<SEC-DOCUMENT>0000891092-16-014121.txt : 20160601
<SEC-HEADER>0000891092-16-014121.hdr.sgml : 20160601

<ACCEPTANCE-DATETIME>20160413141142

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000891092-16-014121

CONFORMED SUBMISSION TYPE:	S-1/A

PUBLIC DOCUMENT COUNT:		14

FILED AS OF DATE:		20160413

DATE AS OF CHANGE:		20160429


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Teucrium Commodity Trust

		CENTRAL INDEX KEY:			0001471824

		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]

		IRS NUMBER:				000000000



	FILING VALUES:

		FORM TYPE:		S-1/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-210010

		FILM NUMBER:		161569033



	BUSINESS ADDRESS:	

		STREET 1:		232 HIDDEN LAKE ROAD

		CITY:			BRATTLEBORO

		STATE:			VT

		ZIP:			05301

		BUSINESS PHONE:		802-257-1617



	MAIL ADDRESS:	

		STREET 1:		232 HIDDEN LAKE ROAD

		CITY:			BRATTLEBORO

		STATE:			VT

		ZIP:			05301



</SEC-HEADER>

<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>e00017s1a.htm
<DESCRIPTION>PRE-EFFECTIVE AMENDMENT NO. 1 TO FORM S-1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B> As filed with the Securities and Exchange
Commission on April 13, 2016 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B> Registration No. 333-210010 </B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>





<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B> Pre-Effective Amendment No. 1 to </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B>&nbsp;</P>





<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Teucrium Commodity Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Delaware</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or other jurisdiction of incorporation
or organization)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>6799</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Primary Standard Industrial Classification
Code Number)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>45-0602467</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. Employer Identification No.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>c/o Teucrium Trading, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>232 Hidden Lake Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Building A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brattleboro, Vermont 05301</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Phone: (802)&nbsp;257-1617</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of Registrant&#8217;s principal executive offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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    <TD STYLE="width: 100%">&nbsp;&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dale Riker</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Teucrium Trading, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>232 Hidden Lake Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Building A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brattleboro, Vermont 05301</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Phone: (802)&nbsp;257-1617</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name, address, including zip code, and telephone
number, including area code, of agent for service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I></I></B></P>

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    <TD STYLE="width: 100%">&nbsp;&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Copy to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>W. Thomas Conner, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Reed Smith LLP</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B> 1301 K Street, N.W.<BR>
Suite 1000, East Tower<BR>
Washington, DC 20005-3317 </B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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    <TD STYLE="width: 100%">&nbsp;&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Approximate date of commencement of proposed
sale to the public:&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable after the effective date of this Registration Statement.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%">
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    <TD STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><A HREF="#TOC"><FONT STYLE="font-size: 10pt">Table of Contents</FONT></A> </TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Approximate date of commencement of proposed
sale to the public:&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable after the effective date of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any of the securities being registered on
this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following
box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

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<TR>
    <TD STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company under Rule 12b-2 of
the Securities Exchange Act of 1934.&nbsp;&nbsp;(Check one):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD STYLE="width: 23%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Smaller reporting company&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>








<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="17" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="17" STYLE="border-bottom: black 2.25pt double; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title&nbsp;of&nbsp;Securities</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to&nbsp;be&nbsp;Registered</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maximum</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Offering&nbsp;Price</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Per&nbsp;Share*</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount&nbsp;of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registration</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fee</B></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Common units of Teucrium Corn Fund, a series of the Registrant</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">21.79</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">0.00**</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(d) under the Securities Act of 1933.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">**</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">As discussed below, pursuant to Rule 415(a)(6) under the Securities Act, this Registration Statement carries over 18,500,000 shares that have been previously registered, for which filing fees have already been paid.&nbsp;&nbsp;The filing fee previously paid with respect to the shares being carried forward to this Registration Statement reduces the amount of fees currently due to $0.00.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>This Registration Statement contains a combined
prospectus under Rule 429 of the Securities Act which related to earlier Registration Statements (File No. 333-187463). Upon effectiveness,
this Registration Statement, which is a new Registration Statement, will also act as a post-effective amendment to each such earlier
Registration Statement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to Rule 415(a)(6) under the Securities
Act, the securities registered pursuant to this Registration Statement include unsold securities previously registered for sale
pursuant to the Registrant&#8217;s Registration Statement on Form S-1 (File No.&nbsp;333-187463), filed by the Registrant on March
22, 2013. The Registration Statement filed on</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">March 22, 2013 related to 24,975,000 unsold shares of beneficial
interest of the Registrant. &nbsp;Approximately 18,525,000 of such shares of beneficial interests registered on the Registration
Statement filed on March 22, 2013 remain unsold. The unsold amounts of shares of common stock (and associated filing fees paid)
are being carried forward to this Registration Statement. Pursuant to Rule 415(a)(6), the offering of unsold securities under the
prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration Statement.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> The registrant
hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such
date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine. </FONT>&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Teucrium Corn Fund<BR>
18,525,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Teucrium Corn Fund (the &#8220;Fund&#8221;
or &#8220;Us&#8221; or &#8220;We&#8221;) is a commodity pool that is a series of Teucrium Commodity Trust (&#8220;Trust&#8221;),
a Delaware statutory trust. The Fund issues common units representing fractional undivided beneficial interests in such Fund, called
&#8220;Shares.&#8221; The Fund continuously offers creation baskets consisting of 25,000 Shares (&#8220;Creation Baskets&#8221;)
at their net asset value (&#8220;NAV&#8221;) to &#8220;Authorized Purchasers&#8221; (as defined below). Authorized Purchasers,
in turn, may offer to the public Shares of any baskets they create. Authorized Purchasers sell such Shares, which are listed on
the NYSE Arca exchange (&#8220;NYSE Arca&#8221;), to the public at per-Share offering prices that are expected to reflect, among
other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased
the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the
time of sale, and the liquidity of the markets for corn interests in which the Fund invests. A list of the Fund&#8217;s Authorized
Purchasers as of the date of this Prospectus can be found under &#8220;Plan of Distribution&#8221; &#8211; &#8220;<I>Distributor
and Authorized Purchasers</I>,&#8221; on page 50. The prices of Shares offered by Authorized Purchasers are expected to fall between
the Fund&#8217;s NAV and the trading price of the Shares on the NYSE Arca at the time of sale. The Fund&#8217;s Shares may trade
in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. Fund Shares are listed on
the NYSE Arca under the symbol &#8220;CORN.&#8221; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s sponsor is Teucrium Trading,
LLC (the &#8220;Sponsor&#8221;). The investment objective of the Fund is to have the daily changes in percentage terms of the Fund&#8217;s
NAV per Share reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three corn
futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This is a best efforts offering; the Distributor,
Foreside Fund Services, LLC (the &#8220;Distributor&#8221;), is not required to sell any specific number or dollar amount of Shares,
but will use its best efforts to sell Shares. An Authorized Purchaser is under no obligation to purchase Shares. This is intended
to be a continuous offering that will terminate on April 30, 2019, unless suspended or terminated at any earlier time for certain
reasons specified in this prospectus or unless extended as permitted under the rules under the Securities Act of 1933. See &#8220;Prospectus
Summary &#8211; The Shares&#8221; and &#8220;Creation and Redemption of Shares &#8211; Rejection of Purchase Orders&#8221; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Investing in the Fund involves significant
risks. See &#8220;What Are the Risk Factors Involved with an Investment in the Fund?&#8221; beginning on page 14. The Fund is not
a mutual fund registered under the Investment Company Act of 1940 and is not subject to regulation under such Act.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>NEITHER THE SECURITIES AND EXCHANGE
COMMISSION (&#8220;SEC&#8221;) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS
PROSPECTUS, OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>THE COMMODITY FUTURES TRADING COMMISSION
HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS
DISCLOSURE DOCUMENT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>This prospectus is in two parts: a
disclosure document and a statement of additional information. These parts are bound together, and both contain important information.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Per share</U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Per Basket</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 10pt"> Price of the Shares<SUP>1</SUP>&#9; </FONT>
    </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$21.79</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$544,750</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> <SUP>1</SUP> Based on closing net asset value
on January 31, 2016. The price will vary based on net asset value in effect on a particular day. No commissions or discounts are
paid to Authorized Purchasers in connection with the sale of Creation Baskets. The Sponsor pays certain fees to the Distributor.
See &#8220;The Offering &#8211; Plan of Distribution&#8221; on page 50. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> The date of this prospectus is April 13,
2016 </P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>COMMODITY FUTURES TRADING COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><BR>
RISK DISCLOSURE STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>YOU SHOULD CAREFULLY CONSIDER WHETHER
YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL.&nbsp; IN SO DOING, YOU SHOULD BE AWARE
THAT&nbsp;COMMODITY INTEREST TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS.&nbsp; SUCH TRADING LOSSES CAN SHARPLY
REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL.&nbsp; IN ADDITION,
RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>FURTHER, COMMODITY POOLS MAY BE SUBJECT TO
SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES.&nbsp;&nbsp;IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT
TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS.&nbsp;&nbsp;THIS DISCLOSURE
DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGE 46 AND A STATEMENT OF THE PERCENTAGE RETURN
NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 9.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>THIS BRIEF STATEMENT CANNOT DISCLOSE ALL
THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL.&nbsp;&nbsp;THEREFORE, BEFORE YOU DECIDE
TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL
RISK FACTORS OF THIS INVESTMENT, AT PAGE 14.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY&nbsp;POOL
MAY&nbsp;TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS.&nbsp; TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING
MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION
TO THE POOL AND ITS PARTICIPANTS.&nbsp; FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF
THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE EFFECTED.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_DV_C49"></A>SWAPS TRANSACTIONS,
LIKE OTHER FINANCIAL TRANSACTIONS, INVOLVE A VARIETY OF SIGNIFICANT RISKS. THE SPECIFIC RISKS PRESENTED BY A PARTICULAR SWAP TRANSACTION
NECESSARILY DEPEND UPON THE TERMS OF THE TRANSACTION AND YOUR CIRCUMSTANCES. IN GENERAL, HOWEVER, ALL SWAPS TRANSACTIONS INVOLVE
SOME COMBINATION OF MARKET RISK, CREDIT RISK, COUNTERPARTY CREDIT RISK, FUNDING RISK, LIQUIDITY RISK, AND OPERATIONAL RISK. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="a_DV_C50"></A>HIGHLY CUSTOMIZED
SWAPS TRANSACTIONS IN PARTICULAR MAY INCREASE LIQUIDITY RISK, WHICH MAY RESULT IN A SUSPENSION OF REDEMPTIONS. HIGHLY LEVERAGED
TRANSACTIONS MAY EXPERIENCE SUBSTANTIAL GAINS OR LOSSES IN VALUE AS A RESULT OF RELATIVELY SMALL CHANGES IN THE VALUE OR LEVEL
OF AN UNDERLYING OR RELATED MARKET FACTOR. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B> <A NAME="a_DV_C51"></A>IN EVALUATING THE
RISKS AND CONTRACTUAL OBLIGATIONS ASSOCIATED WITH A PARTICULAR SWAP TRANSACTION, IT IS IMPORTANT TO CONSIDER THAT A SWAP TRANSACTION
MAY BE MODIFIED OR TERMINATED ONLY BY MUTUAL CONSENT OF THE ORIGINAL PARTIES AND SUBJECT TO AGREEMENT ON INDIVIDUALLY NEGOTIATED
TERMS. THEREFORE, IT MAY NOT BE POSSIBLE FOR THE COMMODITY POOL OPERA TOR TO MODIFY, TERMINATE, OR OFFSET THE POOL'S OBLIGATIONS
OR THE POOL'S EXPOSURE TO THE RISKS ASSOCIATED WITH A TRANSACTION PRIOR TO ITS SCHEDULED TERMINATION DATE. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>





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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>TEUCRIUM CORN FUND</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Table of Contents</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014157">STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014157">iii</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014158">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014158">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014159">Principal Offices of the Fund and the Sponsor</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014159">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014160">Breakeven Point</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014160">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014161">Overview of the Fund</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014161">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014162">The Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014162">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014163">The Fund&#8217;s Investments in Corn Interests</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014163">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014164">Principal Investment Risks of an Investment in the Fund</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014164">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014165">Financial Condition of the Fund</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014165">8</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014166">Defined Terms</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014166">8</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014167">Breakeven Analysis</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014167">9</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014168">The Offering</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014168">10</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014169">WHAT ARE THE RISK FACTORS INVOLVED WITH AN INVESTMENT IN THE FUND?</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014169">14</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014170"><b style='mso-bidi-font-weight:normal'>Risks Associated With Investing Directly or Indirectly in Corn</b></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014170">14</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014171"><b style='mso-bidi-font-weight:normal'>The Fund&#8217;s Operating Risks</b></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014171">19</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014172"><b style='mso-bidi-font-weight:normal'>Risk of Leverage and Volatility</b></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014172">27</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014173"><b style='mso-bidi-font-weight:normal'>Over-the-Counter Contract Risk</b></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014173">28</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014174"><b style='mso-bidi-font-weight:normal'>Risk of Trading in International Markets</b></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014174">29</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014175"><b style='mso-bidi-font-weight:normal'>Tax Risk</b></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014175">29</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014176">THE OFFERING</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014176">31</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014177">The Fund in General</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014177">31</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014178">The Sponsor</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014178">31</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014179">The Trustee</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014179">35</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014180">Operation of the Fund</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014180">36</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014181">Futures Contracts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014181">39</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014182">Over-the-Counter Derivative</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014182">41</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014183">Benchmark Performance</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014183">42</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014184">The Corn Market</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014184">43</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014185">The Fund&#8217;s Investments in Treasury Securities, Cash and Cash Equivalents</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014185">43</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014186">Other Trading Policies of the Fund</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014186">44</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014187">The Fund&#8217;s Service Providers</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014187">44</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014188">Form of Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014188">48</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014189">Transfer of Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014189">49</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014190">Inter-Series Limitation on Liability</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014190">49</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014191">Plan of Distribution</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014191">50</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014192">The Flow of Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014192">52</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014193">Calculating NAV</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014193">52</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014194">Creation and Redemption of Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014194">53</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014195">Secondary Market Transactions</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014195">57</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014196">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014196">57</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014197">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014197">58</A></TD></TR>
</TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014198">The Trust Agreement</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014198">67</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014199">The Sponsor Has Conflicts of Interest</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014199">71</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014200">Interests of Named Experts and Counsel</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014200">72</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014201">Provisions of Federal and State Securities Laws</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014201">72</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014202">Books and Records</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014202">73</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014203">Analysis of Critical Accounting Policies</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014203">73</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014204">Statements, Filings, and Reports to Shareholders</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014204">73</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014205">Fiscal Year</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014205">73</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014206">Governing Law; Consent to Delaware Jurisdiction</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014206">74</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014207">Legal Matters</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014207">74</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014208">Privacy Policy</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014208">75</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014209">U.S. Federal Income Tax Considerations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014209">76</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014210">Investment By ERISA Accounts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014210">87</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014211">INCORPORATION BY REFERENCE OF CERTAIN INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014211">90</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014212">INFORMATION YOU SHOULD KNOW</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014212">90</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014213">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014213">91</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014214">APPENDIX A</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014214">92</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014215">Glossary of Defined Terms</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#a_Toc445014215">92</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_Toc445014157"></A><A NAME="a_Toc256000001"></A><A NAME="a_Toc322695009"></A>STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This prospectus includes &#8220;forward-looking
statements&#8221; which generally relate to future events or future performance. In some cases, you can identify forward-looking
statements by terminology such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221;
&#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or the
negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in
this prospectus that address activities, events or developments that will or may occur in the future, including such matters as
movements in the commodities markets and indexes that track such movements, the Fund&#8217;s operations, the Sponsor&#8217;s plans
and references to the Fund&#8217;s future success and other similar matters, are forward-looking statements. These statements are
only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses
the Sponsor has made based on its perception of historical trends, current conditions and expected future developments, as well
as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor&#8217;s
expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations
discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations, including those
concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. See
&#8220;What Are the Risk Factors Involved with an Investment in the Fund?&#8221; Consequently, all the forward-looking statements
made in this prospectus are qualified by these cautionary statements, and there can be no assurance that actual results or developments
the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences
to, or have the expected effects on, the Fund&#8217;s operations or the value of its Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.4pt 0 0in; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><A NAME="a_Toc445014158"></A><A NAME="a_Toc256000002"></A><A NAME="a_Toc322695010"></A></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 100%; font-size: 10pt"><A HREF="#TOC"></A> </TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PROSPECTUS SUMMARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>This is only a summary of the prospectus
and, while it contains material information about the Fund and its Shares, it does not contain or summarize all of the information
about the Fund and the Shares contained in this prospectus that is material and/or which may be important to you. You should read
this entire prospectus, including &#8220;What Are the Risk Factors Involved with an Investment in the Fund?&#8221; beginning on
page 14, before making an investment decision about the Shares. In addition, this prospectus includes a statement of additional
information that follows and is bound together with the primary disclosure document. Both the primary disclosure document and the
statement of additional information contain important information. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014159"></A><A NAME="a_Toc256000003"></A><A NAME="a_Toc322695011"></A>Principal
Offices of the Fund and the Sponsor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The principal office of the Trust and the Fund
is located at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301. The telephone number is (802) 257-1617. The Sponsor&#8217;s
principal office is also located at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301, and its telephone number is also
(802) 257-1617.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014160"></A><A NAME="a_Toc256000004"></A><A NAME="a_Toc322695012"></A>Breakeven
Point</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The amount of trading income required for
the redemption value of a Share at the end of one year to equal the selling price of the Share, assuming a selling price of $21.79
(the NAV per Share as of January 31, 2016), is $0.63 or 2.89% of the selling price. For more information, see &#8220;Breakeven
Analysis&#8221; below. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014161"></A><A NAME="a_Toc256000005"></A><A NAME="a_Toc322695013"></A>Overview
of the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Teucrium Corn Fund (the &#8220;Fund&#8221; or
&#8220;Us&#8221; or &#8220;We&#8221;), is a commodity pool that issues Shares that may be purchased and sold on the NYSE Arca.
The Fund is a series of the Teucrium Commodity Trust (&#8220;Trust&#8221;), a Delaware statutory trust organized on September 11,
2009. The Fund is one of five series of the Trust; each series operates as a separate commodity pool. Additional series of the
Trust may be created in the future. The Trust and the Fund operate pursuant to the Trust&#8217;s Second Amended and Restated Declaration
of Trust and Trust Agreement (the &#8220;Trust Agreement&#8221;). The Fund was formed and is managed and controlled by the Sponsor,
Teucrium Trading, LLC. The Sponsor is a limited liability company formed in Delaware on July 28, 2009 that is registered as a commodity
pool operator (&#8220;CPO&#8221;) with the Commodity Futures Trading Commission (&#8220;CFTC&#8221;) and is a member of the National
Futures Association (&#8220;NFA&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The investment objective of the Fund is to have
the daily changes in percentage terms of the Shares&#8217; NAV reflect the daily changes in percentage terms of a weighted average
of the closing settlement prices for three futures contracts for corn (&#8220;Corn Futures Contracts&#8221;) that are traded on
the Chicago Board of Trade (&#8220;CBOT&#8221;), specifically (1) the second-to-expire CBOT Corn Futures Contract, weighted 35%,
(2) the third-to-expire CBOT Corn Futures Contract, weighted 30%, and (3) the CBOT Corn Futures Contract expiring in the December
following the expiration month of the third-to-expire contract, weighted 35%. (This weighted average of the three referenced Corn
Futures Contracts is referred to herein as the &#8220;Benchmark,&#8221; and the three Corn Futures Contracts that at any given
time make up the Benchmark are referred to herein as the &#8220;Benchmark Component Futures Contracts.&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Fund seeks to achieve its investment
objective by investing under normal market conditions in Benchmark Component Futures Contracts or, in certain circumstances, in
other Corn Futures Contracts traded on the CBOT or on foreign exchanges.&nbsp;&nbsp;In addition, and to a limited extent, the Fund
also may invest in exchange-traded options on Corn Futures Contracts in furtherance of the Fund's investment objective.&nbsp;&nbsp;Once
position limits in Corn Futures Contracts are applicable, the Fund&#8217;s intention is to invest in contracts and instruments
such as cash settled options, forward contracts, and other over-the-counter transactions that are based on the price of corn or
Corn Futures Contracts (collectively, &#8220;Other Corn Interests,&#8221; and together with Corn Futures Contracts, &#8220;Corn
Interests&#8221;).&nbsp;&nbsp;See &#8220;The Offering &#8211; Futures Contracts&#8221; below.&nbsp;&nbsp;By utilizing certain or
all of these investments, the Sponsor will endeavor to cause the Fund&#8217;s performance to closely track that of the Benchmark.&nbsp;&nbsp;The
Sponsor expects to manage the Fund&#8217;s investments directly, although it has been authorized by the Trust to retain, establish
the terms of retention for, and terminate third-party commodity trading advisors to provide such management.&nbsp;&nbsp;The Sponsor
is also authorized to select futures commission merchants (&#8220;FCMs&#8221;) to execute the Fund&#8217;s transactions in Corn
Futures Contracts. </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>





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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Corn Futures Contracts traded on the CBOT expire
on a specified day in five different months: March, May, July, September and December. For example, in terms of the Benchmark,
in June of a given year the next-to-expire or &#8220;spot month&#8221; Corn Futures Contract will expire in July of that year,
and the Benchmark Component Futures Contracts will be the contracts expiring in September of that year (the second-to-expire contract),
December of that year (the third-to-expire contract), and December of the following year. As another example, in November of a
given year the Benchmark Component Futures Contracts will be the contracts expiring in March, May and December of the following
year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund seeks to achieve its investment objective
primarily by investing in Corn Interests such that daily changes in the Fund&#8217;s NAV are expected to closely track the changes
in the Benchmark. The Fund&#8217;s positions in Corn Interests are changed or &#8220;rolled&#8221; on a regular basis in order
to track the changing nature of the Benchmark. For example, five times a year (on the date on which a Corn Futures Contract expires),
the second-to-expire Corn Futures Contract will become the next-to-expire Corn Futures Contract and will no longer be a Benchmark
Component Futures Contract, and the Fund&#8217;s investments will have to be changed accordingly. In order that the Fund&#8217;s
trading does not signal potential market movements and to make it more difficult for third parties to profit by trading ahead based
on such expected market movements, the Fund&#8217;s investments may not be rolled entirely on that day, but rather may be rolled
over a period of several days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund incurs certain expenses in connection
with its operations, and holds most of its assets in income-producing, short-term securities for margin and other liquidity purposes
and to meet redemptions that may be necessary on an ongoing basis. These expenses and income cause imperfect correlation between
changes in the Fund&#8217;s NAV and changes in the Benchmark, because the Benchmark does not reflect expenses or income. Investors
should be aware that because the Fund incurs certain expenses on an ongoing basis, they may incur a partial or complete loss of
their investment even when the performance of the Benchmark is positive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In seeking to achieve the Fund&#8217;s investment
objective of tracking the Benchmark, the Sponsor may for certain reasons cause the Fund to enter into or hold Corn Futures Contracts
other than the Benchmark Component Futures Contracts and/or Other Corn Interests. Other Corn Interests that do not have standardized
terms and are not exchange-traded, referred to as &#8220;over-the-counter&#8221; Corn Interests, can generally be structured as
the parties to the Corn Interest contract desire. Therefore, the Fund might enter into multiple over-the-counter Other Corn Interests
intended to replicate the performance of each of the three Benchmark Component Futures Contracts, or a single over-the-counter
Other Corn Interest designed to replicate the performance of the Benchmark as a whole. Assuming that there is no default by a counterparty
to an over-the-counter Other Corn Interest, the performance of the Other Corn Interest will necessarily correlate with the performance
of the Benchmark or the applicable Benchmark Component Futures Contract. The Fund might also enter into or hold Corn Interests
other than Benchmark Component Futures Contracts to facilitate effective trading, consistent with the discussion of the Fund&#8217;s
&#8220;roll&#8221; strategy in the preceding paragraph. In addition, the Fund might enter into or hold Corn Interests that would
be expected to&nbsp;alleviate overall deviation between the Fund&#8217;s performance and that of the Benchmark that may result
from certain market and trading inefficiencies or other reasons. By utilizing certain or all of the investments described above,
the Sponsor endeavors to cause the Fund&#8217;s performance to closely track that of the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund invests in Corn Interests to the fullest
extent possible without being leveraged or unable to satisfy its expected current or potential margin or collateral obligations
with respect to its investments in Corn Interests. After fulfilling such margin and collateral requirements, the Fund invests the
remainder of its proceeds from the sale of baskets in obligations of the United States government (&#8220;Treasury Securities&#8221;)
or cash equivalents, and/or merely hold such assets in cash (generally in interest-bearing accounts). Therefore, the focus of the
Sponsor in managing the Fund is investing in Corn Interests and in Treasury Securities, cash and/or cash equivalents. The Fund
earns interest income from the Treasury Securities and/or cash equivalents that it purchases and on the cash it holds through the
Fund&#8217;s custodian, U.S. Bank, N.A. (the &#8220;Custodian&#8221;) or other financial institutions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor endeavors to place the Fund&#8217;s
trades in Corn Interests and otherwise manage the Fund&#8217;s investments so that the Fund&#8217;s average daily tracking error
against the Benchmark will be less than 10 percent over any period of 30 trading days. More specifically, the Sponsor endeavors
to manage the Fund so that A will be within plus/minus 10 percent of B, where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">A is the average daily change in the Fund&#8217;s NAV for any period of 30 successive valuation
days, i.e., any trading day as of which the Fund calculates its NAV, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> B is the average daily change in the Benchmark over the same period. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor believes that market arbitrage opportunities
will cause the Fund&#8217;s Share price on the NYSE Arca to track the Fund&#8217;s NAV per share. The Sponsor believes that the
net effect of this expected relationship and the expected relationship described above between the Fund&#8217;s NAV and the Benchmark
will be that the changes in the price of the Fund&#8217;s Shares on the NYSE Arca will track, in percentage terms, changes in the
Benchmark. This relationship may be affected by various market factors, including but not limited to, the number of shares of the
Fund outstanding and the liquidity of the underlying holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor employs a &#8220;neutral&#8221;
investment strategy intended to track the changes in the Benchmark regardless of whether the Benchmark goes up or goes down. The
Fund&#8217;s &#8220;neutral&#8221; investment strategy is designed to permit investors generally to purchase and sell the Fund&#8217;s
Shares for the purpose of investing indirectly in the corn market in a cost-effective manner. Such investors may include participants
in the corn industry and other industries seeking to hedge the risk of losses in their corn-related transactions, as well as investors
seeking exposure to the corn market. Accordingly, depending on the investment objective of an individual investor, the risks generally
associated with investing in the corn market and/or the risks involved in hedging may exist. In addition, an investment in the
Fund involves the risks that the changes in the price of the Fund&#8217;s Shares will not accurately track the changes in the Benchmark,
and that changes in the Benchmark will not closely correlate with changes in the price of corn on the spot market. Furthermore,
as noted above, the Fund may also elect to invest in short-term Treasury Securities, cash and/or cash equivalents to meet its current
or potential margin or collateral requirements with respect to its investments in Corn Interests and to invest cash not required
to be used as margin or collateral. The Fund does not expect there to be any meaningful correlation between the performance of
the Fund&#8217;s investments in Treasury Securities/cash/cash equivalents and the changes in the price of corn or Corn Interests.
While the level of interest earned on or the market price of these investments may in some respects correlate to changes in the
price of corn, this correlation is not anticipated as part of the Fund&#8217;s efforts to meet its objective. This and certain
risk factors discussed in this prospectus may cause a lack of correlation between changes in the Fund&#8217;s NAV and changes in
the price of corn. The Sponsor does not intend to operate the Fund in a fashion such that its per share NAV equals, in dollar terms,
the spot price of a bushel or other unit of corn or the price of any particular Corn Futures Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-indent: 0.5in">The Fund creates and redeems Shares
only in blocks called Creation Baskets and Redemption Baskets, respectively. Only Authorized Purchasers may purchase or redeem
Creation Baskets or Redemption Baskets. An Authorized Purchaser is under no obligation to create or redeem baskets, and an Authorized
Purchaser is under no obligation to offer to the public Shares of any baskets it does create. Baskets are generally created when
there is a demand for Shares, including, but not limited to, when the market price per share is at (or perceived to be at) a premium
to the NAV per share. Similarly, baskets are generally redeemed when the market price per share is at (or perceived to be at) a
discount to the NAV per share. Retail investors seeking to purchase or sell Shares on any day are expected to effect such transactions
in the secondary market, on the NYSE Arca, at the market price per share, rather than in connection with the creation or redemption
of baskets. There are a minimum number of baskets and associated shares specified for the Fund. Once the minimum number of baskets
is reached, there can be no more redemptions until there has been a creation basket. In such case, market makers may be less willing
to purchase Shares from investors in the secondary market, which may in turn limit the ability of shareholders of the Fund to sell
their Shares in the secondary market. As of January 31, 2016 these minimum levels for the Fund are 50,004 shares representing 2
baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All proceeds from the sale
of Creation Baskets will be invested as quickly as practicable in the investments described in this prospectus. The Fund&#8217;s
cash and investments are held through the Fund&#8217;s Custodian, in accounts with the Fund&#8217;s commodity futures brokers,
in demand deposits with highly-rated financial institutions, or in collateral accounts with respect to over-the-counter Corn Interests.
There is no stated maximum time period for the Fund&#8217;s operations and the Fund will continue until all Shares are redeemed
or the Fund is liquidated pursuant to the terms of the Trust Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>





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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There is no specified limit on the maximum number
of Creation Baskets that can be sold. At some point, however, applicable position limits on Corn Futures Contracts or Other Corn
Interests may practically limit the number of Creation Baskets that will be sold if the Sponsor determines that the other investment
alternatives available to the Fund at that time will not enable it to meet its stated investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shares may also be purchased and sold by individuals
and entities that are not Authorized Purchasers in smaller increments than Creation Baskets on the NYSE Arca. However, these transactions
are effected at bid and ask prices established by specialist firm(s). Like any listed security, Shares of the Fund can be purchased
and sold at any time a secondary market is open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In managing the Fund&#8217;s assets, the Sponsor
does not use a technical trading system that automatically issues buy and sell orders. Instead, each time one or more baskets are
purchased or redeemed, the Sponsor will purchase or sell Corn Interests with an aggregate market value that approximates the amount
of cash received or paid upon the purchase or redemption of the basket(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Note to Secondary Market Investors: </B>Shares
can be directly purchased from the Fund only in Creation Baskets, and only by Authorized Purchasers. Each Creation Basket consists
of 25,000 Shares and therefore requires a significant financial commitment to purchase. Accordingly, investors who do not have
such resources or who are not Authorized Purchasers should be aware that some of the information contained in this prospectus,
including information about purchases and redemptions of Shares directly with the Fund, is only relevant to Authorized Purchasers.
Shares are listed and traded on the NYSE Arca under the ticker symbol &#8220;CORN&#8221; and may be purchased and sold as individual Shares. Individuals interested in purchasing Shares in the
secondary market should contact their broker. Shares purchased or sold through a broker may be subject to commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><I>Except when aggregated in Redemption
Baskets, Shares are not redeemable securities. There is no guarantee that Shares will trade at prices that are at or near the per-Share
NAV. There are a minimum number of baskets and associated shares specified for the Fund. Once the minimum number of baskets is
reached, there can be no more redemptions until there has been a creation basket. As of January 31, 2016 these minimum levels for
the Fund are 50,004 shares representing 2 baskets.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0"><A NAME="a_Toc445014162"></A><A NAME="a_Toc256000006"></A><A NAME="a_Toc322695014"></A>The
Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Shares are registered as securities under
the Securities Act of 1933 (the &#8220;1933 Act&#8221;) and the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;)
and do not provide dividend rights or conversion rights and there are no sinking funds. The Shares may only be redeemed when aggregated
in Redemption Baskets as discussed under &#8220;Creation and Redemption of Shares&#8221; and holders of Fund Shares (&#8220;Shareholders&#8221;)
generally do not have voting rights as discussed under &#8220;The Trust Agreement &#8211; Voting Rights&#8221; below. Cumulative
voting is neither permitted nor required and there are no preemptive rights. The Trust Agreement provides that, upon liquidation
of the Fund, its assets will be distributed pro rata to the Shareholders based upon the number of Shares held. Each Shareholder
will receive its share of the assets in cash or in kind, and the proportion of such share that is received in cash may vary from
Shareholder to Shareholder, as the Sponsor in its sole discretion may decide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offering of Shares under this prospectus
is a continuous offering under Rule 415 of the 1933 Act and will terminate on April 30, 2019 unless it is extended beyond such
date as permitted by applicable rules under the 1933 Act. The offering will terminate before such date or before the end of any
extension period if all of the registered Shares have been sold. However, the Sponsor expects to cause the Trust to file one or
more additional registration statements as necessary to permit additional Shares to be registered and offered on an uninterrupted
basis. This offering may also be suspended or terminated at any time for certain specified reasons, including if and when suitable
investments for the Fund are not available or practicable. See &#8220;Creation and Redemption of Shares &#8211;Rejection of Purchase
Orders&#8221; below. As discussed above, the minimum purchase requirement for Authorized Purchasers is a Creation Basket, which
consists of 25,000 Shares. Under the plan of distribution, the Fund does not require a minimum purchase amount for investors who
purchase Shares from Authorized Purchasers. There are no arrangements to place funds in an escrow, trust, or similar account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_Toc256000007"></A><A NAME="a_Toc322695015"></A></P>

<TABLE CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014163"></A>The Fund&#8217;s Investments
in Corn Interests</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A brief description of the principal
types of Corn Interests in which the Fund may invest is set forth below.</P>

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<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> A futures contract is an exchange-traded contract traded with standard terms that calls for
the delivery of a specified quantity of a commodity at a specified price, on a specified date and at a specified location. Typically,
a futures contract is traded out or rolled on an exchange before delivery or receipt of the underlying commodity is required. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> A swap agreement is a bilateral contract to exchange a periodic stream of payments determined
by reference to a notional amount, with payment typically made between the parties on a net basis. For instance, in the case of
corn swap, the Fund may be obligated to pay a fixed price per bushel of corn multiplied by a notional number of bushels and be
entitled to receive an amount per bushel equal to the current value of an index of corn prices, the price of a specified Corn Futures
Contract, or the average price of a group of Corn Futures Contracts such as the Benchmark (times the same notional number of bushels).
As is the case with futures, swaps are financial contracts and are typically settled financially between counterparties. Unlike
futures, however, swaps may or may not trade on an exchange and, therefore, they may be less liquid, may be more expensive, and
may take longer to settle or trade out of. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.75in; text-indent: -0.25in">The Fund may also invest to
a lesser extent in the following types of Corn Interests:</P>

