the risk of illiquidity by both making~~ its ~~positions~~investment ~~more~~in ~~difficult to liquidate and increasing~~ the ~~losses incurred while trying to do so~~Fund.

~~Investors~~Fees ~~in the Shares may be adversely affected by redemption orders that~~ are ~~subject~~charged toregardless ~~postponement,~~of ~~suspension~~profitability orand ~~rejection~~may ~~under~~result ~~certain~~in ~~circumstances~~depletion of assets.

The ~~Managing~~Fund ~~Owner~~indirectly ~~may~~is ~~suspend~~subject to the ~~right~~fees ~~of redemption~~and orexpenses ~~postpone~~described ~~the~~in ~~redemption~~this ~~settlement~~Annual ~~date~~Report ~~(i)~~which ~~for~~are ~~any~~payable ~~period~~irrespective ~~during~~of ~~which~~profitability. Such anfees ~~emergency~~and ~~exists~~expenses asinclude aasset-based ~~result~~fees of ~~which the~~up ~~redemption~~to ~~distribution~~0.85% isper ~~not~~annum. ~~reasonably~~Additional ~~practicable,~~charges orinclude ~~(ii)~~brokerage ~~for~~fees ~~such~~and routine operational, administrative and other ~~period~~ordinary asexpenses, ~~the~~including, ~~Managing~~but ~~Owner~~not ~~determines~~limited to, ~~be necessary~~the ~~for~~fees ~~the~~and ~~protection~~expenses of the Trustee, ~~Shareholders.~~legal Inand ~~addition~~accounting fees and expenses, ~~the~~tax ~~Administrator~~preparation ~~will~~expenses, ~~reject~~filing fees, and printing, mailing and duplication costs. These fees and expenses are accrued at a ~~redemption~~rate ~~order~~of if0.20% of the ~~order~~Net ~~is not~~Asset Value per annum in ~~proper~~the ~~form~~aggregate. asOf ~~described~~the amounts inso accrued, the ~~Participant~~Master ~~Agreement~~Fund orfirst ifpays brokerage fees, and secondly, from the ~~fulfillment~~remainder of the ~~order~~amounts so accrued, inreimburses the ~~opinion~~Managing ofOwner ~~its~~for ~~counsel~~the Fund’s routine operational, ~~might~~ beadministrative ~~unlawful~~and other ordinary expenses paid by the Managing Owner. ~~Any~~The ~~such~~Fund ~~postponement,~~is ~~suspension~~expected orto ~~rejection~~earn ~~could~~interest ~~adversely~~income ~~affect~~at aan ~~redeeming~~annual ~~Authorized~~rate ~~Participant~~of 0.51% ~~For example~~per annum, based upon the ~~resulting~~yield ~~delay~~on ~~may~~a ~~adversely~~three ~~affect~~month ~~the~~U.S. ~~value~~Treasury bill as of ~~the~~December 31, ~~Authorized~~2016. ~~Participant’s~~Consequently, ~~redemption~~it ~~proceeds~~is ifexpected ~~the~~that ~~Net~~interest income will not ~~Asset~~exceed ~~Value~~annual offees for the ~~Fund~~year ~~declines~~ended ~~during~~December 31, 2016, and therefore the ~~period~~Fund will need to have positive performance in order to break-even (net of ~~the~~fees ~~delay~~and expenses). ~~Such~~Consequently, ~~parties~~the ~~disclaim~~expenses ~~any~~of ~~liability~~the ~~for~~Funds ~~any~~could, ~~loss~~over ortime, ~~damage~~result ~~that~~in ~~may~~significant ~~result~~losses ~~from~~to ~~any~~your ~~such~~investment ~~suspension~~in the Shares. You may never achieve profits, significant or ~~postponement~~otherwise.

21Possible illiquid markets may exacerbate losses.

~~Because~~Futures positions cannot always be liquidated at the ~~Master~~desired ~~Fund~~price. ~~will~~It ~~not~~is ~~acquire~~difficult to execute a trade at a specific price when ~~any~~there ~~asset~~is ~~with~~a ~~intrinsic~~relatively ~~value~~small volume of buy and sell orders in a market. A market disruption, ~~the~~such ~~positive~~as ~~performance~~when offoreign angovernments ~~investment~~may take or be subject to political actions which disrupt the markets in their currency or major exports, can also make it difficult to liquidate a position. Such periods of illiquidity and the ~~Shares~~events isthat ~~wholly~~trigger ~~dependent~~them ~~upon~~are andifficult ~~equal~~to predict and there can be no assurance that the Managing Owner will be able to do so. There can be no assurance that market illiquidity ~~offsetting~~will ~~loss~~not ~~borne~~cause losses for the Fund. The large size of the positions which the Master Fund may acquire on behalf of the Fund increases the risk of illiquidity by ~~unrelated~~both ~~participants~~making inits positions more difficult to liquidate and increasing the ~~futures~~losses ~~market~~incurred while trying to do so.

~~Futures~~Investors ~~trading~~in isthe aShares ~~risk~~may ~~transfer~~be ~~economic activity.~~adversely ~~For~~affected ~~every~~by ~~gain~~redemption ~~there~~orders isthat anare ~~equal~~subject ~~and offsetting loss rather than an opportunity~~ to ~~participate over time in general economic growth. Unlike most alternative investments~~postponement, ansuspension ~~investment in Shares does not involve acquiring any asset with intrinsic~~or ~~value.~~rejection ~~Overall~~under ~~stock~~certain ~~and bond prices could rise significantly and the economy as a whole prosper while the Shares may trade unprofitably~~circumstances.

The Managing Owner may suspend the right of redemption or postpone the redemption settlement date (i) for any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable, or (ii) for such other period as the Managing Owner determines to be necessary for the protection of the Shareholders. In addition, the Administrator will reject a redemption order if the order is not ~~have~~in proper form as described in the ~~protections associated~~Participant ~~with~~Agreement ~~ownership~~or if the fulfillment of ~~shares~~the order, in anthe ~~investment~~opinion ~~company~~of ~~registered~~its ~~under~~counsel, might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant. For example, the ~~Investment~~resulting ~~Company~~delay ~~Act~~may adversely affect the value of ~~1940~~the Authorized Participant’s redemption proceeds if the Net Asset Value declines during the period of the delay. Such parties disclaim any liability for any loss or damage that may result from any such suspension or postponement.

~~Neither~~21 the Fund nor the Master Fund is registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. Consequently, Shareholders will not have the regulatory protections provided to investors in investment companies.

VariousTable actual and potential conflicts of interest may be detrimental to Shareholders.Contents

~~The~~Because ~~Fund and~~ the Master Fund ~~are~~will subject to actual and potential conflicts of interests involving the Managing Owner, Sub-Adviser, various commodity futures brokers and Authorized Participants. The Managing Owner, the Sub-Adviser and their principals, all of which are engaged in other investment or related activities, are not ~~required~~acquire toany ~~devote~~asset ~~substantially~~with ~~all~~intrinsic ~~of their time to the business of the Fund and the Master Fund~~value, ~~which also presents~~ the ~~potential~~positive ~~for~~performance ~~numerous conflicts~~ of ~~interest with the Fund and the Master Fund. As a result of these and other~~an ~~relationships,~~investment ~~parties involved with the Fund and the Master Fund have a financial incentive to act~~ in ~~a manner other than in~~ the ~~best~~Shares ~~interests~~is ofwholly ~~the~~dependent ~~Fund~~upon ~~and~~an ~~the~~equal ~~Master Fund~~ and ~~the~~offsetting ~~Shareholders.~~loss ~~Investors~~borne ~~will~~by beunrelated ~~dependent~~participants onin the ~~good~~futures ~~faith of the respective parties subject to such conflicts to resolve them equitably~~market. Although the respective parties attempt to monitor these conflicts, it is extremely difficult, if not impossible, for such parties to ensure that these conflicts do not, in fact, result in adverse consequences to the Shareholders.

InFutures trading ~~addition,~~is ~~the~~a ~~Fund~~risk ~~may~~transfer beeconomic ~~subject~~activity. toFor ~~certain conflicts~~every ~~with~~gain ~~respect~~there tois ~~its~~an ~~Commodity~~equal ~~Broker,~~and ~~including,~~offsetting ~~but~~loss ~~not~~rather ~~limited~~than an opportunity to, ~~conflicts~~participate ~~that~~over ~~result~~time ~~from~~in ~~receiving~~general ~~greater~~economic ~~amounts of~~growth. ~~compensation~~Unlike ~~from~~most ~~other~~alternative ~~clients~~investments, an investment in Shares does not involve acquiring any asset with intrinsic value. Overall stock and ~~purchasing~~bond ~~opposite~~prices orcould ~~competing~~rise ~~positions~~significantly onand ~~behalf~~the ofeconomy ~~third~~as ~~party~~a ~~accounts~~whole ~~traded~~prospers ~~through~~ while the ~~Commodity~~Shares ~~Broker~~may trade unprofitably.

Shareholders will benot ~~subject~~have tothe ~~taxation on~~protections ~~their~~associated ~~share~~with ownership of ~~the~~shares ~~Fund’s~~in ~~taxable~~an ~~income,~~investment ~~whether~~company orregistered ~~not~~under ~~they~~the ~~receive~~Investment ~~cash~~Company ~~distributions~~Act of 1940.

~~Shareholders~~Neither ~~will~~the beFund ~~subject~~nor tothe ~~United~~Master ~~States federal~~Fund ~~income~~is ~~taxation~~registered ~~and,~~as inan ~~some~~investment ~~cases,~~company ~~state,~~under ~~local~~the orInvestment ~~foreign~~Company ~~income~~Act ~~taxation on their share~~ of ~~the~~1940 ~~Fund’s~~and ~~taxable income,~~is ~~whether or~~ not ~~they~~required ~~receive~~to register ~~cash~~under ~~distributions~~such ~~from the Fund~~act. Consequently, Shareholders ~~may~~will not ~~receive~~have ~~cash distributions equal to their share of~~ the ~~Fund’s~~regulatory ~~taxable~~protections ~~income~~provided orto ~~even~~investors ~~the~~in ~~tax~~investment ~~liability that results from such income~~companies.

~~Items of income, gain, deduction, loss~~Various actual and ~~credit~~potential ~~with~~conflicts ~~respect~~of tointerest ~~the~~may ~~Shares could~~ be ~~reallocated~~detrimental ifto ~~the Internal Revenue Service (the “IRS”) does not accept the assumptions or conventions used by the Master Fund in allocating Master Fund tax items~~Shareholders.

~~U.S.~~The ~~federal~~Fund ~~income~~and ~~tax~~the ~~rules~~Master ~~applicable~~Fund are subject to actual and potential ~~partnerships~~conflicts ~~are~~of ~~complex~~interests ~~and~~involving ~~often~~the ~~difficult~~Managing toOwner, ~~apply~~Sub-Adviser, tovarious ~~publicly~~commodity ~~traded~~futures ~~partnerships~~brokers and Authorized Participants. The ~~Fund~~Managing ~~will~~Owner, ~~apply~~the ~~certain~~Sub-Adviser ~~assumptions~~ and their ~~conventions~~principals, all of which are engaged in another ~~attempt~~investment or related activities, are not required to ~~comply~~devote ~~with~~substantially ~~applicable~~all ~~rules~~of ~~and~~their time to ~~report~~the ~~income,~~business ~~gain,~~of ~~deduction,~~the ~~loss~~Fund and ~~credit~~the toMaster Fund, which also presents the ~~Fund’s~~potential for numerous ~~Shareholders~~conflicts inof ainterest ~~manner~~with ~~that~~the ~~reflects~~Fund and the ~~Shareholders’~~Master ~~beneficial~~Fund. ~~shares~~As a result of ~~partnership~~these ~~items~~and other relationships, ~~but~~parties ~~these~~involved ~~assumptions~~with ~~and conventions~~the ~~may~~Fund ~~not~~and bethe inMaster ~~compliance~~Fund ~~with~~have ~~all~~a ~~aspects~~financial ofincentive ~~applicable~~to ~~tax~~act ~~requirements.~~in Ita ismanner ~~possible~~other ~~that~~than in the ~~IRS~~best ~~will~~interests ~~successfully assert~~of ~~that~~ the ~~conventions~~Fund and the ~~assumptions~~Master ~~used~~Fund byand the ~~Fund~~Shareholders. doInvestors ~~not~~will ~~satisfy~~be dependent on the ~~requirements~~good faith of the ~~Internal~~respective ~~Revenue~~parties ~~Code~~subject ofto ~~1986, as~~such ~~amended,~~conflicts ~~and/or~~to ~~the~~resolve ~~Treasury~~them ~~Regulations~~equitably. ~~promulgated~~Although ~~thereunder~~the ~~and~~respective ~~could~~parties ~~require~~attempt ~~that~~to ~~items~~monitor ofthese ~~income~~conflicts, ~~gain~~it is extremely difficult, ~~deduction~~if not impossible, ~~loss or~~for ~~credit~~such beparties ~~adjusted~~to orensure ~~reallocated~~that these conflicts do not, in afact, ~~manner~~result ~~that~~in ~~adversely~~adverse ~~affects~~consequences to the Shareholders.

22In addition, the Fund may be subject to certain conflicts with respect to its Commodity Broker, including, but not limited to, conflicts that result from receiving greater amounts of compensation from other clients, and purchasing opposite or competing positions on behalf of third party accounts traded through the Commodity Broker.

~~PROSPECTIVE~~Shareholders ~~INVESTORS~~will ~~ARE~~be ~~STRONGLY~~subject ~~URGED TO~~to ~~CONSULT~~taxation ~~THEIR~~on ~~OWN~~their ~~TAX~~share ~~ADVISERS~~of ~~AND COUNSEL WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT~~the INFund’s ~~ANY~~taxable ~~SHARES;~~income, ~~SUCH~~whether ~~TAX~~or ~~CONSEQUENCES~~not ~~MAY~~they ~~DIFFER~~receive INcash ~~RESPECT OF DIFFERENT INVESTORS~~distributions.

~~Failure~~Shareholders ofwill ~~lack~~be subject to United States federal income taxation and, in some cases, state, local or foreign income taxation on their share of ~~segregation~~the Fund’s taxable income, whether or not they receive cash distributions from the Fund. Shareholders may not receive cash distributions equal to their share of ~~assets~~the ~~may~~Fund’s ~~increase~~taxable ~~losses~~income or even the tax liability that results from such income.

~~The~~Items ~~Commodity~~of ~~Exchange~~income, ~~Act~~gain, ~~requires~~deduction, aloss ~~clearing broker~~and tocredit ~~segregate~~with ~~all funds received from customers from such broker’s proprietary assets. If a Commodity Broker fails~~respect to ~~do so,~~ the ~~assets~~Shares ofcould ~~the Master Fund might not~~ be ~~fully~~reallocated ~~protected~~if in the ~~event~~Internal ofRevenue ~~the~~Service ~~Commodity Broker’s bankruptcy. Furthermore, in~~ (the ~~event~~“IRS”) ofdoes anot ~~Commodity~~accept ~~Broker’s bankruptcy, any Master Fund Units could be limited to recovering only a pro rata share of all available funds segregated on behalf of~~ the ~~Commodity~~assumptions ~~Broker’s~~or ~~combined~~conventions ~~customer~~used ~~accounts, even~~by ~~though certain property specifically traceable to~~ the Master Fund ~~was held by the Commodity Broker. In addition to that, it is possible that~~ in ~~the~~allocating event of a clearing broker’s bankruptcy, investors could experience a loss of all their funds and assets held by the clearing broker. In the event of a bankruptcy or insolvency of any exchange or clearing house, the Master Fund ~~could~~tax experience a loss of the funds deposited through its Commodity Broker as margin with the exchange or clearing house, a loss of any profits on its open positions on the exchange, and the loss of unrealized profits on its closed positions on the exchangeitems.

~~Regulatory~~U.S. ~~changes~~federal orincome ~~actions~~tax ~~may~~rules ~~alter~~applicable to partnerships are complex and often difficult to apply to publicly traded partnerships. The Fund will apply certain assumptions and conventions in an attempt to comply with applicable rules and to report income, gain, deduction, loss and credit to the ~~nature~~Shareholders in a manner that reflects the Shareholders’ beneficial shares of anpartnership ~~investment~~items, but these assumptions and conventions may not be in compliance with all aspects of applicable tax requirements. It is possible that the IRS will successfully assert that the conventions and assumptions used by the Fund do not satisfy the requirements of the Internal Revenue Code of 1986, as amended, and/or the Treasury Regulations promulgated thereunder and could require that items of income, gain, deduction, loss or credit be adjusted or reallocated in a manner that adversely affects Shareholders.

~~Considerable~~22 regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States. There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in the Fund or the ability of the Fund to continue to implement its investment strategy. The futures markets are subject to comprehensive statutes, regulations, and margin requirements. In addition, the CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily price limits and the suspension of trading. The regulation of futures transactions in the United States is a rapidly changing area of law and is subject to modification by government and judicial action. The effect of any future regulatory change on the Fund is impossible to predict, but could be substantial and adverse.

TerminationTable of the Fund may adversely affect a Shareholder’s portfolio.Contents

~~The~~PROSPECTIVE ~~Managing~~INVESTORS ~~Owner~~ARE ~~may~~STRONGLY ~~withdraw~~URGED ~~from~~TO ~~the~~CONSULT ~~Fund upon~~THEIR ~~one~~OWN ~~hundred~~TAX ~~and~~ADVISERS ~~twenty~~AND ~~(120)~~COUNSEL ~~days’~~WITH ~~notice,~~RESPECT ~~which~~TO ~~would cause the Fund and the Master Fund to terminate unless a substitute~~THE ~~managing~~POSSIBLE ~~owner~~TAX ~~were~~CONSEQUENCES ~~obtained.~~TO ~~Shareholders~~THEM ~~cannot~~OF beAN ~~assured~~INVESTMENT ~~that~~IN ~~the~~ANY ~~Managing~~SHARES; ~~Owner~~SUCH orTAX ~~Sub-Adviser~~CONSEQUENCES ~~will~~MAY beDIFFER ~~willing~~IN orRESPECT ~~able~~OF ~~to continue~~DIFFERENT ~~to service the Fund for any length of time~~INVESTORS. If the Managing Owner or Sub-Adviser discontinues its activities on behalf of the Fund, the Fund may be adversely affected. In addition, owners of seventy-five percent (75%) of the Shares have the power to terminate the Trust. If it is so exercised, Shareholders will have to find another vehicle, and may not be able to find another vehicle that offers the same features as the Trust. Such detrimental developments could cause Shareholders to liquidate their investments and upset the overall maturity and timing of their investment portfolios. If the registrations with the CFTC or memberships in the NFA of the Managing Owner or the Commodity Broker were revoked or suspended, such entity would no longer be able to provide services to the Fund and the Master Fund.

~~Shareholders~~Failure of dolack ~~not~~of ~~have~~segregation ~~the~~of ~~rights enjoyed~~assets bymay ~~investors~~increase ~~in certain other vehicles~~losses.

AsThe ~~interests~~Commodity inExchange anAct ~~investment~~requires ~~trust,~~a ~~the~~clearing ~~Shares~~broker to segregate all funds received from ~~have~~customers ~~none~~from such broker’s proprietary assets. If a Commodity Broker fails to do so, the assets of the ~~statutory~~Master ~~rights~~Fund ~~normally~~might ~~associated~~not ~~with~~be fully protected in the ~~ownership~~event of ~~common~~the ~~stock~~Commodity Broker’s bankruptcy. Furthermore, in the event of a ~~corporation~~Commodity Broker’s ~~(including~~bankruptcy, ~~for~~any ~~example~~Master Fund Units could be limited to recovering only a pro rata share of all available funds segregated on behalf of the Commodity Broker’s combined customer accounts, even though certain property ~~the~~specifically ~~right~~traceable to ~~bring~~the ~~“oppression”~~Master orFund ~~“derivative”~~was ~~actions)~~held by the Commodity Broker. In addition to that, ~~the~~it ~~Shares~~is ~~have~~possible ~~limited~~that ~~voting and~~in ~~distribution~~the ~~rights~~event ~~(for~~of ~~example~~a clearing broker’s bankruptcy, ~~Shareholders~~investors docould ~~not~~experience ~~have~~a ~~the~~loss ~~right~~of toall ~~elect~~their ~~directors~~funds and assets held by the clearing ~~Fund~~broker. isIn ~~not~~the ~~required~~event toof ~~pay regular~~a ~~dividends,~~bankruptcy ~~although~~or insolvency of any exchange or clearing house, the Master Fund ~~may~~could ~~pay~~experience ~~dividends~~a atloss of the ~~discretion~~funds deposited through its Commodity Broker as margin with the exchange or clearing house, a loss of any unrealized profits on its open positions on the ~~Managing~~exchange, ~~Owner)~~and the loss of realized profits on its closed positions on the exchange.

23Regulatory changes or actions may alter the nature of an investment in the Fund.

AnConsiderable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the ~~Shares~~United ~~may~~States. beThere ~~adversely~~is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in the ~~affected~~Fund byor ~~competition~~the ~~from~~ability ~~other~~of ~~methods~~the Fund to continue to implement its investment strategy. The futures markets are subject to comprehensive statutes, regulations, and margin requirements. In addition, the CFTC and the exchanges are authorized to take extraordinary actions in the event of ~~investing~~a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily price limits and the suspension of trading. The regulation of futures transactions in ~~commodities~~the United States is a rapidly changing area of law and is subject to modification by government and judicial action. The effect of any future regulatory change on the Fund is impossible to predict, but could be substantial and adverse.

~~The~~Termination ~~Fund~~of ~~competes with other financial vehicles, including other commodity pools, hedge funds, traditional debt and equity securities issued by companies in~~ the ~~commodities~~Fund ~~industry, other~~may ~~securities~~adversely ~~backed~~affect bya or linked to such commodities, and direct investments in the underlying commodities or commodity futures contracts. Market and financial conditions, and other conditions that are beyond the Managing OwnerShareholder’s ~~control, may make it more attractive to invest in other financial vehicles or to invest in such commodities directly, which could limit the market for the Shares and reduce the liquidity of the Shares~~portfolio.