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<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> A forward contract (&#8220;Forward&#8221;) is an over-the-counter bilateral contract for the
purchase of sale of a specified quantity of a commodity at a specified price, on a specified date and at a specified location.
Forwards are almost always settled by delivery of the underlying commodity. Although not impossible, it is unusual to settle a
Forward financially; therefore, Forwards are generally illiquid. </FONT></TD></TR></TABLE>

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<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> An option on a futures contract, a swap agreement, forward contract or a commodity on the
spot market gives the buyer of the option the right, but not the obligation, to buy or sell a futures contract, swap agreement,
forward contract or commodity, as applicable, at a specified price on or before a specified date. The seller, or writer, of the
option is obligated to take a position in the underlying interest at a specified price opposite to the option buyer if the option
is exercised. Options on futures contracts, like the future contracts to which they relate, are standardized contracts traded on
an exchange and are regulated like futures contracts, while all other options (except for spot options) are considered swaps and
are regulated as swaps. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"> Unlike exchange-traded contracts,
over-the-counter contracts expose the Fund to the credit risk of the other party to the contract. (As discussed below, exchange-traded
contracts may expose the Fund to the risk of the clearing broker&#8217;s and/or the exchange clearing house(s)&#8217; bankruptcy.)
The Sponsor does not currently intend to purchase and sell corn in the &#8220;spot market&#8221; for the Fund. Spot market transactions
are cash transactions in which the buyer and seller agree to the immediate purchase and sale of a commodity, usually with a two-day
settlement period. In addition, the Sponsor does not currently intend that the Fund will enter into or hold spot month Corn Futures
Contracts, except that spot month contracts that were formerly second-to-expire contracts may be held for a brief period until
they can be disposed of in accordance with the Fund&#8217;s roll strategy. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although the Fund has the ability to trade over-the-counter
contracts and swaps, the Sponsor anticipates that 100% of the Fund&#8217;s assets will be used to trade futures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A more detailed description of Corn Interests
and other aspects of the corn and Corn Interest markets can be found later in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>As noted, the Fund invests in Corn Futures
Contracts, including those traded on the CBOT or its affiliates. The Fund expressly disclaims any association with the CBOT or
endorsement of the Fund by such exchange and acknowledges that &#8220;CBOT&#8221; and &#8220;Chicago Board of Trade&#8221; are
registered trademarks of such exchange. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014164"></A><A NAME="a_Toc256000008"></A><A NAME="a_Toc322695016"></A>Principal
Investment Risks of an Investment in the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An investment in the Fund involves a degree
of risk. Some of the risks you may face are summarized below. A more extensive discussion of these risks appears beginning on page
14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Unlike
                                         mutual funds, commodity pools and other investment pools that manage their investments
                                         so as to realize income and gains for distribution to their investors, the Fund generally
                                         does not distribute dividends to Shareholders. You should not invest in the Fund if you
                                         will need cash distributions from the Fund to pay taxes on your share of income and gains
                                         of the Fund, if any, or for other purposes.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> Investors may choose to use the Fund as a means of investing indirectly in corn, and there
are risks involved in such investments. The risks and hazards that are inherent in corn production may cause the price of corn
to fluctuate widely. Price movements for corn are influenced by, among other things: weather conditions, crop failure, production
decisions, governmental policies, changing demand, the corn harvest cycle, and various economic and monetary events. Corn production
is also subject to U.S. federal, state and local regulations that materially affect operations. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> To the extent that investors use the Fund as a means of investing indirectly in corn, there
is the risk that the changes in the price of the Fund&#8217;s Shares on the NYSE Arca will not closely track the changes in spot
price of corn. This could happen if the price of Shares traded on the NYSE Arca does not correlate closely with the Fund&#8217;s
NAV; the changes in the Fund&#8217;s NAV do not correlate closely with changes in the Benchmark; or the changes in the Benchmark
do not correlate closely with changes in the cash or spot price of corn. This is a risk because if these correlations are not sufficiently
close, then investors may not be able to use the Fund as a cost-effective way to invest indirectly in corn or as a hedge against
the risk of loss in corn-related transactions. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> Only an Authorized Purchaser may engage in creation or redemption transactions with the Fund.
The Fund has a limited number of institutions that act as Authorized Purchasers. To the extent that these institutions exit the
business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund, and no unauthorized
Purchaser is able or willing to step forward to create or redeem shares of the Fund, Fund Shares may, particularly in times of
market stress, trade at a discount to the NAV per share and possibly face trading halts and/or delisting. In addition, a decision
by a market maker or lead market maker to step away from activities for the Fund, particularly in times of market stress, could
adversely affect liquidity, the spread between the bid and ask quotes for the Fund&#8217;s Shares, and potentially the price of
the Shares. The Sponsor can make no guarantees that participation by Authorized Purchasers or market makers will continue. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> The price relationship between the near month Corn Futures Contract to expire and the Benchmark
Component Futures Contracts will vary and may impact both the Fund&#8217;s total return over time and the degree to which such
total return tracks the total return of corn price indices. In cases in which the near month contract&#8217;s price is lower than
later-expiring contracts&#8217; prices (a situation known as &#8220;contango&#8221; in the futures markets), then absent the impact
of the overall movement in corn prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach
expiration which could cause the Benchmark Component Futures Contracts, and therefore the Fund&#8217;s total return, to track lower.
In cases in which the near month contract&#8217;s price is higher than later-expiring contracts&#8217; prices (a situation known
as &#8220;backwardation&#8221; in the futures markets), then absent the impact of the overall movement in corn prices the value
of the Benchmark Component Futures Contracts would tend to rise as they approach expiration. In the event of a prolonged period
of contango, and absent the impact of rising or falling wheat prices, this could have a significant negative impact on the Fund&#8217;s
NAV and total return, and you could incur a partial or total loss of your investment in the Fund. </FONT></TD></TR></TABLE>


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<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> Investors, including those who directly participate in the corn market, may choose to use
the Fund as a vehicle to hedge against the risk of loss and there are risks involved in hedging activities. While hedging can provide
protection against an adverse movement in market prices, it can also preclude a hedger&#8217;s opportunity to benefit from a favorable
market movement. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> The structure and operation of the Fund may involve conflicts of interest. For example, a
conflict may arise because the Sponsor and its principals and affiliates may trade for themselves. In addition, the Sponsor has
sole current authority to manage the investments and operations of the Fund, including the authority of the Sponsor to allocate
expenses to and between the Funds and the interests of the Sponsor may conflict with the Shareholders&#8217; best interests. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">You will have no rights to participate in the management of the Fund and will have to rely
on the duties and judgment of the Sponsor to manage the Fund.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Fund pays fees and expenses that are incurred regardless of whether it is profitable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> The Fund seeks to have the changes in its Shares&#8217; NAV in percentage terms track changes
in the Benchmark in percentage terms, rather than profit from speculative trading of Corn Interests. The Sponsor therefore endeavors
to manage the Fund so that the Fund&#8217;s assets are, unlike those of many other commodity pools, not leveraged (i.e., so that
the aggregate value of the Fund&#8217;s exposure to losses from its investments in Corn Interests at any time will not exceed the
value of the Fund&#8217;s assets). There is no assurance that the Sponsor will successfully implement this investment strategy.
If the Sponsor permits the Fund to become leveraged, you could lose all or substantially all of your investment if the Fund&#8217;s
trading positions suddenly turn unprofitable. These movements in price may be the result of factors outside of the Sponsor&#8217;s
control and may not be anticipated by the Sponsor. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"> The Fund may invest in Other Corn Interests. To the extent that
these Other Corn Interests are contracts individually negotiated between their parties, they may not be as liquid as Corn Futures
Contracts and will expose the Fund to credit risk that its counterparty may not be able to satisfy its obligations to the Fund. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> The regulation of futures markets, futures contracts, and futures exchanges has historically
been comprehensive. 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, increased margin requirements, the establishment
of daily price limits and the suspension of trading on an exchange or a trading facility. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> The regulation of commodity interest transactions in the United States is a rapidly changing
area of law and is subject to ongoing modification by governmental and judicial action. Considerable regulatory attention has been
focused on non-traditional investment pools that are publicly distributed in the United States and that use trading in futures
and options as an investment strategy and not for hedging or price discovery purposes, therefore altering traditional participation
in futures and swaps markets. There is a possibility of future regulatory changes within the United States 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. In addition, various national governments outside of the United States have expressed concern regarding the disruptive
effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect
of any future regulatory change on the Fund is impossible to predict but could be substantial and adverse. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> Failures or breaches of the electronic systems of the Fund, the Sponsor, the Custodian, or
the Fund&#8217;s other service providers, market makers, Authorized Purchasers, NYSE Arca, exchanges on which Corn Futures Contracts
or Other Corn Interests are traded or cleared, or counterparties to financial transactions with the Fund, have the ability to cause
disruptions and negatively impact the Fund&#8217;s business operations, potentially resulting in financial losses to the Fund and
its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system
</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 48pt"> breaches or failures, there are inherent limitations
in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Custodian, Administrator
or the Fund&#8217;s other service providers, market makers, Authorized Purchasers, NYSE Arca, exchanges on which Corn Futures
Contracts or Other Corn Interests are traded or cleared, or counterparties. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For additional risks, see &#8220;What
Are the Risk Factors Involved with an Investment in the Fund?&#8221;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Financial Condition of the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Fund&#8217;s NAV is determined as
of the earlier of the close of the New York Stock Exchange or 4:00 p.m. New York time on each day that the NYSE Arca is open for
trading.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014166"></A><A NAME="a_Toc256000010"></A><A NAME="a_Toc322695018"></A>Defined
Terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For a glossary of defined terms, see
Appendix A.</P>







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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 100%; font-size: 10pt"><A HREF="#TOC"></A> </TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> Breakeven Analysis </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The breakeven analysis below indicates the approximate
dollar returns and percentage returns required for the redemption value of the selling price per Share, assuming a selling price
of $21.79 (the NAV per Share as of January 31, 2016), to equal the amount invested twelve months after the investment was made.
This breakeven analysis refers to the redemption of baskets by Authorized Purchasers and is not related to any gains an individual
investor would have to achieve in order to break even. The breakeven analysis is an approximation only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Assumed selling price per Share&#9;</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$21.79</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Sponsor&#8217;s Fee (1.00%)<SUP>(1)</SUP>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$0.21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Creation Basket Fee<SUP>(2) </SUP>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$0.01</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Estimated Brokerage Fees (0.00%)<SUP>(3)</SUP>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$0.01</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Other Fund Fees and Expenses<SUP>(4)</SUP>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$0.52</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"> Interest Income (0.55%)<SUP>(5</SUP></FONT><SUP>)</SUP>&#9; </FONT> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$(0.12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Amount of trading income (loss) required for the redemption value at the end of one year to equal the selling price of the Share&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$0.63</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Percentage of selling price per share<SUP>(6)</SUP>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.89%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">(1)&#9;The Fund is obligated to pay the Sponsor a management
fee at the annual rate of 1.00% of the Fund&#8217;s average daily net assets, payable monthly. The Sponsor can elect to waive the
payment of the fee in any amount at its sole discretion, at any time and from time to time, in order to reduce the Fund&#8217;s
expenses or for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">(2)&#9;Authorized Purchasers are required to pay a Creation
Basket fee of $250 per order. An order must be at least one basket, which is 25,000 Shares. This breakeven analysis assumes a hypothetical
investment in a single Share so the Creation Basket fee is $.01 (250/25,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">(3)&#9;This amount is based on the actual brokerage fees for
the Fund calculated on an annualized basis. The Fund currently pays $4.50 per Corn Futures Contract purchase or sale (rounded to
$0.01 in this table based on fees accrued to the Fund for the year ended December 31, 2015).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">(4)&#9;Other Fund Fees and Expenses are an estimate
based on an allocation to the Fund of the total estimated expenses anticipated to be incurred by the Trust on behalf of the
Fund, net of any expenses or sponsor fee waived by the Sponsor, and include: Professional fees (primarily legal, auditing and
tax-preparation related costs); Custodian and Administrator fees and expenses, Distribution and Marketing fees (primarily
fees paid to the Distributor, costs related to regulatory compliance activities and other costs related to the trading
activities of the Fund); Business Permits and Licenses; General and Administrative expenses (primarily insurance and
printing), and Other Expenses. The expenses presented are based on estimated expenses for the current fiscal year, and do not
represent the maximum amounts payable under the contracts with third-party service providers, as discussed below in the
section of this disclosure document entitled &#8220;Contractual Fees and Compensation Arrangements with the Sponsor and
Third-Party Service Providers.&#8221; The per-share cost of these fixed or estimated fees has been calculated assuming that
the Fund has $61.0 million in assets, which was the approximate amount of assets as of January 31, 2016. The Sponsor can
elect to pay (or waive reimbursement for) certain fees or expenses that would generally be paid by the Fund, although it has
no contractual obligation to do so. Any election to pay or waive reimbursement for fees and expenses that would generally be
paid by the Fund can be changed at the discretion of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"> (5)&#9;The Fund earns interest on funds it deposits with
the futures commission merchant, the Custodian and other equivalent deposits; it estimates that the interest rate will be 0.55%
based on the interest rate currently earned on available cash balances as of March 31, 2016. The actual rate may vary and not all
assets of the Fund will earn interest. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">(6)&#9;This represents the estimated approximate percentage
of selling price per share net of any expenses or Sponsor fees waived by the Sponsor. The estimated approximate percentage of selling
price per share before waived expenses or Sponsor fees is 4.07% based on the Fund assets, net asset value per share and shares
outstanding as of January 31, 2016. Such waiver may be terminated at any time at the sole discretion of the Sponsor.</P>


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<TR>
    <TD STYLE="width: 100%; font-size: 10pt"><A HREF="#TOC"></A> </TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc415514319"></A>The Offering</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> Offering </FONT></TD>
    <TD STYLE="width: 58%; padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> The Fund
    offers Creation Baskets consisting of 25,000 Shares through the Distributor to Authorized Purchasers.&nbsp;&nbsp;Authorized
    Purchasers may purchase Creation Baskets consisting of 25,000 Shares at the Fund&rsquo;s NAV. The Shares trade on the NYSE
    Arca. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> Use of Proceeds </FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> The Sponsor applies
    substantially all of the Fund&rsquo;s assets toward investing in Corn Interests, Treasury Securities, cash and/or cash equivalents.&nbsp;&nbsp;The
    Sponsor deposits a portion of the Fund&rsquo;s net assets with the FCM or other custodians to be used to meet its current
    or potential margin or collateral requirements in connection with its investment in Corn Interests.&nbsp;&nbsp;The Fund uses
    only Treasury Securities, cash and/or cash equivalents to satisfy these requirements.&nbsp;&nbsp;The Sponsor expects that
    all entities that will hold or trade the Fund&rsquo;s assets will be based in the United States and will be subject to United
    States regulations.&nbsp;&nbsp;The Sponsor believes that approximately 6% of the Fund&rsquo;s assets will normally be committed
    as margin for Corn Futures Contracts and Other Corn Interests.&nbsp;&nbsp;However, from time to time, the percentage of assets
    committed as margin/collateral may be substantially more, or less, than such range.&nbsp;&nbsp;The remaining portion of the
    Fund&rsquo;s assets is held as cash or cash equivalents in Treasury Securities, money market funds or demand deposit accounts.&nbsp;&nbsp;All
    interest income earned on these investments is retained for the Fund&rsquo;s benefit. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> NYSE Arca Symbol </FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> &ldquo;CORN&rdquo; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> Creation and Redemption </FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> Authorized Purchasers
    pay a $250 fee per order to create Creation Baskets, and a $250 fee per order for Redemption Baskets.&nbsp;&nbsp;Authorized
    Purchasers are not required to sell any specific number or dollar amount of Shares.&nbsp;&nbsp;The per share price of Shares
    offered in Creation Baskets is the total NAV of the Fund calculated as of the close of the NYSE Arca on that day, divided
    by the number of issued and outstanding Shares. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> Inter-Series Limitation
    on Liability </FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> While the Fund is
    currently one of five separate series of the Trust, additional series may be created in the future.&nbsp;&nbsp;The Trust has
    been formed and will be operated with the goal that the Fund and any other series of the Trust will be liable only for obligations
    of such series, and a series will not be responsible for or affected by any liabilities or losses of or claims against any
    other series.&nbsp;&nbsp;If any creditor or shareholder in any particular series (such as the Fund) were to successfully assert
    against a series a claim with respect to its indebtedness or Shares, the creditor or shareholder could recover only from that
    particular series and its assets.&nbsp;&nbsp;Accordingly, the debts and other obligations incurred, contracted for or otherwise
    existing solely with respect to a particular series will be enforceable only against the assets of that series, and not against
    any other series or the Trust </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 12pt 222pt; text-indent: -222pt"></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 69%; padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> generally
    or any of their respective assets.&nbsp;&nbsp;The assets of the Fund and any other series will include only those funds and
    other assets that are paid to, held by or distributed to the series on account of and for the benefit of that series, including,
    without limitation, amounts delivered to the Trust for the purchase of Shares in a series. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> Registration Clearance
    and Settlement </FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> Individual certificates
    are not issued for the Shares.&nbsp;&nbsp;Instead, Shares are represented by one or more global certificates, which are deposited
    by the transfer agent with the Depository Trust Company (&ldquo;DTC&rdquo;) and registered in the name of Cede &amp; Co.,
    as nominee for DTC.&nbsp;&nbsp;The global certificates evidence all of the Shares outstanding at any time.&nbsp;&nbsp;Beneficial
    interests in Shares are held through DTC&rsquo;s book-entry system, which means that Shareholders are limited to:&nbsp;&nbsp;(1)
    participants in DTC such as banks, brokers, dealers and trust companies (&ldquo;DTC Participants&rdquo;), (2) those who maintain,
    either directly or indirectly, a custodial relationship with a DTC Participant (&ldquo;Indirect Participants&rdquo;), and
    (3) those who hold interests in the Shares through DTC Participants or Indirect Participants, in each case who satisfy the
    requirements for transfers of Shares.&nbsp;&nbsp;DTC Participants acting on behalf of investors holding Shares through such
    DTC Participants&rsquo; accounts in DTC will follow the delivery practice applicable to securities eligible for DTC&rsquo;s
    Same-Day Funds Settlement System. Shares are credited to DTC Participants&rsquo; securities accounts following confirmation
    of receipt of payment. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> Net Asset Value </FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> The NAV is calculated
    by taking the current market value of the Fund&rsquo;s total assets and subtracting any liabilities and dividing the balance
    by the number of Shares.&nbsp;&nbsp;Under the Fund&rsquo;s current operational procedures, the Fund&rsquo;s administrator,
    U.S. Bancorp Fund Services, LLC (the &ldquo;Administrator&rdquo;) calculates the NAV of the Fund&rsquo;s Shares as of the
    earlier of 4:00 p.m. New York time or the close of the New York Stock Exchange each day.&nbsp;&nbsp;NYSE Arca calculates an
    approximate net asset value every 15 seconds throughout each day that the Fund&rsquo;s Shares are traded on the NYSE Arca
    for as long as the CBOT&rsquo;s main pricing mechanism is open. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> Fund Expenses </FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> The Fund pays the
    Sponsor a management fee at an annual rate of 1.00% of the Fund&rsquo;s average daily net assets.&nbsp;&nbsp;The Fund is also
    responsible for other ongoing fees, costs and expenses of its operations, including (i) brokerage and other fees and commissions
    incurred in connection with the trading activities of the Fund; (ii) expenses incurred in connection with registering additional
    Shares of the Fund or offering Shares of the Fund; (iii) the routine expenses associated with the preparation and, if required,
    the printing and mailing of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory
    authorities, Trust meetings and preparing, printing and mailing proxy statements to Shareholders; (iv) the payment of any
    distributions related to redemption of Shares; (v) </FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 5.75pt; padding-bottom: 12pt; text-indent: 0in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 58%; padding-right: 5.75pt; padding-bottom: 12pt; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"> payment
    for routine services of the Trustee, legal counsel and independent accountants; (vi) payment for routine accounting, bookkeeping,
    custody and transfer agency services, whether performed by an outside service provider or by Affiliates of the Sponsor; (vii)
    postage and insurance; (viii) costs and expenses associated with investors relations and services; (ix) costs of preparation
    of all federal, state, local and foreign tax returns and any taxes payable on the income, assets or operations of the Fund;
    and (x) extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification
    related thereto).<B>&nbsp;&nbsp;</B>The Sponsor bore the costs and expenses related to the initial offer and sale of Shares,
    including registration fees paid or to be paid to the SEC, the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;)
    or any other regulatory body or self-regulatory organization.&nbsp;&nbsp;None of the costs and expenses related to the initial
    offer and sale of Shares, which totaled approximately $644,850, were or are chargeable to the Fund, and the Sponsor did not
    and may not recover any of these costs and expenses from the Fund. <B>&nbsp;</B>&nbsp;Total fees to be paid by the Fund are
    currently estimated to be approximately 2.89% of the daily net assets of the Fund for the twelve-month period ending April
    30, 2017, though this amount may change in future years.&nbsp;&nbsp;The Sponsor may, in its discretion, pay or reimburse the
    Fund for, or waive a portion of its management fee to offset, expenses that would otherwise be borne by the Fund. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; text-indent: 0in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"> General
    expenses of the Trust will be allocated among the existing Teucrium Funds and any future series of the Trust as determined
    by the Sponsor in its discretion.&nbsp;&nbsp;The Trust may be required to indemnify the Sponsor, and the Trust and/or the
    Sponsor may be required to indemnify the Trustee, Distributor or Administrator, under certain circumstances. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"> Termination
    Events </FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 12pt; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"> The
    Trust and the Fund shall continue in existence from the date of their formation in perpetuity, unless the Trust or the Fund,
    as the case may be, is sooner terminated upon the occurrence of certain events specified in the Trust Agreement, including
    the following: (1) the filing of a certificate of dissolution or cancellation of the Sponsor or revocation of the Sponsor&rsquo;s
    charter or the withdrawal of the Sponsor, unless shareholders holding a majority of the outstanding shares of the Trust, voting
    together as a single class, elect within ninety (90) days after such event to continue the business of the Trust and appoint
    a successor Sponsor; (2) the occurrence of any event which would make the existence of the Trust or the Fund unlawful; (3)
    the suspension, revocation, or termination of the Sponsor&rsquo;s registration as a CPO with the CFTC or membership with the
    NFA; (4) the insolvency or bankruptcy of the Trust or the Fund; (5) a vote by the shareholders holding at least seventy-five
    percent (75%) of the outstanding shares of the Trust, voting together as a single class, to dissolve the Trust, subject to
    certain conditions; (6) the determination by the Sponsor to dissolve the </FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 6pt; padding-bottom: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 58%; padding-right: 6pt; padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><FONT STYLE="font-size: 10pt"> Trust
    or the Fund, subject to certain conditions; (7) the Trust is required to be registered as an investment company under the
    Investment Company Act of 1940, and (8) DTC is unable or unwilling to continue to perform its functions and a comparable replacement
    is unavailable. &nbsp;Upon termination of the Fund, the affairs of the Fund shall be wound up and all of its debts and liabilities
    discharged or otherwise provided for in the order of priority as provided by law.&nbsp;&nbsp;The fair market value of the
    remaining assets of the Fund shall then be determined by the Sponsor.&nbsp;&nbsp;Thereupon, the assets of the Fund shall be
    distributed pro rata to the Shareholders in accordance with their Shares. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> Authorized
    Purchasers </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 12pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"> A
    list of Authorized Purchasers is available from the Distributor.&nbsp;&nbsp;Authorized Purchasers must be (1) registered broker-dealers
    or other securities market participants, such as banks and other financial institutions, that are not required to register
    as broker-dealers to engage in securities transactions, and (2) DTC Participants.&nbsp;&nbsp;To become an Authorized Purchaser,
    a person must enter into an Authorized Purchaser Agreement with the Sponsor. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 12pt 222pt"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_Toc445014169"></A><A NAME="a_Toc256000013"></A><A NAME="a_Toc322695021"></A>WHAT
ARE THE RISK FACTORS INVOLVED WITH AN INVESTMENT IN THE FUND?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>You should consider carefully the risks described
below before making an investment decision. You should also refer to the other information included in this prospectus, and the
Fund&#8217;s, the Trust&#8217;s and the Sponsor&#8217;s financial statements and the related notes incorporated by reference herein.
See &#8220;Incorporation by Reference of Certain Information.&#8221;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><A NAME="a_Toc445014170"></A><A NAME="a_Toc256000014"></A>Risks
Associated With Investing Directly or Indirectly in Corn</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Investing in Corn Interests subjects the Fund to the risks
of the corn market, and this could result in substantial fluctuations in the price of the Fund&#8217;s Shares. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is subject to the risks and hazards
of the corn market because it invests in Corn Interests. The risks and hazards that are inherent in the corn market may cause the
price of corn to fluctuate widely. If the changes in percentage terms of the Fund&#8217;s Shares accurately track the percentage
changes in the Benchmark or the spot price of corn, then the price of its Shares will fluctuate accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The price and availability of corn is influenced by economic and industry conditions, including
but not limited to supply and demand factors such as: crop disease and infestation (including, but not limited to, Leaf Blight,
Ear Rot and Root Rot); transportation difficulties; various planting, growing, or harvesting problems; and severe weather conditions
(particularly during the spring planting season and the fall harvest) such as drought, floods, or frost that are difficult to anticipate
and which cannot be controlled. Demand for corn in the United States to produce ethanol has&nbsp;also been a significant factor
affecting the price of corn. In turn, demand for ethanol has tended to increase when the price of gasoline has increased, and has
been significantly affected by United States governmental policies designed to encourage the production of ethanol. Recent changes
in government policy have the potential to reduce the demand for ethanol over the next several years.<B> </B> Additionally, demand
for corn is affected by changes in consumer tastes, national, regional and local economic conditions, and demographic trends. Finally,
because corn is often used as an ingredient in livestock feed, demand for corn is subject to risks associated with the outbreak
of livestock disease.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> Corn production is subject to United States federal, state, and local policies and regulations
that materially affect operations. Governmental policies affecting the agricultural industry, such as taxes, tariffs, duties, subsidies,
incentives, acreage control, and import and export restrictions on agricultural commodities and commodity products, can influence
the planting of certain crops, the location and size of crop production, the volume and types of imports and exports, the availability
and competitiveness of feedstocks as raw materials, and industry profitability. Additionally, corn production is affected by laws
and regulations relating to, but not limited to, the sourcing, transporting, storing, and processing of agricultural raw materials
as well as the transporting, storing and distributing of related agricultural products. U.S. corn producers also must comply with
various environmental laws and regulations, such as those regulating the use of certain pesticides, and local laws that regulate
the production of genetically modified crops. In addition, international trade disputes can adversely affect agricultural commodity
trade flows by limiting or disrupting trade between countries or regions. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> Seasonal fluctuations in the price of corn may cause risk to an investor because of the possibility
that Share prices will be depressed because of the corn harvest cycle. In the United States, the corn market is normally at its
weakest point, and corn prices are lowest, shortly before and during the harvest (between September and November), due to the high
supply of corn in the market. Conversely, corn prices are generally highest during the winter and spring (between December and
</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in"> May), when farmer-owned corn has largely been sold
and used. Seasonal corn market peaks generally occur around February or March. These normal market conditions are, however, often
influenced by weather patterns, and domestic and global economic conditions, among others factors, and any specific year may not
necessarily follow the traditional seasonal fluctuations described above. <B> </B>In the futures market, these seasonal fluctuations
are typically reflected in contracts expiring in the relevant season (e.g., contracts expiring during the harvest season are typically
priced lower than contracts expiring in the winter and spring). Thus, seasonal fluctuations could result in an investor incurring
losses upon the sale of Fund Shares, particularly if the investor needs to sell Shares when the Benchmark Component Futures Contracts
are, in whole or part, Corn Futures Contracts expiring in the fall. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>An investment in the Fund is subject to correlation risk.
Your return on an investment in the Fund may differ from the return of the Benchmark and depending on certain factors discussed
below, you could incur a partial or total loss of your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There is a risk that changes in the price of
Shares on the NYSE Arca will not correlate with changes in the Fund&#8217;s NAV; that changes in the NAV will not correlate with
changes in the price of the Benchmark; and/or changes in the price of the Benchmark will not correlate with changes in the spot
price of corn. Depending on certain factors associated with each of these correlations which are discussed in more detail below,
you could incur a partial or total loss of your investment in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Benchmark is not designed to correlate exactly with the
spot price of corn and this could cause the changes in the price of the Shares to substantially vary from the changes in the spot
price of corn. Therefore, you may not be able to effectively use the Fund to hedge against corn-related losses or to indirectly
invest in corn. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Benchmark Component Futures Contracts reflect
the price of corn for future delivery, not the current spot price of corn, so at best the correlation between changes in such Corn
Futures Contracts and the spot price of corn will be only approximate. Weak correlation between the Benchmark and the spot price
of corn may result from the typical seasonal fluctuations in corn prices discussed above. Imperfect correlation may also result
from speculation in Corn Interests, technical factors in the trading of Corn Futures Contracts, and expected inflation in the economy
as a whole. If there is a weak correlation between the Benchmark and the spot price of corn, then the price of Shares may not accurately
track the spot price of corn and you may not be able to effectively use the Fund as a way to hedge the risk of losses in your corn-related
transactions or as a way to indirectly invest in corn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Changes in the Fund&#8217;s NAV may not correlate well with
changes in the price of the Benchmark. If this were to occur, you may not be able to effectively use the Fund as a way to hedge
against corn-related losses or as a way to indirectly invest in corn. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor endeavors to invest the Fund&#8217;s
assets as fully as possible in Corn Interests so that the changes in percentage terms in the NAV closely correlate with the changes
in percentage terms in the Benchmark. However, changes in the Fund&#8217;s NAV may not correlate with the changes in the Benchmark
for various reasons, including those set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-indent: 27.35pt">&#9;The Fund does not intend to invest
only in the Benchmark Component Futures Contracts. While its investments in Corn Futures Contracts other than the Benchmark Component
Futures Contracts and Other Corn Interests would be for the purpose of causing the Fund&#8217;s performance to track that of the
Benchmark most effectively and efficiently, the performance of these Corn Interests may not correlate well with the performance
of the Benchmark Component Futures Contracts, resulting in a greater potential for error in tracking price changes in those futures
contracts. Additionally, if the trading market for Corn Futures Contracts is suspended or closed, the Fund may not be able to purchase
these investments at the last reported price for such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The Fund incurs certain expenses in connection
with its operations, and holds most of its assets in income-producing, short-term securities for margin and other liquidity purposes
and to meet redemptions that may be necessary on an ongoing basis. These expenses and income cause imperfect correlation between
changes in the Fund&#8217;s NAV and changes in the Benchmark.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 27.35pt"> The Sponsor may not be able to invest
the Fund&#8217;s assets in Corn Interests having an aggregate notional amount exactly equal to the Fund&#8217;s NAV. As a standardized
contract, a single Corn Futures Contracts or Cleared Corn Swap is for a specified amount of corn, and the Fund&#8217;s NAV and
the proceeds from the sale of a Creation Basket is unlikely to be an exact multiple of that amount. In such case, the Fund could
not invest the entire proceeds from the purchase of the Creation Basket in such futures contracts. (For example, assuming the Fund
receives $625,000 for the sale of a Creation Basket and that the value (i.e., the notional amount) of a Corn Futures Contract is
$20,050, the Fund could only enter into 31 Corn Futures Contracts with an aggregate value of $621,550). While the Fund may be better
able to achieve the exact amount of exposure to the corn market through the use of over-the-counter Other Corn Interests, there
is no assurance that the Sponsor will be able to continually adjust the Fund&#8217;s exposure to such Other Corn Interests to maintain
such exact exposure. Furthermore, as noted above, the use of Other Corn Interests may itself result in imperfect correlation with
the Benchmark. Any amounts not invested in Corn Interests are held in short-term Treasury Securities, cash and/or cash equivalents.
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 27.35pt">&#9;As Fund assets increase, there may
be more or less correlation. On the one hand, as the Fund grows it should be able to invest in Corn Futures Contracts with a notional
amount that is closer on a percentage basis to the Fund&#8217;s NAV. For example, if the Fund&#8217;s NAV is equal to 4.9 times
the value of a single futures contract, it can purchase only four futures contracts, which would cause only 81.6% of the Fund&#8217;s
assets to be exposed to the corn market. On the other hand, if the Fund&#8217;s NAV is equal to 100.9 times the value of a single
Corn Futures Contract, it can purchase 100 such contracts, resulting in 99.1% exposure. However, at certain asset levels the Fund
may be limited in its ability to purchase Corn Futures Contracts due to position limits imposed by the CFTC or position limits
or accountability levels imposed by the relevant exchanges. In these instances, the Fund would likely invest to a greater extent
in Corn Interests not subject to these position limits or accountability levels. To the extent that the Fund invests in Other Corn
Interests, the correlation between the Fund&#8217;s NAV and the Benchmark may be lower. In certain circumstances, position limits
or accountability levels could limit the number of Creation Baskets that will be sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If changes in the Fund&#8217;s NAV do not correlate
with changes in the Benchmark, then investing in the Fund may not be an effective way to hedge against corn-related losses or indirectly
invest in corn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Changes in the price of the Fund&#8217;s Shares on the NYSE
Arca may not correlate perfectly with changes in the NAV of the Fund&#8217;s Shares. If this variation occurs, then you may not
be able to effectively use the Fund to hedge against corn-related losses or to indirectly invest in corn. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While it is expected that the trading prices
of the Shares will fluctuate in accordance with the changes in the Fund&#8217;s NAV, the prices of Shares may also be influenced
by other factors, including the supply of and demand for the Shares, whether for the short term or the longer term. There is no
guarantee that the Shares will not trade at appreciable discounts from, and/or premiums to, the Fund&#8217;s NAV. This could cause
the changes in the price of the Shares to substantially vary from the changes in the spot price of corn, even if the Fund&#8217;s
NAV was closely tracking movements in the spot price of corn. If this occurs, you may not be able to effectively use the Fund to
hedge the risk of losses in your corn-related transactions or to indirectly invest in corn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The Fund may experience a loss if it is required to
sell Treasury Securities or cash equivalents at a price lower than the price at which they were acquired.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Fund is required to sell Treasury Securities
or cash equivalents at a price lower than the price at which they were acquired, the Fund will experience a loss. This loss may
adversely impact the price of the Shares and may decrease the correlation between the price of the Shares, the Benchmark, and the
spot price of corn. The value of Treasury Securities and other debt securities generally moves inversely with movements in interest
rates. The prices of longer maturity securities are subject to greater market fluctuations as a result of changes in interest rates.
While the short-term nature of the Fund&#8217;s investments in Treasury Securities and cash equivalents should minimize the interest
rate risk to which the Fund is subject, it is possible that the Treasury Securities and cash equivalents held by the Fund will
decline in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Certain of the Fund&#8217;s investments could be illiquid,
which could cause large losses to investors at any time or from time to time.</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Fund may not always be able to liquidate
its positions in its investments at the desired price for reasons including, among others, insufficient trading volume, limits
imposed by exchanges or other regulatory organizations, or lack of liquidity. As to futures contracts, it may be difficult to execute
a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. Limits imposed by futures
exchanges or other regulatory organizations, such as accountability levels, position limits and price fluctuation limits, may contribute
to a lack of liquidity with respect to some exchange-traded Corn Interests. In addition, over-the-counter contracts may be illiquid
because they are contracts between two parties and generally may not be transferred by one party to a third party without the counterparty&#8217;s
consent. Conversely, a counterparty may give its consent, but the Fund still may not be able to transfer an over-the-counter Corn
Interest to a third party due to concerns regarding the counterparty&#8217;s credit risk. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">A market disruption, such as a foreign
government taking political actions that disrupt the market in its currency, its corn production or exports, or in another major
export, can also make it difficult to liquidate a position. Unexpected market illiquidity may cause major losses to investors at
any time or from time to time. In addition, the Fund does not intend at this time to establish a credit facility, which would provide
an additional source of liquidity, but instead will rely only on the Treasury Securities, cash and/or cash equivalents that it
holds to meet its liquidity needs. The anticipated large value of the positions in Corn Interests that the Sponsor will acquire
or enter into for the Fund increases the risk of illiquidity. Because Corn Interests may be illiquid, the Fund&#8217;s holdings
may be more difficult to liquidate at favorable prices in periods of illiquid markets and losses may be incurred during the period
in which positions are being liquidated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If the nature of the participants in the futures market shifts
such that corn purchasers are the predominant hedgers in the market, the Fund might have to reinvest at higher futures prices or
choose Other Corn Interests. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The changing nature of the participants in the
corn market will influence whether futures prices are above or below the expected future spot price. Corn producers will typically
seek to hedge against falling corn prices by selling Corn Futures Contracts. Therefore, if corn producers become the predominant
hedgers in the futures market, prices of Corn Futures Contracts will typically be below expected future spot prices. Conversely,
if the predominant hedgers in the futures market are the purchasers of the corn who purchase Corn Futures Contracts to hedge against
a rise in prices, prices of Corn Futures Contracts will likely be higher than expected future spot prices. This can have significant
implications for the Fund when it is time to sell a Corn Futures Contract that is no longer a Benchmark Component Futures Contract
and purchase a new Corn Futures Contract or to sell a Corn Futures Contract to meet redemption requests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>While the Fund does not intend to take physical delivery of
corn under its Corn Interests, the possibility of physical delivery impacts the value of the contracts.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While it is not the current intention of the
Fund to take physical delivery of corn under its Corn Interests, Corn Futures Contracts are traditionally physically-deliverable
contracts, and, unless a portion was not traded out of or rolled, it is possible to take or make delivery under these and some
Other Corn Interests. Storage costs associated with purchasing corn could result in costs and other liabilities that could impact
the value of Corn Futures Contracts or certain Other Corn Interests. Storage costs include the time value of money invested in
corn as a physical commodity plus the actual costs of storing the corn less any benefits from ownership of corn that are not obtained
by the holder of a futures contract. In general, Corn Futures Contracts have a one-month delay for contract delivery and the pricing
of back month contracts (the back month is any future delivery month other than the spot month) includes storage costs. To the
extent that these storage costs change for corn while the Fund holds Corn Interests, the value of the Corn Interests, and therefore
the Fund&#8217;s NAV, may change as well.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The price relationship between the Benchmark Component Futures
Contracts at any point in time and the Corn Futures Contracts that will become Benchmark Component Futures Contracts on the next
roll date will vary and may impact both the Fund&#8217;s total return and the degree to which its total return tracks that of corn
price indices. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The design of the Fund&#8217;s Benchmark
is such that the Benchmark Component Futures Contracts change five times per year, and the Fund&#8217;s investments must be rolled
periodically to reflect the changing composition of the Benchmark. For example, when the second-to-expire Corn Futures Contract
becomes the first-to-expire contract, such contract will no longer be a Benchmark Component Futures Contract and the Fund&#8217;s
position in it will no longer be consistent with tracking the Benchmark. In the event of a corn futures market where near-to-expire
</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> contracts trade at a higher price than longer-to-expire contracts,
a situation referred to as &#8220;backwardation,&#8221; then absent the impact of the overall movement in corn prices the value
of the Benchmark Component Futures Contracts would tend to rise as they approach expiration. As a result, the Fund may benefit
because it would be selling more expensive contracts and buying less expensive ones on an ongoing basis. Conversely, in the event
of a corn futures market where near-to-expire contracts trade at a lower price than longer-to-expire contracts, a situation referred
to as &#8220;contango,&#8221; then absent the impact of the overall movement in corn prices the value of the Benchmark Component
Futures Contracts would tend to decline as they approach expiration. As a result, the Fund&#8217;s total return may be lower than
might otherwise be the case because it would be selling less expensive contracts and buying more expensive ones. The impact of
backwardation and contango may lead the total return of the Fund to vary significantly from the total return of other price references,
such as the spot price of corn. In the event of a prolonged period of contango, and absent the impact of rising or falling corn
prices, this could have a significant negative impact on the Fund&#8217;s NAV and total return, and you could incur a partial or
total loss of your investment in the Fund. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Regulation of the commodity interests and commodity markets
is extensive and constantly changing; future regulatory developments are impossible to predict but may significantly and adversely
affect the Fund. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The regulation of futures markets, futures contracts
and futures exchanges has historically been comprehensive. 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, increased
margin requirements, the establishment of daily price limits and the suspension of trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The regulation of commodity interest transactions
in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action.
Subsequent to the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;)
in 2010, swap agreements became fully regulated by the CFTC under the amended Commodity Exchange Act and the CFTC&#8217;s regulations
thereunder. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed
in the United States. As the Dodd-Frank Act continues to be implemented by the CFTC and the SEC, there is a possibility of future
regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment in the Funds, or
the ability of a Fund to continue to implement its investment strategy. In addition, various national governments outside of the
United States have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the
need to regulate the derivatives markets in general. The effect of any future regulatory change on the Fund is impossible to predict
but could be substantial and adverse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"> Further, as the CFTC and the NFA continue
implementing the Dodd Frank Act, together with the SEC and FINRA, it is likely that regulations applicable to commodity pools,
commodity pool operators, and commodity trading advisors may change in the future. These regulatory changes may affect the continued
operation of the Fund. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If you are investing in the Fund for purposes of hedging,
you might be subject to several risks, including the possibility of losing the benefit of favorable market movements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Producers and commercial users of corn may use
the Fund as a vehicle to hedge the risk of losses in their corn-related transactions. There are several risks in connection with
using the Fund as a hedging device. While hedging can provide protection against an adverse movement in market prices, it can also
preclude a hedger&#8217;s opportunity to benefit from a favorable market movement. For instance, in a hedging transaction the hedger
may be a user of a commodity concerned that the hedged commodity will increase in price, but must recognize the risk that the price
may instead decline. If this happens, the hedger will have lost the benefit of being able to purchase the commodity at the lower
price because the hedging transaction will result in a loss that would offset (at least in part) this benefit. Thus, the hedger
forgoes the opportunity to profit from favorable price movements. In addition, if the hedge is not a perfect one, the hedger can
lose on the hedging transaction and not realize an offsetting gain in the value of the underlying item being hedged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">When using Corn Interests as a hedging technique,
at best, the correlation between changes in prices of futures contracts and of the items being hedged can be only approximate.
The degree of imperfection of correlation depends upon circumstances such as: variations in speculative markets, demand for futures
and for corn products, technical influences in futures trading, and differences between anticipated costs being hedged and the
instruments</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">underlying the standard futures contracts available for trading.
Even a well-conceived hedge may be unsuccessful to some degree because of unexpected market behavior as well as the expenses associated
with creating the hedge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">In addition, using an investment in the
Fund as a hedge for changes in food costs generally may not be successful because changes in the price of corn may vary substantially
from changes in the prices of other food products. In addition, the price of corn and the Fund&#8217;s NAV would not reflect the
refining, transportation, and other costs that are specific to the hedger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>An investment in the Fund may provide you little or no diversification
benefits. Thus, in a declining market, the Fund may have no gains to offset your losses from other investments, and you may suffer
losses on your investment in the Fund at the same time you incur losses with respect to other asset classes. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We cannot predict to what extent the performance
of Corn Interests will or will not correlate to the performance of other broader asset classes such as stocks and bonds. If the
Fund&#8217;s performance were to move more directly with the financial markets, you will obtain little or no diversification benefits
from an investment in the Shares. In such a case, the Fund may have no gains to offset your losses from other investments, and
you may suffer losses on your investment in the Fund at the same time you incur losses with respect to other investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Variables such as drought, floods, weather,
embargoes, tariffs and other political events may have a larger impact on corn and Corn Interest prices than on traditional securities
and broader financial markets. These additional variables may create additional investment risks that subject the Fund&#8217;s
investments to greater volatility than investments in traditional securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Lower correlation should not be confused
with negative correlation, where the performance of two asset classes would be opposite of each other. There is no historic evidence
that the spot price of corn and prices of other financial assets, such as stocks and bonds, are negatively correlated. In the absence
of negative correlation, the Fund cannot be expected to be automatically profitable during unfavorable periods for the stock market,
or vice versa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><A NAME="a_Toc445014171"></A><A NAME="a_Toc256000015"></A>The
Fund&#8217;s Operating Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The Fund is not a registered investment company, so
you do not have the protections of the Investment Company Act of 1940.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is not an investment company subject
to the Investment Company Act of 1940. Accordingly, you do not have the protections afforded by that statute, which, for example,
requires investment companies to have a board of directors with a majority of disinterested directors and regulates the relationship
between the investment company and its investment manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor has limited experience operating commodity pools.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While certain of the Sponsor&#8217;s principals
and employees have experience with investing in Corn Interests and other commodity interests, the Sponsor was formed for the purpose
of sponsoring the Trust and serving as the Teucrium Funds&#8217; commodity pool operator and has limited experience operating commodity
pools. The Sponsor currently sponsors five Teucrium Funds, all of which have commenced operations as of the date hereof, but none
of the Teucrium Funds had commenced operations prior to June 9, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In light of this limited experience, each of
the Teucrium Funds has limited past performance available for your review. Furthermore, the past performance of the other Teucrium
Funds will not necessarily reflect their future performance or the future performance of this Fund. If the experience of the Sponsor
and its management is not adequate or suitable, the operation and performance of the Fund may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The Sponsor is leanly staffed and relies heavily on
key personnel to manage trading activities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In managing and directing the
day-to-day activities and affairs of the Fund, the Sponsor relies almost entirely on a small number of individuals, including
Mr. Sal Gilbertie, Mr. Dale Riker, Mr. Steve Kahler and Ms. Barbara Riker. If Mr. Gilbertie, Mr. Riker, Mr. Kahler or Ms.
Riker were to leave or be unable to carry out their present responsibilities, it may have an adverse effect on the management
of the Fund. To the extent that the Sponsor establishes additional commodity pools, even greater demands will be placed on
these individuals.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The Sponsor has limited capital and may be unable to
continue to manage the Fund if it sustains continued losses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor was formed for the purpose of managing
the Trust, including the Fund and the other Teucrium Funds, and any other series of the Trust that may be formed in the future,
and has been provided with capital primarily by its principals and a small number of outside investors. If the Sponsor operates
at a loss for an extended period, its capital will be depleted and it may be unable to obtain additional financing necessary to
continue its operations. If the Sponsor were unable to continue to provide services to the Fund, the Fund would be terminated if
a replacement sponsor could not be found. Any expenses related to the operation of the Fund would need to be paid by the Fund at
the time of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In 2016, the CFTC is expected to implement its
rules and regulations requiring the posting of margin for over-the-counter transactions. Once these rules are implemented, it may
become more expensive for the Fund to enter into over-the-counter uncleared swaps and options agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B><I>Position limits and daily price fluctuation limits
set by the CFTC and the exchanges have the potential to cause tracking error, which could cause the price of Shares to substantially
vary from the Benchmark and prevent you from being able to effectively use the Fund as a way to hedge against corn-related losses
or as a way to indirectly invest in corn. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The CFTC and U.S. designated contract markets,
such as the CBOT, may establish position limits on the maximum net long or net short futures contracts in commodity interests that
any person or group of persons under common trading control (other than as a hedge, which an investment by the Fund is not) may
hold, own or control. For example, the current position limit for investments at any one time in Corn Futures Contracts are 600
spot month contracts, 33,000 contracts expiring in any other single month, and 33,000 total for all months. These position limits
are fixed ceilings that the Fund would not be able to exceed without specific CFTC authorization.<FONT STYLE="">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Accountability levels differ from position
limits in that they do not represent a fixed ceiling, but rather a threshold above which a futures exchange may exercise greater
scrutiny and control over an investor&#8217;s positions. If a Fund were to exceed an applicable accountability level for investments
in futures contracts, the exchange will monitor the Fund&#8217;s exposure and may ask for further information on its activities,
including the total size of all positions, investment and trading strategy, and the extent of liquidity resources of the Fund.
If deemed necessary by the exchange, the Fund could be ordered to reduce its aggregate net position back to the accountability
level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">In addition to position and accountability
limits, the exchanges set daily price fluctuation limits on futures contracts. The daily price fluctuation limit establishes the
maximum amount that the price of futures contracts may vary either up or down from the previous day&#8217;s settlement price. Once
the daily price fluctuation limit has been reached in a particular futures contract, no trades may be made at a price beyond that
limit.<FONT STYLE=""> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">As mandated by the Dodd-Frank Act, the
CFTC is considering adopting a rule that will establish position limits not only for futures contracts, but also futures-equivalent
positions, over-the-counter swaps and options (i.e., contracts that are not traded on exchanges). If this rule were implemented,
these new position limits would likely limit the Fund&#8217;s ability to establish positions in commodity over-the-counter instruments
as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>There are no independent advisers representing Fund investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has consulted with legal counsel,
accountants and other advisers regarding the formation and operation of the Trust and Fund. No counsel has been appointed to represent
you in connection with the offering of Shares. Accordingly, you should consult your own legal, tax and financial advisers regarding
the desirability of an investment in the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>There are technical and fundamental risks inherent in the
trading system the Sponsor intends to employ.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor&#8217;s trading system is quantitative
in nature and it is possible that the Sponsor may make errors. In addition, it is possible that a computer or software program
may malfunction and cause an error in computation.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>






<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund and the Sponsor may have conflicts of interest, which
may cause them to favor their own interests to your detriment. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund and the Sponsor may have inherent conflicts
to the extent the Sponsor attempts to maintain the Fund&#8217;s asset size in order to preserve its fee income and this may not
always be consistent with the Fund&#8217;s objective of having the value of its Shares&#8217; NAV track changes in the Benchmark.
The Sponsor&#8217;s officers and employees do not necessarily devote their time exclusively to the Fund. These persons may be directors,
officers or employees of other entities. They could have a conflict between their responsibilities to the Fund and to those other
entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">In addition, the Sponsor&#8217;s principals,
officers or employees may trade futures and related contracts for their own accounts. A conflict of interest may exist if their
trades are in the same markets and at the same time as the Fund trades using the clearing broker to be used by the Fund. A potential
conflict also may occur if the Sponsor&#8217;s principals, officers or employees trade their accounts more aggressively or take
positions in their accounts that are opposite, or ahead of, the positions taken by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Sponsor has sole current authority
to manage the investments and operations of the Fund, and this may allow it to act in a way that furthers its own interests and
in conflict with your best interests, including the authority of the Sponsor to allocate expenses to and between the Funds. Shareholders
have very limited voting rights, which will limit the ability to influence matters such as amendment of the Trust Agreement, changes
in the Fund&#8217;s basic investment policies, dissolution of the Fund, or the sale or distribution of the Fund&#8217;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Shareholders have only very limited voting rights and generally
will not have the power to replace the Sponsor. Shareholders will not participate in the management of the Fund and do not control
the Sponsor so they will not have influence over basic matters that affect the Fund. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders will have very limited voting rights
with respect to the Fund&#8217;s affairs. Shareholders may elect a replacement Sponsor only if the current Sponsor resigns voluntarily
or loses its corporate charter. Shareholders will not be permitted to participate in the management or control of the Fund or the
conduct of its business. Shareholders must therefore rely upon the duties and judgment of the Sponsor to manage the Fund&#8217;s
affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor may manage a large amount of assets and this could
affect the Fund&#8217;s ability to trade profitably. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Increases in assets under management may affect
trading decisions. While the Fund&#8217;s assets are currently at manageable levels, the Sponsor does not intend to limit the amount
of Fund assets. The more assets the Sponsor manages, the more difficult it may be for it to trade profitably because of the difficulty
of trading larger positions without adversely affecting prices and performance and of managing risk associated with larger positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The liability of the Sponsor and the Trustee are limited,
and the value of the Shares will be adversely affected if the Fund is required to indemnify the Trustee or the Sponsor.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Under the Trust Agreement, the Trustee
and the Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent gross negligence
or willful misconduct on the part of the Trustee or Sponsor, as the case may be. That means the Sponsor may require the assets
of the Fund to be sold in order to cover losses or liability suffered by the Sponsor or by the Trustee. Any sale of that kind would
reduce the NAV of the Fund and the value of its Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Although the Shares of the Fund are limited liability
investments, certain circumstances such as bankruptcy could increase a Shareholder&#8217;s liability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Shares of the Fund are limited liability
investments; Shareholders 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>






<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>You cannot be assured of the Sponsor&#8217;s continued
services, and discontinuance may be detrimental to the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You cannot be assured that the Sponsor will
be willing or able to continue to service the Fund for any length of time. The Sponsor was formed for the purpose of sponsoring
the Fund and other commodity pools, and has limited financial resources and no significant source of income apart from its management
fees from such commodity pools to support its continued service for the Fund. If the Sponsor discontinues its activities on behalf
of the Fund, the Fund may be adversely affected. If the Sponsor&#8217;s registrations with the CFTC or memberships in the NFA were
revoked or suspended, the Sponsor would no longer be able to provide services to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund could terminate at any time and cause the liquidation
and potential loss of your investment and could upset the overall maturity and timing of your investment portfolio. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund may terminate at any time, regardless
of whether the Fund has incurred losses, subject to the terms of the Trust Agreement. For example, the dissolution or resignation
of the Sponsor would cause the Trust to terminate unless shareholders holding a majority of the outstanding shares of the Trust,
voting together as a single class, elect within 90 days of the event to continue the Trust and appoint a successor Sponsor. In
addition, the Sponsor may terminate the Fund if it determines that the Fund&#8217;s aggregate net assets in relation to its operating
expenses make the continued operation of the Fund unreasonable or imprudent. As of the date of this prospectus, the Fund pays the
fees, costs and expenses of its operations. If the Sponsor and the Fund are unable to raise sufficient funds so that the Fund&#8217;s
expenses are reasonable in relation to its NAV, the Fund may be forced to terminate and investors may lose all or part of their
investment. Any expenses related to the operation of the Fund would need to be paid by the Fund at the time of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">However, no level of losses will require
the Sponsor to terminate the Fund. The Fund&#8217;s termination would result in the liquidation of its investments and the distribution
of its remaining assets to the Shareholders on a pro rata basis in accordance with their Shares, and the Fund could incur losses
in liquidating its investments in connection with a termination. Termination could also negatively affect the overall maturity
and timing of your investment portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>As a Shareholder, you will not have the rights enjoyed
by investors in certain other types of entities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As interests in separate series of a
Delaware statutory trust, the Shares do not involve the rights normally associated with the ownership of shares of a corporation
(including, for example, the right to bring shareholder oppression and derivative actions). In addition, the Shares have limited
voting and distribution rights (for example, Shareholders do not have the right to elect directors, as the Trust does not have
a board of directors, and generally will not receive regular distributions of the net income and capital gains earned by the Fund).
The Fund is also not subject to certain investor protection provisions of the Sarbanes Oxley Act of 2002 and the NYSE Arca governance
rules (for example, audit committee requirements).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>A court could potentially conclude that the assets
and liabilities of the Fund are not segregated from those of another series of the Trust, thereby potentially exposing assets in
the Fund to the liabilities of another series. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">The Fund is a series of a Delaware statutory
trust and not itself a legal entity separate from the other Teucrium Funds. The Delaware Statutory Trust Act provides that if certain
provisions are included in the formation and governing documents of a statutory trust organized in series and if separate and distinct
records are maintained for any series and the assets associated with that series are held in separate and distinct records and
are accounted for in such separate and distinct records separately from the other assets of the statutory trust, or any series
thereof, then the debts, liabilities, obligations and expenses incurred by a particular series are enforceable against the assets
of such series only, and not against the assets of the statutory trust generally or any other series thereof. Conversely, none
of the debts, liabilities, obligations and expenses incurred with respect to any other series thereof is enforceable against the
assets of such series. The Sponsor is not aware of any court case that has interpreted this inter-series limitation on liability
or provided any guidance as to what is required for compliance. The Sponsor intends to maintain separate and distinct records for
the Fund and account for the Fund separately from any other Trust series, but it is possible a court could conclude that the methods
used do not satisfy the Delaware Statutory Trust Act, which would potentially expose assets in the Fund to the liabilities of one
or more of the Teucrium Funds and/or any other Trust series created in the future.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>







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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The Sponsor and the Trustee are not obligated to prosecute
any action, suit or other proceeding in respect of any Fund property.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Neither the Sponsor nor the Trustee is
obligated to, although each may in its respective discretion, prosecute any action, suit or other proceeding in respect of any
Fund property. The Trust Agreement does not confer upon Shareholders the right to prosecute any such action, suit or other proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The Fund does not expect to make cash distributions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor intends to re-invest any income
and realized gains of the Fund in additional Corn Interests rather than distributing cash to Shareholders. Therefore, unlike mutual
funds, commodity pools or other investment pools that generally distribute income and gains to their investors, the Fund generally
will not distribute cash to Shareholders. You should not invest in the Fund if you will need cash distributions from the Fund to
pay taxes on your share of income and gains of the Fund, if any, or for any other reason. Although the Fund does not intend to
make cash distributions, the income earned from its investments held directly or posted as margin may reach levels that merit distribution,
e.g., at levels where such income is not necessary to support its underlying investments in corn interests and investors adversely
react to being taxed on such income without receiving distributions that could be used to pay such tax. Cash distributions may
be made in these and similar instances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>There is a risk that the Fund will not earn gains sufficient
to compensate for the fees and expenses that it must pay and as such the Fund may not earn any profit.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Fund pays management fees at an annual
rate of 1.00% of its average net assets, brokerage charges and various other expenses of its ongoing operations (e.g., fees of
the Administrator, Trustee and Distributor), resulting in a total estimated expense ratio of approximately 2.89% of net assets.
These fees and expenses must be paid in all events, regardless of whether the Fund&#8217;s activities are profitable. Accordingly,
the Fund must realize interest income and/or gains on Corn Interests sufficient to cover these fees and expenses before it can
earn any profit. <B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>If this offering of Shares does not raise sufficient
funds to make the Fund&#8217;s future operations viable, the Fund may be forced to terminate and investors may lose all or part
of their investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All of the expenses relating to the Fund incurred
prior to the commencement of operations (June 9, 2010) were paid by the Sponsor. These payments by the Sponsor were designed to
allow the Fund the ability to commence the public offering of its Shares. As of the date of this prospectus, the Fund pays the
fees, costs and expenses of its operations. If the Sponsor and the Fund are unable to raise sufficient funds so that the Fund&#8217;s
expenses are reasonable in relation to its NAV, the Fund may be forced to terminate and investors may lose all or part of their
investment. Any expenses related to the operation of the Fund would need to be paid by the Fund at the time of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund may incur higher fees and expenses upon renewing
existing or entering into new contractual relationships. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The arrangements between clearing brokers and
counterparties on the one hand and the Fund on the other generally are terminable by the clearing brokers or counterparty upon
notice to the Fund. In addition, the agreements between the Fund and its third-party service providers, such as the Distributor
and the Custodian, are generally terminable at specified intervals. Upon termination, the Sponsor may be required to renegotiate
or make other arrangements for obtaining similar services if the Fund intends to continue to operate. Comparable services from
another party may not be available, or even if available, these services may not be available on the terms as favorable as those
of the expired or terminated arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0"><B><I>The Fund may miss certain trading opportunities because
it will not receive the benefit of the expertise of independent trading advisors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor does not employ trading advisors
for the Fund; however, it reserves the right to employ them in the future. The only advisor to the Fund is the Sponsor. A lack
of independent trading advisors may be disadvantageous to the Fund because it will not receive the benefit of their expertise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>







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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The Net Asset Value 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 net asset
value calculation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s NAV includes, in part, any
unrealized profits or losses on open swap agreements, futures or forward contracts. Under normal circumstances, the NAV reflects
the quoted CBOT settlement price of open futures contracts on the date when the NAV is being calculated. In instances when the
quoted settlement price of futures contract traded on an exchange may not be reflective of fair value based on market condition,
generally due to the operation of daily limits or other rules of the exchange or otherwise, the NAV may not reflect the fair value
of open future contracts on such date. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where
necessary to reflect the &#8220;fair value&#8221; of a Futures Contract when the Futures Contract closes at its price fluctuation
limit for the day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The liquidity of the Shares may be affected by the
withdrawal from participation of Authorized Purchasers, or market-makers which could adversely affect the market price of the Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Only an Authorized Purchaser may engage
in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as Authorized
Purchasers. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders
with respect to the Fund and no other Authorized Purchaser is able to step forward to create or redeem Creation Units, Fund shares
may trade at a discount to NAV and possibly face trading halts and/or delisting. In addition, a decision by a market maker or lead
market maker to cease activities for the Fund could adversely affect liquidity, the spread between the bid and ask quotes, and
potentially the price of the Shares. The Sponsor can make no guarantees that participation by Authorized Purchasers or market makers
will continue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>If a minimum number of Shares is
outstanding, market makers may be less willing to purchase Shares in the secondary market which may limit your ability to sell
Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">There are a minimum number of baskets
and associated Shares specified for the Fund. Once the minimum number of baskets is reached, there can be no more redemptions by
an Authorized Purchaser until there has been a Creation Basket. In such case, market makers may be less willing to purchase Shares
from investors in the secondary market, which may in turn limit the ability of Shareholders of the Fund to sell their Shares in
the secondary market. As of January 31, 2016, these minimum levels for the Fund are 50,004 Shares representing two baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>You may be adversely affected by redemption orders
that are subject to postponement, suspension or rejection under certain circumstances.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trust may, in its discretion, suspend
the right to redeem Shares of the Fund or postpone the redemption settlement date: (1) for any period during which an applicable
exchange is closed other than customary weekend or holiday closing, or trading is suspended or restricted; (2) for any period during
which an emergency exists as a result of which delivery, disposal or evaluation of the Fund&#8217;s assets is not reasonably practicable;
(3) for such other period as the Sponsor determines to be necessary for the protection of Shareholders; (4) if there is a possibility
that any or all of the Benchmark Component Futures Contracts of the Fund on the CBOT from which the NAV of the Fund is calculated
will be priced at a daily price limit restriction; or (5) if, in the sole discretion of the Sponsor, the execution of such an order
would not be in the best interest of the Fund or its Shareholders. In addition, the Trust will reject a redemption order if the
order is not in proper form as described in the agreement with the Authorized Purchaser or if the fulfillment of the order, in
the opinion of its counsel, might be unlawful. The Sponsor may also reject a redemption order if the number of Shares being redeemed
would reduce the remaining outstanding Shares to 50,000 Shares (i.e., two baskets of 25,000 Shares each) or less, unless the Sponsor
has reason to believe that the placer of the redemption order does in fact possess all the outstanding Shares and can deliver them.
Any such postponement, suspension or rejection could adversely affect a redeeming Shareholder. For example, the resulting delay
may adversely affect the value of the Shareholder&#8217;s redemption proceeds if the NAV of the Fund declines during the period
of delay. The Trust Agreement provides that the Sponsor and its designees will not be liable for any loss or damage that may result
from any such suspension or postponement.</P>