~~Competing~~The ~~claims~~Managing ~~over~~Owner ~~ownership~~may ofwithdraw ~~intellectual~~from the Fund upon one hundred and twenty (120) days’ notice, which would cause the Fund and the Master Fund to ~~property~~terminate ~~rights~~unless ~~related~~a substitute managing owner were obtained. Shareholders cannot be assured that the Managing Owner or Sub-Adviser will be willing or able to continue to service the Fund ~~could~~for ~~adversely~~any ~~affect~~length of time. If the Managing Owner or Sub-Adviser discontinues its activities on behalf of the Fund, the Fund may be adversely affected. In addition, owners of seventy-five percent (75%) of the Shares have the power to terminate the Trust. If it is so exercised, investors who wish to continue to invest in the Index will have to find another vehicle, and anmay not be able to find another vehicle that offers the same features as the Trust. Such detrimental developments could cause Shareholders to liquidate their investments and upset the overall maturity and timing of their investment portfolios. If the registrations with the CFTC or memberships in the ~~Shares~~NFA of the Managing Owner or the Commodity Broker were revoked or suspended, such entity would no longer be able to provide services to the Fund and the Master Fund.

~~Third~~Shareholders ~~parties~~do ~~may~~not ~~allege~~have ~~or assert ownership~~the ~~of intellectual property~~ rights ~~which~~enjoyed ~~may~~by beinvestors related to the design, structure and operations of the Fund. To the extent any claims of such ownership are brought or any proceedings are instituted to assert such claims, the negotiation, litigation or settlement of such claims, or the ultimate disposition of such claims in acertain ~~court~~other ~~of law if a suit is brought, may adversely affect the Fund and an investment in the Shares, resulting in expenses or damages or the termination of the Fund~~vehicles.

AnAs ~~absence~~interests in an investment trust, the Shares have none of ~~“Backwardation”~~the statutory rights normally inassociated with the ~~prices~~ownership of ~~certain~~common ~~commodities~~stock of a corporation (including, orfor example, the ~~presence~~right ofto bring “~~Contango~~oppression” inor “derivative” actions). In addition, the ~~prices~~Shares ofhave ~~certain~~limited ~~commodities~~voting and distribution rights (for example, Shareholders do not have the right to elect directors and the Fund is not required to pay regular dividends, although the Fund may ~~decrease~~ pay dividends at the ~~price~~discretion of ~~your~~the ~~Shares~~Managing Owner).

As23 the futures contracts that underlie the Index near expiration, they are replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2015 may specify a January 2016 expiration. As that contract nears expiration, it may be replaced by selling the January 2016 contract and purchasing the contract expiring in March 2016. This process is referred to as “rolling.” Historically, the prices of Crude Oil and Heating Oil have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2016 contract would take place at a price that is higher than the price at which the March 2016 contract is purchased, thereby creating a gain in connection with rolling. While Crude Oil and Heating Oil have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times. The absence of backwardation in Crude Oil and Heating Oil could adversely affect the value of the Index and, accordingly, decrease the value of your Shares.

Conversely,Table Gold, Corn, Soybeans and Wheat historically exhibit “contango” markets rather than backwardation. Contango markets are those in which the prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors. Although Gold, Corn, Soybeans and Wheat have historically exhibited consistent periods of contango, contango will likely not exist in these markets at all times. The persistence of contango in Gold, Corn, Soybeans and Wheat could adversely affect the value of the Index and, accordingly, decrease the value of your Shares.Contents

~~The~~An ~~value~~investment ofin the Shares ~~will~~may be adversely affected ifby ~~the~~competition ~~Fund~~from isother ~~required~~methods toof ~~indemnify~~investing ~~the Trustee or the Managing Owner~~in commodities.

~~Under~~The ~~the~~Fund ~~Trust~~competes ~~Agreements~~with other financial vehicles, ~~the~~including ~~Trustee~~other commodity pools, hedge funds, traditional debt and equity securities ~~the~~issued ~~Managing~~by ~~Owner~~companies ~~have~~in the ~~right~~commodities toindustry, beother ~~indemnified~~securities ~~for~~backed ~~any~~by ~~liability~~ or ~~expense~~linked ~~they~~to ~~incur~~such ~~without~~commodities, ~~negligence~~and ordirect ~~misconduct. That~~investments ~~means~~in the ~~Managing~~underlying ~~Owner~~commodities ~~may~~or ~~require~~commodity ~~the~~futures ~~assets~~contracts. ofMarket ~~the~~and ~~Fund~~financial toconditions, beand ~~sold~~other inconditions that ~~order~~are tobeyond ~~cover~~the ~~losses~~Managing orOwner’s ~~liability~~control, ~~suffered~~may by make it ormore byattractive ~~the~~to ~~Trustee.~~invest ~~Any~~in ~~sale~~other offinancial ~~that~~vehicles ~~kind~~or ~~would~~to ~~reduce~~invest ~~the~~in ~~Net~~such ~~Asset~~commodities ~~Value~~directly, ofwhich could limit the ~~Fund~~market for the Shares and reduce the ~~value~~liquidity of the Shares.

~~The~~Competing ~~Fund~~claims isover ~~subject~~ownership of intellectual property rights related to ~~extensive~~the ~~regulatory reporting~~Fund could adversely affect the Fund and ~~compliance.~~an investment in the Shares.

~~The~~Third ~~Fund~~parties ismay ~~subject~~allege toor ~~changing~~assert ~~regulation~~ ownership of ~~corporate~~intellectual ~~governance~~property ~~and~~rights ~~public~~which ~~disclosure~~may ~~that~~be ~~have~~related ~~increased~~to ~~both~~ the ~~Fund’s~~design, ~~costs~~structure and ~~the~~operations ~~risk~~ of ~~noncompliance. Because~~ the ~~Shares are publicly traded, the~~ Fund. isTo ~~subject to certain rules and regulations of federal, state and financial market exchange entities charged with~~ the ~~protection~~extent ofany ~~investors~~claims ~~and the oversight~~ of ~~companies~~such ~~whose~~ownership ~~securities~~ are ~~publicly~~brought ~~traded.~~or ~~These~~any ~~entities, including~~proceedings ~~the~~are ~~Public~~instituted ~~Company~~to ~~Accounting~~assert ~~Oversight~~such ~~Board~~claims, the ~~SEC and NYSE Arca~~negotiation, ~~have~~litigation inor ~~recent~~settlement ~~years~~of ~~issued~~such ~~new requirements and regulations~~claims, ~~most~~or ~~notably~~ the ~~Sarbanes-Oxley~~ultimate ~~Act~~disposition of ~~2002.~~such ~~From~~claims ~~time~~in toa ~~time,~~court ~~since the adoption~~ of ~~the~~law ~~Sarbanes-Oxley~~if ~~Act~~a ofsuit ~~2002,~~is ~~these~~brought, ~~authorities~~may ~~have~~adversely ~~continued~~affect tothe ~~develop additional regulations or interpretations of existing regulations. The~~ Fund~~’s ongoing~~ ~~efforts to comply with these regulations~~ and ~~interpretations~~an ~~have~~investment ~~resulted~~ in, ~~and~~the ~~are~~Shares, ~~likely to continue~~ resulting in~~, increased~~ ~~general~~expenses ~~and~~or ~~administrative~~damages ~~expenses~~or ~~and~~the ~~diversion~~termination of ~~management~~the ~~time and attention from revenue-generating activities to compliance activities~~Fund.

24An absence of “Backwardation” in the prices of certain commodities, or the presence of “Contango” in the prices of certain commodities, may decrease the price of your Shares.

~~The~~As ~~Fund~~the isfutures ~~responsible~~contracts that underlie the Index near expiration, they are replaced by contracts that have a later expiration. Thus, for ~~establishing~~example, ~~and~~a contract ~~maintaining~~purchased ~~adequate~~and ~~internal~~held ~~control~~in ~~over~~November ~~financial~~2016 ~~reporting~~may specify a January 2017 expiration. ~~The~~As ~~Fund’s~~that ~~internal~~contract ~~control~~nears ~~system~~expiration, it may be replaced by selling the January 2017 contract and purchasing the contract expiring in March 2017. This process is ~~designed~~referred to ~~provide~~as ~~reasonable~~“rolling.” ~~assurance~~Historically, tothe ~~its~~prices ~~management~~of ~~regarding~~Crude ~~the~~Oil ~~preparation~~ and ~~fair~~Heating ~~presentation~~Oil ofhave ~~published~~frequently ~~financial~~been ~~statements~~higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” ~~All~~In ~~internal~~these ~~control~~circumstances, ~~systems~~absent other factors, nothe ~~matter~~sale ~~how~~of ~~well~~the ~~designed~~January 2017 contract would take place at a price that is higher than the price at which the March 2017 contract is purchased, ~~have~~thereby ~~inherent~~creating ~~limitations~~a gain in connection with rolling. ~~Therefore~~While Crude Oil and Heating Oil have historically exhibited consistent periods of backwardation, ~~even~~backwardation ~~those~~will ~~systems~~likely ~~determined~~not ~~to be~~exist ~~effective~~in ~~can~~these ~~provide~~markets ~~only~~at ~~reasonable~~all ~~assurance~~times. ~~with~~The ~~respect~~absence toof ~~financial~~backwardation ~~statement~~in ~~preparation~~Crude Oil and ~~presentation~~Heating Oil could adversely affect the value of the Index and, accordingly, decrease the value of your Shares.

~~The~~Conversely, ~~Fund~~Gold, ~~has~~Corn, ~~assessed~~Soybeans and Wheat historically exhibit “contango” markets rather than backwardation. Contango markets are those in which the ~~effectiveness~~prices of ~~its~~ ~~internal~~contracts ~~control~~are ~~over~~higher ~~financial~~in ~~reporting~~the asdistant delivery months than in the nearer delivery months due to the costs of ~~December~~long-term ~~31,~~storage ~~2015.~~of ~~Based~~a onphysical ~~its~~commodity ~~assessment~~prior to delivery or other factors. Although Gold, ~~the~~Corn, ~~Fund~~Soybeans ~~believes~~and ~~that~~Wheat have historically exhibited consistent periods of contango, ascontango will likely not exist in these markets at all times. The persistence of ~~December~~ 31contango in Gold, ~~2015~~Corn, ~~its~~Soybeans ~~internal~~and ~~control~~Wheat ~~over~~could adversely ~~financial~~affect ~~reporting~~the isvalue ~~effective~~of the Index and, accordingly, decrease the value of your Shares.

The ~~Net~~value ~~Asset Value calculation~~ of the ~~Fund~~ ~~may~~Shares will be ~~overstated~~adversely oraffected ~~understated due to~~ if the ~~valuation~~Fund ~~method~~is ~~employed~~required ~~when~~to aindemnify ~~settlement~~the ~~price~~Trustee isor ~~not available on~~ the ~~date of~~Managing ~~such calculation~~Owner.

~~Calculating~~Under the ~~Net~~Trust ~~Asset Value of the Fund includes~~Agreements, ~~in part, any unrealized profits or losses on open commodity futures contracts. Under normal circumstances,~~ the ~~Net~~Trustee ~~Asset Value~~and of the ~~Fund~~Managing ~~reflects~~Owner ~~the~~have ~~settlement price of open commodity futures contracts on~~ the ~~date when the Net Asset Value is being~~right ~~calculated.~~to ~~However, if a commodity futures contract traded on an exchange (both U.S. and non-U.S. exchanges) could not~~ be ~~liquidated on~~indemnified ~~such~~for ~~day~~any ~~(due~~liability ~~to the operation of daily limits~~ or ~~other~~expense ~~rules~~they ofincur ~~the~~without ~~exchange~~negligence ~~upon which that position is traded~~ or ~~otherwise), the~~misconduct. ~~settlement~~That ~~price~~means on the ~~most~~Managing ~~recent~~Owner ~~day~~may onrequire ~~which~~ the ~~position~~assets ~~could have been liquidated shall be the basis for determining the market value~~ of ~~such position for such day. In such a situation, there is a risk that~~ the ~~calculation of the Net Asset Value of the~~ Fund onto ~~such~~be ~~day~~sold ~~will not accurately reflect the realizable market value of such commodity futures contract. For example, daily limits are generally triggered~~ in ~~the~~order ~~event~~to ofcover alosses ~~significant~~or ~~change~~liability insuffered ~~market~~by ~~price~~it ofor aby ~~commodity futures contract. Therefore, as a result of~~ the ~~daily limit, the current settlement price is unavailable~~Trustee. ~~Because~~Any ~~the settlement price on the most recent day~~sale ~~on which the position could have been liquidated would be used in lieu~~ of ~~the actual settlement price on the date of determination, there is a risk~~ that ~~the~~kind ~~resulting~~would ~~calculation~~reduce of the Net Asset Value of the Fund ~~could~~and bethe ~~understated~~value orof ~~overstated,~~the ~~perhaps to a significant degree~~Shares.

~~Item~~The ~~1B.~~Fund ~~Unresolved~~is ~~Staff~~subject ~~Comments~~to extensive regulatory reporting and compliance.

~~None~~The Fund is subject to changing regulation of corporate governance and public disclosure that have increased both the Fund’s costs and the risk of noncompliance. Because the Shares are publicly traded, the Fund is subject to certain rules and regulations of federal, state and financial market exchange entities charged with the protection of investors and the oversight of companies whose securities are publicly traded. These entities, including the Public Company Accounting Oversight Board, the SEC and NYSE Arca, have in recent years issued new requirements and regulations, most notably the Sarbanes-Oxley Act of 2002. From time to time, since the adoption of the Sarbanes-Oxley Act of 2002, these authorities have continued to develop additional regulations or interpretations of existing regulations. The Fund’s ongoing efforts to comply with these regulations and interpretations have resulted in, and are likely to continue resulting in, increased general and administrative expenses and diversion of management time and attention from revenue-generating activities to compliance activities.

~~Item~~24 ~~2. Properties.~~

NotTable applicable.of Contents

~~Item~~The 3Fund is responsible for establishing and maintaining adequate internal control over financial reporting. ~~Legal~~The Fund’s ~~Proceedings~~internal control system is designed to provide reasonable assurance to its management regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

~~None~~The Fund has assessed the effectiveness of its internal control over financial reporting as of December 31, 2016. Based on its assessment, the Fund believes that, as of December 31, 2016, its internal control over financial reporting is effective.

~~Item~~The 4.Net ~~Mining~~Asset ~~Safety~~Value ~~Disclosures~~calculation of the Fund may be overstated or understated due to the valuation method employed when a settlement price is not available on the date of such calculation.

~~Not~~Calculating ~~applicable~~the Net Asset Value of the Fund includes, in part, any unrealized profits or losses on open Futures Contracts. Under normal circumstances, the Net Asset Value of the Fund reflects the settlement price of open Futures Contracts on the date when the Net Asset Value is being calculated. However, if a Futures Contract traded on an exchange (both U.S. and non-U.S. exchanges) could not be liquidated on such day (due to the operation of daily limits or other rules of the exchange upon which that position is traded or otherwise), the settlement price on the most recent day on which the position could have been liquidated shall be the basis for determining the market value of such position for such day. In such a situation, there is a risk that the calculation of the Net Asset Value of the Fund on such day will not accurately reflect the realizable market value of such Futures Contract. For example, daily limits are generally triggered in the event of a significant change in market price of a Futures Contract. Therefore, as a result of the daily limit, the current settlement price is unavailable. Because the settlement price on the most recent day on which the position could have been liquidated would be used in lieu of the actual settlement price on the date of determination, there is a risk that the resulting calculation of the Net Asset Value of the Fund could be understated or overstated, perhaps to a significant degree.

25Item 1B. Unresolved Staff Comments.

~~PART~~None. II

Item 52. ~~Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities~~Properties.

~~Market~~Not ~~Information~~applicable.

~~Share~~Item ~~Price~~3. Legal Proceedings.

~~The Shares began trading on the American Stock Exchange on January 24, 2008 and have been traded on the NYSE Arca since November 25, 2008~~None. ~~The following table sets forth the range of reported high and low sales prices of the Shares as reported on the NYSE Arca, for the periods indicated below.~~

Year Ended December 31, 2015	High		Low
First Quarter	$	22.94	$	20.84
Second Quarter		22.50		21.24
Third Quarter		21.98		19.03
Fourth Quarter		20.34		17.96

Item 4.

Mining Safety Disclosures.

Year Ended December 31, 2014	High		Low
First Quarter	$	30.14	$	25.32
Second Quarter		28.93		27.23
Third Quarter		27.94		24.68
Fourth Quarter		25.22		22.77

Not applicable.

~~Shares~~25 ~~Outstanding~~

AsTable of December 31, 2015, the Fund had 12,100,000 of its Limited Shares outstanding.Contents

AsPART ofII ~~December 31, 2014, the Fund had 11,700,000 of its Limited Shares outstanding.~~

~~Dividends~~Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

~~The~~Market ~~Fund~~Information ~~made no distributions to its Shareholders during the fiscal years ended December 31, 2015 and December 31, 2014. The Fund has no obligation to make periodic distributions to its shareholders.~~

~~Holders~~Share Price

AsThe ofShares ~~December~~began ~~31,~~trading ~~2015~~on the American Stock Exchange on January 24, ~~there~~2008 ~~were~~and 14have been traded on the NYSE Arca since November 25,~~365~~ 2008. The ~~Shareholders~~following table sets forth the range of reported high and low sales prices of the Shares as reported on the NYSE Arca, for the periods indicated below.

Sales and Redemptions


Year Ended December 31, 2016	High		Low
First Quarter	$	19.21	$	17.28
Second Quarter		20.75		18.25
Third Quarter		20.80		19.20
Fourth Quarter		20.24		18.97

There have been no unregistered sales of the Fund’s securities. No Fund securities are authorized for issuance by the Fund under equity compensation plans.


Year Ended December 31, 2015	High		Low
First Quarter	$	22.94	$	20.84
Second Quarter		22.50		21.24
Third Quarter		21.98		19.03
Fourth Quarter		20.34		17.96

~~The~~Shares ~~Fund~~Outstanding filed with the SEC a Registration Statement on Form S-1 (Registration No.: 333-138424), which was declared effective on December 5, 2007, as amended by a Post-Effective Amendment 1 declared effective on April 14, 2009, pursuant to which the Fund registered 4,000,000 Shares.

~~The~~As ~~Fund~~of ~~filed~~December 31, ~~with~~2016, the ~~SEC~~Fund ahad ~~Registration Statement on Form S-1 (Registration No.: 333-158421)~~11, ~~which was declared effective on April 24~~350,000 ~~2009,~~of ~~pursuant~~its toShares ~~which~~and ~~the~~50 ~~Fund registered~~of ~~21,000,000~~its General Shares outstanding.

~~The~~As ~~Fund~~of ~~filed~~December 31, ~~with~~2015, the ~~SEC~~Fund ahad ~~Registration Statement on Form S-3 (Registration No.: 333-170917)~~12, ~~which was declared effective on January 14~~100,000 ~~2011,~~of ~~pursuant~~its toShares ~~which~~and ~~the Fund~~50 ~~registered~~of ~~20,000,000~~its General Shares outstanding.

~~The~~Dividends Fund filed with the SEC a Registration Statement on Form S-3 (Registration No.: 333-188743), which was declared effective on September 19, 2013, pursuant to which the Fund registered 61,000,000 Shares.

26The Fund made no distributions to its Shareholders during the fiscal years ended December 31, 2016 and December 31, 2015. The Fund has no obligation to make periodic distributions to its shareholders.

~~The~~Holders proceeds from the sale of the Shares are used to purchase Master Fund Limited Units. The Master Fund uses the proceeds from the sale of the Master Fund Limited Units for general corporate purposes in accordance with its investment objectives and policies.

~~During~~As ~~the~~of ~~year ended~~ December 31, ~~2015~~2016, ~~2,150,000 Limited~~there ~~Shares~~ were ~~created for $45,167,597 and 1,750,000 Limited Shares were redeemed for $35,611,056. For the three months~~ ~~ended December 31, 2015, 550,000 Limited Shares were created for $10,628,632 and 800,000 Limited Shares were redeemed for $~~14,~~972,461. On~~511 ~~December 31, 2015, 12,100,000 Limited Shares of the Fund were outstanding for a market capitalization of $224,092,000~~Shareholders.

~~During~~Sales ~~the year ended December 31, 2014, 1,550,000 Limited Shares were created for $43,387,949~~ and ~~2,300,000~~Redemptions Limited Shares were redeemed for $57,703,054. For the three months ended December 31, 2014, 1,250,000 Limited Shares were redeemed for $30,180,331. On December 31, 2014, 11,700,000 Limited Shares of the Fund were outstanding for a market capitalization of $267,462,000.

~~Item~~There 6have been no unregistered sales of the Fund’s securities. ~~Selected~~No ~~Financial~~Fund ~~Data~~securities are authorized for issuance by the Fund under equity compensation plans.

~~FINANCIAL~~The ~~HIGHLIGHTS~~Fund currently has on file a Registration Statement on Form S-3 (~~FOR~~Registration ~~THE~~No.: ~~YEARS~~333-214153), ~~ENDED~~which ~~DECEMBER~~was 31declared effective by the SEC on October 28, ~~2015~~2016, ~~2014~~pursuant to which the Fund registered 61,000,000 ~~2013~~Shares. As of December 31, ~~2012~~2016, ~~AND~~there ~~2011)~~were 60,600,000 Shares available for issuance under such Registration Statement.

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
Revenues (interest income)	$	45,979		$	44,304		$	189,643		$	331,044		$	335,677
Total assets		224,714,040			267,179,248			320,361,211			479,691,588			584,077,695
Net realized and unrealized gain (loss) on futures transactions and investments		(49,361,047	)		(35,320,782	)		(45,104,484	)		(22,718,144	)		(66,905,929	)
Net gain (loss)		(51,936,150	)		(38,779,345	)		(49,238,972	)		(27,402,292	)		(73,765,925	)

The proceeds from the sale of the Shares are used to purchase Master Fund Units. The Master Fund uses the proceeds from the sale of the Master Fund Units for general corporate purposes in accordance with its investment objectives and policies.

2015 SELECTED QUARTERLY DATA (UNAUDITED)
	For the Three Months Ended March 31, 2015			For the Three Months Ended June 30, 2015			For the Three Months Ended September 30, 2015			For the Three Months Ended December 31, 2015
Interest income	$	10,326		$	9,418		$	4,883		$	21,352
Net investment income (loss)		(649,358	)		(655,704	)		(657,897	)		(612,144	)
Net realized and unrealized gain (loss) on investments on futures contracts		(17,884,786	)		11,259,980			(31,600,348	)		(11,135,893	)
Net gain (loss)		(18,534,144	)		10,604,276			(32,258,245	)		(11,748,037	)
Increase (decrease) in Net Asset Value		(23,132,600	)		35,518,162			(38,673,306	)		(16,091,865	)

During the year ended December 31, 2016, 950,000 Shares were created for $18,731,395 and 1,700,000 Shares were redeemed for $32,454,202. For the three months ended December 31, 2016, 400,000 Shares were created for $7,707,628 and no Shares were redeemed. On December 31, 2016, 11,350,050 Shares of the Fund were outstanding for a market capitalization of $219,395,500.