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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Any postponement, suspension or rejection
of a redemption order could adversely affect a redeeming Shareholder. For example, the resulting delay may adversely affect the
value of a Shareholder&#8217;s redemption proceeds if the NAV of the Fund declines during the period of delay. The Trust Agreement
provides that the Sponsor and its designees will not be liable for any loss or damage that may result from any such suspension
or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The failure or bankruptcy of a clearing broker could result
in substantial losses for the Fund; the clearing broker could be subject to proceedings that impair its ability to execute the
Fund&#8217;s trades.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Under CFTC regulations, a clearing broker
with respect to the Fund&#8217;s exchange-traded Corn Interests must maintain customers&#8217; assets in a bulk segregated account.
If a clearing broker fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers may
be subject to risk of a substantial loss of their funds in the event of that clearing broker&#8217;s bankruptcy. In that event,
the clearing broker&#8217;s customers, such as the Fund, are entitled to recover, even in respect of property specifically traceable
to them, only a proportional share of all property available for distribution to all of that clearing broker&#8217;s customers.
The Fund also may be subject to the risk of the failure of, or delay in performance by, any exchanges and markets and their clearing
organizations, if any, on which Corn Interests are traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">From time to time, the clearing brokers
may be subject to legal or regulatory proceedings in the ordinary course of their business. A clearing broker&#8217;s involvement
in costly or time-consuming legal proceedings may divert financial resources or personnel away from the clearing broker&#8217;s
trading operations, which could impair the clearing broker&#8217;s ability to successfully execute and clear the Fund&#8217;s trades.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><I>The failure or insolvency of the Fund&#8217;s Custodian
or other financial institution in which the Fund has deposits could result in a substantial loss of the Fund&#8217;s assets.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">As noted above, the vast majority of the
Fund&#8217;s assets are held in short-term Treasury Securities, cash and/or cash equivalents with the Custodian and other financial
institutions. The insolvency of the Custodian or any financial institution in which the Fund has demand deposits could result in
a complete loss of the Fund&#8217;s assets. The Fund currently has cash and or cash equivalents at the Custodian and Rabobank,
N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"><B><I>Third parties may infringe upon or otherwise violate intellectual
property rights or assert that the Sponsor has infringed or otherwise violated their intellectual property rights, which may result
in significant costs and diverted attention.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Third parties may assert that the Sponsor
has infringed or otherwise violated their intellectual property rights. Third parties may independently develop business methods,
trademarks or proprietary software and other technology similar to that of the Sponsor and claim that the Sponsor has violated
their intellectual property rights, including their copyrights, trademark rights, trade names, trade secrets and patent rights.
As a result, the Sponsor may have to litigate in the future to determine the validity and scope of other parties&#8217; proprietary
rights, or defend itself against claims that it has infringed or otherwise violated other parties&#8217; rights. Any litigation
of this type, even if the Sponsor is successful and regardless of the merits, may result in significant costs, divert resources
from the Fund, or require the Sponsor to change its proprietary software and other technology or enter into royalty or licensing
agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Sponsor has a patent on certain business
methods and procedures used with respect to the Fund. The Sponsor utilizes certain proprietary software. Any unauthorized use of
such proprietary software, business methods and/or procedures could adversely affect the competitive advantage of the Sponsor or
the Fund and/or cause the Sponsor to take legal action to protect its rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"><B><I>The success of the Fund depends on the ability of the
Sponsor to accurately implement its trading strategies, and any failure to do so could subject the Fund to losses on such transactions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor&#8217;s trading strategy is quantitative
in nature and it is possible that the Sponsor will make errors in its implementation. The execution of the quantitative strategy
is subject to human error, such as incorrect inputs into the Sponsor&#8217;s computer systems and incorrect information provided
to the Fund&#8217;s clearing brokers. In addition, it is possible that a computer or software program may malfunction and cause
an error in computation. Any failure, inaccuracy or delay in executing the Fund&#8217;s transactions could affect its ability to
achieve its investment objective. It could also result in decisions to undertake transactions based on inaccurate or incomplete
information. This could cause substantial losses on transactions. The Sponsor is not required to reimburse the Fund for any costs
associated</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">with an error in the placement or execution of a trade in commodity
future interests or in shares of the Underlying Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><I>The Fund may experience substantial losses on transactions
if the computer or communications system fails.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Fund&#8217;s trading activities depend
on the integrity and performance of the computer and communications systems supporting them. Extraordinary transaction volume,
hardware or software failure, power or telecommunications failure, a natural disaster or other catastrophe could cause the computer
systems to operate at an unacceptably slow speed or even fail. Any significant degradation or failure of the systems that the Sponsor
uses to gather and analyze information, enter orders, process data, monitor risk levels and otherwise engage in trading activities
may result in substantial losses on transactions, liability to other parties, lost profit opportunities, damages to the Sponsor&#8217;s
and Fund&#8217;s reputations, increased operational expenses and diversion of technical resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0.45in 0 0"><B><I>If the computer and communications systems are
not upgraded when necessary, the Fund&#8217;s financial condition could be harmed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0.45in 0 0; text-indent: 0.5in">The development of complex computer
and communications systems and new technologies may render the existing computer and communications systems supporting the Fund&#8217;s
trading activities obsolete. In addition, these computer and communications systems must be compatible with those of third parties,
such as the systems of exchanges, clearing brokers and the executing brokers. As a result, if these third parties upgrade their
systems, the Sponsor will need to make corresponding upgrades to effectively continue its trading activities. The Fund&#8217;s
future success may depend on the Fund&#8217;s ability to respond to changing technologies on a timely and cost-effective basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><B><I>The Fund depends on the reliable performance of the
computer and communications systems of third parties, such as brokers and futures exchanges, and may experience substantial losses
on transactions if they fail.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund depends on the proper and timely function
of complex computer and communications systems maintained and operated by the futures exchanges, brokers and other data providers
that the Sponsor uses to conduct trading activities. Failure or inadequate performance of any of these systems could adversely
affect the Sponsor&#8217;s ability to complete transactions, including its ability to close out positions, and result in lost profit
opportunities and significant losses on commodity interest transactions. This could have a material adverse effect on revenues
and materially reduce the Fund&#8217;s available capital. For example, unavailability of price quotations from third parties may
make it difficult or impossible for the Sponsor to conduct trading activities so that the Fund will closely track the Benchmark.
Unavailability of records from brokerage firms may make it difficult or impossible for the Sponsor to accurately determine which
transactions have been executed or the details, including price and time, of any transaction executed. This unavailability of information
also may make it difficult or impossible for the Sponsor to reconcile its records of transactions with those of another party or
to accomplish settlement of executed transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"><B><I>The occurrence of a natural disaster, terrorist attack,
or the outbreak, continuation or expansion of war or other hostilities could disrupt the Fund&#8217;s trading activity and materially
affect the Fund&#8217;s profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The operations of the Fund, the exchanges, brokers
and counterparties with which the Fund does business, and the markets in which the Fund does business could be severely disrupted
in the event of a natural disaster, major terrorist attack, or the outbreak, continuation or expansion of war or other hostilities.
Global terrorist attacks, anti-terrorism initiatives, and political unrest continue to fuel this concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Failures or breaches of electronic systems could disrupt
the Fund&#8217;s trading activity and materially affect the Fund&#8217;s profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Failures or breaches of the electronic
systems of the Fund, the Sponsor, the Custodian or mutual funds or other financial institutions in which the Fund invests, or the
Fund&#8217;s other service providers, market makers, Authorized Purchasers, NYSE Arca, exchanges on which Futures Contracts or
Other Commodity Interests are traded or cleared, or counterparties have the ability to cause disruptions and negatively impact
the Fund&#8217;s business operations, potentially resulting in financial losses to the Fund and its shareholders. While the Fund
has established business continuity plans and risk management systems seeking to address system breaches or failures, there are
inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Custodian or mutual funds or other financial
institutions in which the Fund invests, or the Fund&#8217;s </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">other service providers, market makers, Authorized Purchasers,
NYSE Arca, exchanges on which Futures Contracts or Other Commodity Interests are traded or cleared, or counterparties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"><B><I>An investment in a Fund
faces numerous risks from its shares being traded in the secondary market, any of which may lead to the Fund&#8217;s shares trading
at a premium or discount to NAV.</I></B></FONT><FONT STYLE="color: #3F3F3F"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Although the Fund&#8217;s shares are
listed for trading on the NYSE Arca, there can be no assurance that an active trading market for such shares will develop or be
maintained. Trading in the Fund&#8217;s shares may be halted due to market conditions or for reasons that, in the view of the NYSE
Arca, make trading in shares inadvisable. There can be no assurance that the requirements of the NYSE Arca necessary to maintain
the listing of the Fund will continue to be met or will remain unchanged or that the shares will trade with any volume, or at all.
The NAV of the Fund&#8217;s shares will generally fluctuate with changes in the market value of the Fund&#8217;s portfolio holdings.
The market prices of shares will generally fluctuate in accordance with changes in the Fund&#8217;s NAV and supply and demand of
shares on the NYSE Arca. It cannot be predicted whether a Fund shares will trade below, at or above their NAV. Investors buying
or selling Fund shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined
by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking
to buy or sell relatively small amounts of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The NYSE Arca may halt trading in the Shares which would adversely
impact your ability to sell Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Trading in Shares of the Fund may be halted
due to market conditions or, in light of NYSE Arca rules and procedures, for reasons that, in view of the NYSE Arca, make trading
in Shares inadvisable.&nbsp; In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant
to &#8220;circuit breaker&#8221; rules that require trading to be halted for a specified period based on a specified market decline.&nbsp;
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.&nbsp; The Fund will be terminated if its Shares are delisted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The lack of active trading markets for the Shares of the Fund
may result in losses on your investment in the Fund at the time of disposition of your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although the Shares of the Fund will be listed
and traded on the NYSE Arca, there can be no guarantee that an active trading market for the Shares of the Fund will be maintained.
If you need to sell your Shares at a time when no active market for them exists, the price you receive for your Shares, assuming
that you are able to sell them, likely will be lower than what you would receive if an active market did exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><A NAME="a_Toc445014172"></A><A NAME="a_Toc256000016"></A>Risk
of Leverage and Volatility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>If the Sponsor causes or permits the Fund to become
leveraged, you could lose all or substantially all of your investment if the Fund&#8217;s trading positions suddenly turn unprofitable.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Commodity pools&#8217; trading positions in
futures contracts or other commodity interests are typically required to be secured by the deposit of margin funds that represent
only a small percentage of a futures contract&#8217;s (or other commodity interest&#8217;s) entire market value. This feature permits
commodity pools to &#8220;leverage&#8221; their assets by purchasing or selling futures contracts (or other commodity interests)
with an aggregate notional amount in excess of the commodity pool&#8217;s assets. While this leverage can increase a pool&#8217;s
profits, relatively small adverse movements in the price of the pool&#8217;s commodity interests can cause significant losses to
the pool. While the Sponsor does not intend to leverage the Fund&#8217;s assets, it is not prohibited from doing so under the Trust
Agreement. If the Sponsor was to cause or permit the Fund to become leveraged, you could lose all or substantially all of your
investment if the Fund&#8217;s trading positions suddenly turn unprofitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The price of corn can be volatile which could cause
large fluctuations in the price of Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed in more detail above, price movements
for corn are influenced by, among other things, weather conditions, crop disease, transportation difficulties, various planting,
growing and harvesting problems, governmental policies, changing demand, and seasonal fluctuations in supply. More generally, commodity
prices</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">may be influenced by economic and monetary events such as changes
in interest rates, changes in balances of payments and trade, U.S. and international inflation rates, currency valuations and devaluations,
U.S. and international economic events, and changes in the philosophies and emotions of market participants. Because the Fund invests
primarily in interests in a single commodity, it is not a diversified investment vehicle, and therefore may be subject to greater
volatility than a diversified portfolio of stocks or bonds or a more diversified commodity pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0"><B><A NAME="a_Toc445014173"></A><A NAME="a_Toc256000017"></A>Over-the-Counter
Contract Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Over-the-counter transactions are subject to changing
regulation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A portion of the Fund&#8217;s assets may be
used to trade over-the-counter Corn Interests, such as forward contracts or swaps. The markets for over-the-counter contracts will
continue to rely upon the integrity of market participants in lieu of the additional regulation imposed by the CFTC on participants
in the futures markets. To date, the forward markets have been largely unregulated, except for anti-manipulation and anti-fraud
prohibitions, forward contracts have been executed bi-laterally and, in general historically, forward contracts have not been cleared
or guaranteed by a third party. While increased regulation of over-the-counter Commodity Interests is likely to result from changes
that are required to be effectuated by the Dodd-Frank Act, there is no guarantee that such increased regulation will be effective
to reduce these risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund will be subject to credit risk with respect to counterparties
to over-the-counter contracts entered into by the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund faces the risk of non-performance by
the counterparties to the over-the-counter contracts. Unlike in futures contracts, the counterparty to these contracts is generally
a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions.
As a result, there will be greater counterparty credit risk in these transactions. A counterparty may not be able to meet its obligations
to the Fund, in which case the Fund could suffer significant losses on these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a counterparty becomes bankrupt or otherwise
fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery
in a bankruptcy or other reorganization proceeding. During any such period, the Fund may have difficulty in determining the value
of its contracts with the counterparty, which in turn could result in the overstatement or understatement of the Fund&#8217;s NAV.
The Fund may eventually obtain only limited recovery or no recovery in such circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The Fund may be subject to liquidity risk with respect
to its over-the-counter contracts.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Over-the-counter contracts may have terms that
make them less marketable than Futures Contracts. Over-the-counter contracts are less marketable because they are not traded on
an exchange, do not have uniform terms and conditions, and are entered into based upon the creditworthiness of the parties and
the availability of credit support, such as collateral, and in general, they are not transferable without the consent of the counterparty.
These conditions make such contracts less liquid than standardized futures contracts traded on a commodities exchange and diminish
the ability to realize the full value of such contracts. In addition, even if collateral is used to reduce counterparty credit
risk, sudden changes in the value of over-the-counter transactions may leave a party open to financial risk due to a counterparty
default since the collateral held may not cover a party&#8217;s exposure on the transaction in such situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">In general, valuing OTC derivatives is
less certain than valuing actively traded financial instruments such as exchange traded futures contracts and securities because
the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated, and those
prices and terms may not reflect the best price or terms available from other sources. In addition, while market makers and dealers
generally quote indicative prices or terms for entering into or terminating OTC contracts, they typically are not contractually
obligated to do so, particularly if they are not a party to the transaction. As a result, it may be difficult to obtain an independent
value for an outstanding OTC derivatives transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The foregoing liquidity risks could impact
adversely affect the Fund&#8217;s ability to meet its investment objective.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0"><B><A NAME="a_Toc445014174"></A>Risk of Trading in International
Markets </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Trading in international markets would expose the Fund
to credit and regulatory risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A significant portion of the Corn Futures Contracts
entered into by the Fund are traded on United States exchanges including the CBOT. However, a portion of the Fund&#8217;s trades
may take place on markets or exchanges outside the United States. Some non-U.S. markets present risks because they are not subject
to the same degree of regulation as their U.S. counterparts. None of the CFTC, NFA, or any domestic exchange regulates activities
of any foreign boards of trade or exchanges, including the execution, delivery and clearing of transactions, nor has the power
to compel enforcement of the rules of a foreign board of trade or exchange or of any applicable non-U.S. laws. Similarly, the rights
of market participants, such as the Fund, in the event of the insolvency or bankruptcy of a non-U.S. market or broker are also
likely to be more limited than in the case of U.S. markets or brokers. As a result, in these markets, the Fund has less legal and
regulatory protection than it does when it trades domestically. Currently the Fund does not place trades on any markets or exchanges
outside of the United States and does not anticipate doing so in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">In some of these non-U.S. markets, the
performance on a futures contract is the responsibility of the counterparty and is not backed by an exchange or clearing corporation
and therefore exposes the Fund to credit risk. Additionally, trading on non-U.S. exchanges is subject to the risks presented by
exchange controls, expropriation, increased tax burdens and exposure to local economic declines and political instability. An adverse
development with respect to any of these variables could reduce the profit or increase the loss earned on trades in the affected
international markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>International trading activities subject the Fund to
foreign exchange risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The price of any non-U.S. Corn Interest
and, therefore, the potential profit and loss on such investment, may be affected by any variance in the foreign exchange rate
between the time the order is placed and the time it is liquidated, offset or exercised. As a result, changes in the value of the
local currency relative to the U.S. dollar may cause losses to the Fund even if the contract is profitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The CFTC&#8217;s implementation of its
regulations under the Dodd-Frank Act may further affect the Fund&#8217;s ability to enter into foreign exchange contracts and to
hedge its exposure to foreign exchange losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The Fund&#8217;s international trading could expose
it to losses resulting from non-U.S. exchanges that are less developed or less reliable than United States exchanges.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Some non-U.S. exchanges also may be in a more
developmental stage so that prior price histories may not be indicative of current price dynamics. In addition, the Fund may not
have the same access to certain positions on foreign trading exchanges as do local traders, and the historical market data on which
the Sponsor bases its strategies may not be as reliable or accessible as it is for U.S. exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><A NAME="a_Toc445014175"></A><A NAME="a_Toc256000018"></A>Tax
Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Please refer to &#8220;U.S. Federal Income
Tax Considerations&#8221; for information regarding the U.S. federal income tax consequences of the purchase, ownership and disposition
of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Your tax liability from holding Shares may exceed the
amount of distributions, if any, on your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cash or property will be distributed at the
sole discretion of the Sponsor, and the Sponsor currently does not intend to make cash or other distributions with respect to Shares.
You will be required to pay U.S. federal income tax and, in some cases, state, local, or foreign income tax, on your allocable
share of the Fund&#8217;s taxable income, without regard to whether you receive distributions or the amount of any distributions.
Therefore, the tax liability resulting from your ownership of Shares may exceed the amount of cash or value of property (if any)
distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Your allocable share of income or loss for U.S. federal income
tax purposes may differ from your economic income or loss on your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Due to the application of the assumptions and
conventions applied by the Fund in making allocations for U.S. federal income tax purposes and other factors, your allocable share
of the Fund&#8217;s income, gain, deduction or loss may be different than your economic profit or loss from your Shares for a taxable
year. This difference could be temporary or permanent and, if permanent, could result in your being taxed on amounts in excess
of your economic income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Items of income, gain, deduction, loss and credit with
respect to Shares could be reallocated if the IRS does not accept the assumptions and conventions applied by the Fund in allocating
those items, with potential adverse tax consequences for you.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is treated as a partnership for United
States federal income tax purposes. The U.S. tax rules pertaining to entities taxed as partnerships are complex and their application
to publicly traded partnerships such as the Fund is in many respects uncertain. The Fund applies certain assumptions and conventions
in an attempt to comply with the intent of the applicable rules and to report taxable income, gains, deductions, losses and credits
in a manner that properly reflects Shareholders&#8217; economic gains and losses. These assumptions and conventions may not fully
comply with all aspects of the Internal Revenue Code (the &#8220;Code&#8221;) and applicable Treasury Regulations, however, and
it is possible that the U.S. Internal Revenue Service (the &#8220;IRS&#8221;) will successfully challenge our allocation methods
and require us to reallocate items of income, gain, deduction, loss or credit in a manner that adversely affects you. If this occurs,
you may be required to file an amended tax return and to pay additional taxes plus deficiency interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The Fund could be treated as a corporation for federal
income tax purposes, which may substantially reduce the value of your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trust has received an opinion of
counsel that, under current U.S. federal income tax laws, the Fund will be treated as a partnership that is not taxable as a corporation
for U.S. federal income tax purposes, provided that (i) at least 90 percent of the Fund&#8217;s annual gross income consists of
&#8220;qualifying income&#8221; as defined in the Code, (ii) the Fund is organized and operated in accordance with its governing
agreements and applicable law, and (iii) the Fund does not elect to be taxed as a corporation for federal income tax purposes.
Although the Sponsor anticipates that the Fund has satisfied and will continue to satisfy the &#8220;qualifying income&#8221; requirement
for all of its taxable years, that result cannot be assured. The Fund has not requested and will not request any ruling from the
IRS with respect to its classification as a partnership not taxable as a corporation for federal income tax purposes. If the IRS
were to successfully assert that the Fund is taxable as a corporation for federal income tax purposes in any taxable year, rather
than passing through its income, gains, losses and deductions proportionately to Shareholders, the Fund would be subject to tax
on its net income for the year at corporate tax rates. In addition, although the Sponsor does not currently intend to make distributions
with respect to Shares, any distributions would be taxable to Shareholders as dividend income. Taxation of the Fund as a corporation
could materially reduce the after-tax return on an investment in Shares and could substantially reduce the value of your Shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">PROSPECTIVE INVESTORS ARE STRONGLY URGED TO CONSULT
THEIR OWN TAX ADVISORS WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN SHARES; SUCH TAX CONSEQUENCES
MAY DIFFER IN RESPECT OF DIFFERENT INVESTORS.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_Toc445014176"></A><A NAME="a_Toc256000019"></A><A NAME="a_Toc322695028"></A>THE
OFFERING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014177"></A><A NAME="a_Toc256000020"></A><A NAME="a_Toc322695029"></A>The
Fund in General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is a series of the Trust, a statutory
trust organized under the laws of the State of Delaware on September 11, 2009. Currently, the Trust has five series that are separate
operating commodity pools: the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund, the Teucrium Sugar Fund,
and the Teucrium Agricultural Fund. Additional series of the Trust may be created in the future at the Sponsor&#8217;s discretion.
The Fund maintains its main business office at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301. The Fund is a commodity
pool. It operates pursuant to the terms of the Trust Agreement, which is dated as of October 21, 2010 and grants full management
control to the Sponsor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is publicly traded, and seeks to have
the daily changes in percentage terms of the Shares&#8217; NAV reflect the daily changes in percentage terms of the price of corn
for future delivery, as measured by the Benchmark. The Fund invests in a mixture of listed Corn Futures Contracts, Other Corn Interests,
short-term Treasury Securities, cash and cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">See &#8220;Prior Performance of the Fund&#8221;
on page 34 for more information about prior performance of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014178"></A><A NAME="a_Toc256000021"></A><A NAME="a_Toc322695030"></A>The
Sponsor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor of the Trust is Teucrium Trading,
LLC, a Delaware limited liability company. The principal office of the Sponsor and the Trust are located at 232 Hidden Lake Road,
Building A, Brattleboro, Vermont 05301. The Sponsor registered as a CPO with the CFTC and became a member of the NFA on November
10, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Fund is a
series of the Trust, a statutory trust organized under the laws of the State of Delaware on September 11, 2009. Currently, the
Trust has five series that are separate</FONT> <FONT STYLE="font-size: 10pt">operating commodity pools: the Teucrium Corn Fund,
the Teucrium Wheat Fund, the Teucrium Soybean Fund, the Teucrium Sugar Fund, and the Teucrium Agricultural Fund. Aside from establishing
these series, operating those series that have commenced offering their shares, and obtaining capital from a small number of outside
investors in order to engage in these activities, the Sponsor has not engaged in any business activity prior to the date of this
prospectus. Under the Trust Agreement, the Sponsor is solely responsible for the management and conducts or directs the conduct
of the business of the Trust, the Fund, and any other series of the Trust that may from time to time be established and designated
by the Sponsor. The Sponsor is required to oversee the purchase and sale of Shares by Authorized Purchasers and to manage the Fund&#8217;s
investments, including to evaluate the credit risk of FCMs and swap counterparties and to review daily positions and margin/collateral
requirements. The Sponsor has the power to enter into agreements as may be necessary or appropriate for the offer and sale of the
Fund&#8217;s Shares and the conduct of the Trust&#8217;s activities. Accordingly, the Sponsor is responsible for selecting the
Trustee, Administrator, </FONT><A NAME="a_DV_C304"></A><FONT STYLE="font-size: 10pt">Distributor</FONT><A NAME="a_DV_M415"></A><FONT STYLE="font-size: 10pt">,
the independent registered public accounting firm of the Trust, and any legal counsel employed by the Trust. The Sponsor is also
responsible for preparing and filing periodic reports on behalf of the Trust with the SEC and will provide any required certification
for such reports. No person other than the Sponsor and its principals was involved in the organization of the Trust or the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor may determine to engage marketing
agents who will assist the Sponsor in the marketing the Shares. See &#8220;Plan of Distribution&#8221; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor maintains a public website
on behalf of the Fund, www.teucriumcornfund.com, which contains information about the Trust, the Fund, and the Shares, and oversees
certain services for the benefit of Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor has discretion to appoint
one or more of its affiliates as additional Sponsors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor receives a fee as compensation
for services performed under the Trust Agreement. The Sponsor&#8217;s fee accrues daily and is paid monthly at an annual rate of
1.00% of the average daily net assets of the Fund. For the period from January 1, 2015 through December 31, 2015, the Fund paid
$779,808 in management</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">fees to the Sponsor. The Fund is also responsible for other
ongoing fees, costs and expenses of its operations, including brokerage fees, and legal, printing, accounting, custodial, administration
and transfer agency costs, although<B> </B>the Sponsor bore the costs and expenses related to the registration of the Shares. None
of the costs and expenses related to the initial registration, offer and sale of Shares, which totaled approximately $644,850,
were or are chargeable to the Fund, and the Sponsor did not and may not recover any of these costs and expenses from the Fund.
<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Shareholders have no right to elect the
Sponsor on an annual or any other continuing basis or to remove the Sponsor. If the Sponsor voluntarily withdraws, the holders
of a majority of the Trust&#8217;s outstanding Shares (excluding for purposes of such determination Shares owned by the withdrawing
Sponsor and its affiliates) may elect its successor. Prior to withdrawing, the Sponsor must give ninety days&#8217; written notice
to the Shareholders and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Ownership or &#8220;membership&#8221;
interests in the Sponsor are owned by persons referred to as &#8220;members.&#8221; The Sponsor currently has three voting or &#8220;Class
A&#8221; members &#8211; Mr. Sal Gilbertie, Mr. Dale Riker and Mr. Carl N. Miller III &#8211; and a small number of non-voting
or &#8220;Class B&#8221; members who have provided working capital to the Sponsor. Messrs. Gilbertie and Riker each currently own
45% of the Sponsor&#8217;s Class A membership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I><A NAME="a_Toc290044930"></A>Management
of the Sponsor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">In general, under the Sponsor&#8217;s Amended
and Restated Limited Liability Company Operating Agreement, as amended from time to time, the Sponsor (and as a result the Trust
and the Fund) is managed by the officers of the Sponsor.&nbsp;&nbsp;The Chief Executive Officer of the Sponsor is responsible for
the overall strategic direction of the Sponsor and will have general control of its business. The Chief Investment Officer and
President of the Sponsor is primarily responsible for new investment product development with respect to the Fund and each of the
Teucrium Funds. The Chief Operating Officer has assumed primary responsibility for trade operations, trade execution, and portfolio
activities with respect to the Fund. The Chief Financial Officer, Chief Accounting Officer and Chief Compliance Officer acts as
the Sponsor&#8217;s principal financial and accounting officer, which position includes the functions previously performed by the
Treasurer of the Sponsor, and administers the Sponsor&#8217;s regulatory compliance programs. Furthermore, certain fundamental
actions regarding the Sponsor, such as the removal of officers, the addition or substitution of members, or the incurrence of liabilities
other than those incurred in the ordinary course of business and <I>de minimis</I> liabilities, may not be taken without the affirmative
vote of a majority of the Class A members (which is generally defined as the affirmative vote of Mr. Gilbertie and one of the other
two Class A members).&nbsp;&nbsp;The Sponsor has no board of directors, and the Trust has no board of directors or officers. The
three Class A members of the Sponsor are Sal Gilbertie, Dale Riker and Carl N. Miller III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The Officers of the Sponsor, two of whom
are also Class A members of the Sponsor, are the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I>Sal Gilbertie</I></B> has been the
President of the Sponsor since its inception and its Chief Investment Officer since September 2011, was approved by the NFA as
a principal of the Sponsor on September 23, 2009, and was registered as an associated person of the Sponsor on November 10, 2009.
He maintains his main business office at 653A Garcia, Santa Fe, New Mexico 87505.&nbsp; Effective July 16, 2012, Mr. Gilbertie
was registered with the NFA as the Branch Manager for this location. Since October 18, 2010, Mr. Gilbertie has been an associated
person of the Distributor under the terms of the Securities Activities and Services Agreement (&#8220;SASA&#8221;) between the
Sponsor and the Distributor. Additional information regarding the SASA can be found in the section of this disclosure document
entitled &#8220;Plan of Distribution.&#8221; From October 2005 until December 2009, Mr. Gilbertie was employed by Newedge USA,
LLC, an FCM and broker-dealer registered with the CFTC and the SEC, where he headed the Renewable Fuels/Energy Derivatives OTC
Execution Desk and was an active futures contract and over-the-counter derivatives trader and market maker in multiple classes
of commodities.&nbsp; (Between January 2008 and October 2008, he also held a comparable position with Newedge Financial, Inc.,
an FCM and an affiliate of Newedge USA, LLC.)&nbsp; From October 1998 until October 2005, Mr. Gilbertie was principal and co-founder
of Cambial Asset Management, LLC, an adviser to two private funds that focused on equity options, and Cambial Financing Dynamics,
a private boutique investment bank.&nbsp; While at Cambial Asset Management, LLC and Cambial Financing Dynamics, Mr. Gilbertie
served as principal and managed the day-to-day activities of the business and the portfolio of both companies.&nbsp; Mr. Gilbertie
is 55 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I>Dale Riker</I></B> has been the Secretary
of the Sponsor since January 2010, and its Chief Executive Officer since September 2011, was approved by the NFA as a principal
of the Sponsor on October 29, 2009, and was registered as</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">an associated person of the Sponsor on February 17, 2010.&nbsp;
He maintains his main business office at 232 Hidden Lake Road, Brattleboro, Vermont 05301 and is responsible for&nbsp;the overall
strategic direction of the Sponsor and has general control of its business. &nbsp;Mr. Riker was Treasurer of the Sponsor from its
inception until September 2011.&nbsp;&nbsp;From February 2005 to December 2012, Mr. Riker was the President of Cambial Emerging
Markets LLC, a consulting company specializing in emerging market equity investment.&nbsp; As President of Cambial Emerging Markets
LLC, Mr. Riker had responsibility for business strategy, planning and operations.&nbsp; From July 1996 to February 2005, Mr. Riker
was a private investor.&nbsp; Mr. Riker is married to the Chief Financial Officer, Chief Accounting Officer and Chief Compliance
Officer of the Sponsor, Barbara Riker. Mr. Riker is 58 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I>Barbara Riker</I></B> began working
for the Sponsor in July 2010 providing accounting and compliance support. She has been the Chief Financial Officer, Chief Accounting
Officer and Chief Compliance Officer for Teucrium since September 2011, was approved by the NFA as a principal of the Sponsor on
October 19, 2011, and has a background in finance, accounting, investor relations, corporate communications and operations.&nbsp;&nbsp;She
maintains her main business office at 232 Hidden Lake Road, Brattleboro, Vermont 05301.&nbsp;&nbsp;From September 1980 to February
1993, Ms. Riker worked in various financial capacities for&nbsp;Pacific Telesis Group, the California-based Regional Bell Operating
Company, and its predecessors.&nbsp;&nbsp;In February 1993, with the spin-off of AirTouch Communications from Pacific Telesis Group,
Ms. Riker was selected to lead the Investor Relations team for the global mobile phone operator.&nbsp;&nbsp;In her capacity as
Executive Director &#8211; Investor Relations and Corporate Communications from February 1993 to June 1995, AirTouch completed
its initial public offering and was launched as an independent publicly-traded company. In June 1995, she was named Chief Financial
Officer of AirTouch International and, in addition to her other duties, served on the board of several of the firm&#8217;s joint
ventures, both private and public, across Europe.&nbsp;&nbsp;In June 1997, Ms. Riker moved into an operations capacity as the District
General Manager for AirTouch Paging&#8217;s San Francisco operations.&nbsp;&nbsp;In February 1998 she was named Vice President
and General Manager of AirTouch Cellular for Arizona and New Mexico.&nbsp;&nbsp;Ms. Riker retired in July 1999, coincident with
the purchase of AirTouch by Vodafone PLC and remained retired until she began working for the Sponsor.&nbsp;&nbsp;Ms. Riker graduated
with a Bachelor of Science in Business Administration from Cal State &#8211; East Bay in 1980.&nbsp;&nbsp; Ms. Riker is married
to the Chief Executive Officer of the Sponsor, Dale Riker. Ms. Riker is 58 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Steve Kahler</I></B>, Chief Operating
Officer, began working for the Sponsor in November 2011 as Managing Director in the trading division. He became the Chief Operating
Officer on May 24, 2012 and has primary responsibility for the Trade Operations for the Funds. He maintains&nbsp;his main business
office at 13520 Excelsior Blvd., Minnetonka, MN 55345.&nbsp;Mr. Kahler was registered as an Associated Person of the Sponsor on
November 25, 2011, approved as a Branch Manager of the Sponsor on March 16, 2012 and approved by the NFA as a Principal of the
Sponsor on May 16, 2012. Since January 18, 2012, Mr. Kahler has been an associated person of the Distributor under the terms of
the SASA between the Sponsor and the Distributor. Additional information regarding the SASA can be found in the section of this
disclosure document entitled &#8220;Plan of Distribution.&#8221; Prior to his employment with the Sponsor, Mr. Kahler worked for
Cargill Inc., an international producer and marketer of food, agricultural, financial and industrial products and services, from
April 2006 until November 2011 in the Energy Division as Senior Petroleum Trader. In October 2006 and while employed at Cargill
Inc., Mr. Kahler was approved as an Associated Person of Cargill Commodity Services Inc., a commodity trading affiliate of Cargill
Inc. from September 13, 2006 to November 9, 2011. Mr. Kahler graduated from the University of Minnesota with a Bachelors of Agricultural
Business Administration in 1992 and is 48 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">The third Class-A member of the Sponsor is the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I>Carl N. (Chuck) Miller III</I></B>
was approved by the NFA as a principal of the Sponsor on November 10, 2009 and was registered as an associated person of the Sponsor
on April 19, 2010.&nbsp; He maintains his main business office at 232 Hidden Lake Road, Bldg A, Brattleboro, VT 05301.&nbsp; Mr.
Miller has certain voting authority as a Class A member of the Sponsor as described above, but is not involved with the Sponsor&#8217;s
day-to-day trading or operations or supervises people so engaged. For the period May 13, 2011 to July 24, 2014, Mr. Miller was
an associated person of the Distributor under the terms of the SASA between the Sponsor and the Distributor. Additional information
regarding the SASA can be found in the section of this disclosure document entitled &#8220;Plan of Distribution.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Mr. Kahler is primarily responsible for
making trading and investment decisions for the Fund and other Teucrium Funds, and for directing Fund and other Teucrium Fund trades
for execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Messrs. Gilbertie, Riker, Kahler and Miller
and Ms. Riker are individual &#8220;principals,&#8221; as that term is defined in CFTC Rule 3.1, of the Sponsor. These individuals
are principals due to their positions and/or due to their</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ownership interests in the Sponsor. Beneficial ownership interests
of the principals, if any, are shown under the section entitled &#8220;Security Ownership of Principal Shareholders and Management&#8221;
below and any of the principals may acquire beneficial interests in the Fund in the future. In addition, each of the three Class
A members of the Sponsor are registered with the CFTC as associated persons of the Sponsor and are NFA associate members. GFI Group
LLC is a principal for the Sponsor under CFTC Rules due to its ownership of certain non-voting securities of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Market Price of Shares </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s Shares have traded on the NYSE
Arca under the symbol &#8220;CORN&#8221; since June 9, 2010. The following table sets forth the range of reported high and low
sales prices of the Shares as reported on NYSE Arca for the periods indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Fiscal Year Ended December 31, 2015</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>High</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Low</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt"><I>Quarter Ended</I></FONT></TD>
    <TD STYLE="width: 12px; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 63px; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 12px; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 67px; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">March 31, 2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $27.32 </FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $24.24 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">June 30, 2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $25.92 </FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $22.36 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">September 30, 2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $27.00 </FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $21.82 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">December 31, 2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $24.10 </FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $21.20 </FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Fiscal Year Ended December 31, 2014</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>High</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Low</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt"><I>Quarter Ended</I></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">March 31, 2014</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $34.78 </FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $29.50 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">June 30, 2014</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $35.76 </FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $29.41 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">September 30, 2014</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $29.48 </FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">$22.78</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-size: 9pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">December 31, 2014</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $27.83 </FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"> $22.64 </FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31, 2015, the Fund had approximately
6,100 Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Prior Performance of the Fund </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 20.9pt 0 23.9pt; text-align: center"><B><A NAME="a_Toc210101434"></A>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B><A NAME="a_Toc256000022"></A><A NAME="a_Toc322695031"></A>PERFORMANCE
DATA FOR THE TEUCRIUM CORN FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PAST PERFORMANCE IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Teucrium Corn Fund commenced trading and investment operations
on June 9, 2010.&nbsp;&nbsp;The Teucrium Corn Fund is listed on NYSE Arca and is neither: (i) a privately offered pool pursuant
to Section 4(2) of the Securities Act of 1933, as amended; (ii) a multi-advisor pool as defined in CFTC Regulation 4.10(d)(2);
or (iii) a principal-protected pool as defined in CFTC Regulation 4.10(d)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="width: 78%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Units of beneficial interest issued (from inception until January 31, 2016)</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 19%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">11,475,000</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Aggregate gross sale price for units issued</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">398,869,780</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">NAV per share as of January 31, 2016</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">21.79</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Pool NAV as of January 31, 2016</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">61,008,831</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Worst monthly percentage draw-down*</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(19.91)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">September 2011</P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Worst peak-to-valley draw-down**</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> (58.32) </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> August 2012 &#8211;<BR>
        December 2015 </P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">%&nbsp;</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">*&nbsp;A draw-down is a loss experienced by
the fund over a specified period.&nbsp; Draw-downs are measured on the basis of monthly returns only and do not reflect intra-month
figures.&nbsp; The worst monthly percentage draw-down reflects the largest single month loss sustained since inception of investment
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">** The worst peak-to-valley draw-down is the
largest percentage decline in the NAV per unit over the history of the fund.&nbsp; This need not be a continuous decline, but can
be a series of positive and negative returns. Worst peak-to-valley draw-down represents the greatest percentage decline from any
month-end NAV per unit that occurs without such month-end NAV per unit being equaled or exceeded as of a subsequent month-end.&nbsp;
For example, if the NAV per unit declined by $1 in each of January and February, increased by $1 in March and declined again by
$2 in April, a &#8220;peak-to-valley drawdown&#8221; analysis conducted as of the end of April would consider that &#8220;drawdown&#8221;
to be continuing and to be $3 in amount, whereas if the NAV per unit had increased by $2 in March, the drawdown would have ended
as of the end of February at the $2 level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Month</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011</B></FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012</B></FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 </B></FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">January</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">5.07</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(2.48)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">2.48</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">0.65%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(6.24)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">2.64%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">February</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">6.51</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">0.76</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(6.29)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">4.73%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">3.73%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">March</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">1.26</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(4.90)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(3.71)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">7.03%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(4.40)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">April</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">4.36</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(0.84)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">1.17</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">2.02%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(4.89)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">May</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(1.97)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(6.41)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">2.51</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(10.32)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(3.99)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">June</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(10.80)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">15.60</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(8.98)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(6.77)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">14.51%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">July</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">11.31</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">21.06</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(6.30)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(12.00)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(10.66)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">August</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">11.39</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">0.14</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">0.50</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(1.00)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(0.95)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">September</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(19.91)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(4.99)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(8.21)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(11.25)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">2.79%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">October</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">7.90</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(0.43)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(3.53)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">15.44%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(1.87)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">November</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(8.46)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(0.83)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(3.85)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(0.49)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(4.68)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">December</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">5.81</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(7.22)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(1.25)</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">1.64%</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(3.59)%</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 13.5pt; padding-left: 3pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">Annual Rate of Return</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">7.32</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">5.77</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">(30.90)</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(13.12)%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">(20.25)%</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">2.64%**</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 11px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 56px">&nbsp;</TD>
    <TD STYLE="width: 15px">&nbsp;</TD>
    <TD STYLE="width: 10px">&nbsp;</TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 17px">&nbsp;</TD>
    <TD STYLE="width: 10px">&nbsp;</TD>
    <TD STYLE="width: 1px">&nbsp;</TD>
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 5px">&nbsp;</TD>
    <TD STYLE="width: 11px">&nbsp;</TD>
    <TD STYLE="width: 73px">&nbsp;</TD>
    <TD STYLE="width: 11px">&nbsp;</TD>
    <TD STYLE="width: 73px">&nbsp;</TD>
    <TD STYLE="width: 11px">&nbsp;</TD>
    <TD STYLE="width: 73px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt">*The monthly rate of return is calculated by dividing the
ending NAV for a given month by the ending NAV for the previous month, subtracting 1 and multiplying this number by 100 to arrive
at a percentage increase or decrease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">**Not annualized.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014179"></A>The Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The sole Trustee of the Trust is Wilmington
Trust Company, a Delaware banking corporation. The Trustee&#8217;s principal offices are located at 1100 North Market Street, Wilmington,
Delaware 19890-0001. The Trustee is unaffiliated with the Sponsor. The Trustee&#8217;s duties and liabilities with respect to the
offering of Shares and the management of the Trust and the Fund are limited to its express obligations under the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">The Trustee will accept service of legal process
on the Trust 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 Trust, the Sponsor or the Shareholders. The Trustee is permitted to resign upon at least sixty (60)
days&#8217; notice to the Sponsor. If no successor trustee has been appointed by the Sponsor within such sixty-day period, the
Trustee may, at the expense of the Trust, petition a court to appoint a successor. The Trust Agreement provides that the Trustee
is entitled to reasonable compensation for its services from the Sponsor or an affiliate of the Sponsor (including the Trust),
and is indemnified by the Sponsor against any expenses it incurs relating to or arising out of the formation, operation or termination
of the Trust, or any action or inaction of the Trustee under the Trust Agreement, except to the extent that such expenses result
from the gross negligence or willful misconduct of the Trustee. The Sponsor has the discretion to replace the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">The Trustee has not signed the registration statement
of which this prospectus is a part, and is not subject to issuer liability under the federal securities laws for the information
contained in this prospectus and under federal securities laws with respect to the issuance and sale of the Shares. Under such
laws, neither the Trustee, either in its capacity as Trustee or in its individual capacity, nor any director, officer or controlling
person of the Trustee is, or has any liability as, the issuer or a director, officer or controlling person of the issuer of the
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">Under the Trust Agreement, the Trustee has delegated
to the Sponsor the exclusive management and control of all aspects of the business of the Trust and the Fund. The Trustee has no
duty or liability to supervise or monitor the performance of the Sponsor, nor does the Trustee have any liability for the acts
or omissions of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">Because the Trustee has delegated substantially
all of its authority over the operation of the Trust to the Sponsor, the Trustee itself is not registered in any capacity with
the CFTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014180"></A><A NAME="a_Toc256000023"></A><A NAME="a_Toc322695032"></A><A NAME="a_Toc415514331"></A>Operation
of the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The investment objective of the Fund is to have
daily changes in percentage terms of the Shares&#8217; NAV reflect the daily changes in percentage terms of a weighted average
of the closing settlement prices of three Corn Futures Contracts: (1) the second-to-expire Corn Futures Contract traded on the
CBOT, weighted 35%, (2) the third-to-expire CBOT Corn Futures Contract, weighted 30%, and (3) the CBOT Corn Futures Contract expiring
in the December following the expiration month of the third-to-expire contracts, weighted 35%. The Sponsor does not intend that
the Fund will be operated in a fashion such that its NAV equals, in dollar terms, the spot price of a bushel or other unit of corn
or the price of any particular Corn Futures Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund seeks to achieve its investment objective
by investing under normal market conditions in Benchmark Component Futures Contracts or, in certain circumstances, in other Corn
Futures Contracts traded on the CBOT or on foreign exchanges. In addition, and to a limited extent, the Fund also may invest in
exchange-traded options on Corn Futures Contracts in furtherance of the Fund&#8217;s investment objective. Once position limits
in Corn Futures Contracts are applicable, the Fund&#8217;s intention is to invest first in Other Corn Interests. See &#8220;The
Offering &#8211; Futures Contracts&#8221; below. By utilizing certain or all of these investments, the Sponsor endeavors to cause
the Fund&#8217;s performance to closely track that of the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund invests in Corn Interests to the fullest
extent possible without being leveraged or unable to satisfy its current or potential margin or collateral obligations with respect
to its investments in Corn Interests. After fulfilling such margin and collateral requirements, the Fund invests the remainder
of its proceeds from the sale of baskets in short-term Treasury Securities or cash equivalents, and/or merely hold such assets
in cash (generally in interest-bearing accounts). Therefore, the focus of the Sponsor in managing the Fund is investing in Corn
Interests and in Treasury Securities, cash and/or cash equivalents. The Sponsor expects to manage the Fund&#8217;s investments
directly, although it has been authorized by the Trust to retain, establish the terms of retention for, and terminate third-party
commodity trading advisors to provide such management. The Sponsor has substantial discretion in managing the Fund&#8217;s investments
consistent with meeting its investment objective of tracking the Benchmark, including the discretion: (1) to choose whether to
invest in the Benchmark Component Futures Contracts or other Corn Futures Contracts or Other Corn Interests with similar investment
characteristics; (2) to choose when to &#8220;roll&#8221; the Fund&#8217;s positions in Corn Interests as described below, and
(3) to manage the Fund&#8217;s investments in Treasury Securities, cash and cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund seeks to achieve its investment objective
primarily by investing in Corn Interests such that the changes in its NAV are expected to closely track the changes in the Benchmark.
The Fund&#8217;s positions in Corn Interests are changed or &#8220;rolled&#8221; on a regular basis in order to track the changing
nature of the Benchmark. For example, five times a year (on the date on which a Corn Futures Contract expires), the second-to-expire
Corn Futures Contract will become the next-to-expire Corn Futures Contract and will no longer be a Benchmark Component Futures
Contract, and the Fund&#8217;s investments will have to be changed accordingly. In order that the Fund&#8217;s trading does not
cause unwanted market movements and to make it more difficult for third parties to profit by trading based on such expected market
movements, the Fund&#8217;s investments may not be rolled entirely on that day, but rather may be rolled over a period of days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"> In seeking to achieve the Fund&#8217;s investment
objective of tracking the Benchmark, the Sponsor may for certain reasons cause the Fund to enter into or hold Corn Futures Contracts
other than the Benchmark Component Futures Contracts and/or Other Corn Interests Therefore, the Fund might enter into multiple
over-the-counter Corn Interests intended to exactly replicate the performance of each of the three Benchmark Component Futures
Contracts, or a single over-the-counter Corn Interest designed to replicate the performance of the Benchmark as a whole. Assuming
that there is no default by a counterparty to an over-the-counter Corn Interest, the performance of </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> the Corn Interest will necessarily correlate exactly with the
performance of the Benchmark or the applicable Benchmark Component Futures Contract. The Fund might also enter into or hold Corn
Interests other than the Benchmark Component Futures Contracts to facilitate effective trading, consistent with the discussion
of the Fund&#8217;s &#8220;roll&#8221; strategy discussed in the preceding paragraph. In addition, the Fund might enter into or
hold Corn Interests that would be expected to&nbsp;alleviate overall deviation between the Fund&#8217;s performance and that of
the Benchmark that may result from certain market and trading inefficiencies or other reasons. By utilizing certain or all of
the investments described above, the Sponsor endeavors to cause the Fund&#8217;s performance to closely track that of the Benchmark. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor endeavors to place the Fund&#8217;s
trades in Corn Interests and otherwise manage the Fund&#8217;s investments so that the Fund&#8217;s average daily tracking error
against the Benchmark is less than 10 percent over any period of 30 trading days. More specifically, the Sponsor endeavors to manage
the Fund so that A will be within plus/minus 10 percent of B, where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">A is the average daily change in the Fund&#8217;s NAV for any period of 30 successive valuation
days; i.e., any trading day as of which the Fund calculates its NAV, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">B is the average daily change in the price of the Benchmark over the same period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor believes that market arbitrage opportunities
cause daily changes in the Fund&#8217;s Share price on the NYSE Arca to track daily changes in the Fund&#8217;s NAV per share.
The Sponsor believes that the net effect of this expected relationship and the expected relationship described above between the
Fund&#8217;s NAV and the Benchmark will be that daily changes in the price of the Fund&#8217;s Shares on the NYSE Arca will track
daily changes in the Benchmark. This relationship may be affected by various market factors, including but not limited to, the
number of shares of the Fund outstanding and the liquidity of the underlying holdings. While the Benchmark is composed of Futures
Contracts and is therefore a measure of the price of corn for future delivery, there is nonetheless expected to be a reasonable
degree of correlation between the Benchmark and the cash or spot price of corn. These relationships are illustrated in the following
diagram:<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B> Daily Changes in the price of the Fund&#8217;s
Shares on the NYSE Arca Are Expected to Correlate With Daily Changes in the Fund&#8217;s NAV Per Share </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> Market arbitrage opportunities should cause
daily changes in the price of the Fund&#8217;s Shares on the NYSE Arca to correlate with changes in the Fund&#8217;s NAV. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B> Daily Changes in the Fund&#8217;s NAV
Are Expected </B> <BR>
<B>to Correlate With Daily Changes in the Benchmark</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> The Sponsor endeavors to invest the Fund&#8217;s
assets as fully as possible in Corn Interests so that the changes in the NAV correlate with changes in the Benchmark. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B> Daily Changes in the Benchmark Are Expected
to Correlate to a Reasonable Degree With Daily Changes in the Spot Price of Corn </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> The Sponsor believes that changes in the
Benchmark will correlate to a reasonable degree with changes in the cash or spot price of corn. </P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6.2pt 0 4pt; text-indent: 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 0 9pt; text-indent: 0.5in">An investment in the Shares provides
a means for diversifying an investor&#8217;s portfolio or hedging exposure to changes in corn prices. An investment in the Shares
allows both retail and institutional investors to easily gain this exposure to the corn market in a transparent, cost-effective
manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor employs a &#8220;neutral&#8221;
investment strategy intended to track changes in the Benchmark regardless of whether the Benchmark goes up or goes down. The Fund&#8217;s
&#8220;neutral&#8221; investment strategy is designed to permit investors generally to purchase and sell the Fund&#8217;s Shares
for the purpose of investing indirectly in the corn market in a cost-effective manner. Such investors may include participants
in the corn industry and other industries seeking to hedge the risk of losses in their corn-related transactions, as well as investors
seeking exposure to the corn market. Accordingly, depending on the investment objective of an individual investor, the risks generally
associated with investing in the corn market and/or the risks involved in hedging may exist. In addition, an investment in the
Fund involves the risk that the changes in the price of the Fund&#8217;s Shares will not accurately track the changes in the Benchmark,
and that changes in the Benchmark will not closely correlate with changes in the price of corn on the spot market. Furthermore,
as noted above, the Fund also holds short-term Treasury Securities, cash and/or cash equivalents to meet its current or potential
margin or collateral requirements with respect to its investments in Corn Interests and to invest cash not required to be used
as margin or collateral. The Fund does not expect there to be any meaningful correlation between the performance of the Fund&#8217;s
investments in Treasury Securities/cash/cash equivalents and the changes in the price of corn or Corn Interests. While the level
of interest earned on, or the market price of, these investments may in some respects correlate to changes in the price of corn,
this correlation is not anticipated as part of the Fund&#8217;s efforts to meet its objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s total portfolio composition
is disclosed each business day that the NYSE Arca is open for trading on the Fund&#8217;s website at www.teucriumcornfund.com.
The website disclosure of portfolio holdings is made daily and includes, as applicable, the name and value of each commodity futures
contract held and those that are pending, value of cash and cash equivalent held in the Fund. The Fund&#8217;s website also includes
the NAV, the 4 p.m. Bid/Ask Midpoint as reported by the NYSE Arca, the last trade price as reported by the NYSE Arca, the shares
outstanding, the shares available for issuance, and the shares created or redeemed on that day. The prospectus, Monthly Statements
of Account, Quarterly Performance of the Midpoint versus the NAV (as required by the CFTC), and the Roll Dates, as well as Forms
10-Q, Forms 10-K, and other SEC filings for the Fund, are also posted on the website. The Fund&#8217;s website is publicly accessible
at no charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Shares issued by the Fund may only be purchased
by Authorized Purchasers and only in blocks of 25,000 Shares called Creation Baskets. The amount of the purchase payment for a
Creation Basket is equal to the aggregate NAV of Shares in the Creation Basket. Similarly, only Authorized Purchasers may redeem
Shares and only in blocks of 25,000 Shares called Redemption Baskets. The amount of the redemption proceeds for a Redemption Basket
is equal to the aggregate NAV of Shares in the Redemption Basket. The purchase price for Creation Baskets and the redemption price
for Redemption Baskets are the actual NAV calculated at the end of the business day when a request for a purchase or redemption
is received by the Fund. The NYSE Arca publishes an approximate NAV intra-day based on the prior day&#8217;s NAV and the current
price of the Benchmark Component Futures Contracts, but the price of Creation Baskets and Redemption Baskets is determined based
on the actual NAV calculated at the end of each trading day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While the Fund issues Shares only in Creation
Baskets, Shares may also be purchased and sold in much smaller increments on the NYSE Arca. These transactions, however, are effected
at the bid and ask prices established by the specialist firm(s). Like any listed security, Shares can be purchased and sold at
any time a secondary market is open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>The Fund&#8217;s Investment Strategy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In managing the Fund&#8217;s assets, the Sponsor
does not use a technical trading system that automatically issues buy and sell orders. Instead, each time one or more baskets are
purchased or redeemed, the Sponsor purchases or sells Corn Interests with an aggregate market value that approximates the amount
of cash received or paid upon the purchase or redemption of the basket(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As an example, assume that a Creation Basket
is sold by the Fund, and that the Fund&#8217;s closing NAV per share is $25.00. In that case, the Fund would receive $625,000 in
proceeds from the sale of the Creation Basket ($25.00 NAV per share multiplied by 25,000 Shares, and ignoring the Creation Basket
fee of $250). If one were to assume further that the Sponsor wants to invest the entire proceeds from the Creation Basket in the
Benchmark Component Futures Contracts and that the market value of each such Benchmark Component Futures Contracts is $20,050 (or
otherwise not a round number), the Fund would be unable to buy an exact number of Corn Futures Contracts with an aggregate market
value equal to $625,000. Instead, the Fund would be able to purchase 31 Benchmark Component Futures Contracts with an aggregate
market value of $621,550. Assuming a margin requirement equal to 10% of the value of the Corn Futures Contracts (although the actual
percentage is approximately 6%), the Fund would be required to deposit $62,155 in Treasury Securities and cash with the FCM through
which the Corn Futures Contracts were purchased. The remainder of the proceeds from the sale of the Creation Basket, $559,395,<B>
</B>would remain invested in cash, cash equivalents, and Treasury Securities as determined by the Sponsor from time to time based
on factors such as potential calls for margin or anticipated redemptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The specific Corn Interests purchased depend
on various factors, including a judgment by the Sponsor as to the appropriate diversification of the Fund&#8217;s investments.
While the Sponsor anticipates that a substantial majority of the Fund&#8217;s assets will be invested in CBOT Corn Futures Contracts
for various reasons, including the ability to enter into the precise amount of exposure to the corn market and position limits
on Corn Futures Contracts it may also invest in Other Corn Interests, including swaps in the over-the-counter market to a potentially
significant degree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor does not anticipate letting its
Corn Futures Contracts expire and taking delivery of corn. Instead, the Sponsor closes out existing positions, e.g., in response
to ongoing changes in the Benchmark or if it otherwise determines it would be appropriate to do so and reinvest the proceeds in
new Corn Interests. Positions may also be closed out to meet orders for Redemption Baskets, in which case the proceeds from closing
the positions will not be reinvested.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc322695033"></A>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014181"></A><A NAME="a_Toc256000025"></A>Futures
Contracts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Futures contracts are agreements between two
parties that are executed on a designated contract market (&#8220;DCM&#8221;), i.e., a commodity futures exchange, and that are
cleared and margined through a derivatives clearing organization (&#8220;DCO&#8221;), i.e., a clearing house. One party agrees
to buy a commodity such as corn from the other party at a later date at a price and quantity agreed upon when the contract is made.
In market terminology, a party who purchases a futures contract is long in the market and a party who sells a futures contract
is short in the market. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical
delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or
linked exchange before the designated date of delivery. The difference between the price at which the futures contract is purchased
or sold and the price paid for the offsetting sale or purchase, after allowance for brokerage commissions, constitutes the profit
or loss to the trader.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the price of the commodity increases after
the original futures contract is entered into, the buyer of the futures contract will generally be able to sell a futures contract
to close out its original long position at a price higher than that at which the original contract was purchased, generally resulting
in a profit to the buyer. Conversely, the seller of a futures contract will generally profit if the price of the underlying commodity
decreases, as it will generally be able to buy a futures contract to close out its original short position at a price lower than
that at which the original contract was sold. Because the Fund seeks to track the Benchmark directly and profit when the price
of corn increases and, as a likely result of an increase in the price of corn, the price of Corn Futures Contracts increase, the
Fund will generally be long in the market for corn, and will generally sell Corn Futures Contracts only to close out existing long
positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Futures contracts are typically traded on futures
exchanges (i.e., DCMs), such as the CBOT, which provide centralized market facilities in which multiple persons may trade contracts.
Members of a particular futures exchange and the trades executed on such exchange are subject to the rules of that exchange. Futures
exchanges and their related clearing organizations (i.e., DCOs) are given reasonable latitude in promulgating rules and regulations
to control and regulate their members.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Trades on a futures exchange are generally cleared
by the DCO, which provides services designed to mutualize or transfer the credit risk arising from the trading of contracts on
an exchange. The clearing organization effectively becomes the other party to the trade, and each clearing member party to the
trade looks only to the clearing organization for performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Corn Futures Contracts are traded on the CBOT
(which is part of the CME Group) in units of 5,000 bushels. Generally, futures contracts traded on the CBOT are priced by floor
brokers and other exchange members both through an &#8220;open outcry&#8221; of offers to purchase or sell the contracts and through
an electronic, screen-based system that electronically determines the price by matching offers to purchase and sell. Futures contracts
may also be based on commodity indices, in that they call for a cash payment based on the change in the value of the specified
index during a specified period. No futures contracts based on an index of corn prices are currently available, although the Fund
could enter into such contracts should they become available in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain typical and significant characteristics
of Corn Futures Contracts are discussed below. Additional risks of investing in Corn Futures Contracts are included in &#8220;What
are the Risk Factors Involved with an Investment in the Fund?&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Impact of Position Limits, Accountability
Levels, and Price Fluctuation Limits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All of these limits may potentially cause a
tracking error between the price of the Shares and the Benchmark. This may in turn prevent you from being able to effectively use
the Fund as a way to hedge against corn-related losses or as a way to indirectly invest in corn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund does not intend to limit the size of
the offering and will attempt to expose substantially all of its proceeds to the corn market utilizing Corn Interests. If the Fund
encounters position limits, accountability levels, or price fluctuation limits for Corn Futures Contracts on the CBOT, it may then,
if permitted under applicable regulatory requirements, purchase Other Corn Interests and/or Corn Futures Contracts listed on foreign
exchanges. However, the Corn Futures Contracts available on such foreign exchanges may have different underlying sizes, deliveries,
and prices. In addition, the Corn Futures Contracts available on these exchanges may be subject to their own position limits and
accountability levels. In any case, notwithstanding the potential availability of these instruments in certain circumstances, position
limits could force the Fund to limit the number of Creation Baskets that it sells.<A NAME="a_DV_M603"></A><A NAME="a_DV_M604"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><B><I>Price Volatility</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Despite daily price limits, the price
volatility of futures contracts generally has been historically greater than that for traditional securities such as stocks and
bonds. Price volatility often is greater day-to-day as opposed to intra-day. Economic factors that may cause volatility in Corn
Futures Contracts include: changes in interest rates; governmental, agricultural, trade, fiscal, monetary and exchange control
programs and policies; weather and climate conditions; changing supply and demand relationships; changes in balances of payments
and trade; U.S. and international rates of inflation; currency devaluations and revaluations; U.S. and international political
and economic events; and changes in philosophies and emotions of market participants. Because the Fund invests a significant portion
of its assets in futures contracts, the assets of the Fund, and therefore the price of the Fund&#8217;s Shares, may be subject
to greater volatility than traditional securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Term Structure of Futures Contracts
and the Impact on Total Return</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Several factors determine the total return
from investing in futures contracts. Because the Fund must periodically &#8220;roll&#8221; futures contract positions, closing
out soon-to-expire contracts that are no longer part of the Benchmark and entering into subsequent-to-expire contracts, one such
factor is the price relationship between soon-to-expire contracts and later-to-expire contracts. For example, if market conditions
are such that the prices of soon-to-expire contracts are higher than later-to-expire contracts (a situation referred to as &#8220;backwardation&#8221;
in the futures market), then absent a change in the market, the price of contracts will rise as they approach expiration. Conversely,
if the price of soon-to-expire contracts is lower than later-to-expire contracts (a situation referred to as &#8220;contango&#8221;
in</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">the futures market), then absent a change in the market,
the price of contracts will decline as they approach expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Over time, the price of corn fluctuates based
on a number of market factors, including demand for corn relative to its supply. The value of Corn Futures Contracts likewise fluctuates
in reaction to a number of market factors. If investors seek to maintain their holdings in Corn Futures Contracts with a roughly
constant expiration profile and not take delivery of the corn, they must on an ongoing basis sell their current positions as they
approach expiration and invest in later-to-expire contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the futures market is in a state of backwardation
(i.e., when the price of corn in the future is expected to be less than the current price), the Fund will buy later-to-expire contracts
for a lower price than the sooner-to-expire contracts that it sells. Hypothetically, and assuming no changes to either prevailing
corn prices or the price relationship between the spot price, soon-to-expire contracts and later-to-expire contracts, the value
of a contract will rise as it approaches expiration, increasing the Fund&#8217;s total return (ignoring the impact of commission
costs and the interest earned on Treasury Securities, cash and/or cash equivalents).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the futures market is in contango, the Fund
will buy later-to-expire contracts for a higher price than the sooner-to-expire contracts that it sells. Hypothetically, and assuming
no other changes to either prevailing corn prices or the price relationship between the spot price, soon-to-expire contracts and
later-to-expire contracts, the value of a contract will fall as it approaches expiration, decreasing the Fund&#8217;s total return
(ignoring the impact of commission costs and the interest earned on Treasury Securities, cash and/or cash equivalents).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Historically, the corn futures markets have
experienced periods of both contango and backwardation. Frequently, whether contango or backwardation exists is a function, among
other factors, of the seasonality of the corn market and the corn harvest cycle, as discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Margin Requirements and Marking-to-Market
Futures Positions </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#8220;Initial margin&#8221; is an amount of
funds that must be deposited by a commodity interest trader with the trader&#8217;s broker to initiate an open position in futures
contracts. A margin deposit is like a cash performance bond. It helps assure the trader&#8217;s performance of the futures contracts
that he or she purchases or sells. Futures contracts are customarily bought and sold on initial margin that represents a small
percentage (ranging upward from less than 2%) of the aggregate purchase or sales price of the contract. The amount of margin required
in connection with a particular futures contract is set by the exchange on which the contract is traded. Brokerage firms, such
as the Fund&#8217;s clearing broker, carrying accounts for traders in commodity interest contracts may require higher amounts of
margin as a matter of policy to further protect themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Futures contracts are marked to market at the
end of each trading day and the margin required with respect to such contracts is adjusted accordingly. This process of marking-to-market
is designed to prevent losses from accumulating in any futures account. Therefore, if the Fund&#8217;s futures positions have declined
in value, the Fund may be required to post &#8220;variation margin&#8221; to cover this decline. Alternatively, if the Fund&#8217;s
futures positions have increased in value, this increase will be credited to the Fund&#8217;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><A NAME="a_Toc445014182"></A><A NAME="a_Toc256000027"></A><A NAME="a_Toc322695035"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal">Over-the-Counter
Derivative</FONT></B><B>s</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to futures contracts, options on
futures contracts, derivative contracts that are tied to various commodities, including corn, are entered into outside of public
exchanges. These &#8220;over-the-counter&#8221; contracts are entered into between two parties in private contracts, or on a recently
formed swap execution facility (&#8220;SEF&#8221;) for standardized swaps. Unlike Corn Futures Contracts, which are guaranteed
by a clearing organization, each party to an over-the-counter derivative contract bears the credit risk of the other party (unless
such over-the-counter swap is cleared through a DCO), i.e., the risk that the other party will not be able to perform its obligations
under its contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Some over-the-counter derivatives contracts
contain relatively standardized terms and conditions and are available from a wide range of participants. Others have highly customized
terms and conditions and are not as</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">widely available. While the Fund may enter into these more customized
contracts, the Fund will only enter into over-the-counter contracts containing certain terms and conditions, as discussed further
below, that are designed to minimize the credit risk to which the Fund will be subject and only if the terms and conditions of
the contract are consistent with achieving the Fund&#8217;s investment objective of tracking the Benchmark. The over-the-counter
contracts that the Fund may enter into will take the form of either forward contracts, swaps or options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A forward contract is a contractual obligation
to purchase or sell a specified quantity of a commodity at or before a specified date in the future at a specified price and, therefore,
is economically similar to a futures contract except that, unlike a futures contract it cannot be financially settled (i.e., one
must intend to make or take delivery of a commodity under a forward contract). Unlike futures contracts, however, forward contracts
are typically privately negotiated or are traded in the over-the-counter markets. Forward contracts for a given commodity are generally
available for various amounts and maturities and are subject to individual negotiation between the parties involved. Moreover,
generally there is no direct means of offsetting or closing out a forward contract by taking an offsetting position as one would
a futures contract on a U.S. exchange. If a trader desires to close out a forward contract position, he generally will establish
an opposite position in the contract but will settle and recognize the profit or loss on both positions simultaneously on the delivery
date. Thus, unlike in the futures contract market where a trader who has offset positions will recognize profit or loss immediately,
in the forward market a trader with a position that has been offset at a profit will generally not receive such profit until the
delivery date, and likewise a trader with a position that has been offset at a loss will generally not have to pay money until
the delivery date. However, in some very limited instances such contracts may provide a right of look out that will allow for the
receipt of profit and payment for losses prior to the delivery date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An over-the-counter swap agreement is a bilateral
contract to exchange a periodic stream of payments determined by reference to a notional amount, with payment typically made between
the parties on a net basis. For instance, in the case of a corn swap, the Fund may be obligated to pay a fixed price per bushel
of corn multiplied by a notional number of bushels and be entitled to receive an amount per bushel equal to the current value of
an index of corn prices, the price of a specified Corn Futures Contract, or the average price of a group of Corn Futures Contracts
such as the Benchmark (times the same notional number of bushels. Each party to the swap is subject to the credit risk of the other
party. The Fund only enters into over-the-counter swaps on a net basis, where the two payment streams are netted out on a daily
basis, with the parties receiving or paying, as the case may be, only the net amount of the two payments. Swaps do not generally
involve the delivery of underlying assets or principal and are therefore financially settled. Accordingly, the Fund&#8217;s risk
of loss with respect to an over-the-counter swap generally is limited to the net amount of payments that the counterparty is contractually
obligated to make less any collateral deposits the Fund is holding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To reduce the credit risk that arises in connection
with over-the-counter contracts, the Fund generally enters into an agreement with each counterparty based on the Master Agreement
published by the International Swaps and Derivatives Association, Inc. that provides for the netting of the Fund&#8217;s overall
exposure to its counterparty and for daily payments based on the marked to market value of the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The creditworthiness of each potential counterparty
will be assessed by the Sponsor. The Sponsor assesses or reviews, as appropriate, the creditworthiness of each potential or existing
counterparty to an over-the-counter contract pursuant to guidelines approved by the Sponsor. The creditworthiness of existing counterparties
will be reviewed periodically by the Sponsor. The Sponsor&#8217;s President and Chief Investment Officer has over 25 years of experience
in over-the-counter derivatives trading, including the counterparty creditworthiness analysis inherent therein, and the Sponsor&#8217;s
Chief Executive Officer, through his prior experience as a Chief Financial Officer and Treasurer, has extensive experience evaluating
the creditworthiness of business partners and counterparties to commercial and derivative contracts. Notwithstanding this experience,
there is no guarantee that the Sponsor&#8217;s creditworthiness analysis will be successful and that counterparties selected for
Fund transactions will not default on their contractual obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund also may require that a counterparty
be highly rated and/or provide collateral or other credit support. The Sponsor on behalf of the Fund may enter into over-the-counter
contracts with various types of counterparties, including: (a) entities registered as swap dealers (&#8220;SD&#8221;) or major
swap participants (&#8220;MSP&#8221;), or (b) any other entities that qualify as eligible contract participants (&#8220;ECP&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">After the enactment of the Dodd-Frank Act, swaps
(and options that are regulated as swaps) are subject to the CFTC&#8217;s exclusive jurisdiction and are regulated as rigorously
as futures. Generally, however, if a swap is entered into with an SD or MSP, such counterparty will conduct all necessary compliance
with respect to swaps and options under the Dodd-Frank Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014183"></A><A NAME="a_Toc256000028"></A><A NAME="a_Toc322695036"></A>Benchmark
Performance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">See the graph below under &#8220;Benchmark Performance&#8221;
in the Statement of Additional Information at the end of this prospectus. <B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014184"></A><A NAME="a_Toc256000029"></A><A NAME="a_Toc322695037"></A>The
Corn Market</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><A NAME="a_Toc256000030"></A><A NAME="a_Toc322695038"></A>Corn
is the most widely produced livestock feed grain in the United States, and the majority of the United States&#8217; corn crop is
used in livestock feed, with the amount used in ethanol production second.&nbsp;&nbsp;Corn is also processed into food and industrial
products, including starch, sweeteners, corn oil, beverages and industrial alcohol.&nbsp;&nbsp; The United States Department of
Agriculture (&#8220;USDA&#8221;) publishes weekly, monthly, quarterly and annual updates for U.S. domestic and worldwide corn production
and consumption.&nbsp;&nbsp;These reports are available on the USDA&#8217;s website, www.usda.gov, at no charge.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The United States is the world&#8217;s
leading producer and exporter of corn.&nbsp;&nbsp;For the Crop Year 2015-16, the United States Department of Agriculture (&#8220;USDA&#8221;)
estimates that the U.S. will produce approximately 35% of all the corn globally, of which about 12% will be exported.&nbsp;&nbsp;For
2015-2016, global consumption of 966.2 Million Metric Tons (MMT) is expected to be roughly equal to global production of 967.93
MMT. If the global supply of corn exceeds global demand, this may have an adverse impact on the price of corn. Besides the United
States, other principal world corn exporters include Argentina, Brazil and the former Soviet Union nations known as the FSU-12
which includes the Ukraine.&nbsp; Major importer nations include Mexico, Japan, the European Union (EU), South Korea, Egypt and
parts of Southeast Asia. China&#8217;s production at 224.6 MMT is just slightly larger than its domestic usage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Standard Corn Futures Contracts trade
on the CBOT in units of 5,000 bushels, although 1,000 bushel &#8220;mini-corn&#8221; Corn Futures Contracts also trade.&nbsp;&nbsp;Three
grades of corn are deliverable under CBOT Corn Futures Contracts:&nbsp;&nbsp;Number 1 yellow, which may be delivered at 1.5 cents
over the contract price; Number 2 yellow, which may be delivered at the contract price; and Number 3 yellow, which may be delivered
at 1.5 cents under the contract price.&nbsp;&nbsp;There are five months each year in which CBOT Corn Futures Contracts expire:&nbsp;&nbsp;March,
May, July, September and December.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">If the futures market is in a state of
backwardation (i.e., when the price of corn in the future is expected to be less than the current price), the Fund will buy later-to-expire
contracts for a lower price than the sooner-to-expire contracts that it sells. Hypothetically, and assuming no changes to either
prevailing corn prices or the price relationship between immediate delivery, soon-to-expire contracts and later-to-expire contracts,
the value of a contract will rise as it approaches expiration. Over time, if backwardation remained constant, the differences would
continue to increase. If the futures market is in contango, the Fund will buy later-to-expire contracts for a higher price than
the sooner-to-expire contracts that it sells. Hypothetically, and assuming no other changes to either prevailing corn prices or
the price relationship between the spot price, soon-to-expire contracts and later-to-expire contracts, the value of a contract
will fall as it approaches expiration. Over time, if contango remained constant, the difference would continue to increase. Historically,
the corn futures markets have experienced periods of both contango and backwardation. Frequently, whether contango or backwardation
exists is a function, among other factors, of the seasonality of the corn market and the corn harvest cycle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On January 12, 2016 the USDA released
its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2015-16. The USDA has projected the 2015-16
yield to be 168.4 bushels per acre for the U.S, a significant increase over prior years, but slightly down from the 171.0 in 2014-15,
with 88.0 million acres planted and 80.7 million harvested. The total domestic supply of corn for 2015-16 is projected to be 15,372
million bushels; usage for the crop year is projected to decrease slightly from last year to 13,570 million bushels. The USDA projects
that the resulting &#8220;Ending Stocks&#8221; or inventory for 2015-16 will be slightly higher than 2014-15 at 1,802 million bushels.&nbsp;&nbsp;The
USDA&#8217;s projected 2015-16 &#8220;Carry-out Days Supply,&#8221; which is defined as the Ending Stocks</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">divided by the demand per day, is projected at 48.5 days,
up significantly from the 33.4 days for 2013-2014 but about equal to the 46.0 estimated for 2014-15.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0"><A NAME="a_Toc445014185"></A>The Fund&#8217;s Investments
in Treasury Securities, Cash and Cash Equivalents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund seeks to have the aggregate &#8220;notional&#8221;
amount of the Corn Interests it holds approximate at all times the Fund&#8217;s aggregate NAV. At any given time, however, most
of the Fund&#8217;s investments are in short-term Treasury Securities, cash and/or cash equivalents that support the Fund&#8217;s
positions in Corn Interests. For example, the purchase of a Corn Futures Contract with a stated or notional amount of $10 million
would not require the Fund to pay $10 million upon entering into the contract; rather, only a margin deposit, approximately 6%
of the notional amount, would be required. To secure its Corn Futures Contract obligations, the Fund would deposit the required
margin with the FCM and would separately hold its remaining assets through its Custodian in Treasury Securities, cash and/or cash
equivalents or demand deposits in a highly-rated financial institution. Such remaining assets may be used to meet future margin
payments that the Fund is required to make on its Corn Futures Contracts. Other Corn Interests typically also involve collateral
requirements that represent a small fraction of their notional amounts, so most of the Fund&#8217;s assets dedicated to these Corn
Interests are also held in Treasury Securities, cash and cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Fund earns interest income from the
Treasury Securities and/or cash equivalents that it purchases and on the cash it holds through the Custodian or other financial
institutions. The earned interest income increases the Fund&#8217;s NAV. The Fund applies the earned interest income to the acquisition
of additional investments or uses it to pay its expenses. When the Fund reinvests the earned interest income, it makes investments
that are consistent with its investment objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Any Treasury Security and cash equivalent
invested by the Fund will have a remaining maturity of less than two years at the time of investment or will be subject to a demand
feature that enables that Fund to sell the security within two years at approximately the security&#8217;s face value (plus accrued
interest). Any cash equivalents invested by the Fund will be rated in the highest short-term rating category by a nationally recognized
statistical rating organization or will be deemed by the Sponsor to be of comparable quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014186"></A><A NAME="a_Toc256000031"></A><A NAME="a_Toc322695039"></A>Other
Trading Policies of the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I><A NAME="a_Toc240347784"></A>Exchange
for Related Position</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">An &#8220;exchange for related position&#8221;
(&#8220;EFRP&#8221;) can be used by the Fund as a technique to facilitate the exchanging of a futures hedge position against a
creation or redemption order, and thus the Fund may use an EFRP transaction in connection with the creation and redemption of shares.
The market specialist/market maker that is the ultimate purchaser or seller of shares in connection with the creation or redemption
basket, respectively, agrees to sell or purchase a corresponding offsetting shares or futures position which is then settled on
the same business day as a cleared futures transaction by the FCMs.&nbsp;&nbsp;The Fund will become subject to the credit risk
of the market specialist/market maker until the EFRP is settled or terminated. The Fund reports all activity related to EFRP transactions
under the procedures and guidelines of the CFTC and the exchanges on which the futures are traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">EFRPs are subject to specific rules of
the CME and CFTC guidance. It is likely that EFRP mechanisms will significantly change in the future which may make it uneconomical
or impossible from a regulatory perspective for the Fund to utilize these mechanisms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><B><I>Options on Futures Contracts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><A NAME="a_Toc240347785"></A>An option on
a futures contract gives the buyer of the option the right, but not the obligation, to buy or sell a futures contract at a specified
price on or before a specified date. The option buyer deposits the purchase price or &#8220;premium&#8221; for the option with
his broker, and the money goes to the option seller. Regardless of how much the market swings, the most an option buyer can lose
is the option premium. However, the buyer will typically lose the premium if the exercise price of the option is above (in the
case of an option to buy or &#8220;call&#8221; option) or below (in the case of an option to sell or &#8220;put&#8221; option)
the market value at the time of exercise. Option sellers, on the other hand, face risks similar to participants in the futures
markets. For example, since the seller of a call option is assigned a short futures position if the option is exercised, his risk
is the same as someone who initially sold a futures contract.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Because no one can predict exactly how the market will move,
the option seller posts margin to demonstrate his ability to meet any potential contractual obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">In addition to Corn Futures Contracts, there
are also a number of options on Corn Futures Contracts listed on the CBOT. These contracts offer investors and hedgers another
set of financial vehicles to use in managing exposure to the commodities market. The Fund may purchase and sell (write) options
on Corn Futures Contracts in pursuing its investment objective, except that it will not sell call options when it does not own
the underlying Corn Futures Contract. The Fund would make use of options on Corn Futures Contracts if, in the opinion of the Sponsor,
such an approach would cause the Fund to more closely track its Benchmark or if it would lead to an overall lower cost of trading
to achieve a given level of economic exposure to movements in corn prices.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Liquidity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Fund invests only in Corn Futures
Contracts that, in the opinion of the Sponsor, are traded in sufficient volume to permit the ready taking and liquidation of positions
in these financial interests and in over-the-counter Commodity Interests that, in the opinion of the Sponsor, may be readily liquidated
with the original counterparty or through a third party assuming the Fund&#8217;s position.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Spot Commodities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While most futures contracts can be physically
settled, the Fund does not intend to take or make physical delivery. However, the Fund may from time to time trade in Other Corn
Interests based on the spot price of corn.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Leverage</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">The
Sponsor endeavors to have the value of the Fund&#8217;s Treasury Securities, cash and cash equivalents, whether held by the Fund
or posted as margin or collateral, at all times approximate the aggregate market value of its obligations under the Fund&#8217;s
Corn Interests. Commodity pools&#8217; trading positions in futures contracts are typically required to be secured by the deposit
of margin funds that represent only a small percentage of a futures contract&#8217;s (or other commodity interest&#8217;s) entire
market value. While the Sponsor does not intend to leverage the Fund&#8217;s assets, it is not prohibited from doing so under the
Trust Agreement.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Borrowings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund does not intend to nor foresee the
need to borrow money or establish credit lines. The Fund maintains Treasury Securities, cash and cash equivalents, either held
by the Fund or posted as margin or collateral, with a value that at all times approximates the aggregate market value of its obligations
under Corn Interests.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Pyramiding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Fund does not and will not employ
the technique, commonly known as pyramiding, in which the speculator uses unrealized profits on existing positions as variation
margin for the purchase or sale of additional positions in the same or another commodity interest.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><A NAME="a_Toc445014187"></A><A NAME="a_Toc256000032"></A><A NAME="a_Toc322695040"></A>The
Fund&#8217;s Service Providers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Contractual Arrangements with the Sponsor
and Third-Party Service Providers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Sponsor is responsible for investing
the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or
more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Fund.
For these services, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily
net assets, at a rate equal to 1.00% per annum. The Sponsor can elect to waive the payment of this fee in any amount at its sole
discretion, at any time and from time to time, in order to reduce the Fund&#8217;s expenses or for any other purpose.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In its capacity
as the Fund&#8217;s custodian, the Custodian, currently U.S. Bank, N.A., holds the Fund&#8217;s Treasury Securities, cash and/or
cash equivalents pursuant to a custodial agreement. U.S. Bancorp Fund Services, LLC (&#8220;USBFS&#8221;), an entity affiliated
with U.S. Bank, N.A., is the registrar and transfer agent for the Fund&#8217;s Shares. In addition, USBFS also serves as Administrator
for the Fund, performing certain administrative and accounting services and preparing certain SEC and CFTC reports on behalf of
the Fund. For these services, the Fund pays fees to the Custodian and USBFS set forth in the table </FONT><A NAME="a_DV_C796"></A><FONT STYLE="font-size: 10pt">entitled</FONT>
<FONT STYLE="font-size: 10pt">&#8220;Contractual Fees and Compensation Arrangements with the Sponsor and Third-Party Service Providers.&#8221;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Bank of New York Mellon Capital Markets
is the broker for some, but not all, of the equity transactions related to the purchase and sale of the Underlying Funds for TAGS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_DV_M649"></A>The principal business
address for U.S. Bank, N.A. is 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212. The Custodian is a Wisconsin
state chartered bank subject to regulation by the Board of Governors of the Federal Reserve System and the Wisconsin State Banking
Department. The principal address for USBFS is 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><A NAME="a_DV_M650"></A><A NAME="a_DV_M651"></A><A NAME="a_DV_M652"></A><A NAME="a_DV_M653"></A><A NAME="a_DV_M654"></A><A NAME="a_DV_M655"></A><A NAME="a_DV_M656"></A><A NAME="a_DV_M657"></A><A NAME="a_DV_M658"></A>The
Fund employs Foreside Fund Services, LLC as the Distributor for the Fund. The Distributor receives, for its services as distributor
for the Fund, a fee which is set forth in the table entitled &#8220;Contractual Fees and Compensation Arrangements with the Sponsor
and Third-Party Service Providers.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">The Distribution
Services Agreement among the Distributor, the Sponsor and the Trust calls for the Distributor to work with the Custodian in connection
with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales
literature and advertising materials. The Distributor and the Sponsor have also entered into a Securities Activities and Service
Agreement (the &#8220;SASA&#8221;) under which certain employees and officers of the Sponsor are licensed as registered representatives
or registered principals of the Distributor, under FINRA rules (&#8220;Registered Representatives&#8221;).&nbsp;&nbsp;As Registered
Representatives of the Distributor, these persons are permitted to engage in certain marketing activities for the Fund that they
would otherwise not be permitted to engage in.&nbsp;&nbsp;Under the SASA, the Sponsor is obligated to ensure that such marketing
activities comply with applicable law and are permitted by the SASA and the Distributor&#8217;s internal procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 0.5in">The Distributor&#8217;s
principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.&nbsp;&nbsp;The Distributor is a broker-dealer
registered with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) and a member of the Financial Industry Regulatory
Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_DV_M659"></A><A NAME="a_DV_M660"></A><A NAME="a_DV_M661"></A><A NAME="a_DV_M662"></A><A NAME="a_DV_M663"></A><A NAME="a_DV_M664"></A><A NAME="a_DV_M665"></A><A NAME="a_DV_M666"></A><A NAME="a_DV_M667"></A><A NAME="a_DV_M668"></A>Currently,
ED&amp;F Man Capital Markets Inc. (&#8220;ED&amp;F Man&#8221;) serves as the Fund&#8217;s clearing broker to execute and clear
the Fund&#8217;s futures and provide other brokerage-related services. ED&amp;F Man is registered as a futures commission merchant
(&#8220;FCM&#8221;) with the U.S. Commodity Futures Trading Commission (&#8220;CFTC&#8221;) and is a member of the National Futures
Association (&#8220;NFA&#8221;). ED&amp;F Man is also registered as a broker/dealer with the U.S. Securities and Exchange Commission
and is a member of the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;). ED&amp;F Man is a clearing member of ICE
Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United
States commodity exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There have been no material civil, administrative,
or criminal proceedings pending, on appeal, or concluded against ED&amp;F Man or its principals in the past five (5) years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">ED&amp;F Man, in its capacity as a registered
FCM, will serve as the Fund's clearing broker and, as such, will arrange for the execution and clearing of the Fund's futures and
options on futures transactions. ED&amp;F Man acts as clearing broker for many other funds and individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The investor should be advised that ED&amp;F
Man is not affiliated with and does not act as a supervisor of the Fund or the Fund's Sponsor, investment managers, members, officers,
administrators, transfer agents, registrars or organizers. Additionally, ED&amp;F Man is not acting as an underwriter or sponsor
of the offering of any shares or interests in the Fund and has not passed upon the adequacy of this prospectus, the merits of participating
in this offering or on the accuracy of the information contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Additionally, ED&amp;F Man does not provide
any commodity trading advice regarding the Fund's trading activities. Investors should not rely upon ED&amp;F Man in deciding whether
to invest in the Fund or retain their interests in the Fund. Investors should also note that the Fund may select additional clearing
brokers or replace ED&amp;F Man as the Fund's clearing broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Currently, the Sponsor does not employ commodity
trading advisors. If, in the future, the Sponsor does employ commodity trading advisors, it will choose each advisor based on arm&#8217;s-length
negotiations and will consider the advisor&#8217;s experience, fees, and reputation.</P>