2014 SELECTED QUARTERLY DATA (UNAUDITED)
	For the Three Months Ended March 31, 2014			For the Three Months Ended June 30, 2014			For the Three Months Ended September 30, 2014			For the Three Months Ended December 31, 2014
Interest income	$	10,011		$	15,419		$	8,256		$	10,618
Net investment income (loss)		(842,440	)		(917,973	)		(904,843	)		(793,307	)
Net realized and unrealized gain (loss) on investments on futures contracts		30,712,698			(2,892,040	)		(39,995,805	)		(23,145,635	)
Net gain (loss)		29,870,258			(3,810,013	)		(40,900,648	)		(23,938,942	)
Increase (decrease) in Net Asset Value		28,190,820			11,794,925			(38,960,923	)		(54,119,272	)

ItemTable 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.Contents

~~The~~During ~~following~~the ~~discussion~~year ~~should~~ended beDecember 31, ~~read~~2015, 2,150,000 Shares were created for $45,167,597 and 1,750,000 Shares inwere ~~conjunction~~redeemed ~~with~~for $35,611,056. For the ~~Funds’~~three ~~Financial~~months ~~Statements~~ended December 31, 2015, 550,000 Shares were created for $10,628,632 and ~~the~~800,000 ~~related~~Shares ~~Notes~~were toredeemed ~~the~~for ~~Funds’~~$14,972,461. ~~Financial~~On ~~Statements~~December 31, ~~included~~2015, 12,100,000 Shares of the Fund were outstanding ~~elsewhere~~for ina ~~this~~market ~~Annual~~capitalization ~~Report~~of $224,092,000.

~~This~~On ~~Annual Report~~October 4, ~~including this “Management’s Discussion and Analysis of Financial Condition and Results of Operations~~2016,~~” contains~~ ~~forward-looking statements regarding~~ the ~~plans~~Managing ~~and~~Owner ~~objectives~~issued ofa ~~management~~press ~~for~~release ~~future~~announcing ~~operations.~~that ~~This~~the ~~information~~Fund ~~may~~had ~~involve known and unknown risks, uncertainties~~temporarily ~~and~~suspended ~~other factors that may cause~~ the ~~Funds’~~ability ~~actual~~of ~~results,~~Authorized ~~performance~~Participants ~~or achievements~~ to bepurchase ~~materially~~new ~~different~~Baskets ~~from future~~of ~~results, performance or achievements expressed or implied by any forward-looking statements~~Shares. ~~Forward-looking~~The ~~statements, which~~Fund ~~involve~~filed ~~assumptions and describe~~ the ~~Funds’~~press ~~future~~release ~~plans,~~with ~~strategies and expectations, are generally identifiable by use of~~ the ~~words~~Securities ~~“may,”~~and ~~“will,”~~Exchange ~~“should,”~~Commission ~~“expect,”~~as ~~“anticipate,” “estimate,” “believe,” “intend” or “project,”~~Exhibit ~~the~~99.1 ~~negative~~to ofa ~~these~~Current ~~words, other~~Report ~~variations~~ on ~~these words or comparable terminology. These forward~~Form 8-~~looking~~K ~~statements~~filed ~~are~~with ~~based on assumptions that may be incorrect, and~~ the ~~Funds~~SEC ~~cannot assure investors that these projections included in these forward-looking statements will come~~on ~~to pass.~~October ~~The~~4, ~~Funds’ actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors~~2016.

27On October 31, 2016, the Managing Owner announced that the Fund lifted its temporary suspension of the ability of Authorized Participants to purchase new Baskets of Shares, and resumed the creation of new Baskets of Shares. The Fund filed the press release with the Securities and Exchange Commission as Exhibit 99.1 to a Current Report on Form 8-K filed with the SEC on October 31, 2016.

~~The~~Item Funds have based the forward-looking statements included in this Annual Report on information available to it as close to the filing date of this Annual Report as reasonably practicable, and the Funds assume no obligation to update any such forward-looking statements except as required by the federal securities laws6. ~~Investors~~Selected ~~are~~Financial advised to review any additional disclosures that the Funds may make directly to them or through reports that the Funds file in the future with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-KData.

~~Introduction~~FINANCIAL HIGHLIGHTS (FOR THE YEARS ENDED DECEMBER 31, 2016, 2015, 2014, 2013 AND 2012)

As described in Part I above, the Fund and the Master Fund seek to track changes, whether positive or negative, in the level of the Thomson Reuters Continuous Commodity Index Total Return over time, plus the excess, if any, of the Master Fund’s interest income from its holdings of United States Treasury Obligations and other high credit-quality short-term fixed income securities over the expenses of the Funds. The Shares are designed for investors who want a cost-effective and convenient way to invest in an equal-weight portfolio of commodity futures.


	Year Ended December 31, 2016		Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Revenues (interest income)	$	476,315	$	45,979		$	44,304		$	189,643		$	331,044
Total assets		221,416,935		224,714,040			267,179,248			320,361,211			479,691,588
Net realized and unrealized gain (loss) on futures transactions and investments		10,687,283		(49,361,047	)		(35,320,782	)		(45,104,484	)		(22,718,144	)
Net gain (loss)		8,864,877		(51,936,150	)		(38,779,345	)		(49,238,972	)		(27,402,292	)

The Fund ~~pursues~~is ~~its~~presenting ~~investment~~the ~~objective by~~following ~~investing~~Net ~~substantially~~Asset ~~all~~Value ofand ~~its~~financial ~~assets~~highlights inrelated ~~the~~to ~~Master Fund. The Master Fund pursues its~~ investment ~~objective~~performance byand ~~investing~~operations infor a ~~Portfolio~~Share ofoutstanding ~~exchange-traded~~for ~~futures contracts on~~ the ~~commodities~~years ~~comprising~~ended ~~the Index. Through January 6~~December 31, ~~2013~~2016, ~~the Index Commodities were wheat~~2015, ~~corn~~2014, ~~soybeans, live cattle, lean hogs, gold, silver, platinum, copper, cotton, coffee, cocoa, orange juice, sugar, crude oil, heating oil, and natural gas. Following the tenth revision on January 7,~~ 2013, ~~orange juice was removed~~ and ~~soybean oil was added at an equivalent allocation~~2012.

The Index is composed of notional amounts of each of the Index Commodities. The notional amounts of each Index Commodity included in the Index are in equal weight proportion to the Index Commodities or 1/17 weighting per index commodity rebalanced daily. The Master Fund’s Portfolio also includes United States Treasury Obligations and other high credit-quality short-term fixed income securities for deposit with the Master Fund’s Commodity Broker. The Commodity Broker currently applies part of the total value of the cash and/or Treasury Obligations on deposit towards satisfying any margin requirements related to the futures contracts in the Master Fund’s futures account. The Index Sponsor is Thompson Reuters. Thomson Reuters is not an affiliate of the Fund, the Master Fund or the Managing Owner.


	2016			2015			2014			2013			2012
Net Asset Value
Net asset value per Limited Share, beginning of year	$	18.56		$	22.81		$	25.70		$	28.85		$	29.96
Investment operations:
Net realized and change in unrealized gain (loss)		0.95			(4.04	)		(2.62	)		(2.88	)		(0.85	)
Net investment loss⁽¹⁾⁽²⁾		(0.16	)		(0.21	)		(0.27	)		(0.27	)		(0.26	)

Net increase (decrease) in net assets from operations		0.79			(4.25	)		(2.89	)		(3.15	)		(1.11	)

Net asset value per Limited Share, end of year	$	19.35		$	18.56		$	22.81		$	25.70		$	28.85

Total Return, at net asset value		4.26	%		(18.63	)%		(11.25	)%		(10.92	)%		(3.70	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s omitted)	$	219,661		$	224,519		$	266,898		$	319,993		$	474,608
Ratios to average net assets of:
Net investment loss⁽³⁾		(0.83	)%		(1.03	)%		(1.04	)%		(1.01	)%		(0.86	)%

Total expenses⁽³⁾		1.05	%		1.05	%		1.05	%		1.05	%		0.92	%

Total Return, at net asset value		4.26	%		(18.63	)%		(11.25	)%		(10.92	)%		(3.70	)%

~~Under~~(1) ~~the~~Based ~~Trust~~on ~~Agreements~~average ofshares ~~each of the Fund and the Master Fund, CSC Trust, the Trustee of the Funds, has delegated to the Managing Owner the exclusive management and control of all aspects of the business of the Funds~~outstanding. ~~The Trustee has no duty or liability to supervise or monitor the performance of the Managing Owner, nor does the Trustee have any liability for the acts or omissions of the Managing Owner.~~

~~The~~(2) ~~Index~~Includes ~~Sponsor~~brokerage ~~obtains~~fees/commissions ~~information~~of ~~for inclusion in~~$0.03, ~~or for use in the calculation of~~$0.03, ~~the Index from sources the Index Sponsor considers reliable~~$0. ~~None of the Index Sponsor~~03, ~~the Managing Owner~~$0.03, ~~the~~and ~~Fund,~~$0.03 ~~the~~per ~~Master~~share ~~Fund or any of their respective affiliates accepts responsibility~~ for ~~or guarantees~~ the ~~accuracy~~years ~~and/or~~ended ~~completeness~~December of31, ~~the~~2016, ~~Index~~2015, or2014, ~~any~~2013 ~~data~~and ~~included~~2012, ~~in the Index~~respectively.

~~The~~(3) ~~Shares~~Includes ~~are~~brokerage ~~intended~~fees/commissions toof ~~provide~~0.13%, ~~investment results that generally correspond to the changes~~0.14%, ~~positive or negative~~0.11%, ~~in the levels of the Index over time~~0.10%, ~~The~~and ~~value of the Shares is expected to fluctuate in relation to changes in the value of the Master Fund’s Portfolio~~0.11% ~~The~~(as ~~market~~a ~~price~~percentage of ~~the~~ ~~Shares~~average ~~may~~net ~~not~~assets) befor ~~identical to~~ the ~~Net~~years ~~Asset~~ended ~~Value~~December ~~per~~31, ~~Share~~2016, ~~but~~2015, ~~these~~2014, ~~two~~2013 ~~valuations~~and ~~are~~2012, ~~expected to be very close~~respectively.

The ticker symbol of the Fund is “GCC.”


2016 SELECTED QUARTERLY DATA (UNAUDITED)

	For the Three Months Ended March 31, 2016			For the Three Months Ended June 30, 2016			For the Three Months Ended September 30, 2016			For the Three Months Ended December 31, 2016
Interest income	$	89,300		$	115,666		$	128,793		$	142,556
Net investment income (loss)		(463,693	)		(467,317	)		(462,844	)		(428,552	)
Net realized and unrealized gain (loss) on investments on futures contracts		2,117,241			19,701,888			(9,839,549	)		(1,292,297	)
Net gain (loss)		1,653,548			19,234,571			(10,302,393	)		(1,720,849	)
Increase (decrease) in Net Asset Value		(11,961,559	)		14,124,929			(13,008,079	)		5,986,779

2015 SELECTED QUARTERLY DATA (UNAUDITED)

	For the Three Months Ended March 31, 2015			For the Three Months Ended June 30, 2015			For the Three Months Ended September 30, 2015			For the Three Months Ended December 31, 2015
Interest income	$	10,326		$	9,418		$	4,883		$	21,352
Net investment income (loss)		(649,358	)		(655,704	)		(657,897	)		(612,144	)
Net realized and unrealized gain (loss) on investments on futures contracts		(17,884,786	)		11,259,980			(31,600,348	)		(11,135,893	)
Net gain (loss)		(18,534,144	)		10,604,276			(32,258,245	)		(11,748,037	)
Increase (decrease) in Net Asset Value		(23,132,600	)		35,518,162			(38,673,306	)		(16,091,865	)

~~Management’s~~27 ~~Discussion of Results of Operations~~

ResultsTable of OperationsContents

AsItem of7. ~~December~~Management’s ~~31,~~Discussion ~~2015,~~and ~~the~~Analysis ~~net~~of ~~unrealized loss~~Financial onCondition ~~futures contracts owned or held on that day was $8,705,967~~ and ~~the~~Results ~~Fund had total assets~~ of ~~$224,714,040~~Operations. ~~The ending Net Asset Value per Share on December 31, 2015 was $18.56.~~

28The following discussion should be read in conjunction with the Funds’ Financial Statements and the related Notes to the Funds’ Financial Statements included elsewhere in this Annual Report.

AsThis Annual Report, including this “Management’s Discussion and Analysis of ~~December~~Financial 31Condition and Results of Operations,” contains forward-looking ~~2014~~statements regarding the plans and objectives of management for future operations. This information may involve known and unknown risks, uncertainties and other factors that may cause the ~~net~~Funds’ ~~unrealized~~actual results, performance or ~~loss~~achievements onto ~~futures~~be ~~contracts~~materially ~~owned~~different from future results, performance or ~~held~~achievements onexpressed ~~that~~or ~~day~~implied ~~was~~by ~~$27~~any forward-looking statements. Forward-looking statements,~~249,076~~ which involve assumptions and describe the ~~Fund~~Funds’ ~~had~~future ~~total~~plans, strategies ~~assets~~and expectations, are generally identifiable by use of ~~$267~~the words “may,~~179~~” “will,~~248.~~” ~~The~~“should,” ~~ending~~“expect,” “anticipate,” “estimate,” “believe,” “intend” or ~~Net~~“project,” the ~~Asset~~negative ~~Value~~of ~~per~~these ~~Share~~words, other variations on ~~December~~these 31words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, ~~2014~~and ~~was~~the ~~$22~~Funds cannot assure investors that these projections included in these forward-looking statements will come to pass.81 The Funds’ actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.

~~Portfolio~~The ~~Expenses~~Funds have based the forward-looking statements included in this Annual Report on information available to it as close to the filing date of this Annual Report as reasonably practicable, and the Funds assume no obligation to update any such forward-looking statements except as required by the federal securities laws. Investors are advised to review any additional disclosures that the Funds may make directly to them or through reports that the Funds file in the future with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

~~The~~Introduction ~~Fund’s expenses consist of investment management fees and brokerage fees. The Fund pays the Managing Owner a management fee of 0.85% of Net Asset Value.~~

~~The~~As ~~Fund pays~~described ~~for~~in ~~all~~Part ~~brokerage~~I ~~fees. The Managing Owner pays for all other expenses~~above, ~~including~~the ~~licensing~~Fund ~~fees~~and ~~for~~ the ~~use~~Master ofFund ~~intellectual~~seek ~~property, ongoing registration or other fees paid~~ to ~~the~~track ~~SEC~~changes, ~~FINRA~~ ~~and any~~whether ~~other~~positive ~~regulatory~~or ~~agency~~negative, in ~~connection~~the ~~with offers~~level ~~and sales~~ of ~~its units~~the ~~subsequent~~Thomson toReuters ~~the~~Continuous Commodity ~~initial~~Index ~~offering~~Total ~~and~~Return ~~all~~over ~~legal~~time, ~~accounting,~~plus ~~printing~~the ~~and~~excess, ~~other~~if ~~expenses associated therewith. Routine operational~~any, ~~administrative~~of ~~and other ordinary expenses are reimbursable to~~ the ~~Managing~~Master ~~Owner by the~~ Fund~~. Since~~’s ~~inception, the~~interest ~~Fund paid~~income $0from inits ~~ongoing~~holdings ~~registration~~of ~~fees~~U.S. ~~and other offering expenses~~Treasuries. The ~~Managing~~Shares ~~Owner~~are isdesigned ~~responsible~~ for ~~paying~~investors ~~the fees~~who ~~and~~want ~~expenses,~~a ~~including~~cost-effective ~~directors’~~ and ~~officers’~~convenient ~~liability~~way ~~insurance,~~to ofinvest ~~the~~in ~~independent~~an equal-weight ~~directors~~portfolio of ~~the~~Commodity ~~Managing Owner who are also its audit committee members~~Futures.

The Fund ~~also~~pursues ~~incurs~~its ~~commissions~~investment toobjective ~~brokers for~~by investing substantially all of its assets in the ~~purchase~~Master ~~and~~Fund. The ~~sale~~Master Fund pursues its investment objective by investing in a Portfolio of ~~futures~~Commodity ~~contracts~~Futures on the Index Commodities. ~~Total~~Through ~~commissions~~January 6, ~~and~~2013, ~~fees~~the ~~and~~Index ~~routine~~Commodities ~~operational~~were wheat, ~~administrative~~corn, ~~and~~soybeans, ~~other~~live ~~ordinary~~cattle, lean hogs, gold, silver, ~~expenses~~platinum, ~~amounted~~copper, tocotton, ~~$499~~coffee,~~254~~ cocoa, ~~$667~~orange juice,~~213~~ ~~and~~sugar, ~~$823~~crude oil,~~644~~ ~~for~~heating oil, and natural gas. Following the ~~years~~tenth ~~ended~~revision ~~December~~on 31January 7, ~~2015~~2013, ~~2014~~orange juice was removed and ~~2013,~~soybean ~~respectively~~oil was added at an equivalent allocation.

~~Interest~~The ~~Income~~Index is composed of notional amounts of each of the Index Commodities. The notional amounts of each Index Commodity included in the Index are in equal weight proportion to the Index Commodities or 1/17 weighting per index commodity rebalanced daily. The Master Fund’s Portfolio also includes U.S. Treasuries for deposit with the Master Fund’s Commodity Broker. The Commodity Broker currently applies part of the total value of the cash and/or U.S. Treasuries on deposit towards satisfying any margin requirements related to the Commodity Futures in the Master Fund’s futures account. Thomson Reuters (Markets) LLC, formerly Thomson Reuters America LLC, is the owner, publisher and custodian of the Thomson Reuters Continuous Commodity Index (the “Index Sponsor”). The Index Sponsor is not an affiliate of the Funds or the Managing Owner.

~~The~~Under ~~Fund~~the ~~does~~Trust ~~not~~Agreements, ~~borrow~~Delaware ~~money~~Trust inCompany, ~~order to~~the ~~obtain~~Trustee ~~leverage,~~of so the ~~Fund~~Funds, ~~does~~has ~~not~~delegated ~~incur~~to ~~any~~the ~~interest~~Managing ~~expense. Rather,~~Owner the ~~Fund’s~~exclusive ~~margin~~management ~~deposits~~and ~~are~~control ~~maintained~~of all inaspects ~~United~~of ~~States~~the ~~Treasury~~business ~~Obligations~~of ~~and~~the ~~short~~Funds. ~~term~~The ~~investments~~Trustee ~~and~~has ~~interest~~no isduty ~~earned~~or onliability ~~the~~to ~~Fund’s~~supervise ~~available~~or ~~assets. The~~monitor ~~Fund~~the ~~earned~~performance ~~total~~of ~~interest~~the ~~income~~Managing ~~of $45~~Owner,~~979,~~ ~~$44,304~~nor ~~and~~does ~~$189,643~~the ~~for~~Trustee ~~the~~have ~~years~~any ~~ended~~liability ~~December~~for ~~31,~~the ~~2015,~~acts ~~2014~~or ~~and~~omissions ~~2013,~~of ~~respectively~~the Managing Owner.

The Index Sponsor obtains information for inclusion in, or for use in the calculation of, the Index from sources the Index Sponsor considers reliable. None of the Index Sponsor, the Managing Owner, the Fund, ~~Performance~~the Master Fund or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or completeness of the Index or any data included in the Index.

~~The~~28 ~~following table provides summary performance information for the Fund for the five years ended December 31, 2015, 2014, 2013, 2012 and 2011.~~

29Table of Contents

~~PAST~~The ~~PERFORMANCE~~Shares ISare ~~NOT~~intended ~~NECESSARILY~~to ~~INDICATIVE~~provide investment results that generally correspond to the changes, positive or OFnegative, ~~FUTURE~~in ~~RESULTS~~the levels of the Index over time. The value of the Shares is expected to fluctuate in relation to changes in the value of the Master Fund’s Portfolio. The market price of the Shares may not be identical to the Net Asset Value per Share, but these two valuations are expected to be very close.

5The ~~Year~~Fund ~~Performance~~is ~~Summary~~ listed on the NYSE Arca under the symbol “GCC.”