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    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Contractual Fees and Compensation Arrangements
with the Sponsor and Third-Party Service Providers</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Service Provider</B></FONT></TD>
    <TD STYLE="width: 63%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Compensation Paid by the Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Teucrium Trading, LLC, Sponsor</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.00% of average net assets annually</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Bank N.A., Custodian</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Bancorp Fund Services, LLC, Transfer Agent, Fund Accountant
        and Fund Administrator</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For custody services: 0.0075% of average gross assets up to $1 billion,
        and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For Transfer Agency, Fund Accounting and Fund Administration services,
        based on the total assets for all the Funds in the Trust: 0.06% of average gross assets on the first $250 million, 0.05% on the
        next $250 million, 0.04% on the next $500 million and 0.03% on the balance over $1 billion annually</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A combined minimum annual fee of up to $64,500 for custody, transfer
        agency, accounting and administrative services is assessed per Fund.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Foreside Fund Services, LLC, Distributor</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Distributor receives a fee of 0.01% of the Fund&#8217;s average
        daily net assets and an aggregate annual fee of $100,000 for all Teucrium Funds, along with certain expense reimbursements. Expense
        reimbursements consist of issuer costs for sales and advertising review fees and will not exceed $6,000 for the two year period
        of May 1, 2016 to April 30, 2018 (the &#8220;two year offering period&#8221;). The fees which will be paid to the Distributor by
        the Fund for distribution services will not exceed $250,000 for the two year offering period.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Under the Securities Activities and Service Agreement (the
        &#8220;SASA&#8221;), the Distributor receives compensation from the fund for its activities on behalf of all the Teucrium Funds.
        The fees paid to the Distributor pursuant to the SASA for this offering will not exceed $40,000 for the two year offering period.
        In addition, the Distributor receives certain expense reimbursements relating to the registration, continuing education and other
        administrative expenses of the Registered Representatives in relation to the Teucrium Funds. The expense reimbursements for this
        offering will not exceed $25,000 for the two year offering period.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">In sum, the total fees the Distributor will receive over the
        two year offering period for all of its services will not exceed $290,000. The total expenses that will be reimbursed to the Distributor
        over the two year offering period for all of its services will not exceed $31,000, $6,000 of which are issuer costs for sales and
        advertising materials.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ED&amp;F Man Capital Market, Inc., Futures Commission Merchant and
        Clearing Broker</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"> $4.50 per Corn Futures Contract half-turn effective January 1, 2016 </FONT> </TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wilmington Trust Company, Trustee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Employees of the Sponsor Registered with the Distributor (the &#8220;Registered
        Representatives&#8221;)</P></TD>
    <TD STYLE="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">$3,300 annually for the Trust</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">For non-marketing services to the Fund, $650,000 and, for marketing
        and wholesaling purposes, $250,000. These amounts include expenses that will be reimbursed to the Registered Representatives for
        travel and other expenses related to their activities for the Fund. Of the total amount, approximately $150,000 will be paid by
        the Sponsor, the rest by the Fund. Registered Representatives will also receive continuing education valued at a maximum of $3,000
        for the two year offering period.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.5in"><B><I>Other Non-Contractual Payments by the Fund</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Fund pays for all brokerage fees,
taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the
SEC, the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;), formerly the National Association of Securities Dealers,
or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all
legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses for
services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance and trading activities,
which the Sponsor elected not to outsource. Certain aggregate expenses common to all Funds within the Trust are allocated by the
Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but
not limited to relative assets under management and creation and redeem order activity. These aggregate common expenses include,
but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities,
and insurance costs, as well as fees paid to the Distributor. A portion of these aggregate common expenses are related to the Sponsor
or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing
accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund and
are included, primarily, in distribution and marketing fees. For the period ended December 31, such expenses totaled $1,034,163
in 2015, $1,047,648 in 2014 and $839,590 in 2013; of these amounts, $20,000 in 2015, $20,312 in 2014 and $3,120 in 2013 were waived
by the Sponsor. The Sponsor can elect to pay (or waive reimbursement for) certain fees or expenses that would generally be paid
for by the Fund, although it has no contractual obligation to do so. Any election to pay or waive reimbursement for fees that would
generally be paid by the Fund, can be changed at the discretion of the Sponsor. All asset-based fees and expenses are calculated
on the prior day's net assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The contractual and non-contractual fees
and expenses paid by the Fund as described above (exclusive of the Sponsor&#8217;s management fee and estimated brokerage fees)
are as follows, net of any expenses waived by the Sponsor. These are also the &#8220;Other Fund Fees and Expenses&#8221; included
in the section entitled &#8220;Breakeven Analysis&#8221; in this prospectus on page 9.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> Professional Fees<SUP>1</SUP> </FONT> </TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> $0.22 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> Distribution and Marketing Fees<SUP>2</SUP> </FONT> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> &nbsp;&nbsp;0.14 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> Custodian Fees and Expenses<SUP>3</SUP> </FONT> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> &nbsp;&nbsp;0.06 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> General and Administrative Fees<SUP>4</SUP> </FONT> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> &nbsp;&nbsp;0.07 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> Business Permits and Licenses </FONT> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> &nbsp;&nbsp;0.01 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> Other Expenses </FONT> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><U> &nbsp;&nbsp;0.02 </U></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> Total Other Fund Fees and Expenses </FONT> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> $0.52 </FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(1) Professional fees consist of primarily, but not entirely, legal,
auditing and tax-preparation related costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(2) Distribution and marketing fees consist of primarily, but not
entirely, fees paid to the Distributor (Foreside Fund Services, LLC), costs related to regulatory compliance activities and other
costs related to the trading activities of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(3) Custodian and Administrator fees consist of fees to the Administrator
and the Custodian for accounting, transfer agent and custodian activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(4) General and Administrative fees consist of primarily, but not
entirely, insurance and printing costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Asset-based fees are calculated on a daily basis (accrued
at 1/365 of the applicable percentage of NAV on that day) and paid on a monthly basis. NAV is calculated by taking the current
market value of the Fund&#8217;s total assets and subtracting any liabilities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0"><A NAME="a_Toc445014188"></A><A NAME="a_Toc256000033"></A><A NAME="a_Toc322695042"></A><A NAME="a_Toc415514340"></A>Form
of Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I>Registered Form</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shares are issued in registered form in accordance
with the Trust Agreement. USBFS has been appointed registrar and transfer agent for the purpose of transferring Shares in certificated
form. USBFS keeps a record of all Shareholders and holders of the Shares in certificated form in the registry (&#8220;Register&#8221;).
The Sponsor recognizes transfers of Shares in certificated form only if done in accordance with the Trust Agreement. The beneficial
interests in such Shares are held in book-entry form through participants and/or accountholders in DTC.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I>Book Entry </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Individual certificates are not issued for
the Shares. Instead, Shares are represented by one or more global certificates, which are deposited by the Administrator with DTC
and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding
at any time. Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (&#8220;DTC
Participants&#8221;), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (&#8220;Indirect
Participants&#8221;), and (3) those who hold interests in the Shares through DTC Participants or Indirect Participants, in each
case who satisfy the requirements for transfers of Shares. DTC Participants acting on behalf of investors holding Shares through
such participants&#8217; accounts in DTC will follow the delivery practice applicable to securities eligible for DTC&#8217;s Same-Day
Funds Settlement System. Shares are credited to DTC Participants&#8217; securities accounts following confirmation of receipt of
payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>DTC</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">DTC has advised us as follows: It is a limited
purpose trust company organized under the laws of the State of New York and is a member of the Federal Reserve System, a &#8220;clearing
corporation&#8221; within the meaning of the New York Uniform Commercial Code and a &#8220;clearing agency&#8221; registered pursuant
to the provisions of Section 17A of the Exchange Act. DTC holds securities for DTC Participants and facilitates the clearance and
settlement of transactions between DTC Participants through electronic book-entry changes in accounts of DTC Participants.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014189"></A><A NAME="a_Toc256000034"></A><A NAME="a_Toc322695043"></A><A NAME="a_Toc415514341"></A>Transfer
of Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Transfers of interests in Shares with DTC are
made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer. DTC has established procedures
to facilitate transfers among the participants and/or accountholders of DTC. Because DTC can only act on behalf of DTC Participants,
who in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in a global certificate
to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect of such interest,
may be affected by the lack of a certificate or other definitive document representing such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">DTC has advised us that it will take any
action permitted to be taken by a Shareholder (including, without limitation, the presentation of a global certificate for exchange)
only at the direction of one or more DTC Participants in whose account with DTC interests in global certificates are credited and
only in respect of such portion of the aggregate principal amount of the global certificate as to which such DTC Participant or
Participants has or have given such direction.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014190"></A><A NAME="a_Toc256000035"></A><A NAME="a_Toc322695044"></A><A NAME="a_Toc210101444"></A>Inter-Series
Limitation on Liability</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Because the Trust was established as a Delaware
statutory trust, each Teucrium Fund and each other series that may be established under the Trust in the future will be operated
so that it will be liable only for obligations attributable to such series and will not be liable for obligations of any other
series or affected by losses of any other series. If any creditor or shareholder of any particular series (such as the Fund) asserts
against the series a valid claim with respect to its indebtedness or shares, the creditor or shareholder will only be able to obtain
recovery from the assets of that series and not from the assets of any other series or the Trust generally. The assets of the Fund
and any other series will include only those funds and other assets that are paid to, held by or distributed to the series on account
of and for the benefit of that series, including, without limitation, amounts delivered to the Trust for the purchase of shares
in a series. This limitation on liability is referred to as the Inter-Series Limitation on Liability. The Inter-Series Limitation
on Liability is expressly provided for under the Delaware Statutory Trust Act, which provides that if certain conditions (as set
forth in Section 3804(a)) are met, then the debts of any particular series will be enforceable only against the assets of such
series and not against the assets of any other series or the Trust generally. In furtherance of the Inter-Series Limitation on
Liability, every party providing services to the Trust, the Fund or the Sponsor on behalf of the Trust or the Fund, will acknowledge
and consent in writing to the Inter-Series Limitation on Liability with respect to such party&#8217;s claims.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The existence of a Trustee should not
be taken as an indication of any additional level of management or supervision over the Fund. Consistent with Delaware law, the
Trustee acts in an entirely passive role, delegating all authority for the management and operation of the Fund and the Trust to
the Sponsor. The Trustee does not provide custodial services with respect to the assets of the Fund.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014191"></A><A NAME="a_Toc256000036"></A><A NAME="a_Toc322695045"></A>Plan
of Distribution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I>Buying and Selling Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Most investors buy and sell Shares of the
Fund in secondary market transactions through brokers. Shares trade on the NYSE Arca under the ticker symbol &#8220;CORN.&#8221;
Shares are bought and sold throughout the trading day like other publicly traded securities. When buying or selling Shares through
a broker, most investors incur customary brokerage commissions and charges. Investors are encouraged to review the terms of their
brokerage account for details on applicable charges and, as discussed below under &#8220;U.S. Federal Income Tax Considerations,&#8221;
any provisions authorizing the broker to borrow Shares held on your behalf.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Distributor and Authorized
Purchasers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The offering of the Fund&#8217;s Shares
is a best efforts offering. The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their NAV through the
Distributor to Authorized Purchasers. Merrill Lynch Professional Clearing Corp. was the initial Authorized Purchaser. The initial
Authorized Purchaser purchased two Creation Baskets of 100,000 units each at a per unit price of $25.00 on June 8, 2010. All Authorized
Purchasers pay a $250 fee for each Creation Basket order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor and the Trust are parties to an
Amended and Restated Distribution Services Agreement dated as of November 17, 2010 (the &#8220;Distribution Agreement&#8221;),
which amended and restated in its entirety a Distribution Services Agreement between the Sponsor, the Trust, and Foreside Fund
Services, LLC (the &#8220;Distributor&#8221;) dated as of October 15, 2010. Pursuant to the Distribution Agreement the Distributor,
together with USBFS, is required to provide services in connection with the receipt and processing of orders for Creation Baskets
and Redemption baskets of units of the funds that are series of the Trust, including the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_DV_M872"></A>The Distribution Agreement,
as amended, remains in full force and effect between the parties. The Distribution Agreement was most recently amended on December
10, 2014 and was previously amended on May 25, 2011, October 1, 2011, and April 22, 2014. The first amendment to the Distribution
Agreement, dated May 25, 2011, provided for the application of the agreement to additional series of the Trust and revised the
fee schedule, including the specific fees and expenses allocable to the Fund and each of the funds that are series of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_DV_M873"></A>The second amendment
and third amendments revised the fee schedule between the parties, including the specific fees and expenses allocable to the Fund
and each Teucrium Fund. The fourth amendment eliminated the two series of the Trust which ceased operations on December 21, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The Distributor receives a fee at an annual
rate of 0.01% of each Teucrium Fund&#8217;s average daily net assets calculated and billed monthly, and an annual aggregate fee
of $100,000 for all Teucrium Funds for which the Distributor serves as such. The fee to be paid to the Distributor will not exceed
$250,000 for the two year offering period. The Distributor also receives certain expense reimbursements for its filing of sales
and advertising material on behalf of the Fund. These expense reimbursements are issuer costs and will not exceed $6,000 for the
two year offering period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The Sponsor and the Distributor are also
parties to a Securities Activities and Services Agreement, as amended from time to time (the &#8220;SASA&#8221;), pursuant to which
certain employees and officers of the Sponsor are licensed as Registered Representatives or registered principals of the Distributor
under FINRA rules. As Registered Representatives of the Distributor, these persons are permitted to engage in certain marketing
activities for the Fund that they would otherwise not be permitted to engage in. Under the SASA, the Distributor receives compensation
for its activities on behalf of the Teucrium Funds which will not exceed $40,000 for the two year offering period, as well as certain
expense reimbursements relating to the registration, continuing education and other administrative expenses of the Registered Representatives
in relation to the Teucrium Funds, which will not exceed $25,000 for the two year offering period. The Registered Representatives
will also be paid non-transaction based compensation for certain non-marketing related services provided to the Fund. This amount
will not exceed $650,000 over the two</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">year offering period. Registered Representatives will also be
paid for marketing and wholesaling services to the Fund. This amount will not exceed $250,000 over the two year offering period.
Of these amounts, the Sponsor will pay $150,000. The remainder will be paid by the Fund. Registered Representatives will also receive
continuing education valued at a maximum of 3,000 for the two year offering period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">In no event may the aggregate compensation
from any source payable to underwriters, broker-dealers, or affiliates thereof for distribution-related services in connection
with this offering exceed ten percent (10%) of the gross proceeds of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The offering of baskets is being made in
compliance with Conduct Rule 2310 of FINRA. Accordingly, Authorized Purchasers will not make any sales to any account over which
they have discretionary authority without the prior written approval of a purchaser of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The per share price of Shares offered in
Creation Baskets on any day is the total NAV of the Fund calculated shortly after the close of the NYSE Arca on that day divided
by the number of issued and outstanding Shares. An Authorized Purchaser is not required to sell any specific number or dollar amount
of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">By executing an Authorized Purchaser Agreement,
an Authorized Purchaser becomes part of the group of parties eligible to purchase baskets from, and put baskets for redemption
to, the Fund. An Authorized Purchaser is under no obligation to create or redeem baskets or to offer to the public Shares of any
baskets it does create. If an Authorized Purchaser sells Shares that it has created to the public, it will be expected to sell
them at per-Share offering prices that are expected to reflect, among other factors, the trading price of the Shares on the NYSE
Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer
of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the Corn Interest markets.
The prices of Shares offered by Authorized Purchasers are expected to fall between the Fund&#8217;s NAV and the trading price of
the Shares on the NYSE Arca at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The following entities have entered into
Authorized Purchaser Agreements with respect to the Fund: Citigroup Global Markets Inc.; Deutsche Bank Securities Inc.; J.P. Morgan
Securities LLC; Merrill Lynch Professional Clearing Corp.; Goldman Sachs &amp; Co.; Goldman Sachs Execution &amp; Clearing, L.P.;
Citadel Securities LLC; and Virtu Financial BD LLC. <B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Because new Shares can be created and issued
on an ongoing basis, at any point during the life of the Fund, a &#8220;distribution,&#8221; as such term is used in the 1933 Act,
will be occurring. Authorized Purchasers, other broker-dealers and other persons are cautioned that some of their activities may
result in their being deemed participants in a distribution in a manner that would render them statutory underwriters and subject
them to the prospectus-delivery and liability provisions of the 1933 Act. For example, an Authorized Purchaser, other broker-dealer
firm or its client will be deemed a statutory underwriter if it purchases a basket from the Fund, breaks the basket down into the
constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with
an active selling effort involving solicitation of secondary market demand for the Shares. In contrast, Authorized Purchasers may
engage in secondary market or other transactions in Shares that would not be deemed &#8220;underwriting.&#8221; For example, an
Authorized Purchaser may act in the capacity of a broker or dealer with respect to Shares that were previously distributed by other
Authorized Purchasers. A determination of whether a particular market participant is an underwriter must take into account all
the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples
mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter
and subject them to the prospectus-delivery and liability provisions of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Dealers who are neither Authorized Purchasers
nor &#8220;underwriters&#8221; but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with Shares that are part of an &#8220;unsold allotment&#8221; within the meaning of Section 4(3)(C)
of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(3) of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The Sponsor expects that any broker-dealers
selling Shares will be members of FINRA. Investors intending to create or redeem baskets through Authorized Purchasers in transactions
not involving a broker-dealer registered in such investor&#8217;s state of domicile or residence should consult their legal advisor
regarding applicable broker-dealer regulatory requirements under the state securities laws prior to such creation or redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While the Authorized Purchasers may be indemnified
by the Sponsor, they will not be entitled to receive a discount or commission from the Trust or the Sponsor for their purchases
of Creation Baskets.</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0"><A NAME="a_Toc445014192"></A><A NAME="a_Toc256000037"></A><A NAME="a_Toc322695046"></A>The
Flow of Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 6pt; text-align: left; margin-bottom: 6pt"><IMG SRC="image_021.gif" ALT="">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;<A NAME="a_Toc445014193"></A><A NAME="a_Toc256000038"></A><A NAME="a_Toc322695047"></A>Calculating
NAV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Fund&#8217;s NAV per Share is calculated
by:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> taking the current market value of its total assets, and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> subtracting any liabilities and dividing the balance by the number of Shares. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">USBFS, in its capacity as the &#8220;Administrator&#8221;,
calculates the NAV of the Fund once each trading day. It calculates NAV as of the earlier of the close of the New York Stock Exchange
or 4:00 p.m. New York time. The NAV for a particular trading day is released after 4:15&nbsp;p.m. New York time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">In determining the value of Corn Futures
Contracts, the Administrator uses the CBOT closing price, except that the &#8220;fair value&#8221; of Corn Futures Contracts (as
described in more detail below) may be used when Corn Futures Contracts close at their price fluctuation limit for the day. The
Administrator determines the value of all other Fund investments as of the earlier of the close of the New York Stock Exchange
or 4:00 p.m. New York time, in accordance with the current Services Agreement between the Administrator and the Trust. The value
of over-the-counter Corn Interests is determined based on the value of the commodity or Futures Contract underlying such Corn Interest,
except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating
to the counterparty to such Corn Interest. Treasury Securities held by the Fund are valued by the Administrator using values received
from recognized third-party vendors (such as Reuters) and dealer quotes. NAV includes any unrealized profit or loss on open Corn
Interests and any other credit or debit accruing to the Fund but unpaid or not received by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The fair value of a Corn Interest shall
be determined by the Sponsor in good faith and in a manner that assesses the Corn Interest&#8217;s value based on a consideration
of all available facts and all available information on the valuation date. When a Corn Futures Contract has closed at its price
fluctuation limit, the fair value determination attempts to estimate the price at which such Corn Futures Contract would be trading
in the absence of the price fluctuation limit (either above such limit when an upward limit has been reach or below such limit
when a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">downward limit has been reached). Typically, this estimate will
be made primarily by reference to the price of comparable Corn Interests trading in the over-the-counter market. The fair value
of a Corn Interest may not reflect such security&#8217;s market value or the amount that the Fund might reasonably expect to receive
for the Corn Interest upon its current sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, in order to provide updated information
relating to the Fund for use by investors and market professionals, NYSE Arca calculates and disseminates throughout the trading
day an updated &#8220;indicative fund value.&#8221; The indicative fund value is calculated by using the prior day&#8217;s closing
NAV per share of the Fund as a base and updating that value throughout the trading day to reflect changes in the value of the Fund&#8217;s
Corn Interests during the trading day. Changes in the value of Treasury Securities and cash equivalents are not included in the
calculation of indicative value. For this and other reasons, the indicative fund value disseminated during NYSE Arca trading hours
should not be viewed as an actual real time update of the NAV. NAV is calculated only once at the end of each trading day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The indicative fund value is disseminated
on a per Share basis every 15 seconds during regular NYSE Arca trading hours of 9:30 a.m. New York time to 4:00 p.m. New York time.
<B> </B>The normal trading hours for Corn Futures Contracts on the CBOT are generally shorter than those of the NYSE Arca. This
means that there is a gap in time at the beginning and the end of each day during which the Fund&#8217;s Shares are traded on the
NYSE Arca, but real-time CBOT trading prices for Corn Futures Contracts traded on such exchange are not available. As a result,
during those gaps there is no update to the indicative fund value. The trading hours for the CBOT can be found at <FONT STYLE="background-color: white"><U>http://www.cmegroup.com/trading_hours/commodities-hours.html.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The NYSE Arca disseminates the indicative
fund value through the facilities of CTA/CQ High Speed Lines. In addition, the indicative fund value is published on the NYSE Arca&#8217;s
website and is available through on-line information services such as Bloomberg and Reuters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Dissemination of the indicative fund value provides
additional information that is not otherwise available to the public and is useful to investors and market professionals in connection
with the trading of Fund Shares on the NYSE Arca. Investors and market professionals are able throughout the trading day to compare
the market price of the Fund and the indicative fund value. If the market price of Fund Shares diverges significantly from the
indicative fund value, market professionals may have an incentive to execute arbitrage trades. For example, if the Fund appears
to be trading at a discount compared to the indicative fund value, a market professional could buy Fund Shares on the NYSE Arca,
aggregate them into Redemption Baskets, and receive the NAV of such Shares by redeeming them to the Trust, provided that there
is not a minimum number of shares outstanding for the Fund. Such arbitrage trades can tighten the tracking between the market price
of the Fund and the indicative fund value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014194"></A><A NAME="a_Toc256000039"></A><A NAME="a_Toc322695048"></A>Creation
and Redemption of Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund creates and redeems Shares from time
to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only made in
exchange for delivery to the Fund or the distribution by the Fund of the amount of Treasury Securities, cash, and/or commodity
futures equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00
p.m. New York time on the day the order to create or redeem baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Authorized Purchasers are the only persons
that may place orders to create and redeem baskets. Authorized Purchasers must be (1) either registered broker-dealers or other
securities market participants, such as banks and other financial institutions, that are not required to register as broker-dealers
to engage in securities transactions as described below, and (2) DTC Participants. To become an Authorized Purchaser, a person
must enter into an Authorized Purchaser Agreement with the Sponsor. The Authorized Purchaser Agreement provides the procedures
for the creation and redemption of baskets and for the delivery of the Treasury Securities, cash, and/or commodity futures required
for such creations and redemptions. The Authorized Purchaser Agreement and the related procedures attached thereto may be amended
by the Sponsor without the consent of any Shareholder, and the related procedures may generally be amended by the Sponsor without
the consent of the Authorized Purchaser. As of May 1, 2016, Authorized Purchasers pay a transaction fee of $250 to the Sponsor
for each creation order they place and a fee of $250 per order for redemptions. Authorized Purchasers who make deposits with the
Fund in exchange for baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the
Trust or the Sponsor, and no such person will have any obligation or responsibility to the Trust or the Sponsor to effect any sale
or resale of Shares. </P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Certain Authorized Purchasers are expected
to be capable of participating directly in the physical corn and the Corn Interest markets. Some Authorized Purchasers or their
affiliates may from time to time buy or sell corn or Corn Interests and may profit in these instances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Authorized Purchaser will be required to
be registered as a broker-dealer under the Exchange Act and a member in good standing with FINRA, or be exempt from being or otherwise
not required to be registered as a broker-dealer or a member of FINRA, and will be qualified to act as a broker or dealer in the
states or other jurisdictions where the nature of its business so requires. Certain Authorized Purchasers may also be regulated
under federal and state banking laws and regulations. Each Authorized Purchaser has its own set of rules and procedures, internal
controls and information barriers it deems appropriate in light of its own regulatory regime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Authorized Purchaser Agreement, the
Sponsor has agreed to indemnify the Authorized Purchasers against certain liabilities, including liabilities under the 1933 Act,
and to contribute to the payments the Authorized Purchasers may be required to make in respect of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following description of the procedures
for the creation and redemption of baskets is only a summary and an investor should refer to the relevant provisions of the Trust
Agreement and the form of Authorized Purchaser Agreement for more detail, each of which has been incorporated by reference as an
exhibit to the registration statement of which this prospectus is a part. See &#8220;Where You Can Find More Information&#8221;
for information about where you can obtain the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Creation Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On any business day, an Authorized Purchaser
may place an order with USBFS in their capacity as the transfer agent to create one or more baskets. For purposes of processing
purchase and redemption orders, a &#8220;business day&#8221; means any day other than a day when any of the NYSE Arca, the CBOT
or the New York Stock Exchange is closed for regular trading. Purchase orders must be placed by 1:15 p.m. New York time or the
close of regular trading on the New York Stock Exchange, whichever is earlier. The day on which the Distributor receives a valid
purchase order is referred to as the purchase order date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By placing a purchase order, an Authorized Purchaser
agrees to deposit Treasury Securities, cash, commodity futures and/or a combination thereof with the<A NAME="a_DV_C892"></A> Fund<A NAME="a_DV_M768"></A>,
as described below. Prior to the delivery of baskets for a purchase order, the Authorized Purchaser must also have wired to the
Sponsor the non-refundable transaction fee due for the purchase order. Authorized Purchasers may not withdraw a purchase order
without the prior consent of the Sponsor in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><A NAME="a_DV_M769"></A>Determination
of Required Deposits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_DV_M770"></A>The total deposit required
to create each basket (&#8220;Creation Basket Deposit&#8221;) is the amount of Treasury Securities, cash and/or commodity futures
that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities)
on the purchase order date as the number of Shares to be created under the purchase order is in proportion to the total number
of Shares outstanding on the purchase order date. The Sponsor determines, directly in its sole discretion or in consultation with
the Custodian and the Administrator, the requirements for Treasury Securities, cash and/or commodity futures, including the remaining
maturities of the Treasury Securities and proportions of Treasury Securities, that may be included in deposits to create baskets.
If Treasury Securities are to be included in a Creation Basket Deposit for orders placed on a given business day, the <A NAME="a_DV_M771"></A>Administrator
will publish an estimate of the Creation Basket Deposit requirements at the beginning of such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><A NAME="a_DV_M772"></A>Delivery
of Required Deposits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_DV_M773"></A>An Authorized Purchaser
who places a purchase order is responsible for transferring to the Fund&#8217;s account with the Custodian the required amount
of Treasury Securities, cash and/or commodity futures by the end of the next business day following the purchase order date or
by the end of such later business day, not to exceed three business days after the purchase order date, as agreed to between the
Authorized Purchaser and the Custodian when the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">purchase order is placed (the &#8220;Purchase Settlement Date&#8221;).
Upon receipt of the deposit amount, the Custodian directs DTC to credit the number of baskets ordered to the Authorized Purchaser&#8217;s
DTC account on the Purchase Settlement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_DV_M774"></A>Because orders to purchase
baskets must be placed by 1:15 p.m., New York time, but the total payment required to create a basket during the continuous offering
period will not be determined until 4:00 p.m., New York time, on the date the purchase order is received, Authorized Purchasers
will not know the total amount of the payment required to create a basket at the time they submit an irrevocable purchase order
for the basket. The Fund&#8217;s NAV and the total amount of the payment required to create a basket could rise or fall substantially
between the time an irrevocable purchase order is submitted and the time the amount of the purchase price in respect thereof is
determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Rejection of Purchase Orders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor acting by itself or through
the Distributor or transfer agent may reject a purchase order or a Creation Basket Deposit if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">it determines that, due to position limits or otherwise, investment alternatives that will enable
the Fund to meet its investment objective are not available or practicable at that time;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">it determines that the purchase order or the Creation Basket Deposit is not in proper form;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">it believes that acceptance of the purchase order or the Creation Basket Deposit would have adverse
tax consequences to the Fund or its Shareholders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel to
the Sponsor, be unlawful; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">circumstances outside the control of the Sponsor, Distributor or transfer agent make it, for
all practical purposes, not feasible to process creations of baskets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">there is a possibility that any or all of the Benchmark Component Futures Contracts of the Fund
on the CBOT from which the NAV of the Fund is calculated will be priced at a daily price limit restriction; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">if, in the sole discretion of the Sponsor, the execution of such an order would not be in the
best interest of the Fund or its Shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">None of the Sponsor, Distributor or transfer
agent will be liable for the rejection of any purchase order or Creation Basket Deposit.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Redemption Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The procedures by which an Authorized Purchaser
can redeem one or more baskets mirror the procedures for the creation of baskets. On any business day, an Authorized Purchaser
may place an order with the transfer agent to redeem one or more baskets. Redemption orders must be placed by 1:15 p.m. New York
time or the close of regular trading on the New York Stock Exchange, whichever is earlier. A redemption order so received will
be effective on the date it is received in satisfactory form by the Distributor. The redemption procedures allow Authorized Purchasers
to redeem baskets and do not entitle an individual Shareholder to redeem any Shares in an amount less than a Redemption Basket,
or to redeem baskets other than through an Authorized Purchaser. By placing a redemption order, an Authorized Purchaser agrees
to deliver the baskets to be redeemed through DTC&#8217;s book-entry system to the Fund by the end of the next business day following
the effective date of the redemption order or by the end of such later business day, not to exceed three business days after the
effective date of the redemption order, as agreed to between the Authorized Purchaser and the transfer agent, when the redemption
order is placed (the &#8220;Redemption Settlement Date&#8221;). Prior to the delivery of the redemption distribution for a redemption
order, the Authorized Purchaser must also have wired to the Sponsor&#8217;s account at the Custodian the non-refundable</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">transaction fee due for the redemption order. An Authorized Purchaser
may not withdraw a redemption order without the prior consent of the Sponsor in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Determination of Redemption
Distribution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The redemption distribution from the Fund consists
of a transfer to the redeeming Authorized Purchaser of an amount of Treasury Securities, cash and/or commodity futures that is
in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities)
on the date the order to redeem is properly received as the number of Shares to be redeemed under the redemption order is in proportion
to the total number of Shares outstanding on the date the order is received. The Sponsor, directly or in consultation with the
Custodian and Administrator, determines the requirements for Treasury Securities, cash and/or commodity futures, including the
remaining maturities of the Treasury Securities and proportions of Treasury Securities and cash, that may be included in distributions
to redeem baskets. If Treasury Securities are to be included in a redemption distribution for orders placed on a given business
day, the Administrator will publish an estimate of the redemption distribution composition as of the beginning of such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Delivery of Redemption Distribution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The redemption distribution due from
the Fund will be delivered to the Authorized Purchaser on the Redemption Settlement Date if the Fund&#8217;s DTC account has been
credited with the baskets to be redeemed. If the Fund&#8217;s DTC account has not been credited with all of the baskets to be redeemed
by the end of such date, the redemption distribution will be delivered to the extent of whole baskets received. Any remainder of
the redemption distribution will be delivered on the next business day after the Redemption Settlement Date to the extent of remaining
whole baskets received if the Sponsor receives the fee applicable to the extension of the Redemption Settlement Date which the
Sponsor may, from time to time, determine and the remaining baskets to be redeemed are credited to the Fund&#8217;s DTC account
on such next business day. Any further outstanding amount of the redemption order shall be cancelled. Pursuant to information from
the Sponsor, the Custodian will also be authorized to deliver the redemption distribution notwithstanding that the baskets to be
redeemed are not credited to the Fund&#8217;s DTC account by 1:15 p.m. New York time on the Redemption Settlement Date if the Authorized
Purchaser has collateralized its obligation to deliver the baskets through DTC&#8217;s book entry-system on such terms as the Sponsor
may from time to time determine.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Suspension or Rejection of
Redemption Orders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor may, in its discretion, suspend
the right of redemption, or postpone the redemption settlement date, (1) for any period during which the NYSE Arca or CBOT is closed
other than customary weekend or holiday closings, or trading on the NYSE Arca or CBOT is suspended or restricted, (2) for any period
during which an emergency exists as a result of which delivery, disposal or evaluation of Treasury Securities is not reasonably
practicable, (3) for such other period as the Sponsor determines to be necessary for the protection of the Shareholders, (4) if
there is a possibility that any or all of the Benchmark Component Futures Contracts of the Fund on the CBOT from which the NAV
of the Fund is calculated will be priced at a daily price limit restriction, or (5) if, in the sole discretion of the Sponsor,
the execution of such an order would not be in the best interest of the Fund or its Shareholders<A NAME="a_DV_M796"></A>. For example,
the Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Fund&#8217;s
assets at an appropriate value to fund a redemption. If the Sponsor has difficulty liquidating the Fund&#8217;s positions, e.g.,
because of a market disruption event in the futures markets or an unanticipated delay in the liquidation of a position in an over-the-counter
contract, it may be appropriate to suspend redemptions until such time as such circumstances are rectified. None of the Sponsor,
the Distributor, or the transfer agent will be liable to any person or in any way for any loss or damages that may result from
any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Redemption orders must be made in whole baskets.
The Sponsor will reject a redemption order if the order is not in proper form as described in the Authorized Purchaser Agreement
or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may also reject a redemption order
if the number of Shares being redeemed would reduce the remaining outstanding Shares to 50,000 Shares (i.e., two baskets of 25,000
shares each) or less, unless the Sponsor</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">has reason to believe that the placer of the redemption order does
in fact possess all the outstanding Shares and can deliver them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Creation and Redemption Transaction
Fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> To compensate the Sponsor for its expenses
in connection with the creation and redemption of baskets, an Authorized Purchaser is required to pay a transaction fee to the
Sponsor of $250 per order. The transaction fees may be reduced, increased or otherwise changed by the Sponsor. The Sponsor shall
notify DTC of any change in a transaction fee and will not implement any increase in the fee for the redemption of baskets until
30 days after the date of the notice. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Tax Responsibility</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Authorized Purchasers are responsible for any
transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable to the
creation or redemption of baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Purchaser,
and agree to indemnify the Sponsor and the Fund if they are required by law to pay any such tax, together with any applicable penalties,
additions to tax and interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014195"></A><A NAME="a_Toc256000040"></A><A NAME="a_Toc322695049"></A>Secondary
Market Transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As noted, the Fund will create and redeem Shares
from time to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only
made in exchange for delivery to the Fund or the distribution by the Fund of the amount of Treasury Securities, cash, and/or commodity
futures equal to the aggregate NAV of the number of Shares included in the baskets being created or redeemed determined on the
day the order to create or redeem baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed above, Authorized Purchasers are
the only persons that may place orders to create and redeem baskets. Authorized Purchasers must be registered broker-dealers or
other securities market participants, such as banks and other financial institutions that are not required to register as broker-dealers
to engage in securities transactions. An Authorized Purchaser is under no obligation to create or redeem baskets, and an Authorized
Purchaser is under no obligation to offer to the public Shares of any baskets it does create. Authorized Purchasers that do offer
to the public Shares from the baskets they create will do so at per-Share offering prices that are expected to reflect, among other
factors, the trading price of the Shares on the NYSE Arca, the NAV of the Shares at the time the Authorized Purchaser purchased
the Creation Baskets, the NAV of the Shares at the time of the offer of the Shares to the public, the supply of and demand for
Shares at the time of sale, and the liquidity of the Corn Interest markets. The prices of Shares offered by Authorized Purchasers
are expected to fall between the Fund&#8217;s NAV and the trading price of the Shares on the NYSE Arca at the time of sale. Shares
initially comprising the same basket but offered by Authorized Purchasers to the public at different times may have different offering
prices. An order for one or more baskets may be placed by an Authorized Purchaser on behalf of multiple clients. Shares are expected
to trade in the secondary market on the NYSE Arca. Shares may trade in the secondary market at prices that are lower or higher
relative to their NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be
influenced by various factors, including the number of investors who seek to purchase or sell Shares in the secondary market and
the liquidity of the Corn Interest markets. While the Shares trade on the NYSE Arca until 4:00 p.m. New York time, liquidity in
the markets for Corn Interests may be reduced after the close of the CBOT. As a result, during this time, trading spreads, and
the resulting premium or discount, on the Shares may widen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014196"></A><A NAME="a_Toc256000041"></A><A NAME="a_Toc322695050"></A>Use
of Proceeds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor causes the Fund to transfer
the proceeds of the sale of Creation Baskets to the Custodian or another custodian for use in trading activities. The Sponsor invests
the Fund&#8217;s assets in Corn Futures Contracts<STRIKE>,</STRIKE> and Other Corn Interests, short-term Treasury Securities, cash
and cash equivalents. When the Fund purchases Corn Futures Contracts and certain Other Corn Interests that are exchange-traded,
the Fund is required to deposit with the FCM on behalf of the exchange a portion of the value of the contract or other interest
as security to ensure payment for the obligation under the Corn Interests at maturity. This deposit is known as initial margin.
Counterparties in</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">transactions in over-the-counter Corn Interests will generally
impose similar collateral requirements on the Fund. The Sponsor invests the Fund&#8217;s assets that remain after margin and collateral
is posted in short-term Treasury Securities, cash and/or cash equivalents. Subject to these margin and collateral requirements,
the Sponsor has sole authority to determine the percentage of assets that will be:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">held as margin or collateral with FCMs or other custodians;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> used for other investments; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> held in bank accounts to pay current obligations and as reserves. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In general, the Fund expects that it
will be required to post approximately 6% of the notional amount of a Corn Interest as initial margin when entering into such Corn
Interest. Ongoing margin and collateral payments will generally be required for both exchange-traded and over-the-counter Corn
Interests based on changes in the value of the Corn Interests. Furthermore, ongoing collateral requirements with respect to over-the-counter
Corn Interests are negotiated by the parties, and may be affected by overall market volatility, volatility of the underlying commodity
or index, the ability of the counterparty to hedge its exposure under the Corn Interest, and each party&#8217;s creditworthiness.
In light of the differing requirements for initial payments under exchange-traded and over-the-counter Corn Interests and the fluctuating
nature of ongoing margin and collateral payments, it is not possible to estimate what portion of the Fund&#8217;s assets will be
posted as margin or collateral at any given time. The Treasury Securities, cash and cash equivalents held by the Fund constitute
reserves that are available to meet ongoing margin and collateral requirements. All interest income is used for the Fund&#8217;s
benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">An FCM, counterparty, government agency
or commodity exchange could increase margin or collateral requirements applicable to the Fund to hold trading positions at any
time. Moreover, margin is merely a security deposit and has no bearing on the profit or loss potential for any positions held.
Further, under recently adopted CFTC rules, the Fund may be obligated to post both initial and variation margin with respect to
swaps (and options that qualify as swaps) and traded over-the-counter, and, where applicable, on SEFs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The approximate 6% of the Fund&#8217;s
assets held by the FCM are held in segregation pursuant to the CEA and CFTC regulations.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014197"></A><A NAME="a_Toc256000043"></A><A NAME="a_Toc322695051"></A><A NAME="a_Toc210101450"></A><A NAME="a_Toc415514349"></A>Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Critical Accounting Policies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Preparation of the financial statements and
related disclosures in conformity with U.S. generally-accepted accounting principles (&#8220;GAAP&#8221;) requires the application
of appropriate accounting rules and guidance, as well as the use of estimates, and requires management 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 combined financial statements and accompanying notes. The Trust&#8217;s application
of these policies involves judgments and actual results may differ from the estimates used. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has determined that the valuation
of Commodity Interests that are not traded on a U.S. or internationally recognized futures exchange (such as swaps and other over-the-counter
contracts) involves a critical accounting policy. The values which are used by the Funds for futures contracts will be provided
by the commodity broker who will use market prices when available, while over-the-counter contracts will be valued based on the
present value of estimated future cash flows that would be received from or paid to a third party in settlement of these derivative
contracts prior to their delivery date. Values will be determined on a daily basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"> Commodity futures contracts held by
the Fund are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily.
Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statement of operations as the difference
between the original contract amount and the fair market value as of the last business day of the year or as of the last date of
the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statement of operations.
</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"> Interest on cash equivalents and deposits with the Futures
Commission Merchant are recognized on the accrual basis. The Fund earns interest on its assets denominated in U.S. dollars on deposit
with the Futures Commission Merchant at a rate equal to 85% of the overnight of Federal Funds Rate. In addition, the Funds earn
interest on funds held at the custodian at prevailing market rates for such investments. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Cash and cash equivalents are cash held at
financial intuitions in demand-deposit accounts or highly-liquid investments with original maturity dates of three months or less
at inception. The Fund reports cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts
that approximate fair value, because of their highly-liquid nature and short-term maturities. The Funds have a substantial portion
of its assets on deposit with banks. Assets deposited with financial institutions may, at times, exceed federally insured limits. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 Trust&#8217;s financial statements.
In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability
(i.e., the &#8220;exit price&#8221;) in an orderly transaction between market participants at the measurement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In determining fair value, the Trust uses various
valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes
the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used
when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market
data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust&#8217;s assumptions about the inputs
market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The fair value hierarchy is categorized into three levels: a) <I>Level 1</I> - Valuations based on unadjusted quoted prices in
active markets for identical assets or liabilities that the Trust has the ability to access. Valuation adjustments and block discounts
are not applied to Level 1 securities and financial instruments. Since valuations are based on quoted prices that are readily and
regularly available in an active market, valuation of these securities and financial instruments does not entail a significant
degree of judgment, b) <I>Level 2</I> - Valuations based on quoted prices in markets that are not active or for which all significant
inputs are observable, either directly or indirectly, and c) <I>Level 3</I> - Valuations based on inputs that are unobservable
and significant to the overall fair value measurement. See the notes within the financial statements for further information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Fund and the Trust record their derivative
activities at fair value. Gains and losses from derivative contracts are included in the statement of operations. Derivative contracts
include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the
CBOT or the New York Mercantile Exchange (&#8220;NYMEX&#8221;), or reported on another national market, are generally categorized
in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using
models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value
hierarchy. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Brokerage commissions on all open commodity
futures contracts are accrued on a full-turn basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Margin is the minimum amount of funds
that must be deposited by a commodity interest trader with the trader&#8217;s broker to initiate and maintain an open position
in futures contracts. A margin deposit acts to assure the trader&#8217;s performance of the futures contracts purchased or sold.
Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase
or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may
create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment
or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly
exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from
time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term
of the contract. Brokerage firms, such as the Funds&#8217; clearing brokers, carrying accounts for traders in commodity interest
contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading
generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral
by one or both parties to address credit exposure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">When a trader purchases an option, there is
no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or
she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and,
in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling
of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher
than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions,
which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Ongoing or &#8220;maintenance&#8221; margin
requirements are computed each day by a trader&#8217;s clearing broker. When the market value of a particular open futures contract
changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.
If the margin call is not met within a reasonable time, the broker may close out the trader&#8217;s position. With respect to the
Funds&#8217; trading, the Funds (and not its shareholders personally) are subject to margin calls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Finally, many major U.S. exchanges have passed
certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account
would, in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring the
total risk of the combined positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For tax purposes, the Funds will be treated
as partnerships. Therefore, the Funds do not record a provision for income taxes because the partners report their share of a Fund&#8217;s
income or loss on their income tax returns. The financial statements reflect the Funds&#8217; transactions without adjustment,
if any, required for income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Results of Operations </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Teucrium Corn Fund</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Teucrium Corn Fund commenced investment
operations on June 9, 2010.&nbsp; The investment objective of the Corn Fund is to have the daily changes in percentage terms of
the Shares&#8217; NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for
three futures contracts for corn (&#8220;Corn Futures Contracts&#8221;) that are traded on the Chicago Board of Trade (&#8220;CBOT&#8221;),
specifically (1) the second-to-expire CBOT Corn Futures Contract, weighted 35%, (2) the third-to-expire CBOT Corn Futures Contract,
weighted 30%, and (3) the CBOT Corn Futures Contract expiring in the December following the expiration month of the third-to-expire
contract, weighted 35%. On December 31, 2015, the Corn Fund held a total of 3,277 CBOT Corn Futures contracts with a notional value
of $61,052,950. All of these contracts had a liability fair value equaling $3,908,550. The weighting of the notional value of the
contracts was weighted as follows: (1) 35% to the MAY16 contracts, the second-to-expire CBOT Corn Futures Contract, (2) 30% to
JUL16 CBOT contracts, the third-to-expire CBOT Corn Futures Contract, and (3) 35% to DEC16 CBOT contracts, the CBOT Corn Futures
Contract expiring in the December following the expiration month of the third-to-expire contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The benchmark for the Fund is the Teucrium Corn
Index (TCORN) which is defined as: A weighted average of daily changes in the closing settlement prices of (1) the second-to-expire
Corn Futures Contract traded on the CBOT, weighted 35%, (2) the third-to-expire CBOT Corn Futures Contract, weighted 30%, and (3)
the CBOT Corn Futures Contract expiring in the December following the expiration month of third-to-expire contract, weighted 35%.&nbsp;
To convert to an index, 100 is set to $25, the opening day price of CORN<I>.</I> The chart below shows the percent change in the
NAV per share for the Fund, the market price of the Fund shares, represented by the closing price of the Fund on the NYSE Arca
or the mid-point of the 4 pm bid and ask if no closing price is available, and TCORN for two periods. One period is December 31,
2015 compared to December 31, 2014.&nbsp; The second period is from the commencement of operations to December 31, 2015. The Benchmark
does not reflect any impact of expenses, which would generally reduce the Fund&#8217;s NAV, or interest income, which would generally
increase the NAV.&nbsp; The actual results for the NAV do include the impacts of both expenses and interest income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><B>Period</B></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><B>Change in CORN NAV per share</B></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><B>Change in Market Price</B></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><B>Change in the Benchmark (TCORN)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">December 31, 2014 to December 31, 2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">-20.21%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">-20.35%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">-17.03%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">June 9, 2010 to December 31, 2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">-17.84%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">-17.72%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">6.41%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>For the Year Ended December 31, 2015 Compared to the Years Ended
December 31, 2014 and 2013</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On December 31, 2015, the Fund had 2,875,004
shares outstanding and net assets of $61,056,223.&nbsp; This is in comparison to 4,075,004 shares outstanding and net assets of
$108,459,507 on December 31, 2014 and 1,550,004 shares outstanding with net assets of $47,499,620 on December 31, 2013.&nbsp; Shares
outstanding decreased by 1,200,000 and 29% for the period of 2015 when compared to 2014.&nbsp; This decrease was, in the opinion
of management, due to the above average harvests in the U.S. and other areas for the 2015-2016 crop year as well as increased concerns
regarding global economic growth, particularly in China. In addition, the decreasing price of oil reduces, to some extent, the
producer urgency to use grains, such as corn, as an alternative fuel or fuel additive.&nbsp; In total, in 2015, the Fund issued
350,000 shares and purchased 1,550,000 as part of creation and redemption baskets. For the period 2014 compared to 2013, there
was an increase in shares outstanding of 2,525,000 and 163%.&nbsp; In total, in 2014, the Fund issued 5,050,000 shares and purchased
2,525,000 as part of creation and redemption baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Total net assets for the Fund were $61,056,223
on December 31, 2015, compared to $108,459,507 on December 31, 2014 and $47,499,620 on December 31, 2013. The Net Asset Values
(&#8220;NAV&#8221;) per share related to these balances were $21.24, $26.62 and $30.64 respectively. This represents an increase
in total net assets for the year ending December 31, 2015 versus 2013 of 29% which was driven by a combination of an increase in
the number of shares outstanding, offset by a change in the NAV per share which decreased by $9.40 or 31%.&nbsp; When comparing
December 31, 2014 with 2013, there was an increase in total net assets of 128%, driven by an increase in total shares outstanding
of 163 % which was partially offset by a decrease in the NAV per share of $4.02 or 13%.&nbsp; The closing prices per share for
2015, 2014 and 2013, as reported by the NYSE Arca, were $21.22, $26.64 and $30.58, respectively.&nbsp; The change from December
31, 2015 over prior years was a 31% decrease from 2013 and a 20% decrease from 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The graph below shows the actual shares outstanding,
total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to December 31, 2015 and serves
to illustrate the relative changes of these components.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_016.gif" ALT="" STYLE="height: 340px; width: 489px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The total loss for the year ended December 31,
2015 was ($14,047,008) resulting primarily from the net change in realized loss on commodity futures contracts totaling ($8,533,650),
and by a net change in unrealized depreciation of commodity futures contracts of ($5,660,263). Total loss was ($4,413,618) in 2014,
and ($13,323,041) in 2013. Realized gain or loss on trading of commodity futures contracts is a function of: 1) the change in the
price of the particular contracts sold as part of a &#8220;roll&#8221; in contracts as the nearest to expire contracts are exchanged
for the appropriate contact given the investment objective of the fund, 2) the change in the price of particular contracts sold
in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance
to the benchmark and 4) the number of contracts held and then sold for either circumstance aforementioned.&nbsp; Unrealized gain
or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date
of the period versus the purchase price for each contract and the number of contracts held in each contract month.&nbsp; The Sponsor
has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation
or redemption of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Interest income for year ended December 31,
2015, 2014, and 2013, respectively, was $146,905, $35,595 and $20,740.&nbsp; This increase year-over-year was the result of the
Sponsor investing, at times, a portion of the available cash for the Fund in alternative demand-deposit savings accounts beginning
in the second quarter of 2015.&nbsp; These accounts had higher overnight deposit rates than were available in money market products
that had been utilized solely in the past.&nbsp;In addition, effective in mid-December 2015, interest rates paid on cash balances
of the Fund increased again in light of the increases in the Federal Fund&#8217;s rate. These higher levels of interest rates are
expected to continue in 2016, absent any decreases in the Federal Fund&#8217;s rate.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On August 17, 2015 (the &#8220;Conversion
Date&#8221;), U.S. Bank N.A. replaced The Bank of New York Mellon as the Custodian for the Funds.&nbsp; In addition, effective
on the Conversion Date, U.S. Bancorp Fund Services, LLC (&#8220;USBFS&#8221;), a wholly owned subsidiary of U.S. Bank, commenced
serving as administrator for each Fund, performing certain administrative and accounting services and preparing certain SEC reports
on behalf of the Funds, and also became the registrar and transfer agent for each Fund&#8217;s Shares. For such services, U.S.
Bank and USBFS will receive an asset-based fee, subject to a minimum annual fee.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Sponsor stated in the Forms 10-Q
filed on August 10, 2015 and November 9, 2015, in addition to other documents filed with the Securities and Exchange Commission,
that it did not anticipate any material change to the expenses for any Fund, net of expenses waived by the Sponsor, as a result
of the servicing conversion to USBFS.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Given this conversion, the Sponsor has,
for the year-ended December 31, 2015, reflected an expense, before and after fees waived by the Sponsor, for fees associated with
Custodian, Fund Administration and Transfer Agent services (&#8220;Custodian Fees&#8221;) that have or will be paid to the Bank
of New York Mellon by a Fund or by the Sponsor on behalf of a Fund.&nbsp; The Custodian Fees reflected in the financial statements
through December 31, 2015, net of expenses waived by the Sponsor, are generally as had been presented in prior periods of 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Total expenses gross of expenses waived by the
Sponsor and reimbursement to the Sponsor for previously waived expenses (&#8220;Total expenses&#8221;) for 2015 were $3,232,532;
total expenses for 2014 were $3,330,404 and $3,052,934 in 2013. This represents a ($97,872) or 3% decrease for 2015 over 2014 and
a $179,598 or 6% increase for 2015 over 2013.&nbsp;&nbsp; The decrease for 2015 over 2014 was driven by a $196,105 or 36% increase
in professional fees related to auditing, legal and tax preparation fees, a $58,069 or 45% increase in custodian fees and expenses
for the final payments to BNYM discussed above, and a $31,283 or 18% increase in general administrative expenses,&nbsp; brokerage
commissions due to an increase in contracts purchased and rolled due to higher assets under management, offset by a ($206,693)
or 21% decrease in the management fee paid to the Sponsor as a result of lower average net assets, a ($48,429) or 4% decrease in
distribution and marketing fees, a ($3,732) or 12% decrease in business permits and licenses, a ($108,836) or 73% decrease in brokerage
commissions due to changes in the roll procedures for certain contracts instituted by the Sponsor and a ($15,369) or 25% decrease
other expenses.&nbsp; The decreases in operating expenses were due to expense controls under taken by the Sponsor and lower average
net asset balance relative to the other Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The increase for 2015 over 2013 was driven by
a $347,038 or 80% increase in the management fee paid to the Sponsor as a result of higher average net assets and a $58,068 or
45% increase in custodian fees and expenses for the final payments to BNYM discussed above, offset by a ($90,993) or 11% decrease
in professional fees related to auditing, legal and tax preparation fees, a ($59,914) or 5% decrease in distribution and marketing
fees, a ($54,098) or 67% decrease in business permits and licenses, a ($7,935) or 4% decrease in general and administrative expenses,
and a ($13,103) decrease in other expenses.&nbsp; The decreases in operating expenses were due to expense controls under taken
by the Sponsor and lower average net asset balance relative to the other Funds. The total expense ratio gross of expenses waived
by the Sponsor for these years was 4.15% in 2015, 3.37% in 2014, and 7.05% in 2013. The management fee is calculated at an annual
rate of 1% of the Fund&#8217;s daily average net assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Sponsor has the ability to elect
to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at
its discretion. For the year ended December 31, 2015, the Sponsor waived fees of $96,068; the Sponsor has determined that no reimbursement
will be sought in future periods for those expenses which have been waived for the year.&nbsp; For 2014 the Sponsor permanently
waived $105,270 of expenses.&nbsp; For 2013 there were $426,248 of expenses waived by the Sponsor, the recovery of which is discussed
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Total expenses net of expenses waived
by the Sponsor and reimbursement to the Sponsor for previously waived expenses (&#8220;Total expenses, net&#8221;) for 2015, 2014
and 2013 were $3,136,464, $3,533,446 and $3,037,091 respectively. The total expense ratio net of expenses waived by the Sponsor
periods was 4.03% in 2015, 3.57% in 2014 and 7.01% in 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The lower expense ratios in 2015 and
2014, gross and net of waived expenses, were driven by increases in average net assets over 2013, reduced allocations to the Fund
due to lower relative average net assets compared to the other Funds and reductions in some expenses due to initiatives undertaken
by the Sponsor.&nbsp; Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred
by the Fund are associated with the day-to-day operation of the Fund and the necessary functions related to regulatory compliance.&nbsp;
These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the
level of assets under management.&nbsp; The structure of the Fund and the nature of the expenses are such that as total net assets
grow, there is a scalability of expenses that may allow the total expense ratio to be reduced. However, if total net assets for
the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily
expense accrual. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other
Fund considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">For the year ended December 31, 2013,
there were $426,248 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by CORN
in 2014.&nbsp; At that time, the Sponsor had</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">determined that recovery of the expense amounts was not probable.&nbsp;
In 2014, asset growth and other changes experienced by CORN enabled the Sponsor to claim reimbursement of $308,312 from the Fund.&nbsp;
This amount is reflected in the statements of operations as a reimbursement of previously waived expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">For the year ended December 31, 2012,
there were $549,718 of expenses recorded in the financial statements of the Sponsor which were subject to reimbursement by CORN
in 2013.&nbsp; At that time, the Sponsor had determined that recovery of the expense amounts was not probable.&nbsp; In 2013, asset
growth and other changes experienced by CORN enabled the Sponsor to claim reimbursement of $410,405 from the Fund.&nbsp; This amount
is reflected in the statements of operations as a reimbursement of previously waived expenses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash provided by or used in the Fund&#8217;s
operating activities during the year was ($17,532,410) in 2015, ($6,449,860) in 2014 and ($18,309,002) in 2013. In 2015, proceeds
from the sale of shares were $8,538,198, representing 350,000 shares while payments for redemptions were $38,758,010, representing
1,550,000 shares. In 2014, proceeds from the sale of shares were $146,789,763, representing 5,050,000 shares while payments for
redemptions were $77,882,812, representing 2,525,000 shares. In 2013, proceeds from the sale of shares were $59,350,451, representing
1,550,000 shares while payments for redemptions were $33,268,211, representing 850,000 shares.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The seasonality patterns for corn futures
prices are impacted by a variety of factors. These include, but are not limited to, the harvest in the fall, the planting conditions
in the spring, and the weather throughout the critical germination and growing periods. Prices for corn futures are affected by
the availability and demand for substitute agricultural commodities, including soybeans and wheat, and the demand for corn as an
additive for fuel, through the production of ethanol. The price of corn futures contracts is also influenced by global economic
conditions, including the demand for exports to other countries. Such factors will impact the performance of the Fund and the results
of operations on an ongoing basis. The Sponsor cannot predict the impact of such factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Benchmark Performance</I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As noted above, the Sponsor endeavors to place
the Fund&#8217;s trades in Corn Interests and otherwise manage the Fund&#8217;s investments so that the Fund&#8217;s average daily
tracking error against the Benchmark will be less than 10 percent over any period of 30 trading days. More specifically, the Sponsor
will endeavor to manage the Fund so that A will be within plus/minus 10 percent of B, where:<BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">A is the average daily change in the Fund&#8217;s NAV for any period of 30 successive valuation
days, i.e., any trading day as of which the Fund calculates its NAV, and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">B is the average daily change in the Benchmark over the same period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> During the period from January 1, 2015 through December 31, 2015,
the average daily change in the Fund&#8217;s NAV was within plus/minus 10 percent of the average daily change in the Fund&#8217;s
Benchmark. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Liquidity and Capital Resources</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All of the Fund&#8217;s source of capital
is derived from the offering of Shares to Authorized Purchasers. Authorized Purchasers may then subsequently redeem such Shares.
The Fund in turn allocates its net assets to commodities trading. A significant portion of the net asset value is held in Treasury
Securities and cash and cash equivalents, which is used as margin for the Fund&#8217;s trading in commodities. The percentage that
Treasury Securities bear to the total net assets will vary from period to period as the market values of the Fund&#8217;s Corn
Interests change. The balance of the net assets is held in the Fund&#8217;s commodity trading account. Interest earned on interest-bearing
assets of the Fund is paid to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The investments of the Fund in Corn Interests
may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example,
the CBOT limits the fluctuations in Corn Futures Contract prices during a single day by regulations referred to as &#8220;daily
limits.&#8221; During a single day, no trades may be executed at prices beyond the daily limit. Once the price of a Corn Futures
Contract has increased or</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">decreased by an amount equal to the daily limit, positions
in the contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Such
market conditions could prevent the Fund from promptly liquidating a position in Corn Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Beginning in the
quarter-ended June 30, 2015, the Sponsor invested a portion of the available cash for the Funds in alternative demand-deposit savings
accounts; effective August 20, 2015, the Sponsor has deposited cash in Rabobank, N.A., a U.S. chartered bank headquartered in Roseville,
CA.&nbsp;&nbsp; These accounts have slightly higher overnight deposit rates than were available in the money market products at
the Custodians that had been utilized solely in the past</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Market Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Trading in Corn Interests such as Corn
Futures Contracts involves the Fund entering into contractual commitments to purchase or sell specific amounts of corn at a specified
date in the future. The gross or face amount of the contracts significantly exceeds the future cash requirements of the Fund since
the Fund<B> </B>typically closes out any open positions prior to the contractual expiration date. As a result, the Fund&#8217;s
market risk is the risk of loss arising from the decline in value of the contracts, not from the need to make delivery under the
contracts. The Fund considers the &#8220;fair value&#8221; of derivative instruments to be the unrealized gain or loss on the contracts.
The market risk associated with the commitment by the Fund to purchase a specific commodity is limited to the aggregate face amount