Date	NAV	Total Shares	Net Assets	1 Month	3 Months	Year to Date	Since Inception
1/31/2011	$34.01	17,650,050	$600,278,201	3.44%	14.28%	3.44%	13.37%
2/28/2011	$35.16	19,600,050	$689,137,758	3.38%	18.50%	6.93%	17.20%
3/31/2011	$35.20	23,250,050	$818,401,760	0.11%	7.06%	7.06%	17.33%
4/30/2011	$36.34	23,800,050	$864,893,817	3.24%	6.85%	10.52%	21.13%
5/31/2011	$34.87	22,000,050	$767,141,744	-4.05%	-0.82%	6.05%	16.23%
6/30/2011	$33.59	21,850,050	$733,943,180	-3.67%	-4.57%	2.16%	11.97%
7/31/2011	$34.48	21,000,050	$724,081,724	2.65%	-5.12%	4.87%	14.93%
8/31/2011	$35.23	20,700,050	$729,262,762	2.18%	1.03%	7.15%	17.43%
9/30/2011	$30.46	20,600,050	$627,498,123	-13.54%	-9.32%	-7.36%	1.54%
10/31/2011	$32.21	19,200,050	$618,433,611	5.74%	-6.58%	-2.04%	7.37%
11/30/2011	$31.12	20,300,050	$631,737,556	-3.38%	-11.67%	-5.35%	3.73%
12/31/2011	$29.96	19,400,050	$581,225,498	-3.73%	-1.64%	-8.88%	-0.13%
1/31/2012	$31.29	19,550,050	$611,721,065	4.44%	-2.86%	4.44%	4.30%
2/29/2012	$31.70	21,350,050	$676,796,585	1.31%	1.86%	5.81%	5.67%
3/31/2012	$30.35	21,250,050	$644,939,018	-4.26%	1.30%	1.30%	1.17%
4/30/2012	$29.51	20,550,050	$606,431,976	-2.77%	-5.69%	-1.50%	-1.63%
5/31/2012	$26.95	18,300,050	$493,186,348	-8.68%	-14.98%	-10.05%	-10.17%
6/30/2012	$28.43	18,000,050	$511,741,422	5.49%	-6.33%	-5.11%	-5.23%
7/31/2012	$29.65	17,100,050	$507,016,483	4.29%	0.47%	-1.03%	-1.17%
8/31/2012	$30.35	16,650,050	$505,329,018	2.36%	12.62%	1.30%	1.17%
9/30/2012	$30.57	16,900,050	$516,634,529	0.72%	7.53%	2.04%	1.90%
10/31/2012	$29.56	16,600,050	$490,697,478	-3.30%	-0.30%	-1.34%	-1.47%
11/30/2012	$29.83	16,750,050	$499,653,992	0.91%	-1.71%	-0.43%	-0.57%
12/31/2012	$28.85	16,450,050	$474,583,943	-3.29%	-5.63%	-3.70%	-3.83%
1/31/2013	$29.50	16,450,050	$485,276,475	2.25%	-0.20%	2.25%	-1.67%
2/28/2013	$28.21	16,500,050	$465,466,411	-4.37%	-5.43%	-2.22%	-5.97%
3/31/2013	$28.26	17,000,050	$480,421,413	0.18%	-2.05%	-2.05%	-5.80%
4/30/2013	$27.65	16,800,050	$464,521,383	-2.16%	-6.27%	-4.16%	-7.83%
5/31/2013	$26.89	16,200,050	$435,619,345	-2.75%	-4.68%	-6.79%	-10.37%
6/30/2013	$25.76	15,700,050	$404,433,288	-4.20%	-8.85%	-10.71%	-14.13%
7/31/2013	$26.01	14,900,050	$387,550,301	0.97%	-5.93%	-9.84%	-13.30%
8/31/2013	$26.84	13,550,050	$363,683,342	3.19%	-0.19%	-6.97%	-10.53%
9/30/2013	$26.48	13,400,050	$354,833,324	-1.34%	2.80%	-8.21%	-11.73%
10/31/2013	$26.15	13,300,050	$347,796,308	-1.25%	0.54%	-9.36%	-12.83%
11/30/2013	$25.84	13,300,050	$343,673,292	-1.19%	-3.73%	-10.43%	-13.87%
12/31/2013	$25.70	12,450,050	$319,966,285	-0.54%	-2.95%	-10.92%	-14.33%
1/31/2014	$25.87	11,900,050	$307,854,294	0.66%	-1.07%	0.66%	-13.77%
2/28/2014	$27.80	12,350,050	$343,331,390	7.46%	7.59%	8.17%	-7.33%
3/31/2014	$28.19	12,350,050	$348,147,910	1.40%	9.69%	9.69%	-6.03%
4/30/2014	$28.74	12,500,050	$359,251,437	1.95%	11.09%	11.83%	-4.20%
5/31/2014	$27.78	12,800,050	$355,585,389	-3.34%	-0.07%	8.09%	-7.40%
6/30/2014	$27.91	12,900,050	$360,040,396	0.47%	-0.99%	8.60%	-6.97%
7/31/2014	$26.62	13,150,050	$350,054,331	-4.62%	-7.38%	3.58%	-11.27%
8/31/2014	$26.25	13,150,050	$345,188,813	-1.39%	-5.51%	2.14%	-12.50%
9/30/2014	$24.79	12,950,050	$321,031,740	-5.56%	-11.18%	-3.54%	-17.37%
10/31/2014	$24.73	12,750,050	$315,308,737	-0.24%	-7.10%	-3.77%	-17.57%
11/30/2014	$23.97	12,250,050	$293,633,699	-3.07%	-8.69%	-6.73%	-20.10%
12/31/2014	$22.81	11,700,050	$266,878,141	-4.84%	-7.99%	-11.25%	-23.97%
1/31/2015	$21.83	11,600,050	$253,229,092	-4.30%	-11.73%	-4.30%	-27.23%
2/28/2015	$22.21	11,400,050	$253,195,111	1.74%	-7.34%	-2.63%	-25.97%
3/31/2015	$21.20	11,500,050	$243,801,060	-4.55%	-7.06%	-7.06%	-29.33%
4/30/2015	$21.90	11,450,050	$250,756,095	3.30%	0.32%	-3.99%	-27.00%
5/31/2015	$21.51	11,550,050	$248,441,576	-1.78%	-3.15%	-5.70%	-28.30%
6/30/2015	$22.08	12,650,050	$279,313,104	2.65%	4.15%	-3.20%	-26.40%
7/31/2015	$20.14	12,350,050	$248,730,007	-8.79%	-8.04%	-11.71%	-32.87%
8/31/2015	$19.89	12,250,050	$243,653,495	-1.24%	-7.53%	-12.80%	-33.70%
9/30/2015	$19.48	12,350,050	$240,578,974	-2.06%	-11.78%	-14.60%	-35.07%
10/31/2015	$19.80	12,450,050	$246,510,990	1.64%	-1.69%	-13.20%	-34.00%
11/30/2015	$18.65	12,600,050	$234,990,933	-5.81%	-6.23%	-18.24%	-37.83%
12/31/2015	$18.56	12,100,050	$224,576,928	-0.48%	-4.72%	-18.63%	-38.13%

Management’s Discussion of Results of Operations

30As of December 31, 2016, the net unrealized loss on Commodity Futures owned or held on that day was $1,424,715 and the Fund had total assets of $221,416,935. The ending Net Asset Value per Share on December 31, 2016 was $19.35. For the year ended December 31, 2016, the Fund’s net realized and change in net unrealized gain/loss on investments and futures contracts was a net gain of $10,687,283. Overall, the Fund recognized a net gain of $8,864,877 from operations for the fiscal year ended December 31, 2016.

~~The~~As ~~following~~of ~~charts present~~December 31, a2015, ~~comparison~~the ofnet ~~the~~unrealized ~~CCI-TR~~loss ~~Index~~on Commodity Futures owned or held on that day was $8,705,967 and the ~~WisdomTree~~Fund ~~Continuous~~had ~~Commodity~~total ~~Index~~assets ~~Fund~~of $233,420,007. The ending Net Asset Value ~~(“GCC~~per ~~NAV”) for~~Share ~~the~~on ~~Years Ended~~ December 31, 2015, ~~2014~~was ~~and~~$18.56. ~~2013,~~ For the ~~Three~~year ~~Months~~ended ~~Ended~~ December 31, 2015, ~~2014~~the ~~and~~Fund’s ~~2013,~~net realized and ~~for~~change ~~the~~in net unrealized gain/loss on ~~commencement~~investments and futures contracts was a net loss of ~~trading~~$49,361,047. onOverall, ~~January~~the 24Fund recognized a net loss of $51,936,150 ~~2008~~from tooperations ~~December~~for the fiscal year ended December 31, 2015.

~~PAST~~Portfolio ~~PERFORMANCE~~Expenses ~~IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS~~

The Fund’s expenses consist of investment management fees and brokerage fees. For the year ended December 31, 2016, the Funds paid the Managing Owner, monthly in arrears, a Management Fee equal to 0.85% of the average annual Net Asset Value. Effective January 1, 2017, the Funds will pay the Managing Owner, monthly in arrears, a net Management Fee equal to 0.75% of the average annual Net Asset Value after deducting a 0.10% per annum voluntary management fee waiver.

~~PAST~~For ~~PERFORMANCE~~the ISyear ~~NOT~~ended ~~NECESSARILY~~December 31, ~~INDICATIVE~~2016, the Funds’ brokerage commissions and fees as well as routine operational, administrative and other ordinary OFexpenses, ~~FUTURE~~including, ~~RESULTS~~but not limited to, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs, were accrued at a rate of 0.20% of the Net Asset Value per annum in the aggregate. Of the amounts so accrued, the Funds first paid brokerage fees, and secondly, from the remainder of the amounts so accrued, reimbursed the Managing Owner for the Funds’ routine operational, administrative and other ordinary expenses paid by the Managing Owner. Total commissions and fees and routine operational, administrative and other ordinary expenses amounted to $437,850, $499,254, and $667,213 for the years ended December 31, 2016, 2015, and 2014, respectively.

32Effective January 1, 2017, (i) the Funds will pay for their brokerage commissions and fees directly (which is estimated to be 0.14% of the Net Asset Value per annum in the aggregate), and (ii) the Managing Owner will pay the Funds’ routine operational, administrative and other ordinary expenses. Such expenses paid by the Managing Owner will not be subject to reimbursement.

~~PAST~~The ~~PERFORMANCE~~Funds ISpay ~~NOT~~all ~~NECESSARILY~~of ~~INDICATIVE~~their respective extraordinary fees and expenses generally, if any, as determined by the Managing Owner. OFExtraordinary ~~FUTURE~~fees ~~RESULTS~~and expenses are likely to include non-recurring fees such as legal claims and liabilities, litigation costs and any permitted indemnification payments related thereto, if any; but the Managing Owner has discretion to treat other unanticipated expenses as extraordinary fees and expenses.

33Interest Income

~~PAST~~The ~~PERFORMANCE~~Fund ISdoes ~~NOT~~not ~~NECESSARILY~~borrow ~~INDICATIVE~~money in order to obtain leverage, so the Fund does not incur any interest expense. Rather, the Fund’s margin deposits are OFmaintained ~~FUTURE~~in ~~RESULTS~~U.S. Treasuries and interest is earned on the Fund’s available assets. The Fund earned total interest income of $476,315, $45,979, and $44,304 for the years ended December 31, 2016, 2015, and 2014, respectively.

34Fund Performance

The ~~Fund~~following ~~and~~table ~~the Master Fund seek to track~~provides ~~changes~~summary ~~in the Thomson Reuters Continuous Commodity Index – Total Return over time. The Fund’s Net Asset Value relative~~ performance ~~versus~~information ~~the Index was -0.89%, -0.94%, and -0.81% net of fees~~ for the ~~years ended December, 31 2015, 2014 and 2013, respectively. The~~ Fund’s ~~Net Asset Value relative performance versus the Index was -0.27%, -0.25%, and -0.27%~~ for the ~~three months~~five years ended December 31, 2016, 2015, 2014, ~~and~~ 2013, ~~respectively. Since the Fund commenced trading on January 24, 2008 through December 31, 2015, the Fund has returned -39.20% as measured by its daily closing stock price~~ and ~~the Index has returned -43~~2012.~~07%.~~

~~The~~29 Fund registered 4,000,000 Shares on December 5, 2007 and commenced investment operations on January 23, 2008. An additional 21,000,000 Shares were publicly registered on May 14, 2009, an additional 20,000,000 Shares were publicly registered on January 14, 2011, and an additional 61,000,000 Shares were publicly registered on September 24, 2013. As of December 31, 2015, the Fund had 12,100,000 Limited Shares outstanding.

NetTable Assetof Value Contents

~~The~~PAST ~~Administrator~~PERFORMANCE ~~calculates~~IS aNOT ~~Net~~NECESSARILY ~~Asset~~INDICATIVE ~~Value per~~OF ~~Share~~FUTURE ofRESULTS the Fund daily, based on closing prices of the underlying futures contracts. The first such calculation was as of market close on January 24, 2008, the first day of trading. Values of the underlying Index are computed by Thomson Reuters America, LLC, and disseminated by NYSE Arca every 15 seconds during the trading day. Only settlement and last-sale prices are used in the Index’s calculation, bids and offers are not recognized – including limit-bid and limit-offer price quotes. Where no last-sale price exists, typically in the more deferred contract months, the previous days’ settlement price is used. This means that the underlying Index may lag its theoretical value. This tendency to lag is evident at the end of the day when the Index value is based on the settlement prices of the component commodities, and explains why the underlying Index often closes at or near the high or low for the day.

~~Critical~~5 ~~Accounting~~Year ~~Policies~~Performance ~~and~~Summary ~~Estimates~~

Critical accounting policies for the Fund and Master Fund are as follows:


Date		Net Asset Value per Share		Total Shares		Net Assets		1 Month			3 Months			Year to Date			Cumulative Return Since Inception
	1/31/2012	$	31.29		19,550,050	$	611,797,377		4.44	%		-2.86	%		4.44	%		4.30	%
	2/29/2012	$	31.70		21,350,050	$	676,876,258		1.31	%		1.86	%		5.81	%		5.67	%
	3/31/2012	$	30.35		21,250,050	$	644,868,253		-4.26	%		1.30	%		1.30	%		1.17	%
	4/30/2012	$	29.51		20,550,050	$	606,519,698		-2.77	%		-5.69	%		-1.50	%		-1.63	%
	5/31/2012	$	26.95		18,300,050	$	493,144,321		-8.68	%		-14.98	%		-10.05	%		-10.17	%
	6/30/2012	$	28.43		18,000,050	$	511,712,177		5.49	%		-6.33	%		-5.11	%		-5.23	%
	7/31/2012	$	29.65		17,100,050	$	506,949,216		4.29	%		0.47	%		-1.03	%		-1.17	%
	8/31/2012	$	30.35		16,650,050	$	505,295,771		2.36	%		12.62	%		1.30	%		1.17	%
	9/30/2012	$	30.57		16,900,050	$	516,674,737		0.72	%		7.53	%		2.04	%		1.90	%
	10/31/2012	$	29.56		16,600,050	$	490,720,396		-3.30	%		-0.30	%		-1.34	%		-1.47	%
	11/30/2012	$	29.83		16,750,050	$	499,587,285		0.91	%		-1.71	%		-0.43	%		-0.57	%
	12/31/2012	$	28.85		16,450,050	$	474,608,100		-3.29	%		-5.63	%		-3.70	%		-3.83	%
	1/31/2013	$	29.50		16,450,050	$	485,228,210		2.25	%		-0.20	%		2.25	%		-1.67	%
	2/28/2013	$	28.21		16,500,050	$	465,398,977		-4.37	%		-5.43	%		-2.22	%		-5.97	%
	3/31/2013	$	28.26		17,000,050	$	480,366,427		0.18	%		-2.05	%		-2.05	%		-5.80	%
	4/30/2013	$	27.65		16,800,050	$	464,578,302		-2.16	%		-6.27	%		-4.16	%		-7.83	%
	5/31/2013	$	26.89		16,200,050	$	435,577,235		-2.75	%		-4.68	%		-6.79	%		-10.37	%
	6/30/2013	$	25.76		15,700,050	$	404,488,312		-4.20	%		-8.85	%		-10.71	%		-14.13	%
	7/31/2013	$	26.01		14,900,050	$	387,484,507		0.97	%		-5.93	%		-9.84	%		-13.30	%
	8/31/2013	$	26.84		13,550,050	$	363,732,451		3.19	%		-0.19	%		-6.97	%		-10.53	%
	9/30/2013	$	26.48		13,400,050	$	354,838,812		-1.34	%		2.80	%		-8.21	%		-11.73	%
	10/31/2013	$	26.15		13,300,050	$	347,770,766		-1.25	%		0.54	%		-9.36	%		-12.83	%
	11/30/2013	$	25.84		13,300,050	$	343,662,899		-1.19	%		-3.73	%		-10.43	%		-13.87	%
	12/31/2013	$	25.70		12,450,050	$	319,992,584		-0.54	%		-2.95	%		-10.92	%		-14.33	%
	1/31/2014	$	25.87		11,900,050	$	307,883,915		0.66	%		-1.07	%		0.66	%		-13.77	%
	2/28/2014	$	27.80		12,350,050	$	343,355,140		7.46	%		7.59	%		8.17	%		-7.33	%
	3/31/2014	$	28.19		12,350,050	$	348,183,222		1.40	%		9.69	%		9.69	%		-6.03	%
	4/30/2014	$	28.74		12,500,050	$	359,209,409		1.95	%		11.09	%		11.83	%		-4.20	%
	5/31/2014	$	27.78		12,800,050	$	355,553,581		-3.34	%		-0.07	%		8.09	%		-7.40	%
	6/30/2014	$	27.91		12,900,050	$	359,978,141		0.47	%		-0.99	%		8.60	%		-6.97	%
	7/31/2014	$	26.62		13,150,050	$	350,041,597		-4.62	%		-7.38	%		3.58	%		-11.27	%
	8/31/2014	$	26.25		13,150,050	$	345,220,665		-1.39	%		-5.51	%		2.14	%		-12.50	%
	9/30/2014	$	24.79		12,950,050	$	321,017,239		-5.56	%		-11.18	%		-3.54	%		-17.37	%
	10/31/2014	$	24.73		12,750,050	$	315,332,090		-0.24	%		-7.10	%		-3.77	%		-17.57	%
	11/30/2014	$	23.97		12,250,050	$	293,666,858		-3.07	%		-8.69	%		-6.73	%		-20.10	%
	12/31/2014	$	22.81		11,700,050	$	266,898,134		-4.84	%		-7.99	%		-11.25	%		-23.97	%
	1/31/2015	$	21.83		11,600,050	$	253,276,499		-4.30	%		-11.73	%		-4.30	%		-27.23	%
	2/28/2015	$	22.21		11,400,050	$	253,156,514		1.74	%		-7.34	%		-2.63	%		-25.97	%
	3/31/2015	$	21.20		11,500,050	$	243,765,407		-4.55	%		-7.06	%		-7.06	%		-29.33	%
	4/30/2015	$	21.90		11,450,050	$	250,728,635		3.30	%		0.32	%		-3.99	%		-27.00	%
	5/31/2015	$	21.51		11,550,050	$	248,405,407		-1.78	%		-3.15	%		-5.70	%		-28.30	%
	6/30/2015	$	22.08		12,650,050	$	279,283,550		2.65	%		4.15	%		-3.20	%		-26.40	%
	7/31/2015	$	20.14		12,350,050	$	248,781,672		-8.79	%		-8.04	%		-11.71	%		-32.87	%
	8/31/2015	$	19.89		12,250,050	$	243,701,247		-1.24	%		-7.53	%		-12.80	%		-33.70	%
	9/30/2015	$	19.48		12,350,050	$	240,610,264		-2.06	%		-11.78	%		-14.60	%		-35.07	%
	10/31/2015	$	19.80		12,450,050	$	246,482,902		1.64	%		-1.69	%		-13.20	%		-34.00	%
	11/30/2015	$	18.65		12,600,050	$	234,930,303		-5.81	%		-6.23	%		-18.24	%		-37.83	%
	12/31/2015	$	18.56		12,100,050	$	224,518,525		-0.48	%		-4.72	%		-18.63	%		-38.13	%
	1/31/2016	$	18.08		11,800,050	$	213,290,323		-2.59	%		-8.69	%		-2.59	%		-39.73	%
	2/29/2016	$	17.95		11,500,050	$	206,423,399		-0.72	%		-3.75	%		-3.29	%		-40.17	%
	3/31/2016	$	18.73		11,350,050	$	212,556,966		4.35	%		0.92	%		0.92	%		-37.57	%
	4/30/2016	$	19.83		11,400,050	$	226,055,159		5.87	%		9.68	%		6.84	%		-33.90	%
	5/31/2016	$	19.61		11,450,050	$	224,548,529		-1.11	%		9.25	%		5.66	%		-34.63	%
	6/30/2016	$	20.42		11,100,050	$	226,681,895		4.13	%		9.02	%		10.02	%		-31.93	%
	7/31/2016	$	19.83		11,350,050	$	225,092,558		-2.89	%		0.00	%		6.84	%		-33.90	%
	8/31/2016	$	19.33		11,450,050	$	221,349,718		-2.52	%		-1.43	%		4.15	%		-35.57	%

~~Preparation~~30 of the financial statements and related disclosures in conformity with U.S. generally accepted accounting principles requires the application of appropriate accounting rules and guidance, as well as the use of estimates, and requires the Managing Owner to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense and related disclosure of contingent assets and liabilities during the reporting period of the consolidated financial statements and accompanying notes. Both the Fund and the Master Fund apply these policies that involve judgments and actual results may differ from the estimates used.

TheTable Master Fund holds a significant portion of its assets in futures contracts and United States Treasury Obligations, both of which are recorded on a trade date basis and at fair value in the consolidated financial statements, with changes in fair value reported in the consolidated statements of income and expenses. The use of fair value to measure financial instruments, with related unrealized gains or losses recognized in earnings in each period is fundamental to the Fund’s consolidated financial statements. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).Contents

~~When~~PAST ~~market~~PERFORMANCE ~~closing~~IS ~~prices~~NOT ~~are~~NECESSARILY ~~not~~INDICATIVE ~~available, the~~OF ~~Managing~~FUTURE ~~Owner~~RESULTS ~~may value an asset of the Master Fund pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards.~~

Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Discounts and premiums are amortized or accreted over the life of the United States Treasury Obligations.


Date		Net Asset Value		Total Shares		Net Assets		1 Month			3 Months			Year to Date			Cumulative Return Since Inception
	9/30/2016	$	19.51		10,950,050	$	213,673,816		0.93	%		-4.46	%		5.12	%		-34.97	%
	10/31/2016	$	19.62		10,950,050	$	214,888,405		0.56	%		-1.06	%		5.71	%		-34.60	%
	11/30/2016	$	19.39		11,300,050	$	219,111,876		-1.17	%		0.31	%		4.47	%		-35.37	%
	12/31/2016	$	19.35		11,350,050	$	219,660,595		-0.21	%		-0.82	%		4.26	%		-35.50	%

~~Realized~~The ~~gains~~following ~~(losses)~~charts ~~and~~present ~~changes~~a incomparison ~~unrealized gain~~of ~~(loss)~~the onCCI-TR ~~open~~Index ~~positions~~and ~~are~~the ~~determined~~WisdomTree Continuous onCommodity aIndex ~~specific~~Fund ~~identification~~Net ~~basis~~Asset ~~and~~Value ~~recognized~~(“GCC inNAV”) for the ~~consolidated~~Years ~~statements of~~Ended ~~income~~December 31, 2016, 2015 and ~~expenses~~2014, infor the ~~period~~Three inMonths ~~which~~Ended ~~the~~December 31, ~~contract~~2016, is2015 ~~closed~~and or2014 and for the ~~changes~~commencement ~~occur~~of trading on January 24, 2008 ~~respectively~~to December 31, 2016.

LOGO

3531

AssetTable Valuationof Contents

~~The~~PAST ~~Fund~~PERFORMANCE ~~records~~IS ~~its~~NOT ~~futures~~NECESSARILY ~~contracts~~INDICATIVE ~~and United~~OF ~~States~~FUTURE ~~Treasury~~RESULTS ~~Obligations on a trade date basis and at fair value in the consolidated financial statements, with changes in fair value reported in the consolidated statement of income and expenses.~~

LOGO

In32 determining fair value of United States Treasury Obligations and commodity futures contracts, the Fund uses unadjusted quoted market prices in active markets and a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note 4 to the financial statements for further information regarding this accounting policy.

MarketTable Riskof Contents

~~See~~PAST ~~Section~~PERFORMANCE 1AIS –NOT ~~Risk~~NECESSARILY ~~Factors~~INDICATIVE ~~and~~OF ~~Section 7A~~FUTURE –RESULTS ~~Quantitative and Qualitative Disclosures About Market Risk for a complete discussion of market risk.~~

LOGO

~~Credit~~33 ~~Risk~~

TheTable Master Fund holds two types of investments. The first is long positions in futures contracts on the seventeen commodities in the Index. Since the Index allocates equally among the components and is rebalanced daily, performance risk of the futures contracts is divided equally among the components. Each of the component commodities is traded on the CME Group or ICE exchanges.Contents

~~The~~PAST ~~CME~~PERFORMANCE ~~Group~~IS ~~and~~NOT ~~ICE~~NECESSARILY ~~exchanges~~INDICATIVE ~~guarantee the~~OF ~~performance~~FUTURE ofRESULTS its outstanding futures contracts. Each exchange is also publicly traded and, in management’s opinion, well-capitalized. Each uses a system of margining and daily cash settlement of unrealized gains and losses in open positions, which reduces counterparty risk for market participants. Hence, management believes that the Fund faces minimal credit or counterparty risk in its futures trading and contract positions.

LOGO

The Fund and the Master Fund ~~will~~seek ~~also~~to ~~hold~~track ~~significant cash~~changes ~~balances~~in ~~representing~~the Index over time. The Fund’s Net Asset Value relative performance versus the ~~excess~~Index was -1.35%, -0.89%, and -0.94%, net of ~~invested~~fees ~~funds~~for ~~above~~the years ended December 31, 2016, 2015, and 2014, respectively. The Fund’s Net Asset Value relative performance versus the ~~margin~~Index ~~requirements~~was ~~for~~-0.32%, ~~its~~-0.27%, ~~futures~~and ~~positions~~-0.25% Tofor the ~~extent~~three ~~practical~~months ended December 31, 2016, 2015, and 2014, respectively. Since the Fund ~~will~~commenced ~~hold~~trading ~~this~~on ~~excess~~January 24, ~~cash~~2008 inthrough ~~short-term~~December 31, ~~obligations~~2016, of the ~~United~~Fund ~~States~~has ~~Treasury~~returned -37.04% ~~Hence,~~as ~~management~~measured ~~assigns~~by its nodaily ~~counterparty~~closing ~~risk~~stock toprice ~~such~~and ~~holdings~~the Index has returned -39.88%.

~~Liquidity~~On October 28, 2016, the Fund registered 61,000,000 Shares. As of December 31, 2016, there were 60,600,000 Shares available for issuance under the Registration Statement. As of December 31, 2016, the Fund had 11,350,000 Shares outstanding.

~~The~~Net ~~Funds~~Asset doValue not anticipate making use of borrowings or other lines of credit to meet its obligations. The Master Fund meets liquidity needs in the normal course of business from cash, cash equivalents, and/or from the sale of United States Treasury Obligations it holds. The Funds’ liquidity needs include: redeeming Shares, providing margin deposits for existing futures contracts, the purchase of additional futures contracts and paying expenses.

The ~~Funds~~Administrator ~~generate~~calculates ~~cash~~a Net ~~primarily~~Asset ~~from~~Value ~~(i) the~~per ~~sale~~Share of ~~creation~~the ~~Baskets~~Fund daily, ~~(ii)~~based ~~the~~on ~~sale~~closing prices of ~~Futures~~the ~~Contracts,~~underlying ~~and~~futures ~~(iii)~~contracts. ~~interest~~The ~~earned~~first onsuch ~~cash,~~calculation ~~cash~~was ~~equivalents and~~as ~~investments~~of inmarket ~~collateralizing~~close ~~United~~on ~~States~~January 24, ~~Treasury~~2008, ~~Obligations.~~the ~~Substantially~~first ~~all~~day of ~~the~~trading. ~~net~~Values ~~assets~~ of the ~~Master~~underlying ~~Fund~~ Index are computed ~~allocated~~by tothe ~~trading~~Index inSponsor ~~futures~~and ~~contracts.~~disseminated ~~Most~~by of the ~~assets~~NYSE ofArca every 15 seconds during the ~~Master~~trading ~~Fund~~day. Only settlement and last-sale prices are ~~held~~used in ~~United~~the ~~States~~Index’s ~~Treasury Obligations~~calculation, ~~cash~~ bids and~~/or~~ ~~cash~~offers ~~equivalents~~are ~~that~~not ~~could~~recognized or– ~~are~~including ~~used~~limit-bid asand ~~margin~~limit-offer orprice ~~collateral~~quotes. ~~for~~Where ~~trading~~no last-sale price exists, typically in ~~futures~~the ~~contracts.~~more ~~The~~deferred ~~percentage~~contract ~~that such~~months, ~~assets~~the ~~bear~~previous todays’ settlement price is used. This means that the underlying Index ~~total~~may ~~net~~lag ~~assets~~its ~~will~~theoretical ~~vary~~value. ~~from~~This ~~period~~tendency to ~~period~~lag asis ~~the~~evident ~~market~~at ~~values~~the end of the ~~futures~~day ~~contracts~~when ~~change. Interest~~the ~~earned~~Index value is based on ~~interest-bearing~~the ~~assets~~settlement prices of the ~~Master~~component ~~Fund~~commodities, isand ~~paid~~explains towhy the ~~Master~~underlying ~~Fund~~Index often closes at or near the high or low for the day.

~~The~~Critical ~~investments~~Accounting ofPolicies ~~the Master Fund in futures contracts could be subject to periods of illiquidity because of market conditions, regulatory considerations~~ and ~~other~~Estimates ~~reasons. Such conditions could prevent the Master Fund from promptly liquidating a position in futures contracts.~~

36Critical accounting policies for the Funds are as follows:

~~Contractual~~Preparation ~~Obligations~~of the financial statements and related disclosures in conformity with U.S. generally accepted accounting principles requires the application of appropriate accounting rules and guidance, as well as the use of estimates, and requires the Managing Owner to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense and related disclosure of contingent assets and liabilities during the reporting period of the consolidated financial statements and accompanying notes. Both the Fund and the Master Fund apply these policies that involve judgments and actual results may differ from the estimates used.

~~The~~34 Fund’s contractual obligations are with the Managing Owner and the Commodity Broker. Management Fee payments made to the Managing Owner are calculated as a fixed percentage of the Master Fund’s Net Asset Value. Commissions paid by the Fund to the Commodity Broker are on a per trade basis. As such, the Managing Owner cannot anticipate the amount of payments and commissions related to future trades.

Off-BalanceTable Sheetof RiskContents

InThe ~~the~~Master ~~normal~~Fund ~~course~~holds ofa ~~business,~~significant ~~the~~portion ~~Funds are~~of ~~party~~its toassets ~~financial~~in ~~instruments~~Commodity ~~with~~Futures ~~off-balance~~and ~~sheet risk~~U.S. ~~The~~Treasuries, ~~term~~both ~~“off-balance~~of ~~sheet~~which are ~~risk”~~recorded ~~refers~~on toa antrade ~~unrecorded potential~~date ~~liability~~basis ~~that,~~and ~~even~~at ~~though~~fair itvalue ~~does~~in ~~not appear on~~ the ~~balance~~consolidated ~~sheet~~financial statements, ~~may~~with ~~result~~changes in afair ~~future~~value ~~obligation~~reported orin ~~loss.~~the ~~The financial~~consolidated ~~instruments~~statements ~~used~~of byincome ~~the~~and ~~Fund~~expenses. ~~are~~The ~~standardized~~use ~~commodity~~of ~~futures~~fair ~~contracts~~value ~~traded~~to onmeasure ~~regulated~~financial ~~exchanges~~instruments, ~~and~~with related ~~are~~unrealized gains or losses recognized on ~~the~~in ~~balance~~earnings ~~sheet~~in ateach ~~fair~~period ~~value~~is ~~pursuant~~fundamental to the ~~accounting~~Fund’s ~~standards~~consolidated ~~for~~financial ~~derivatives~~statements. ~~and~~The ~~hedging~~fair ~~activities,~~value ~~“Accounting for~~of ~~Derivative~~a ~~Instruments~~financial ~~and~~instrument ~~Hedging~~is ~~Activities.”~~the Asamount ofthat ~~the~~would ~~balance~~be ~~sheet~~received ~~date, the~~to ~~Funds~~sell ~~have~~an noasset ~~unrecorded liabilities~~or ~~relating~~paid to transfer ~~futures~~a ~~contracts.~~liability ~~However,~~in ~~until~~an ~~these~~orderly ~~contracts~~transaction ~~are~~between ~~closed,~~market ~~they~~participants ~~will~~at ~~fluctuate~~the inmeasurement ~~value~~date ~~with~~(the ~~changing commodity~~exit ~~prices~~price).

~~Item~~When ~~7A.~~market ~~Quantitative~~closing ~~and~~prices ~~Qualitative~~are ~~Disclosures~~not available, ~~about~~the ~~Market~~Managing ~~Risk~~Owner may value an asset of the Master Fund pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards.

~~Introduction~~Interest income on U.S. Treasuries is recognized on an accrual basis when earned. Discounts and premiums are amortized or accreted over the life of the U.S. Treasuries.

~~The~~Realized ~~Funds~~gains ~~are~~(losses) ~~designed~~and tochanges ~~replicate~~in aunrealized ~~commodity index.~~gain ~~The~~(loss) ~~market-sensitive~~on ~~instruments~~open ~~held~~positions byare ~~the~~determined ~~Master~~on ~~Fund~~a ~~are~~specific ~~subject~~identification tobasis and recognized in the ~~risk~~consolidated statements of ~~trading~~income ~~loss.~~and ~~Unlike~~expenses anin ~~operating company,~~ the ~~risk~~period ofin ~~market-sensitive~~which ~~instruments~~the contract is ~~integral,~~closed ~~not~~or ~~incidental, to~~ the ~~Funds’~~changes ~~main~~occur, ~~line of business~~respectively.

~~Market~~Asset ~~movements~~Valuation can produce frequent changes in the fair market value of the Master Fund’s open positions and, consequently, in its earnings and cash flows. The Funds’ market risk is primarily influenced by changes in the price of commodities.

~~Qualitative~~The ~~Disclosures~~Fund ~~Regarding~~records ~~Non-Trading~~its Commodity Futures ~~Risk~~and ~~Exposure~~U.S. Treasuries on a trade date basis and at fair value in the consolidated financial statements, with changes in fair value reported in the consolidated statement of income and expenses.

~~The~~In ~~Funds~~determining ~~are~~fair ~~unaware~~value of ~~any~~U.S. ~~(i) anticipated known~~Treasuries ~~demands,~~and ~~commitments~~Commodity orFutures, ~~capital~~the ~~expenditures;~~Fund ~~(ii) material~~uses ~~trends,~~unadjusted ~~favorable~~quoted ormarket ~~unfavorable,~~prices in ~~its~~active ~~capital~~markets ~~resources;~~and a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices for identical assets or liabilities (~~iii~~Level 1 measurements) ~~trends~~ orand ~~uncertainties~~the ~~that~~lowest ~~will~~priority ~~have~~to aunobservable inputs ~~material~~(Level ~~effect~~3 measurements). Assets and liabilities are classified in their entirety based on ~~operations~~the lowest level of input that is significant to the fair value measurement. See Note 4 to the financial statements for further information regarding this accounting policy.

~~Qualitative~~Market ~~Disclosures Regarding Means of Managing~~ Risk ~~Exposure~~

~~Under~~See ~~ordinary~~Section ~~circumstances, the Managing~~1A ~~Owner’s~~– ~~discretionary~~Risk ~~power~~Factors isand ~~limited~~Section to7A ~~determining~~– ~~whether~~Quantitative ~~the~~and ~~Fund~~Qualitative ~~will~~Disclosures ~~make~~About aMarket ~~distribution.~~Risk ~~Under emergency or extraordinary circumstances, the Managing Owner’s discretionary powers increase, but remain circumscribed. These special circumstances,~~ for ~~example,~~a ~~include~~complete ~~the~~discussion ~~unavailability~~ of ~~the~~market ~~Index or certain natural or man-made disasters. The Managing Owner does not apply~~ risk ~~management techniques~~. ~~The Master Fund initiates positions only on the “long” side of the market and does not employ “stop-loss” techniques.~~

~~Accordingly, tabular presentations of Market~~Credit Risk ~~or Sensitivity or Value-at-Risk analyses thereof are not applicable.~~

~~Item~~The 8Master Fund holds two types of investments. ~~Financial~~The ~~Statements~~first is long positions in Commodity Futures on the 17 Index Commodities. Since the Index allocates equally among the components and ~~Supplementary~~is ~~Data~~rebalanced daily, performance risk of the Commodity Futures is divided equally among the components. Each of the component Index Commodities is traded on the CME Group or ICE exchanges.

~~See~~The CME Group and ICE exchanges guarantee the ~~Index~~performance toof ~~Financial~~its ~~Statements~~outstanding onfutures ~~page~~contracts. Each exchange is also publicly traded and, in Fmanagement’s opinion, well-1capitalized. ~~for~~Each uses a ~~list~~system of ~~the~~margining ~~financial~~and ~~statements~~daily ~~being~~cash ~~filed~~settlement asof ~~part~~unrealized ofgains ~~this~~and ~~Annual~~losses ~~Report.~~in ~~Those~~open ~~Financial~~positions, ~~Statements~~which reduces counterparty risk for market participants. Hence, ~~and~~management ~~the~~believes ~~notes~~that the ~~and~~Fund ~~schedules~~faces ~~related~~minimal ~~thereto,~~credit ~~are~~or ~~incorporated~~counterparty byrisk ~~reference~~in ~~into~~its ~~this~~futures ~~Item~~trading 8and contract positions.

~~Item~~The 9Master Fund will also hold significant cash balances representing the excess of invested funds above the margin requirements for its futures positions. ~~Changes~~To the extent practical, the Fund will hold this excess cash in ~~and~~U.S. ~~Disagreements~~Treasuries. ~~with~~Hence, ~~Accountants~~management onassigns ~~Accounting~~no ~~and~~counterparty ~~Financial~~risk ~~Disclosure~~to such holdings.

~~None.~~Liquidity

37The Funds do not anticipate making use of borrowings or other lines of credit to meet their obligations. The Master Fund meets liquidity needs in the normal course of from cash, cash equivalents, and/or the sale of U.S. Treasuries it holds. The Funds’ liquidity needs include: redeeming Shares, providing margin deposits for existing Commodity Futures, the purchase of additional Commodity Futures and paying expenses.

~~Item~~35 ~~9A. Controls and Procedures.~~

DisclosureTable Controlsof and Procedures Contents

~~For~~The ~~purposes~~Funds ofgenerate ~~this~~cash ~~Item~~primarily ~~9A,~~from ~~references to~~ (i) the ~~“Fund”~~sale ~~and~~of ~~“our”~~creation ~~include~~Baskets ~~both~~and ~~the~~(ii) interest ~~Fund~~earned ~~and~~on cash, ~~the~~cash ~~Master~~equivalents ~~Fund.~~and ~~Under~~investments ~~the~~in ~~supervision~~collateralizing ~~and~~U.S. ~~with~~Treasuries. ~~the~~Substantially ~~participation~~ all of the ~~management~~net assets of the ~~Managing~~Master ~~Owner,~~Fund ~~including~~are ~~its~~allocated ~~chief~~to ~~executive~~trading ~~officer~~in ~~and~~Commodity ~~principal~~Futures. ~~financial~~Most ~~officer,~~of the ~~Fund~~assets ~~carried out~~of anthe ~~evaluation~~Master ofFund ~~the~~are ~~effectiveness~~held ofin ~~the~~U.S. ~~design~~Treasuries, cash and/or ~~operation~~cash ofequivalents ~~its~~that ~~disclosure~~could ~~controls~~or ~~and~~are ~~procedures~~used (as ~~defined~~margin inor ~~Rule 13a-15(f))~~collateral offor ~~the~~trading ~~Securities~~in ~~Exchange~~Commodity ~~Act of 1934)~~Futures. ~~Based~~The ~~upon~~percentage that ~~evaluation,~~such ~~the~~assets ~~chief~~bear ~~executive~~to ~~officer~~the ~~and~~total ~~principal~~net ~~financial officer~~assets ~~concluded~~will ~~that~~vary ~~the~~from ~~Fund’s~~period ~~disclosure~~to ~~controls~~period ~~and~~as ~~procedures~~the ~~with~~market ~~respect~~values toof the ~~Fund~~Commodity ~~were~~Futures change. ~~effective~~Interest asearned ofon ~~the~~interest-bearing ~~end~~ assets of the ~~period~~Master ~~covered~~Fund byis ~~this~~paid ~~annual~~to ~~report~~the Master Fund.

~~Internal~~The ~~Control~~investments ~~over~~of ~~Management’s~~the Master Fund in Commodity Futures ~~Financial~~could ~~Reporting~~be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. Such conditions could prevent the Master Fund from promptly liquidating a position in Commodity Futures.

~~The~~Contractual ~~Managing~~Obligations Owner is responsible for establishing and maintaining adequate internal control over financial reporting. The Managing Owner’s internal control system is designed to provide reasonable assurance to the Fund’s management and its board of directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

The Funds contractual obligations are with the Managing Owner ~~assessed~~and the ~~effectiveness of~~Commodity ~~the~~Broker. ~~Fund’s~~Management ~~internal~~Fee ~~control~~payments ~~over~~made ~~financial~~to ~~reporting~~the Managing Owner are calculated as a fixed percentage of ~~December~~Net ~~31,~~Asset ~~2015~~Value. InCommissions ~~making~~paid ~~this~~by ~~assessment,~~ the ~~Managing Owner~~Fund ~~used~~to the ~~criteria~~Commodity ~~set~~Broker ~~forth~~are inon ~~the~~a ~~2013~~per ~~Internal~~contract half-turn ~~Controls~~basis. –As ~~Integrated~~such, ~~Framework~~the byManaging Owner cannot anticipate the ~~Committee~~amount of ~~Sponsoring~~payments ~~Organizations of~~and ~~the~~commissions ~~Treadway~~related ~~Commission.~~to ~~Based~~half-turns onor ~~their~~round-turns ~~assessment,~~that ~~Management~~will ~~believes~~be ~~that,~~required asunder ofthese ~~December~~arrangements ~~31,~~for ~~2015,~~future ~~its~~periods ~~internal~~as ~~control over~~Net ~~financial~~Asset ~~reporting~~Values isare ~~effective~~not known until a future date.

~~Grant~~Off-Balance ~~Thornton~~Sheet ~~LLP,~~Risk the independent registered public accounting firm that audited the Fund’s consolidated financial statements included in this Annual Report, has issued attestation reports on the Fund’s internal control over financial reporting, which accompany this Annual Report.

~~Management~~In ~~evaluated~~the ~~whether~~normal ~~there~~course ~~was~~of abusiness, ~~change in~~ the ~~Fund’s~~Funds ~~internal~~are ~~control~~party ~~over~~to financial ~~reporting~~instruments ~~during~~with ~~the~~off-balance ~~three~~sheet ~~months~~risk. ~~ended~~The ~~December~~term ~~31,~~“off-balance ~~2015~~sheet ~~that~~risk” ~~has~~refers ~~materially affected~~to an unrecorded potential liability that, oreven isthough ~~reasonably~~it ~~likely~~does tonot ~~materially~~appear ~~affect~~on the balance sheet, may result in a future obligation or loss. The financial instruments used by the Fund’s ~~internal~~are ~~control~~standardized ~~over~~commodity ~~financial~~futures ~~reporting.~~contracts ~~Based~~traded on ~~this evaluation~~regulated exchanges and are recognized on the balance sheet at fair value pursuant to the accounting standards for derivatives and hedging activities, ~~Management~~“Accounting ~~believes~~for ~~that~~Derivative Instruments ~~there~~and ~~was~~Hedging noActivities.” ~~such~~As ~~change~~of ~~during~~the balance sheet date, therefore, the ~~three~~Funds ~~months~~have ~~ended~~no ~~December~~unrecorded 31liabilities relating to futures contracts. However, ~~2015~~until these contracts are closed, they will fluctuate in value with changing commodity prices.

Item 9B7A. ~~Other~~Quantitative ~~Information~~and Qualitative Disclosures about Market Risk.

~~Not~~Introduction ~~applicable.~~

38The Funds are designed to replicate a commodity index. The market-sensitive instruments held by the Master Fund are subject to the risk of trading loss. Unlike an operating company, the risk of market-sensitive instruments is integral, not incidental, to the Funds’ main line of business.

~~PART~~Market ~~III~~movements can produce frequent changes in the fair market value of the Master Fund’s open positions and, consequently, in its earnings and cash flows. The Funds’ market risk is primarily influenced by changes in the price of commodities.

~~Item~~Qualitative ~~10.~~Disclosures ~~Managers~~Regarding ~~and~~Non-Trading ~~Executive~~Risk ~~Officers~~Exposure ~~of the Registrant.~~

The ~~Managing~~Funds ~~Owner~~are ~~and~~unaware ~~the~~of ~~Sub-Advisor~~any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in ~~Management~~its capital resources; or (iii) trends or uncertainties that will have a material effect on operations.

~~WisdomTree~~Qualitative ~~Commodity~~Disclosures ~~Services,~~Regarding ~~LLC is the~~Means ~~Managing Owner~~ of ~~the Funds and as of January 1, 2016, GreenHaven Advisors LLC is the Sub-Advisor of the Funds. For the year ended December 31, 2015, the~~ Managing ~~Owner~~Risk ~~served~~Exposure as the commodity pool operator of, and commodity trading advisor to, the Funds. Effective January 1, 2016, the Managing Owner serves as the commodity pool operator of the Funds, and the Sub-Advisor serves as the commodity trading advisor to the Funds. The Funds have no officers or directors. Set forth below is a description of the officers and key decision-makers of the Managing Owner and the Sub-Advisor as of the date of this Annual Report. The Fund does not directly compensate any of the executive officers noted below.

~~Executive~~Under ~~Officers~~ordinary circumstances, the Managing Owner’s discretionary power is limited to determining whether the Fund will make a distribution. Under emergency or extraordinary circumstances, the Managing Owner’s discretionary powers increase, but remain circumscribed. These special circumstances, for example, include the unavailability of the Index or certain natural or man-made disasters. The Managing Owner does not apply risk management techniques. The Master Fund initiates positions only on the “long” side of the market and does not employ “stop-loss” techniques.

~~Name~~36 Position Gregory Barton President and Chief Executive Officer Amit Muni Executive Vice President David Castano Chief Financial Officer and Treasurer Peter Ziemba Executive Vice President, Chief Legal Officer and Secretary

TheTable following is a biographical summary of the business experience of the executive officers of the Managing Owner as of the date of this Annual Report.Contents

~~Gregory~~Quantitative ~~Barton~~Disclosures - President and Chief Executive Officer. Mr. Barton has served as the Executive Vice President-Operations and Chief Operating Officer of WisdomTree Investments Inc. (“WTI”) since October 2012. From June 2009 to July 2012, Mr. Barton served as Executive Vice President Business and Legal Affairs, General Counsel and Secretary of TheStreet, Inc., a financial media company. Mr. Barton served as an Independent Trustee and Chairman of the Audit Committee of WisdomTree Trust from August 2008 to June 2009 and July 2012 to October 2012. From October 2007 to August 2008, Mr. Barton served as General Counsel and Secretary of Martha Stewart Living Omnimedia, Inc., a media and merchandising company. From October 2004 to October 2007, Mr. Barton served as Executive Vice President, Licensing and Legal Affairs, General Counsel and Secretary, and from November 2002 to October 2004, as Executive Vice President, General Counsel and Secretary, of Ziff Davis Media Inc., a technology media company. Preceding Ziff Davis, Mr. Barton served in a variety of positions at WTI (then known as Individual Investor Group, Inc.) from August 1998 to November 2002, including President, Chief Financial Officer and General Counsel. From September 1996 to August 1998, Mr. Barton served as Vice President, Corporate and Legal Affairs, and General Counsel, and from May 1995 to September 1996 as General Counsel, of Alliance Semiconductor Corporation, an integrated circuit company. Mr. Barton received a B.A. degree, summa cum laude, from Claremont McKenna College and a J.D. degree, magna cum laude, from Harvard Law School. Mr. Barton became a registered Associated Person and Principal of the Managing Owner on January 4, 2016. Mr. Barton is also a registered Associated Person and Principal of WisdomTree Coal Services, LLC, effective as of January 4, 2016, and a registered Associated Person and Principal of WisdomTree Asset Management, Inc., effective as of February 15, 2013 and December 13, 2012, respectively. Mr. Barton is 54 years old.

~~Amit~~Commodity ~~Muni~~Price -Sensitivity ~~Executive Vice President. Mr. Muni has served as WTI’s Executive Vice President-Finance~~ and ~~Chief~~Interest ~~Financial~~Rate ~~Officer~~Sensitivity since March 2008. From July 2003 to March 2008, Mr. Muni served as Controller and Chief Accounting Officer of International Securities Exchange Holdings, Inc., an electronic options exchange. From July 2000 to June 2003, Mr. Muni served as Vice President, Finance, of Instinet Group Incorporated, an electronic agency broker-dealer. From September 1996 to June 2000, Mr. Muni served as a Manager of the Financial Services Industry Practice of PricewaterhouseCoopers LLP, an accounting firm. From August 1991 to August 1996, Mr. Muni served as an accountant and senior auditor for National Securities Clearing Corporation, a firm that provides centralized clearing, information and settlement services to the financial industry. Mr. Muni received a B.B.A. in Accounting from Pace University and is a Certified Public Accountant. Mr. Muni is a Principal of WisdomTree Asset Management, Inc. effective as of December 28, 2012 and was registered as a Principal for both the Managing Owner and WisdomTree Coal Services, LLC as of January 2016. Mr. Muni is 46 years old.

39The Fund is exposed to commodity price risk through its holdings of commodity futures contracts and interest rate risk through its holdings of short-term U.S. Treasury bills. The following tables provides information about the Fund’s investments, which were sensitive to both commodity price and interest rate risk.

~~David~~As ~~Castano – Chief Financial Officer and Treasurer. Mr. Castano has served as Director~~ of ~~Fund Accounting & Administration of WisdomTree Asset Management, Inc. since June 2011 and Treasurer/Principal Financial Officer of the WisdomTree Trust since January 2013. From~~ December ~~2006 to June 2011~~ 31, ~~Mr. Castano served as an Assistant Vice President and Vice President of Legg Mason & Co.~~2016, athe ~~global~~Fund’s ~~investment management~~long ~~firm.~~exposure ~~From~~futures ~~May~~contract ~~2004~~positions tosubject ~~December 2006, Mr. Castano served as an Assistant Treasurer at Lord Abbett mutual funds. From March 2003~~ to ~~May~~commodity ~~2004,~~price ~~Mr.~~risk ~~Castano~~were ~~served~~ as afollows: Supervisor at UBS Global Asset Management, a privately owned investment manager. Mr. Castano received a BBA in Public Accounting from Pace University. Mr. Castano became a registered Principal of the Sponsor on March 8, 2016. Mr. Castano is also a registered Principal of WisdomTree Commodity Services, LLC, effective as of March 8, 2016. Mr. Castano is 44 years old.

Peter Ziemba – Executive Vice President, Chief Legal Officer and Secretary. Mr. Ziemba has served as WTI’s Executive Vice President—Business and Legal Affairs since January 2008 and Chief Legal Officer since March 2011. From April 2007 to March 2011, Mr. Ziemba served as WTI’s General Counsel. From September 1982 to April 2007, Mr. Ziemba was an attorney in the Corporate and Securities department of Graubard Miller. Mr. Ziemba received his B.A. in History with university honors from Binghamton University and his J.D., cum laude, from Benjamin N. Cardozo School of Law. Mr. Ziemba served as a director of WTI from 1996 to 2003. Mr. Ziemba is 58 years old.


Description	Range of Expiration Dates	Number of Contracts		Weighted- Average Price per Contract		Contract Multiplier		Notional Value		Unrealized Appreciation/ (Depreciation)
Energy
Natural Gas	January 2017 - May 2017		357	$	3.62		10,000	$	12,905,700	$	1,934,520
NY Harbor ULSD	January 2017 - May 2017		177		1.74		42,000		12,933,110		1,734,059
WTI Crude Oil	January 2017 - May 2017		234		55.26		1,000		12,931,960		1,504,150
Grains
Corn	March 2017 - July 2017		721		3.58		5,000		12,902,600		124,187
Soybean	March 2017 - July 2017		255		10.12		5,000		12,900,875		204,926
Soybean Oil	March 2017 - July 2017		617		0.35		60,000		12,921,078		111,384
Wheat	March 2017 - July 2017		613		4.21		5,000		12,900,450		(841,889	)
Livestock
Lean Hogs	February 2017 - July 2017		450		0.72		40,000		12,887,770		1,064,470
Live Cattle	February 2017 - June 2017		288		1.12		40,000		12,875,520		794,280
Metals
Copper	March 2017 - July 2017		205		2.51		25,000		12,872,988		854,026
Gold 100 Ounce	February 2017 - June 2017		112		1,154.34		100		12,928,640		(1,420,030	)
Platinum	April 2017 - July 2017		285		907.44		50		12,931,075		(802,135	)
Silver	March 2017 - July 2017		161		16.04		5,000		12,912,750		(2,005,895	)
Softs
Cocoa	March 2017 - July 2017		610		2,117.66		10		12,917,730		(2,728,690	)
Coffee “C”	March 2017 - July 2017		247		1.39		37,500		12,909,506		(1,493,926	)
Cotton No. 2	March 2017 - July 2017		362		0.71		50,000		12,854,015		235,385
Sugar No. 11	February 2017 - June 2017		600		0.19		112,000		12,905,088		(693,537	)

Total								$	219,390,855	$	(1,424,715	)

~~Executive~~As ~~Officers~~of ~~and~~December 31, ~~Significant~~2016, ~~Employees of~~ the ~~Sub~~Fund’s aggregate position in short-~~Advisor~~term U.S. Treasury bills subject to interest rate risk were as follows:

Name Position Ashmead Pringle Chief Executive Officer Cooper Anderson Chief Financial Officer Scott Glasing Trader Tom Fernandes Partner


Description	Range of Discount Rates		Range of Maturity Dates		Face Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury Obligations
U.S. Treasury Bills		0.44% - 0.50%		February 2017 - March 2017	$	200,000,000	$	199,838,720	$	5,621

~~The~~Item ~~following~~8. isFinancial aStatements ~~biographical summary of the business experience of the executive officers~~ and ~~significant~~Supplementary ~~employees of the Sub-Advisor as of the date of this Annual Report~~Data.

~~Ashmead~~See ~~Pringle – Chief Executive Officer. Mr. Pringle founded~~ the ~~Sub-Adviser~~Index ~~and~~to ~~has~~Financial ~~served~~Statements ason ~~its~~page ~~Chief Executive Officer in charge of managing its business since November 2015. He became a registered Associated Person and listed Principal of the Sub~~F-~~Adviser~~1 infor ~~November 2015. Mr. Pringle also founded Grain Service Corporation (“GSC”),~~ a ~~commodity~~list ~~research and trading company, and has served as its President since October 1984. He became a registered Associated Person and listed Principal~~ of ~~GSC in June 1985. Mr. Pringle also founded~~ the ~~Managing~~financial ~~Owner~~statements ~~and~~being ~~served~~filed as ~~its~~part ~~Chief Executive Officer in charge~~ of ~~managing~~this ~~its~~Annual ~~business from October 2006 to January 2016~~Report. HeThose ~~was~~Financial aStatements, ~~registered Associated Person~~ and ~~listed Principal of~~ the ~~Managing~~notes ~~Owner from October 2006 to January 2016. Mr. Pringle also founded GreenHaven LLC, the former holding company of the Managing Owner,~~ and ~~managed~~schedules ~~its business~~related operations from September 2006 to February 2011. Mr. Pringle was a registered Associated Person and listed Principal of GreenHaven LLC from September 2006 to February 2011. Mr. Pringle also founded the GreenHaven Coal Servicesthereto, ~~LLC~~are ~~(“GreenHaven Coal”),~~incorporated ~~the~~by ~~Sponsor~~reference ofinto ~~the~~this ~~GreenHaven~~Item ~~Coal Fund, and served as its President in charge of managing its business from August 2012 to January 2016~~8. ~~He was a registered Associated Person and listed Principal of GreenHaven Coal from August 2012 to January 2016. Mr. Pringle is 69 years old.~~

~~Cooper~~Item ~~Anderson – Chief Financial Officer~~9. ~~Mr.~~Changes Anderson is a trader for the Sub-Adviser and is responsible for daily futures trading, cash flow management, treasury portfolio management, and quantitative analysis for the Fund and the WisdomTree Coal Fund. He became a registered Associated Person and listed Principal of the Sub-Adviser in ~~November 2015. From December of 2002 to March of 2006, Mr. Anderson worked as an analyst in Institutional Equity Sales~~ and ~~Trading~~Disagreements ~~for~~with ~~Credit~~Accountants ~~Suisse~~on ~~Securities~~Accounting ~~USA LLC, a securities broker dealer~~ and investment bank based in Zurich, Switzerland. At Credit Suisse Securities USA LLC, Mr. Anderson served as a brokerage sales person covering the major financial institutions in the Southeastern United States and the Caribbean. Between March of 2006 and April of 2007, Mr. Anderson took time off from work. From May 2007 to February 2011, Mr. Anderson was a managing partner and registered Associated Person and listed Principal of GreenHaven LLC, the former holding company of the Managing Owner. From November 2009 to January 2016, Mr. Anderson was a trader and Chief Financial ~~Officer, and registered Associated Person and listed Principal of the Managing Owner~~Disclosure. From May 2012 to January 2016, Mr. Anderson was the Chief Financial Officer of GreenHaven Coal, the Sponsor of the GreenHaven Coal Fund, responsible for managing GreenHaven Coal and the GreenHaven Coal Fund’s finances and trading, and a registered Associated Person and listed Principal of the GreenHaven Coal. Mr. Anderson is 36 years old.

40As reported in the Funds’ Current Report on Form 8-K filed with the SEC on April 12, 2016, on April 7, 2016, the Managing Owner dismissed the Funds’ independent registered public accounting firm, Grant Thornton LLP (“Grant Thornton”) and on April 8, 2016, approved the engagement of Ernst & Young LLP (“EY”) as the new independent registered public accounting firm for the Funds.

~~Scott~~37 Glasing – Trader. Mr. Glasing is a trader for the Sub-Adviser and is responsible for daily futures trading. He became a registered Associated Person and listed Principal of the Sub-Adviser in November 2015. Since February 1998, Mr. Glasing has worked for GSC as a trader. He became a registered Associated Person of GSC in April 1998 and a listed Principal of GSC in March 1998. From September 2006 to February 2011, Mr. Glasing was a trader and a registered Associated Person of GreenHaven LLC, the former holding company of the Managing Owner. From November 2006 to January 2016, Mr. Glasing was a trader and a registered Associated Person and listed Principal of the Managing Owner. From August 2012 to January 2016, Mr. Glasing was a trader and a registered Associated Person and listed Principal of GreenHaven Coal, the Sponsor of the GreenHaven Coal Fund. Mr. Glasing is 53 years old.

TomTable Fernandes – Partner. Mr. Fernandes is a managing partner of the Sub-Advisor. He became a registered Associated Person and listed Principal of the Sub-Adviser in November 2015. From March 2000 to March 2002, Mr. Fernandes was employed as a trader at Fleet Bank of Boston. From March 2002 to April 2005, Mr. Fernandes worked as an analyst at West Broadway Partners, an investment partnership. From May 2005 to October 2006, Mr. Fernandes served as a commodity expert for GSC. He was registered as an Associated Person of GSC starting in August 2005. From October 2006 to August 2012, Mr. Fernandes served as Chief Financial Officer and a registered Associated Person of the Managing Owner, he was a registered Principal of the Managing Owner from October 2006 until August 2012. From August 2006 to February 2011, Mr. Fernandes was a managing partner and a registered Associated Person and listed Principal of GreenHaven LLC, the former holding company of the Managing Owner. From August 2012 to October 2014, Mr. Fernandes was Chief Operating Officer and a registered Associated Person and listed Principal of GreenHaven Coal, the Sponsor of the GreenHaven Coal Fund. Since August 2012, Mr. Fernandes has served as Chief Executive Officer of GSC Agribusiness, a livestock producer. Mr. Fernandes is 42 years old.Contents

Item 119A. ~~Executive~~Controls ~~Compensation~~and Procedures.

~~The~~Disclosure ~~Fund~~Controls ~~has no employees, officers or directors~~ and isProcedures managed by the Managing Owner. None of the directors or officers of the Managing Owner receive compensation from the Fund. The Managing Owner receives a monthly management fee of 1/12 of 0.85% (0.85% annually) of the average daily net assets of the Fund during the preceding month. During 2015, 2014 and 2013, the Fund incurred management fees of $2,121,828, $2,835,654 and $3,500,487, respectively.

For purposes of this Item 129A, references to the “Fund” and “our” include both the Fund and the Master Fund. ~~Security~~Under ~~Ownership~~the supervision and with the participation of ~~Certain~~the ~~Beneficial~~management ~~Owners~~of the Managing Owner, including its chief executive officer and ~~Management~~principal financial officer, the Fund carried out an evaluation of the effectiveness of the design and ~~Related~~operation ~~Stockholder~~of ~~Matters~~its disclosure controls and procedures (as defined in Rule 13a-15(f)) of the Securities Exchange Act of 1934). Based upon that evaluation, the chief executive officer and principal financial officer concluded that the Fund’s disclosure controls and procedures with respect to the Fund were effective as of the end of the period covered by this annual report.

~~The~~Internal ~~Fund has no officers or directors. The~~Control ~~following~~over ~~table sets forth certain information regarding beneficial ownership of the Fund~~Management’s ~~General~~Financial ~~Shares~~Reporting ~~and Limited Shares as of December 31, 2015, by the Managing Owner. No person is known by us to own beneficially more than 5% of the outstanding shares of such class.~~

Title of Class		Name/Address of Beneficial Owner		Amount/Nature of Beneficial Ownership
General Shares		WisdomTree Commodity Services, LLC 245 Park Avenue, 35th Floor New York, New York 10167		50 Shares

The Managing Owner is responsible for establishing and maintaining adequate internal control over financial reporting. The Managing Owner’s internal control system is designed to provide reasonable assurance to the Fund’s management regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

~~Item~~The 13Managing Owner assessed the effectiveness of the Fund’s internal control over financial reporting as of December 31, 2016. ~~Certain~~In ~~Relationships~~making ~~and~~this assessment, ~~Related~~the ~~Transactions~~Managing ~~and~~Owner ~~Director~~used ~~Independence~~the criteria set forth in the 2013 Internal Controls – Integrated Framework by the Committee of Sponsoring Organizations of the Treadway Commission. Based on their assessment, Management believes that, as of December 31, 2016, its internal control over financial reporting is effective.

~~The~~Ernst & ~~following~~Young ~~table~~LLP, ~~sets~~the ~~forth~~independent ~~compensation~~registered public ~~earned~~accounting ~~from~~firm that audited the ~~Managing~~Fund’s ~~Owner~~consolidated ~~during~~financial ~~the~~statements ~~year~~included ~~ended~~in ~~December 31,~~this ~~2015~~Annual Report, byhas ~~the~~issued ~~Directors~~attestation ofreports on the ~~Managing~~Fund’s ~~Owner~~internal control over financial reporting, which accompany this Annual Report.

41Management evaluated whether there was a change in the Fund’s internal control over financial reporting during the three months ended December 31, 2016 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting. Based on this evaluation, Management believes that there was no such change during the three months ended December 31, 2016.

Name	Fees Earned or Paid in Cash		Stock Awards		Option Awards		Non-Equity Incentive Plan Compensation		Change in Pension Value and Nonqualified Deferred Compensation Plan		All Other Compensation		Total
Independent Directors
Thomas Mangold	$	21,000		NA		NA		NA	$	0	$	0	$	21,000
Stephen O’Grady	$	15,000		NA		NA		NA	$	0	$	0	$	15,000
Cengiz Searfoss	$	15,000		NA		NA		NA	$	0	$	0	$	15,000

Item 9B.

Other Information.

AsNot ~~of January 1, 2016, the Funds have no independent directors~~applicable.

~~Item~~38 ~~14. Principal Accountant Fees and Services.~~

AuditTable andof Non-Audit Fees Contents

~~The following~~PART ~~table~~III ~~presents fees for professional audit services rendered by Grant Thornton LLP for the audit of the Fund’s annual financial statements for the years ended December 31, 2015 and December 31, 2014.~~

	2015		2014
Audit fees	$	199,066	$	159,077
Audit-related fees		0		0
Tax fees		0		0
All other fees		0		0
Total	$	199,066	$	159,077

Item 10.

Managers and Executive Officers of the Registrant.

~~Approval~~The ofManaging ~~Independent~~Owner ~~Registered~~and ~~Public~~the ~~Accounting~~Sub-Advisor; ~~Firm~~Management ~~Services and Fees~~

~~The~~WisdomTree ~~Audit~~Commodity ~~Committee~~Services, ofLLC serves as the commodity pool operator and Managing Owner ~~approved 100%~~ of the ~~services~~Funds, ~~provided~~and toGreenHaven Advisors LLC serves as the ~~Fund~~commodity ~~described~~trading ~~above.~~advisor ~~For~~and Sub-Advisor of the ~~year~~Funds. ~~ended~~The ~~December~~Funds ~~31,~~have ~~2015,~~no ~~the Audit~~officers ~~Committee~~or directors. Set forth below is a description of the ~~Managing~~officers ~~Owner~~and ~~pre~~key decision-~~approved~~makers ~~all~~of ~~audit~~the Managing Owner and ~~allowed~~the ~~non~~Sub-~~audit~~Adviser ~~services~~as of the ~~Fund’s~~date ~~independent~~of ~~registered public~~this ~~accounting~~Annual ~~firms,~~Report. ~~including~~The ~~all~~Funds ~~engagement~~do ~~fees~~not ~~and~~directly ~~terms~~compensate any of the executive officers noted below.

42Executive Officers of the Managing Owner

~~PART~~Name IVPosition Gregory Barton President and Chief Executive Officer David Castano Chief Financial Officer and Treasurer Peter Ziemba Executive Vice President, Chief Legal Officer and Secretary

~~Item~~The ~~15.~~following ~~Exhibits,~~is ~~Financial~~a ~~Statement~~biographical ~~Schedules~~summary of the business experience of the executive officers of the Managing Owner as of the date of this Annual Report.

~~See~~Gregory ~~Index~~Barton to- ~~Financial~~President ~~Statements~~and onChief ~~Page~~Executive Officer. Mr. Barton has served as the Executive Vice FPresident-1Operations ~~for~~and Chief Operating Officer of WisdomTree Investments, Inc. (“WTI”) since October 2012. From June 2009 to July 2012, Mr. Barton served as Executive Vice President Business and Legal Affairs, General Counsel and Secretary of The Street, Inc., a ~~list~~financial media company. Mr. Barton served as an Independent Trustee and Chairman of the ~~financial~~Audit ~~statements~~Committee ~~being~~of ~~filed~~WisdomTree Trust from August 2008 to June 2009 and July 2012 to October 2012. From October 2007 to August 2008, Mr. Barton served as ~~part~~General Counsel and Secretary of ~~this~~Martha ~~Annual~~Stewart ~~report~~Living Omnimedia, Inc., ~~Schedules~~a ~~may~~media ~~have~~and ~~been~~merchandising ~~omitted~~company. ~~since~~From ~~they~~October 2004 to October 2007, Mr. Barton served as Executive Vice President, Licensing and ~~are~~Legal ~~either~~Affairs, ~~not~~General ~~required~~Counsel and Secretary, ~~not~~and ~~applicable~~from November 2002 to October 2004, oras Executive Vice President, General Counsel and Secretary, of Ziff Davis Media Inc., a technology media company. Preceding Ziff Davis, Mr. Barton served in a variety of positions at WTI (then known as Individual Investor Group, Inc.) from August 1998 to November 2002, including President, Chief Financial Officer and General Counsel. From September 1996 to August 1998, Mr. Barton served as Vice President, Corporate and Legal Affairs, and General Counsel, and from May 1995 to September 1996 as General Counsel, of Alliance Semiconductor Corporation, an integrated circuit company. Mr. Barton received a B.A. degree, summa cum laude, from Claremont McKenna College and a J.D. degree, magna cum laude, from Harvard Law School. Mr. Barton became a registered Associated Person and Principal of the ~~information~~Managing ~~has~~Owner ~~otherwise~~on ~~been~~January 4, ~~included~~2016. Mr. Barton was also a registered Associated Person and Principal of WisdomTree Coal Services, LLC, effective as of January 4, 2016 through September 28, 2016, and a registered Associated Person and Principal of WisdomTree Asset Management, Inc., effective as of February 15, 2013 and December 13, 2012, respectively. Mr. Barton is 55 years old.

Exhibit		Description of Document
3.1		Certificate of Amendment to Certificate of Trust of GreenHaven Continuous Commodity Index Fund (1)
3.2		Certificate of Amendment to Certificate of Trust of GreenHaven Continuous Commodity Index Master Fund (2)
3.3		Amended Declaration of Trust and Trust Agreement of GreenHaven Continuous Commodity Index Fund (3)
3.4		Amendment to the Declaration of Trust and Trust Agreement of Greenhaven Continuous Commodity Index Fund (4)
3.5		Amended Declaration of Trust and Trust Agreement of GreenHaven Continuous Commodity Index Master Fund (5)
3.6		Amendment to the Declaration of Trust and Trust Agreement of Greenhaven Continuous Commodity Index Master Fund (6)
10.1		Commodity Subadvisory Agreement (7)
10.2		Master Custodian Agreement (8)
10.3		Administration Agreement (9)
10.4		Distribution Services Agreement (10)
10.5		Transfer Agency and Services Agreement (11)
10.6		Form of Participant Agreement (12)
10.7		Amended and Restated License Agreement (13)
23.1		Consent of Grant Thornton LLP (14)
31.1		Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (14)
31.2		Certification by Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (14)
31.3		Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (14)
31.4		Certification by Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (14)
32.1		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (14)
32.2		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (14)
32.3		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (14)
32.4		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (14)

David Castano – Chief Financial Officer and Treasurer. Mr. Castano has served as Director of Fund Accounting & Administration of WisdomTree Asset Management, Inc. since June 2011 and Treasurer/Principal Financial Officer of the WisdomTree Trust since January 2013. From December 2006 to June 2011, Mr. Castano served as an Assistant Vice President and Vice President of Legg Mason & Co., a global investment management firm. From May 2004 to December 2006, Mr. Castano served as an Assistant Treasurer at Lord Abbett mutual funds. From March 2003 to May 2004, Mr. Castano served as a Supervisor at UBS Global Asset Management, a privately owned investment manager. Mr. Castano received a BBA in Public Accounting from Pace University. Mr. Castano became a registered Principal of the Managing Owner on March 8, 2016. Mr. Castano was also a registered Principal of WisdomTree Coal Services, LLC, effective as of March 8, 2016 through September 28, 2016. Mr. Castano is 45 years old.

4339

(1)Table Incorporated by reference to Exhibit 3.1 of the Fund’s Current Report on Form 8-K filed January 4, 2016.Contents

~~(2)~~Peter ~~Incorporated~~Ziemba by– ~~reference~~Executive toVice ~~Exhibit~~President, 3Chief Legal Officer and Secretary.3 ofMr. Ziemba ~~the~~has served ~~Fund~~as WTI’s ~~Current~~Executive ~~Report~~Vice onPresident – Business ~~Form~~and ~~8-K~~Legal ~~filed~~Affairs since January 42008 and Chief Legal Officer since March 2011. From April 2007 to March 2011, Mr. Ziemba served as WTI’s General Counsel. From September 1982 to April 2007, Mr. Ziemba was an attorney in the Corporate and Securities department of Graubard Miller. Mr. Ziemba received his B.A. in History with university honors from Binghamton University and his J.D., cum laude, from Benjamin N. Cardozo School of Law. Mr. Ziemba served as a director of WTI from 1996 to 2003. Mr. Ziemba is a Principal of WisdomTree Asset Management, Inc. effective as of April 20, 2016. Mr. Ziemba is 59 years old.

~~(3)~~Executive ~~Incorporated~~Officers byand ~~reference~~Significant toEmployees ~~Exhibit A-2~~ of the ~~Fund’s pre~~Sub-~~effective~~Advisor ~~Registration Statement on Form S-1 filed November 3, 2006.~~

~~(4)~~Name ~~Incorporated~~Position byAshmead ~~reference~~Pringle toChief ~~Exhibit~~Executive ~~3.2~~Officer ofCooper ~~the~~Anderson ~~Fund’s~~Chief ~~Current~~Financial ~~Report~~Officer onScott ~~Form~~Glasing ~~8-K~~Trader ~~filed~~Tom ~~January~~Fernandes ~~4, 2016.~~Partner

~~(5)~~The ~~Incorporated~~following byis ~~reference~~a tobiographical ~~Exhibit~~summary ~~A-1~~of the business experience of the ~~Fund’s~~executive ~~pre-effective~~officers ~~Registration~~and ~~Statement~~significant onemployees ~~Form~~of Sthe Sub-1Adviser ~~filed~~as ~~November~~of 3,the ~~2006~~date of this Annual Report.

Ashmead Pringle – Chief Executive Officer. Mr. Pringle founded the Sub-Adviser and has served as its Chief Executive Officer in charge of managing its business since November 2015. He became a registered Associated Person and listed Principal of the Sub-Adviser in November 2015. Mr. Pringle also founded Grain Service Corporation (6“GSC”), ~~Incorporated~~a bycommodity ~~reference~~research and trading company, and has served as its President since October 1984. He became a registered Associated Person and listed Principal of GSC in June 1985. Mr. Pringle also founded the Managing Owner and served as its Chief Executive Officer in charge of managing its business from October 2006 to ~~Exhibit~~January 32016.4 He was a registered Associated Person and listed Principal of the Managing Owner from October 2006 to January 2016. Mr. Pringle also founded GreenHaven LLC, the former holding company of the Managing Owner, and managed its business operations from September 2006 to February 2011. Mr. Pringle was a registered Associated Person and listed Principal of GreenHaven LLC from September 2006 to February 2011. Mr. Pringle also founded the GreenHaven Coal Services, LLC (“GreenHaven Coal”), the Sponsor of the GreenHaven Coal Fund’s ~~Current~~(liquidated ~~Report~~in onSeptember ~~Form~~2016), ~~8-K~~and ~~filed~~served as its President in charge of managing its business from August 2012 to January 4,2016. He was a registered Associated Person and listed Principal of GreenHaven Coal from August 2012 to January 2016. Mr. Pringle is 70 years old.

~~(7)~~Cooper ~~Incorporated~~Anderson by– ~~reference~~Chief Financial Officer. Mr. Anderson is a trader for the Sub-Adviser and is responsible for daily futures trading, cash flow management, treasury portfolio management, and quantitative analysis for the Fund. He became a registered Associated Person and listed Principal of the Sub-Adviser in November 2015. From December of 2002 to ~~Exhibit~~March 10of 2006, Mr.1 Anderson worked as an analyst in Institutional Equity Sales and Trading for Credit Suisse Securities USA LLC, a securities broker dealer and investment bank based in Zurich, Switzerland. At Credit Suisse Securities USA LLC, Mr. Anderson served as a brokerage sales person covering the major financial institutions in the Southeastern United States and the Caribbean. Between March of 2006 and April of 2007, Mr. Anderson took time off from work. From May 2007 to February 2011, Mr. Anderson was a managing partner and registered Associated Person and listed Principal of GreenHaven LLC, the ~~Fund’s~~former ~~Current~~holding ~~Report~~company onof ~~Form~~the ~~8-K~~Managing ~~filed~~Owner. From November 2009 to January 42016, Mr. Anderson was a trader and Chief Financial Officer, and registered Associated Person and listed Principal of the Managing Owner. From May 2012 to January 2016, Mr. Anderson was the Chief Financial Officer of GreenHaven Coal, the Sponsor of the GreenHaven Coal Fund (liquidated in September 2016), responsible for managing GreenHaven Coal and the GreenHaven Coal Fund’s finances and trading, and a registered Associated Person and listed Principal of GreenHaven Coal. Mr. Anderson is 37 years old.

~~(8)~~Scott ~~Incorporated~~Glasing by– ~~reference~~Trader. Mr. Glasing is a trader for the Sub-Adviser and is responsible for daily futures trading. He became a registered Associated Person and listed Principal of the Sub-Adviser in November 2015. Since February 1998, Mr. Glasing has worked for GSC as a trader. He became a registered Associated Person of GSC in April 1998 and a listed Principal of GSC in March 1998. From September 2006 to ~~Exhibit~~February 102011, Mr.2 Glasing was a trader and a registered Associated Person of GreenHaven LLC, the ~~Fund’s~~former ~~Current~~holding ~~Report~~company onof ~~Form~~the ~~8-K~~Managing Owner. ~~filed~~From November 2006 to January 42016, Mr. Glasing was a trader and a registered Associated Person and listed Principal of the Managing Owner. From August 2012 to January 2016, Mr. Glasing was a trader and a registered Associated Person and listed Principal of GreenHaven Coal, the Sponsor of the GreenHaven Coal Fund (liquidated in September 2016). Mr. Glasing is 54 years old.

~~(9)~~40 ~~Incorporated by reference to Exhibit 10.3 of the Fund’s Current Report on Form 8-K filed January 4, 2016.~~

(10)Table Incorporated by reference to Exhibit 10.4 of the Fund’s Current Report on Form 8-K filed January 4, 2016.Contents

~~(11)~~Tom ~~Incorporated~~Fernandes by– ~~reference~~Partner. Mr. Fernandes is a managing partner of the Sub-Advisor. He became a registered Associated Person and listed Principal of the Sub-Adviser in November 2015. From March 2000 to ~~Exhibit~~March 102002, Mr.5 Fernandes was employed as a trader at Fleet Bank of Boston. From March 2002 to April 2005, Mr. Fernandes worked as an analyst at West Broadway Partners, an investment partnership. From May 2005 to October 2006, Mr. Fernandes served as a commodity expert for GSC. He was registered as an Associated Person of GSC starting in August 2005. From October 2006 to August 2012, Mr. Fernandes served as Chief Financial Officer of the ~~Fund’s~~Managing ~~Current~~Owner. Mr. Fernandes ~~Report~~was ona ~~Form~~registered ~~8-K~~Associated ~~filed~~Person ~~January~~of 4the Managing Owner from November 2006 until February 2016 and was registered Principal of the Managing Owner from October 2006 until August 2012. From August 2006 to February 2011, Mr. Fernandes was a managing partner and a registered Associated Person and listed Principal of GreenHaven LLC, the former holding company of the Managing Owner. From August 2012 to October 2014, Mr. Fernandes was Chief Operating Officer and a registered Associated Person and listed Principal of GreenHaven Coal, the Sponsor of the GreenHaven Coal Fund (liquidated in September 2016). Since August 2012, Mr. Fernandes has served as Chief Executive Officer of GSC Agribusiness, a livestock producer. Mr. Fernandes is 43 years old.

~~(12)~~Item ~~Incorporated by reference to Exhibit 10~~11.6 ofExecutive ~~the Fund’s Current Report on Form 8-K filed January 4, 2016~~Compensation.

~~(13)~~The ~~Incorporated~~Funds have no employees, officers or directors and is managed by ~~reference~~the Managing toOwner. ~~Exhibit~~None 10of the directors or officers of the Managing Owner receive compensation from the Funds.7 For the year ended December 31, 2016, the Managing Owner received a monthly management fee of 1/12 of 0.85% (0.85% annually) of the average daily net assets of the Fund’s ~~Current~~during ~~Report~~the onpreceding ~~Form~~month. ~~8-K~~During ~~filed~~the ~~January~~fiscal 4years ended December 31, 2016, 2015, and 2014, the Fund incurred management fees of $1,860,871, $2,121,828, and $2,835,654, respectively.

~~(14)~~Item ~~Filed~~12. ~~herewith~~Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

~~WisdomTree~~The Funds ~~Continuous~~have ~~Commodity~~no ~~Index~~officers or directors. The following table sets forth certain information regarding beneficial ownership of the Fund’s General Shares and Limited Shares as of December 31, 2016, by the Managing Owner. No person is known by us to own beneficially more than 5% of the outstanding shares of such class.

(f/k/a GreenHaven Continuous Commodity Index Fund)

Title of Class

Name/Address of Beneficial Owner

Amount/Nature of Beneficial Ownership

General Shares

WisdomTree Commodity Services, LLC

245 Park Avenue, 35^th Floor

New York, New York 10167

50 Shares

~~WisdomTree~~Item ~~Continuous~~13. ~~Commodity~~Certain ~~Index~~Relationships ~~Master Fund~~and Related Transactions and Director Independence.

~~(f/k/a GreenHaven Continuous Commodity Index Master Fund)~~None.

~~Index~~41 ~~to Financial Statements~~

		Page
Report of Independent Registered Public Accounting Firm
(WisdomTree Continuous Commodity Index Fund)		F-2
Report of Independent Registered Public Accounting Firm
(WisdomTree Continuous Commodity Index Master Fund)		F-3
Report of Independent Registered Public Accounting Firm
(WisdomTree Continuous Commodity Index Fund)		F-4
Report of Independent Registered Public Accounting Firm
(WisdomTree Continuous Commodity Index Master Fund)		F-5
WisdomTree Continuous Commodity Index Fund Financial Statements
Consolidated Statements of Financial Condition as of December 31, 2015 and 2014		F-6
Consolidated Schedule of Investments as of December 31, 2015		F-7
Consolidated Schedule of Investments as of December 31, 2014		F-8
Consolidated Statements of Income and Expenses for the years ended December 31, 2015, 2014 and 2013		F-9
Consolidated Statement of Changes in Shareholder’s Equity for the year ended December 31, 2015		F-10
Consolidated Statement of Changes in Shareholder’s Equity for the year ended December 31, 2014		F-11
Consolidated Statement of Changes in Shareholder’s Equity for the year ended December 31, 2013		F-12
Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013		F-13
WisdomTree Continuous Commodity Index Master Fund Financial Statements
Statements of Financial Condition as of December 31, 2015 and 2014		F-14
Schedule of Investments as of December 31, 2015		F-15
Schedule of Investments as of December 31, 2014		F-16
Statements of Income and Expenses for the years ended December 31, 2015, 2014, and 2013		F-17
Statement of Changes in Shareholder’s Equity for the year ended December 31, 2015		F-18
Statement of Changes in Shareholder’s Equity for the year ended December 31, 2014		F-19
Statement of Changes in Shareholder’s Equity for the year ended December 31, 2013		F-20
Statements of Cash Flows for the years ended December 31, 2015, 2014, and 2013		F-21
Notes to the Consolidated Financial Statements		F-22

~~On January~~Item 4,14. ~~2016,~~Principal ~~the~~Accountant ~~name~~Fees ~~of the Fund was changed to WisdomTree Continuous Commodity Index Fund~~ and ~~the name of the Master Fund was changed to WisdomTree Continuous Commodity Index Master Fund~~Services.

FAudit and Non-1Audit Fees

~~REPORT~~On OFApril 7, ~~INDEPENDENT~~2016 ~~REGISTERED~~the Managing Owner dismissed Grant Thornton as the Funds’ independent registered public accounting firm. On ~~PUBLIC~~April 8, ~~ACCOUNTING~~2016, ~~FIRM~~the Managing Owner approved the engagement of EY as the new independent registered public accounting firm for the Funds. See Item 9 - Changes in and Disagreements with Accountants on Accounting and Financial Disclosure above for more information. Fees for services performed by EY for the year ended December 31, 2016(1) and Grant Thornton for the year ended December 31, 2015 are set forth in the chart below.

To the Managing Owner and Shareholders of WisdomTree Continuous Commodity Index Fund


	EY		Grant Thornton
	2016		2015
Audit fees	$	75,000	$	199,066
Audit-related fees		—		—
Tax fees		—		—
All other fees		—		—

Total⁽¹⁾	$	75,000	$	199,066

(~~f/k/a~~1) ~~GreenHaven~~In ~~Continuous~~addition, ~~Commodity~~Grant ~~Index~~Thornton ~~Fund):~~received $53,000 during the fiscal year ended December 31, 2016, in connection with its consent to the incorporation by reference of financial statements audited by them into the Funds’ Registration Statement on Form S-3 filed with the SEC on October 18, 2016.

WeApproval ~~have audited the accompanying consolidated statements~~ of ~~financial condition,~~Independent ~~including~~Registered ~~the~~Public ~~consolidated~~Accounting ~~schedules of investments, of WisdomTree Continuous Commodity Index Fund (a Delaware Statutory~~Firm ~~Trust)~~Services and ~~subsidiary~~Fees as of December 31, 2015 and 2014, and the related consolidated statements of income and expenses, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2015. These financial statements are the responsibility of the WisdomTree Continuous Commodity Index Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

WeThe ~~conducted~~Managing ~~our~~Owner ~~audits~~approved in100% ~~accordance with the standards~~ of the ~~Public~~services ~~Company~~provided ~~Accounting~~by ~~Oversight~~the ~~Board~~Funds’ ~~(United~~independent ~~States).~~registered ~~Those~~public ~~standards~~accounting ~~require~~firm ~~that we plan and perform the audit to~~described ~~obtain~~above. ~~reasonable~~For ~~assurance about whether~~ the ~~financial~~year ~~statements~~ended ~~are free of material misstatement. An audit includes examining~~December 31, on ~~a test basis~~2016, ~~evidence supporting~~ the ~~amounts~~Managing ~~and~~Owner ~~disclosures~~pre-approved inall ~~the financial statements. An~~ audit ~~also includes assessing the accounting principles used~~ and ~~significant~~allowed ~~estimates~~non-audit ~~made~~services byof ~~management, as well as evaluating~~ the ~~overall~~Fund’s ~~financial~~independent ~~statement~~registered ~~presentation.~~public Weaccounting ~~believe~~firm, ~~that~~including ~~our~~all ~~audits~~engagement ~~provide~~fees aand ~~reasonable basis for our opinion~~terms.

In42 our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of WisdomTree Continuous Commodity Index Fund and subsidiary as of December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015 in conformity with accounting principles generally accepted in the United States of America.

WeTable also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the WisdomTree Continuous Commodity Index Fund’s internal control over financial reporting as of December 31, 2015, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 15, 2016 expressed an unqualified opinion thereon.Contents

~~/s/~~PART ~~GRANT~~IV ~~THORNTON LLP~~

~~Atlanta~~Item 15. Exhibits, ~~Georgia~~Financial Statement Schedules.

~~March~~See 15Index to Financial Statements on Page F-1 for a list of the financial statements being filed as part of this Annual Report. Schedules may have been omitted since they are either not required, ~~2016~~not applicable, or the information has otherwise been included.

F-2


Exhibit		Description of Document
3.1		Certificate of Amendment to Certificate of Trust of GreenHaven Continuous Commodity Index Fund ⁽¹⁾

3.2		Certificate of Amendment to Certificate of Trust of GreenHaven Continuous Commodity Index Master Fund ⁽²⁾

3.3		Amended Declaration of Trust and Trust Agreement of GreenHaven Continuous Commodity Index Fund ⁽³⁾

3.4		Amendment to the Declaration of Trust and Trust Agreement of Greenhaven Continuous Commodity Index Fund⁽⁴⁾

3.5		Amended Declaration of Trust and Trust Agreement of GreenHaven Continuous Commodity Index Master Fund ⁽⁵⁾

3.6		Amendment to the Declaration of Trust and Trust Agreement of Greenhaven Continuous Commodity Index Master Fund⁽⁶⁾

10.1		Commodity Subadvisory Agreement ⁽⁷⁾

10.2		Master Custodian Agreement ⁽⁸⁾

10.3		Administration Agreement ⁽⁹⁾

10.4		Distribution Services Agreement ⁽¹⁰⁾

10.5		Transfer Agency and Services Agreement ⁽¹¹⁾

10.6		Form of Participant Agreement ⁽¹²⁾

10.7		Amended and Restated License Agreement ⁽¹³⁾

16.1		Letter of Grant Thornton LLP dated April 12, 2016 ⁽¹⁴⁾

23.1		Consent of Ernst & Young LLP ⁽¹⁵⁾

23.2		Consent of Grant Thornton LLP ⁽¹⁵⁾

31.1		Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended ⁽¹⁵⁾

31.2		Certification by Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended ⁽¹⁵⁾

31.3		Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended ⁽¹⁵⁾

31.4		Certification by Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended ⁽¹⁵⁾

32.1		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ⁽¹⁵⁾

32.2		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ⁽¹⁵⁾

32.3		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ⁽¹⁵⁾

~~REPORT OF~~43 ~~INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM~~

ToTable the Managing Owner and Shareholders of WisdomTree Continuous Commodity Index Master Fund Contents

~~(f/k/a~~32.4 ~~GreenHaven~~Certification ~~Continuous~~by ~~Commodity~~Principal ~~Index~~Financial ~~Master~~Officer ~~Fund~~Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (15):

~~We have audited the accompanying statements of financial condition, including the schedules of investments, of WisdomTree Continuous Commodity Index Master Fund~~ (~~a Delaware Statutory Trust~~1) asIncorporated ofby ~~December~~reference ~~31,~~to ~~2015~~Exhibit ~~and 2014, and the related statements of income and expenses, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2015~~3.1 ~~These financial statements are the responsibility~~ of the ~~WisdomTree Continuous Commodity Index Master~~ Fund’s ~~management.~~Current ~~Our~~Report ~~responsibility is to express an opinion~~ on ~~these~~Form ~~financial~~8-K ~~statements~~filed ~~based~~January on4, ~~our audits~~2016.

~~We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board~~ (~~United States~~2). ~~Those~~Incorporated ~~standards~~by ~~require~~reference ~~that we plan and perform the audit~~ to ~~obtain~~ ~~reasonable~~Exhibit ~~assurance~~3.3 ~~about~~of ~~whether~~ the ~~financial~~Fund’s ~~statements~~Current ~~are~~Report ~~free of material misstatement. An audit includes examining,~~ on aForm ~~test~~8-K ~~basis,~~filed ~~evidence~~January ~~supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management~~4, ~~as well as evaluating the overall financial statement presentation~~2016. ~~We believe that our audits provide a reasonable basis for our opinion.~~

In(3) ~~our~~Incorporated ~~opinion,~~by ~~the financial~~reference ~~statements referred~~ to ~~above~~Exhibit ~~present~~A-2 ~~fairly,~~of ~~in all material respects,~~ the ~~financial position of WisdomTree Continuous Commodity Index Master~~ Fund’s aspre-effective ofRegistration ~~December~~Statement ~~31,~~on ~~2015~~Form ~~and~~S-1 ~~2014,~~filed ~~and~~November ~~the results of its operations and its cash flows for each of the three years in the period ended December 31~~3, ~~2015 in conformity with accounting principles generally accepted in the United States of America~~2006.

We(4) ~~also~~Incorporated ~~have~~by ~~audited,~~reference into ~~accordance~~Exhibit ~~with~~3.2 ~~the standards~~ of the ~~Public Company Accounting Oversight Board (United States), the WisdomTree Continuous Commodity Index Master~~ Fund’s ~~internal~~ ~~control~~Current ~~over~~Report ~~financial reporting as of December 31, 2015, based~~ on ~~criteria~~Form ~~established~~8-K infiled ~~the~~January ~~2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)~~4, ~~and our report dated March 15,~~ 2016 ~~expressed an unqualified opinion thereon~~.

/(5) Incorporated by reference to Exhibit A-1 of the Fund’s/ ~~GRANT~~pre-effective ~~THORNTON~~Registration ~~LLP~~Statement on Form S-1 filed November 3, 2006.

~~Atlanta~~(6) Incorporated by reference to Exhibit 3.4 of the Fund’s Current Report on Form 8-K filed January 4, ~~Georgia~~2016.

~~March~~(7) 15Incorporated by reference to Exhibit 10.1 of the Fund’s Current Report on Form 8-K filed January 4, 2016.

F(8) Incorporated by reference to Exhibit 10.2 of the Fund’s Current Report on Form 8-3K filed January 4, 2016.

~~REPORT~~(9) OFIncorporated ~~INDEPENDENT~~by ~~REGISTERED~~reference ~~PUBLIC~~to ~~ACCOUNTING FIRM~~Exhibit 10.3 of the Fund’s Current Report on Form 8-K filed January 4, 2016.

To(10) ~~the~~Incorporated ~~Managing~~by ~~Owner~~reference ~~and~~to ~~Shareholders~~Exhibit 10.4 of ~~WisdomTree~~ ~~Continuous~~the ~~Commodity~~Fund’s ~~Index~~Current ~~Fund~~Report on Form 8-K filed January 4, 2016.

(~~f/k/a~~11) ~~GreenHaven~~Incorporated ~~Continuous~~by ~~Commodity~~reference ~~Index~~to Exhibit 10.5 of the Fund):’s Current Report on Form 8-K filed January 4, 2016.

~~We have audited the internal control over financial reporting of WisdomTree Continuous Commodity Index Fund~~ (~~a Delaware Statutory Trust~~12) ~~and~~Incorporated ~~subsidiary as of December 31, 2015, based on criteria established in the 2013 Internal Control—Integrated Framework issued~~ by ~~the~~reference ~~Committee of~~to ~~Sponsoring~~Exhibit ~~Organizations~~10.6 of the ~~Treadway Commission (COSO). WisdomTree Continuous Commodity Index~~ Fund’s ~~management~~Current is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on ~~Internal~~Form ~~Control~~8-K ~~Over~~filed ~~Management’s Financial~~January ~~Reporting.~~4, ~~Our responsibility is to express an opinion on the WisdomTree Continuous Commodity Index Fund’s internal control over financial reporting based on our audit~~2016.

~~We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board~~ (~~United States~~13). ~~Those~~Incorporated ~~standards~~by ~~require~~reference ~~that we plan and perform the audit~~ to ~~obtain~~Exhibit ~~reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects~~10.7 ~~Our audit included obtaining an understanding~~ of ~~internal control over financial reporting, assessing~~ the ~~risk~~Fund’s ~~that~~Current aReport ~~material~~on ~~weakness~~Form ~~exists,~~8-K ~~testing~~filed ~~and~~January ~~evaluating the design and operating effectiveness of internal control based on the assessed risk~~4, ~~and performing such other procedures as we considered necessary in the circumstances~~2016. ~~We believe that our audit provides a reasonable basis for our opinion.~~

A(14) ~~company’s~~Incorporated ~~internal~~by ~~control over~~reference ~~financial reporting is a process designed~~ to ~~provide~~Exhibit ~~reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles~~16. ~~A company’s internal control over financial reporting includes those policies and procedures that (~~1) ~~pertain to the maintenance~~ of ~~records that, in reasonable detail, accurately and fairly reflect~~ the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyFund’s ~~assets~~Current ~~that~~Report ~~could~~on ~~have~~Form a8-K ~~material effect~~filed onApril ~~the~~12, ~~financial statements~~2016.

~~Because~~(15) ofFiled ~~its inherent limitations, internal control over financial reporting may not prevent or detect misstatements~~herewith. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

InItem ~~our~~16. opinion, WisdomTree Continuous Commodity Index Fund maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSOSummary.

WeRegistrants ~~also~~may ~~have~~voluntarily ~~audited,~~include ina ~~accordance with~~summary ~~the standards~~ of ~~the~~information ~~Public~~required ~~Company~~by ~~Accounting~~Form ~~Oversight~~10-K ~~Board~~under ~~(United States), the consolidated financial statements of~~this ~~the~~Item ~~WisdomTree~~16. ~~Continuous~~The ~~Commodity~~Funds ~~Index~~have ~~Fund~~elected asnot ofto ~~and~~include ~~for~~such ~~the~~summary ~~year ended December 31, 2015, and our report dated March 15, 2016 expressed an unqualified opinion on those financial statements~~information.

~~/s/~~44 ~~GRANT THORNTON LLP~~

Atlanta,Table GAof Contents

~~March~~WisdomTree ~~15,~~Continuous ~~2016~~Commodity Index Fund

~~F-4~~(f/k/a GreenHaven Continuous Commodity Index Fund)

~~REPORT~~WisdomTree OFContinuous ~~INDEPENDENT REGISTERED~~Commodity ~~PUBLIC~~Index ~~ACCOUNTING~~Master ~~FIRM~~Fund

To(f/k/a ~~the~~GreenHaven ~~Managing Owner and Shareholders of WisdomTree~~ Continuous Commodity Index Master Fund)

~~(f/k/a~~Index ~~GreenHaven~~to ~~Continuous~~Financial ~~Commodity~~Statements ~~Index Master Fund):~~

We have audited the internal control over financial reporting of WisdomTree Continuous Commodity Index Master Fund (a Delaware Statutory Trust) as of December 31, 2015, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). WisdomTree Continuous Commodity Index Master Fund’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Management’s Financial Reporting. Our responsibility is to express an opinion on the WisdomTree Continuous Commodity Index Master Fund’s internal control over financial reporting based on our audit.


	Page

Report of Independent Registered Public Accounting Firm (WisdomTree Continuous Commodity Index Fund)		F-2

Report of Independent Registered Public Accounting Firm (WisdomTree Continuous Commodity Index Fund)		F-3

Report of Independent Registered Public Accounting Firm (WisdomTree Continuous Commodity Index Master Fund)		F-4

Report of Independent Registered Public Accounting Firm (WisdomTree Continuous Commodity Index Master Fund)		F-5

Report of Independent Registered Public Accounting Firm (WisdomTree Continuous Commodity Index Fund)		F-6

Report of Independent Registered Public Accounting Firm (WisdomTree Continuous Commodity Index Master Fund)		F-7

WisdomTree Continuous Commodity Index Fund Financial Statements

Consolidated Statements of Financial Condition December 31, 2016 and 2015		F-8

Consolidated Schedule of Investments December 31, 2016		F-9

Consolidated Schedule of Investments December 31, 2015		F-10

Consolidated Statements of Income and Expenses for the years ended December 31, 2016, 2015 and 2014		F-11

Consolidated Statement of Changes in Shareholders’ Equity for the year ended December 31, 2016		F-12

Consolidated Statement of Changes in Shareholders’ Equity for the year ended December 31, 2015		F-13

Consolidated Statement of Changes in Shareholders’ Equity for the year ended December 31, 2014		F-14

Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014		F-15

WisdomTree Continuous Commodity Index Master Fund Financial Statements

Statements of Financial Condition December 31, 2016 and 2015		F-16

Schedule of Investments December 31, 2016		F-17

Schedule of Investments December 31, 2015		F-18

Statements of Income and Expenses for the years ended December 31, 2016, 2015 and 2014		F-19

Statement of Changes in Shareholders’ Equity for the year ended December 31, 2016		F-20

Statement of Changes in Shareholders’ Equity for the year ended December 31, 2015		F-21

Statement of Changes in Shareholders’ Equity for the year ended December 31, 2014		F-22

Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014		F-23

Notes to Consolidated Financial Statements		F-24

WeF-1 conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

ATable company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Contents

~~Because~~Report of ~~its~~Independent ~~inherent~~Registered ~~limitations, internal~~Public ~~control~~Accounting ~~over~~Firm financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

InThe ~~our~~Managing ~~opinion,~~Owner and Shareholders of WisdomTree Continuous Commodity Index ~~Master~~ Fund maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.

We ~~also~~ have audited, inthe ~~accordance with~~accompanying ~~the~~consolidated ~~standards~~statements of financial condition, including the ~~Public~~schedule ~~Company~~of ~~Accounting~~investments, ~~Oversight~~of ~~Board~~WisdomTree Continuous Commodity Index Fund (~~United~~the ~~States~~“Fund”) as of December 31, 2016, and the ~~financial~~related consolidated statements of ~~the~~income ~~WisdomTree Continuous~~and ~~Commodity~~expenses, ~~Index~~changes ~~Master~~in ~~Fund~~shareholders’ asequity of and cash flows for the ~~year~~period ended December 31, ~~2015,~~2016. ~~and~~These ~~our~~financial ~~report~~statements ~~dated~~are ~~March~~the ~~15,~~responsibility ~~2016~~of ~~expressed~~the anFund’s ~~unqualified~~management. Our responsibility is to express an opinion on ~~those~~these financial statements based on our audit.

~~/s/~~We ~~GRANT~~conducted our ~~THORNTON~~audit ~~LLP~~in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

~~Atlanta~~In our opinion, GAthe financial statements referred to above present fairly, in all material respects, the consolidated financial position of WisdomTree Continuous Commodity Index Fund at December 31, 2016, and the consolidated results of their operations and their cash flows for the period ended December 31, 2016, in conformity with U.S. generally accepted accounting principles.

~~March~~We also have 15audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), WisdomTree Continuous Commodity Index Fund’s internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 27, 2017 expressed an unqualified opinion thereon.

~~F-5~~/s/ ERNST & YOUNG LLP

~~WisdomTree~~New ~~Continuous~~York, ~~Commodity~~NY ~~Index Fund~~

~~(f/k/a~~February ~~GreenHaven~~27, ~~Continuous~~2017 ~~Commodity Index Fund)~~

~~Consolidated~~F-2 ~~Statements of Financial Condition~~

DecemberTable 31,of 2015 and 2014Contents

	December 31, 2015			December 31, 2014
Assets
Equity in broker trading accounts:
Short-term investments (cost $149,963,671 and $199,994,069 as of 2015 and 2014, respectively)	$	149,980,000		$	199,995,250
Cash held by broker		83,440,007			94,433,074
Net unrealized depreciation on futures contracts		(8,705,967	)		(27,249,076	)
Total assets	$	224,714,040		$	267,179,248
Liabilities and shareholders’ equity
Management fee payable to related party		166,759			205,492
Accrued brokerage fees and expenses payable		28,756			75,622
Total liabilities		195,515			281,114
Shareholders’ equity
General Units:
Paid in capital - 50 units issued		1,500			1,500
Accumulated deficit		(572	)		(360	)
Total General Units		928			1,140
Limited Units:
Paid in capital - 12,100,000 and 11,700,000 redeemable shares issued and outstanding as of 2015 and 2014, respectively		360,079,849			350,523,308
Accumulated deficit		(135,562,252	)		(83,626,314	)
Total Limited Units		224,517,597			266,896,994
Total shareholders’ equity		224,518,525			266,898,134
Total liabilities and shareholders’ equity	$	224,714,040		$	267,179,248
Net asset value per share
General Units	$	18.56		$	22.80
Limited Units	$	18.56		$	22.81

Report of Independent Registered Public Accounting Firm

~~See~~To ~~accompanying~~the ~~notes~~Managing toOwner ~~consolidated financial~~and ~~statements~~Shareholders of the WisdomTree Continuous Commodity Index Fund

~~F-6~~(f/k/a GreenHaven Continuous Commodity Index Fund):

We have audited the accompanying consolidated statements of financial condition, including the consolidated schedule of investments, of the WisdomTree Continuous Commodity Index Fund (a Delaware Statutory Trust) and subsidiary (collectively, the “Fund”), as of December 31, 2015, and the related consolidated statements of income and expenses, changes in shareholders’ equity, and cash flows for each of the two years in the period ended December 31, 2015. These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (~~f/k/~~United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a ~~GreenHaven~~test ~~Continuous~~basis, ~~Commodity~~evidence ~~Index~~supporting the amounts and disclosures in the financial ~~Fund)~~statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

~~Consolidated~~In ~~Schedule~~our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the ~~Investments~~WisdomTree Continuous Commodity Index Fund and subsidiary, as of December 31, 2015, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2015 in conformity with accounting principles generally accepted in the United States of America.

~~December~~/s/ ~~31,~~GRANT ~~2015~~THORNTON LLP

Description	Percentage of Net Assets			Fair Value		Face Value
U.S. Treasury Obligations
U.S. Treasury Bills, 0.17% due January 28, 2016		22.27	%	$	49,995,900	$	50,000,000
U.S. Treasury Bills, 0.14% due February 11, 2016		22.27			49,993,400		50,000,000
U.S. Treasury Bills, 0.28% due March 17, 2016		22.26			49,990,700		50,000,000
Total U.S. Treasury Obligations (cost $149,963,671)		66.80	%	$	149,980,000	$	150,000,000

Atlanta, Georgia

Description	Percentage of Net Assets			Fair Value			Notional Value
Unrealized Appreciation/(Depreciation) on Futures Contracts
Cocoa (138 contracts, settlement date July 14, 2016)		(0.05	)%	$	(119,940	)	$	4,420,140
Cocoa (137 contracts, settlement date May 13, 2016)		0.05			113,380			4,393,590
Cocoa (137 contracts, settlement date March 15, 2016)		0.05			119,700			4,399,070
Coffee (91 contracts, settlement date July 19, 2016)		0.12			267,150			4,461,844
Coffee (91 contracts, settlement date May 18, 2016)		(0.04	)		(96,862	)		4,395,300
Coffee (91 contracts, settlement date March 18, 2016)		(0.05	)		(118,144	)		4,323,638
Copper (82 contracts, settlement date July 27, 2016)		(0.04	)		(81,925	)		4,400,325
Copper (82 contracts, settlement date May 26, 2016)		(0.15	)		(338,513	)		4,390,075
Copper (82 contracts, settlement date March 29, 2016)		(0.14	)		(309,850	)		4,376,750
Corn (241 contracts, settlement date July 14, 2016)		(0.05	)		(114,900	)		4,464,525
Corn (242 contracts, settlement date May 13, 2016)		(0.14	)		(315,375	)		4,410,450
Corn (242 contracts, settlement date March 14, 2016)		(0.13	)		(301,212	)		4,340,875
Cotton (137 contracts, settlement date July 07, 2016)		0.04			97,490			4,438,115
Cotton (137 contracts, settlement date May 06, 2016)		(0.01	)		(12,455	)		4,391,535
Cotton (138 contracts, settlement date March 08, 2016)		(0.02	)		(35,815	)		4,366,320
Gold (41 contracts, settlement date June 28, 2016)		(0.05	)		(104,370	)		4,352,150
Gold (41 contracts, settlement date April 27, 2016)		(0.09	)		(211,170	)		4,349,280
Gold (42 contracts, settlement date February 25, 2016)		(0.18	)		(401,480	)		4,452,840
Lean Hogs (117 contracts, settlement date July 15, 2016)		0.08			185,740			3,643,380
Lean Hogs (117 contracts, settlement date June 14, 2016)		0.10			220,880			3,650,400
Lean Hogs (117 contracts, settlement date April 14, 2016)		(0.07	)		(148,820	)		3,086,460
Lean Hogs (117 contracts, settlement date February 12, 2016)		(0.11	)		(239,750	)		2,798,640
Live Cattle (82 contracts, settlement date June 30, 2016)		0.06			132,670			4,191,840
Live Cattle (82 contracts, settlement date April 29, 2016)		(0.04	)		(86,140	)		4,525,580
Live Cattle (82 contracts, settlement date February 29, 2016)		(0.09	)		(204,150	)		4,487,040
Natural Gas (110 contracts, settlement date May 26, 2016)		(0.02	)		(46,190	)		2,714,800
Natural Gas (110 contracts, settlement date April 27, 2016)		(0.02	)		(39,980	)		2,666,400
Natural Gas (110 contracts, settlement date March 29, 2016)		(0.11	)		(238,510	)		2,625,700
Natural Gas (110 contracts, settlement date February 25, 2016)		(0.14	)		(318,070	)		2,599,300
Natural Gas (111 contracts, settlement date January 27, 2016)		(0.18	)		(395,510	)		2,594,070
NY Harbor ULSD (53 contracts, settlement date May 31, 2016)		(0.24	)		(551,179	)		2,705,480
NY Harbor ULSD (53 contracts, settlement date April 29, 2016)		(0.25	)		(556,471	)		2,649,163
NY Harbor ULSD (54 contracts, settlement date March 31, 2016)		(0.32	)		(719,783	)		2,647,436
NY Harbor ULSD (54 contracts, settlement date February 29, 2016)		(0.35	)		(789,184	)		2,605,705
NY Harbor ULSD (54 contracts, settlement date January 29, 2016)		(0.38	)		(848,266	)		2,549,005
Platinum (148 contracts, settlement date July 27, 2016)		0.06			126,785			6,615,600
Platinum (147 contracts, settlement date April 27, 2016)		(0.11	)		(254,960	)		6,565,020
Silver (63 contracts, settlement date July 27, 2016)		(0.07	)		(151,495	)		4,368,105
Silver (64 contracts, settlement date May 26, 2016)		(0.17	)		(374,635	)		4,426,880
Silver (64 contracts, settlement date March 29, 2016)		(0.18	)		(414,395	)		4,416,960
Soybean (101 contracts, settlement date July 14, 2016)		0.01			24,500			4,427,587
Soybean (101 contracts, settlement date May 13, 2016)		(0.10	)		(221,537	)		4,390,975
Soybean (101 contracts, settlement date March 14, 2016)		(0.10	)		(231,875	)		4,364,463
Soybean Oil (237 contracts, settlement date July 14, 2016)		0.18			391,830			4,433,796
Soybean Oil (237 contracts, settlement date May 13, 2016)		0.13			288,294			4,402,512
Soybean Oil (237 contracts, settlement date March 14, 2016)		0.12			277,464			4,372,650
Sugar (264 contracts, settlement date June 30, 2016)		0.06			126,717			4,328,755
Sugar (264 contracts, settlement date April 29, 2016)		0.26			591,270			4,411,546
Sugar (263 contracts, settlement date February 29, 2016)		0.27			600,074			4,489,094
Wheat (184 contracts, settlement date July 14, 2016)		(0.07	)		(160,687	)		4,445,900
Wheat (185 contracts, settlement date May 13, 2016)		(0.13	)		(298,525	)		4,407,625
Wheat (185 contracts, settlement date March 14, 2016)		(0.14	)		(314,138	)		4,347,500
WTI Crude (67 contracts, settlement date May 20, 2016)		(0.15	)		(329,010	)		2,727,570
WTI Crude (67 contracts, settlement date April 20, 2016)		(0.15	)		(334,250	)		2,678,660
WTI Crude (68 contracts, settlement date March 21, 2016)		(0.20	)		(445,480	)		2,660,840
WTI Crude (68 contracts, settlement date February 22, 2016)		(0.22	)		(492,250	)		2,595,560
WTI Crude (68 contracts, settlement date January 20, 2016)		(0.22	)		(502,660	)		2,518,720
Net Unrealized Depreciation on Futures Contracts		(3.88	)%	$	(8,705,967	)	$	224,263,539

March 15, 2016

~~See~~F-3 ~~accompanying notes to consolidated financial statements~~

F-7Table of Contents

~~WisdomTree~~Report ~~Continuous~~of ~~Commodity~~Independent ~~Index~~Registered ~~Fund~~Public Accounting Firm

~~(f/k/a~~The ~~GreenHaven~~Managing Owner and Shareholders of WisdomTree Continuous Commodity Index Master Fund)

~~Consolidated~~We ~~Schedule~~have audited the accompanying consolidated statements of ~~Investments~~financial condition, including the schedule of investments, of WisdomTree Continuous Commodity Index Master Fund (the “Fund”) as of December 31, 2016, and the related consolidated statements of income and expenses, changes in shareholders’ equity and cash flows for the period ended December 31, 2016. These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

~~December~~We conducted 31our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, ~~2014~~on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

	Percentage			Fair		Face
Description	of Net Assets			Value		Value
U.S. Treasury Obligations
U.S. Treasury Bills, 0.01% due January 22, 2015		37.47	%	$	99,998,600	$	100,000,000
U.S. Treasury Bills, 0.03% due March 12, 2015		18.73			49,998,100		50,000,000
U.S. Treasury Bills, 0.06% due March 26, 2015		18.73			49,998,550		50,000,000
Total U.S. Treasury Obligations (cost $199,994,069)		74.93	%	$	199,995,250	$	200,000,000

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of WisdomTree Continuous Commodity Index Master Fund at December 31, 2016, and the consolidated results of their operations and their cash flows for the period ended December 31, 2016, in conformity with U.S. generally accepted accounting principles.

	Percentage			Fair		Notional
Description	of Net Assets			Value		Value
Unrealized Appreciation/(Depreciation) on Futures Contracts
Cocoa (181 contracts, settlement date July 16, 2015)		0.03	%	$	83,950	$	5,229,090

Filing Compare · WisdomTree Continuous Commodity Index Fund