of the contracts held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The exposure of the Fund to market risk
depends on a number of factors including the markets for corn, the volatility of interest rates and foreign exchange rates, the
liquidity of the Corn Interest markets and the relationships among the contracts held by the Fund. The limited experience of the
Sponsor in trading Corn Interests in a manner that tracks changes in the Benchmark<B>,</B> as well as drastic market events, could
ultimately lead to substantial losses for Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Credit Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">When the Fund enters into Corn Interests,
it is exposed to the credit risk that the counterparty will not be able to meet its obligations. For purposes of credit risk, the
counterparty for the Corn Futures Contracts traded on the CBOT is the clearinghouse associated with the CBOT. In general, clearinghouses
are backed by their members who may be required to share in the financial burden resulting from the nonperformance of one of their
members, which should significantly reduce credit risk. Some foreign exchanges are not backed by their clearinghouse members but
may be backed by a consortium of banks or other financial institutions. Unlike in the case of exchange-traded futures contracts,
the counterparty to an over-the-counter Corn Interest contract is generally a single bank or other financial institution such as
an SD. As a result, there is greater counterparty credit risk in over-the-counter transactions. There can be no assurance that
any counterparty, clearing house, or their financial backers will satisfy their obligations to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Funds may engage in off exchange
transactions broadly called an &#8220;exchange for related position&#8221; (&#8220;EFRP&#8221;) transaction. For purposes of the
Dodd-Frank Act and related CFTC rules, an EFRP transaction is treated as a &#8220;swap.&#8221; An &#8220;exchange for related position&#8221;
(&#8220;EFRP&#8221;) can be used by the Fund as a technique to facilitate the exchanging of a futures hedge position against a
creation or redemption order, and thus the Fund or an Underlying Fund may use an EFRP transaction in connection with the creation
and redemption of shares. The market specialist/market maker that is the ultimate purchaser or seller of shares in connection with
the creation or redemption basket, respectively, agrees to sell or purchase a corresponding offsetting shares or futures position
which is then settled on the same business day as a cleared futures transaction by the FCMs.&nbsp;&nbsp;The Fund will become subject
to the credit risk of the market specialist/market maker until the EFRP is settled or terminated. The Fund reports all activity
related to EFRP transactions under the procedures and guidelines of the CFTC and the exchanges on which the futures are traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor attempts to manage the credit
risk of the Fund by following certain trading limitations and policies. In particular, the Fund intends to post margin and collateral
and/or hold liquid assets that will be equal to approximately the face amount of the Corn Interests it holds. The Sponsor has implemented
procedures that include,</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">but are not limited to, executing and clearing trades and
entering into over-the-counter transactions only with parties it deems creditworthy and/or requiring the posting of collateral
by such parties for the benefit of the Fund to limit its credit exposure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Off Balance Sheet Financing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of the date of this prospectus, neither
the Trust nor the Fund has any loan guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements
entered into in the normal course of business, which may include indemnification provisions relating to certain risks service providers
undertake in performing services which are in the best interests of the Fund. While the Fund&#8217;s exposure under these indemnification
provisions cannot be estimated, they are not expected to have a material impact on the Fund&#8217;s financial positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Redemption Basket Obligation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Other than as necessary to meet the investment
objective of the Fund and pay its contractual obligations described below, the Fund requires liquidity to redeem Redemption Baskets.
The Fund intends to satisfy this obligation through the transfer of cash of the Fund (generated, if necessary, through the sale
of Treasury Securities) in an amount proportionate to the number of Shares being redeemed, as described above under<B> </B>&#8220;Redemption
Procedures.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Contractual Obligations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Fund&#8217;s primary contractual
obligations are with the Sponsor and certain other service providers. The Sponsor, in return for its services, is entitled to a
management fee calculated as a fixed percentage of the Fund&#8217;s NAV, currently 1.00% of its average net assets. The Fund also
is responsible for all ongoing fees, costs and expenses of its operation, including (i) brokerage and other fees and commissions
incurred in connection with the trading activities of the Fund; (ii) expenses incurred in connection with registering additional
Shares of the Fund or offering Shares of the Fund after the time any Shares have begun trading on NYSE Arca; (iii) the routine
expenses associated with the preparation and, if required, the printing and mailing of monthly, quarterly, annual and other reports
required by applicable U.S. federal and state regulatory authorities, Trust meetings and preparing, printing and mailing proxy
statements to Shareholders; (iv) the payment of any distributions related to redemption of Shares; (v) payment for routine services
of the Trustee, legal counsel and independent accountants; (vi) payment for routine accounting, bookkeeping, custody and transfer
agency services, whether performed by an outside service provider or by Affiliates of the Sponsor; (vii) postage and insurance;
(viii) costs and expenses associated with client relations and services; (ix) costs of preparation of all federal, state, local
and foreign tax returns and any taxes payable on the income, assets or operations of the Fund; and (x) extraordinary expenses (including,
but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">While the Sponsor has agreed to pay registration
fees to the SEC, FINRA and any other regulatory agency in connection with the offer and sale of the Shares offered through this
prospectus, the legal, printing, accounting and other expenses associated with such registrations, and the initial fee of $5,000
for listing the Shares on the NYSE Arca, the Fund will be responsible for any registration fees and related expenses incurred in
connection with any future offer and sale of Shares of the Fund in excess of those offered through this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Fund pays its own brokerage and other
transaction costs. The Fund pays fees to FCMs in connection with its transactions in futures contracts. FCM fees are estimated
to be minimal annually for the Fund. In general, transaction costs on over-the-counter Corn Interests and on Treasuries and other
short-term securities are embedded in the purchase or sale price of the instrument being purchased or sold, and may not readily
be estimated. Other expenses to be paid by the Fund, including but not limited to the fees paid to the Custodian, Administrator
and Distributor with respect to the Fund, are estimated to be 2.36% for the twelve-month period ending April 30, 2017, though this
amount may change in future years. The Sponsor may, in its discretion, pay or reimburse the Fund for, or waive a portion of its
management fee to offset, expenses that would otherwise be borne by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any general expenses of the Trust will
be allocated among the Teucrium Funds and each other series that may be established under the Trust in the future as determined
by the Sponsor in its sole and absolute discretion.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Trust is also responsible for extraordinary expenses,
including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto. The Trust
and/or the Sponsor may be required to indemnify the Trustee, Distributor or Custodian/Administrator under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The parties cannot anticipate the amount
of payments that will be required under these arrangements for future periods as the Fund&#8217;s NAV and trading levels to meet
their investment objectives will not be known until a future date. These agreements are effective for a specific term agreed upon
by the parties with an option to renew, or, in some cases, are in effect for the duration of the Fund&#8217;s existence. The parties
may terminate these agreements earlier for certain reasons listed in the agreements.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014198"></A><A NAME="a_Toc256000044"></A><A NAME="a_Toc322695052"></A><A NAME="a_Toc210101451"></A><A NAME="a_Toc415514350"></A>The
Trust Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following paragraphs are a summary
of certain provisions of the Trust Agreement. The following discussion is qualified in its entirety by reference to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I><A NAME="a_Toc240347798"></A>Authority
of the Sponsor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor is generally authorized to
perform all acts deemed necessary to carry out the purposes of the Trust and to conduct the business of the Trust. The Trust and
the Fund will continue to exist until terminated in accordance with the Trust Agreement. The Sponsor&#8217;s authority includes,
without limitation, the right to take the following actions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">To enter into, execute, deliver and maintain contracts, agreements and any other documents as
may be in furtherance of the Trust&#8217;s purpose or necessary or appropriate for the offer and sale of the Shares and the conduct
of Trust activities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">To establish, maintain, deposit into, sign checks and otherwise draw upon accounts on behalf
of the Trust with appropriate banking and savings institutions, and execute and accept any instrument or agreement incidental to
the Trust&#8217;s business and in furtherance of its purposes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">To supervise the preparation and filing of any registration statement (and supplements and amendments
thereto) for the Fund;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">To adopt, implement or amend, from time to time, such disclosure and financial reporting, information
gathering and control policies and procedures as are necessary or desirable to ensure compliance with applicable disclosure and
financial reporting obligations under any applicable securities laws; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">To make any necessary determination or decision in connection with the preparation of the Trust&#8217;s
financial statements and amendments thereto;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">To prepare, file and distribute, if applicable, any periodic reports or updates that may be required
under the 1934 Act, the CEA or rules and regulations promulgated thereunder;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">To pay or authorize the payment of distributions to the Shareholders and expenses of the Fund;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">To make any elections on behalf of the Trust under the Code, or any other applicable U.S. federal
or state tax law as the Sponsor shall determine to be in the best interests of the Trust; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">In its sole discretion, to determine to admit an affiliate or affiliates of the Sponsor as additional
Sponsors.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I><A NAME="a_Toc240347799"></A>The
Sponsor&#8217;s Obligations </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition to the duties imposed by
the Delaware Trust Statute, under the Trust Agreement the Sponsor has the following obligations as a sponsor of the Trust:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Devote to the business and affairs of the Trust such of its time as it determines in its discretion
(exercised in good faith) to be necessary for the benefit of the Trust and the Shareholders of the Fund;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Execute, file, record and/or publish all certificates, statements and other documents and do
any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct
of its business in all appropriate jurisdictions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Appoint and remove independent public accountants to audit the accounts of the Trust and employ
attorneys to represent the Trust;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Use its best efforts to maintain the status of the Trust as a statutory trust for state law purposes
and as a partnership for U.S. federal income tax purposes; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject
to certain limitations set forth in the Trust Agreement, pledge, mortgage, and hypothecate the estate of the Fund in accordance
with the purposes of the Trust and any registration statement filed on behalf of the Fund;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Have fiduciary responsibility for the safekeeping and use of the Trust&#8217;s assets, whether
or not in the Sponsor&#8217;s immediate possession or control; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Enter into and perform agreements with each Authorized Purchaser, receive from Authorized Purchasers
and process properly submitted purchase orders, receive Creation Basket Deposits, deliver or cause the delivery of Creation Baskets
to the Depository for the account of the Authorized Purchaser submitting a purchase order; </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 48pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Receive from Authorized Purchasers and process, or cause the Distributor or other Fund service
provider to process, properly submitted redemption orders, receive from the redeeming Authorized Purchasers through the Depository,
and thereupon cancel or cause to be cancelled, Shares corresponding to the Redemption Baskets to be redeemed;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 48pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Interact with the Depository; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 48pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Delegate duties to one or more administrators, as the Sponsor determines.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">To the extent that, at law (common or
statutory) or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the
Fund, the Shareholders or to any other person, the Sponsor will not be liable to the Trust, the Fund, the Shareholders or to any
other person for its good faith reliance on the provisions of the Trust Agreement or this prospectus unless such reliance constitutes
gross negligence or willful misconduct on the part of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I><A NAME="a_Toc240347800"></A>Liability
and Indemnification </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Under the Trust Agreement, the Sponsor,
the Trustee and their respective Affiliates (collectively, &#8220;Covered Persons&#8221;) shall have no liability to the Trust,
the Fund, or to any Shareholder for any loss suffered by the Trust or the Fund which arises out of any action or inaction of such
Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust
or the Fund and such course of conduct did not constitute gross negligence or willful misconduct of such Covered Person. Subject
to the foregoing, neither the Sponsor nor any other Covered Person shall be personally liable for the return or repayment of all
or any portion of the capital or profits of any Shareholder or assignee thereof, it being expressly agreed that any such return
of capital or profits made pursuant to the Trust Agreement shall be made solely from the assets of the applicable</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Teucrium Fund without any rights of contribution from the
Sponsor or any other Covered Person. A Covered Person shall not be liable for the conduct or willful misconduct of any administrator
or other delegatee selected by the Sponsor with reasonable care, provided, however, that the Trustee and its Affiliates shall not,
under any circumstances be liable for the conduct or willful misconduct of any administrator or other delegatee or any other person
selected by the Sponsor to provide services to the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">To the extent that, at law (common or
statutory) or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating to the Trust, the Teucrium
Funds, the shareholders of the Teucrium Funds, or to any other person, the Sponsor, acting under the Trust Agreement, shall not
be liable to the Trust, the Teucrium Funds, the shareholders of the Teucrium Funds or to any other person for its good faith reliance
on the provisions of the Trust Agreement. The provisions of the Trust Agreement, to the extent they restrict or eliminate the duties
and liabilities of the Sponsor otherwise existing at law or in equity, replace such other duties and liabilities of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trust Agreement also provides that
the Sponsor shall be indemnified by the Trust (or by a series separately to the extent the matter in question relates to a single
series or disproportionately affects a specific series in relation to other series) against any losses, judgments, liabilities,
expenses and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, provided
that (i) the Sponsor was acting on behalf of or performing services for the Trust and has determined, in good faith, that such
course of conduct was in the best interests of the Trust and such liability or loss was not the result of gross<B> </B>negligence,
willful misconduct, or a breach of the Trust Agreement on the part of the Sponsor and (ii) any such indemnification will only be
recoverable from the assets of the applicable series. The Sponsor&#8217;s rights to indemnification permitted under the Trust Agreement
shall not be affected by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication of bankruptcy
or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Bankruptcy
Code by or against the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding the above,
the Sponsor shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S.
federal or state securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged
securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including,
without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation,
litigation costs), or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee
and finds that indemnification of the settlement and related costs should be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">The payment of any indemnification shall
be allocated, as appropriate, among the Trust&#8217;s series. The Trust and its series shall not incur the cost of that portion
of any insurance which insures any party against any liability, the indemnification of which is prohibited under the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Expenses incurred in defending a threatened
or pending action, suit or proceeding against the Sponsor shall be paid by the Trust in advance of the final disposition of such
action, suit or proceeding, if (i) the legal action relates to the performance of duties or services by the Sponsor on behalf of
the Trust; (ii) the legal action is initiated by a party other than the Trust; and (iii) the Sponsor undertakes to repay the advanced
funds with interest to the Trust in cases in which it is not entitled to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trust Agreement provides that the
Sponsor and the Trust shall indemnify the Trustee and its successors, assigns, legal representatives, officers, directors, shareholders,
employees, agents and servants (the &#8220;Trustee Indemnified Parties&#8221;) against any liabilities, obligations, losses, damages,
penalties, taxes, claims, actions, suits, costs, expenses or disbursements which may be imposed on a Trustee Indemnified Party
relating to or arising out of the formation, operation or termination of the Trust, the execution, delivery and performance of
any other agreements to which the Trust is a party, or the action or inaction of the Trustee under the Trust Agreement or any other
agreement, except for expenses resulting from the gross negligence or willful misconduct of a Trustee Indemnified Party. Further,
certain officers of the Sponsor are insured against liability for certain errors or omissions which an officer may incur or that
may arise out of his or her capacity as such.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the event the Trust is made a party
to any claim, dispute, demand or litigation or otherwise incurs any liability or expense as a result of or in connection with any
Shareholder&#8217;s (or assignee&#8217;s) obligations or liabilities unrelated to the Trust business, such Shareholder (or assignees
cumulatively) is required under the Trust Agreement to indemnify the Trust for all such liability and expense incurred, including
attorneys&#8217; and accountants&#8217; fees.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Withdrawal of the Sponsor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor may withdraw voluntarily
as the Sponsor of the Trust only upon ninety (90) days&#8217; prior written notice to the holders of the Trust&#8217;s outstanding
shares and the Trustee. If the withdrawing Sponsor is the last remaining Sponsor, shareholders holding a majority (over 50%) of
the outstanding shares of the Trust, voting together as a single class (not including shares acquired by the Sponsor through its
initial capital contribution) may vote to elect a successor Sponsor. The successor Sponsor will continue the business of the Trust.
Shareholders have no right to remove the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the event of withdrawal, the Sponsor
is entitled to a redemption of the shares it acquired through its initial capital contribution to any of the series of the Trust
at their NAV per share. If the Sponsor withdraws and a successor Sponsor is named, the withdrawing Sponsor shall pay all expenses
as a result of its withdrawal.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Meetings of the Trust&#8217;s shareholders
may be called by the Sponsor and will be called by it upon the written request of Shareholders holding at least 25% of the outstanding
Shares of the Trust or the Fund, as applicable (not including Shares acquired by the Sponsor through its initial capital contribution.
The Sponsor shall deposit in the United States mail or electronically transmit written notice to all Shareholders of the Fund of
the meeting and the purpose of the meeting, which shall be held on a date not less than 30 nor more than 60 days after the date
of mailing of such notice, at a reasonable time and place. Where the meeting is called upon the written request of the shareholders
of the Teucrium Funds, or any Teucrium fund, as applicable, such written notice shall be mailed or transmitted not more than 45
days after such written request for a meeting was received by the Sponsor. Any notice of meeting shall be accompanied by a description
of the action to be taken at the meeting and, if applicable, an opinion of independent counsel as to the effect of such proposed
action on the liability of shareholders of the Teucrium Funds, or any Teucrium fund, as applicable, for the debts of the applicable
Teucrium Fund. Shareholders may vote in person or by proxy at any such meeting. The Sponsor shall be entitled to establish voting
and quorum requirements and other reasonable procedures for shareholder voting. Any action required or permitted to be taken by
Shareholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents
shall be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Trust,
the Fund or any Shareholder, as contemplated by the Trust Agreement, is solicited by the Sponsor, the solicitation shall be effected
by notice to each Shareholder given in the manner provided in accordance with the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Voting Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Shareholders have very limited voting
rights.&nbsp;&nbsp;Specifically, the Trust Agreement provides that shareholders of the Trust&#8217;s Series holding shares representing
at least a majority (50%) of the outstanding shares of the Trust&#8217;s Series voting together as a single class (excluding shares
acquired by the Sponsor in connection with its initial capital contribution to any Trust series) may vote to (i) continue the Trust
by electing a successor Sponsor as described above, and (ii) approve amendments to the Trust Agreement that impair the right to
surrender Redemption Baskets for redemption.&nbsp;&nbsp;(Trustee consent to any amendment to the Trust Agreement is required if
the Trustee reasonably believes that such amendment adversely affects any of its rights, duties or liabilities.)&nbsp;&nbsp;In
addition, shareholders of the Teucrium Funds holding shares representing seventy-five percent (75%) of the outstanding shares of
the Teucrium Funds, voting together as a single class (excluding shares acquired by the Sponsor in connection with its initial
capital contribution to any Trust series) may vote to dissolve the Trust upon not less than ninety (90) days&#8217; notice to the
Sponsor.&nbsp;&nbsp;Shareholders have no voting rights with respect to the Trust or a Fund except as expressly provided in the
Trust Agreement.</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Limited Liability of Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Shareholders shall be entitled to the
same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation
law of Delaware, and no Shareholder shall be liable for claims against, or debts of the Trust or the Fund in excess of his share
of the Fund&#8217;s assets. The Trust or the Fund shall not make a claim against a Shareholder with respect to amounts distributed
to such Shareholder or amounts received by such Shareholder upon redemption unless, under Delaware law, such Shareholder is liable
to repay such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Trust or the Fund shall indemnify
to the full extent permitted by law and the Trust Agreement each Shareholder (excluding the Sponsor to the extent of its ownership
of any Shares acquired through its initial capital contribution) against any claims of liability asserted against such Shareholder
solely because of its ownership of Shares (other than for taxes on income from Shares for which such Shareholder is liable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Every written note, bond, contract, instrument,
certificate or undertaking made or issued by the Sponsor on behalf of the Trust or the Fund shall give notice to the effect that
the same was executed or made by or on behalf of the Trust or the Fund and that the obligations of such instrument are not binding
upon the Shareholders individually but are binding only upon the assets and property of the Fund and no recourse may be had with
respect to the personal property of a Shareholder for satisfaction of any obligation or claim.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014199"></A><A NAME="a_Toc256000045"></A><A NAME="a_Toc322695053"></A><A NAME="a_Toc415514351"></A>The
Sponsor Has Conflicts of Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">There are present and potential future
conflicts of interest in the Trust&#8217;s structure and operation you should consider before you purchase Shares. The Sponsor
may use this notice of conflicts as a defense against any claim or other proceeding made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor&#8217;s principals, officers
and employees, do not devote their time exclusively to the Fund. Under the organizational documents of the Sponsor, Mr. Sal Gilbertie
and Mr. Dale Riker are obligated to use commercially reasonable efforts to manage the Sponsor, devote such amount of time to the
Sponsor as would be consistent with their roles in similarly placed commodity pool operators, and remain active in managing the
Sponsor until they are no longer managing members of the Sponsor or the Sponsor dissolves. In addition, the Sponsor expects that
operating the Teucrium Funds will generally constitute the principal and a full-time business activity of its principals, officers
and employees. Notwithstanding these obligations and expectations, the Sponsor&#8217;s principals may be directors, officers or
employees of other entities, and may manage assets of other entities, including the other Teucrium Funds, through the Sponsor or
otherwise. In particular, the principals could have a conflict between their responsibilities to the Fund on the one hand and to
those other entities on the other. It is not possible to quantify the proportion of their time that the Sponsor&#8217;s personnel
will devote to the Fund and its management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor and its principals, officers
and employees may trade futures and related contracts for their own accounts, creating the potential for preferential treatment
of their own accounts. Shareholders will not be permitted to inspect the trading records of such persons or any written policies
of the Sponsor related to such trading. A conflict of interest may exist if their trades are in the same markets and at approximately
the same times as the trades for the Fund. A potential conflict also may occur when the Sponsor&#8217;s principals trade their
accounts more aggressively or take positions in their accounts which are opposite, or ahead of, the positions taken by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor has sole current authority
to manage the investments and operations of the Fund, and this may allow it to act in a way that furthers its own interests rather
than your best interests, including the authority of the Sponsor to allocate expenses to and between the Funds. Shareholders have
very limited voting rights, which will limit the ability to influence matters such as amendment of the Trust Agreement, change
in the Fund&#8217;s basic investment policies, or dissolution of the Fund or the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor serves as the Sponsor to
the Teucrium Funds, and may in the future serve as the Sponsor or investment adviser to commodity pools other than the Teucrium
Funds. The Sponsor may have a conflict to the extent that its trading decisions for the Fund may be influenced by the effect they
would have on the other pools it manages. In addition, the Sponsor may be required to indemnify the officers and directors of the
other pools, if the need for indemnification arises. This potential indemnification will cause the Sponsor&#8217;s assets to decrease.
If the Sponsor&#8217;s other sources of income are not sufficient to compensate for the indemnification, it could cease operations,
which could in turn result in Fund losses and/or termination of the Fund.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If the Sponsor acquires knowledge of
a potential transaction or arrangement that may be an opportunity for the Fund, it shall have no duty to offer such opportunity
to the Fund. The Sponsor will not be liable to the Fund or the Shareholders for breach of any fiduciary or other duty if Sponsor
pursues such opportunity or directs it to another person or does not communicate such opportunity to the Fund. Neither the Fund
nor any Shareholder has any rights or obligations by virtue of the Trust Agreement, the trust relationship created thereby, or
this prospectus in such business ventures or the income or profits derived from such business ventures. The pursuit of such business
ventures, even if competitive with the activities of the Fund, will not be deemed wrongful or improper.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Resolution of Conflicts Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Trust Agreement provides
that whenever a conflict of interest exists between the Sponsor or any of its Affiliates, on the one hand, and the Trust, any shareholder
of a Trust series, or any other person, on the other hand, the Sponsor shall resolve such conflict of interest, take such action
or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict,
agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry
practices, and any applicable generally accepted accounting practices or principles.&nbsp;&nbsp;In the absence of bad faith by
the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of the Trust
Agreement or any other agreement contemplated therein or of any duty or obligation of the Sponsor at law or in equity or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor or any affiliate thereof
may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or
with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous
doctrine, shall not apply to the Sponsor.&nbsp;&nbsp;If the Sponsor acquires knowledge of a potential transaction, agreement, arrangement
or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the
Trust, and the Sponsor shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason
of the fact that the Sponsor pursues or acquires for, or directs such opportunity to, another person or does not communicate such
opportunity or information to the Trust.&nbsp;&nbsp;Neither the Trust nor any Shareholder shall have any rights or obligations
by virtue of the Trust Agreement or the trust relationship created thereby in or to such independent ventures or the income or
profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall
not be deemed wrongful or improper.&nbsp;&nbsp;Except to the extent expressly provided in the Trust Agreement, the Sponsor may
engage or be interested in any financial or other transaction with the Trust, the Shareholders or any affiliate of the Trust or
the Shareholders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014200"></A><A NAME="a_Toc256000046"></A><A NAME="a_Toc322695054"></A><A NAME="a_Toc415514352"></A>Interests
of Named Experts and Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"> No expert hired by the Fund to give
advice on the preparation of this offering document has been hired on a contingent fee basis, nor do any of them have any present
or future expectation of interest in the Sponsor, Distributor, Authorized Purchasers, Custodian/Administrator or other service
providers to the Fund. </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014201"></A><A NAME="a_Toc256000047"></A><A NAME="a_Toc322695055"></A><A NAME="a_Toc415514353"></A>Provisions
of Federal and State Securities Laws</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This offering is made pursuant to federal and
state securities laws. The SEC and state securities agencies take the position that indemnification of the Sponsor that arises
out of an alleged violation of such laws is prohibited unless certain conditions are met. Those conditions require that no indemnification
of the Sponsor or any underwriter for the Fund may be made in respect of any losses, liabilities or expenses arising from or out
of an alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication on the merits
of each count involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification;
(ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification;
or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds
that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Sponsor
or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014202"></A><A NAME="a_Toc256000048"></A><A NAME="a_Toc322695056"></A><A NAME="a_Toc415514354"></A>Books
and Records</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="a_Toc256000049"></A><A NAME="a_Toc322695057"></A><A NAME="a_Toc415514355"></A>The
Trust keeps its books of record and account at its office located at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301,
or at the offices of the Administrator, U.S. Bancorp, LLC, located at 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202, or
such office, including of an administrative agent, as it may subsequently designate upon notice. The books of account of the Fund
are open to inspection by any Shareholder (or any duly constituted designee of a Shareholder) at all times during the usual business
hours of the Fund upon reasonable advance notice to the extent such access is required under CFTC rules and regulations. In addition,
the Trust keeps a copy of the Trust Agreement on file in its office which will be available for inspection by any Shareholder at
all times during its usual business hours upon reasonable advance notice.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014203"></A>Analysis of Critical Accounting
Policies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s critical accounting policies
are set forth in the financial statements that are incorporated by reference in this prospectus prepared in accordance with accounting
principles generally accepted in the United States of America, which require the use of certain accounting policies that affect
the amounts reported in these financial statements, including the following: (i) Fund trades are accounted for on a trade-date
basis and marked to market on a daily basis; (ii) the difference between the cost and market value of Corn Interests is recorded
as &#8220;change in unrealized profit/loss&#8221; for open (unrealized) contracts, and recorded as &#8220;realized profit/loss&#8221;
when open positions are closed out; and (iii) earned interest income, as well as the fees and expenses of the Fund, are recorded
on an accrual basis. The Sponsor believes that all relevant accounting assumptions and policies have been considered.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0"><A NAME="a_Toc445014204"></A><A NAME="a_Toc256000050"></A><A NAME="a_Toc322695058"></A><A NAME="a_Toc210101456"></A><A NAME="a_Toc415514356"></A>Statements,
Filings, and Reports to Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"> The Trust will furnish to DTC Participants
for distribution to Shareholders annual reports (as of the end of each fiscal year) for the Fund as are required to be provided
to Shareholders by the CFTC and the NFA. These annual reports will contain financial statements prepared by the Sponsor and audited
by an independent registered public accounting firm designated by the Sponsor. The Trust will also post monthly reports to the
Fund&#8217;s website (www.teucriumcornfund.com). These monthly reports will contain certain unaudited financial information regarding
the Fund, including the Fund&#8217;s NAV. The Sponsor will furnish to the Shareholders other reports or information which the
Sponsor, in its discretion, determines to be necessary or appropriate. In addition, under SEC rules the Trust will be required
to file quarterly and annual reports for the Fund with the SEC, which need not be sent to Shareholders but will be publicly available
through the SEC. The Trust will post the same information that would otherwise be provided in the Trust&#8217;s CFTC, NFA and
SEC reports on the Fund&#8217;s website <U>www.teucriumcornfund.com</U>. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor is responsible for the registration
and qualification of the Shares under the federal securities laws, federal commodities laws, and laws of any other jurisdiction
as the Sponsor may select. The Sponsor is responsible for preparing all required reports, but has entered into an agreement with
the Administrator to prepare these reports on the Trust&#8217;s behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The accountants&#8217; report on its
audit of the Fund&#8217;s financial statements will be furnished by the Trust to Shareholders upon request. The Trust will make
such elections, file such tax returns, and prepare, disseminate and file such tax reports for the Fund, as it is advised by its
counsel or accountants are from time to time required by any applicable statute, rule or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">PricewaterhouseCoopers (&#8220;PwC&#8221;),
2001 Ross Avenue, Suite 1800, Dallas, Texas 75201-2997, will provide tax information in accordance with applicable U.S. Treasury
Regulations. Persons treated as middlemen for purposes of these regulations may obtain tax information regarding the Fund from
PwC or from the Fund&#8217;s website, www.teucriumcornfund.com.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014205"></A><A NAME="a_Toc256000051"></A><A NAME="a_Toc322695059"></A><A NAME="a_Toc415514357"></A>Fiscal
Year</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The fiscal year of the Fund is the calendar
year.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014206"></A><A NAME="a_Toc256000052"></A><A NAME="a_Toc322695060"></A><A NAME="a_Toc415514358"></A>Governing
Law; Consent to Delaware Jurisdiction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The rights of the Sponsor, the Trust, the Fund,
DTC (as registered owner of the Fund&#8217;s global certificate for Shares) and the Shareholders are governed by the laws of the
State of Delaware. The Sponsor, the Trust, the Fund and DTC and, by accepting Shares, each DTC Participant and each Shareholder,
consent to the jurisdiction of the courts of the State of Delaware and any federal courts located in Delaware. Such consent is
not required for any person to assert a claim of Delaware jurisdiction over the Sponsor, the Trust or the Fund. <A NAME="a_Toc256000053"></A><A NAME="a_Toc322695061"></A><A NAME="a_Toc415514359"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Security Ownership of Principal Shareholders
and Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth shares as of
December 31, 2015, information with respect to the beneficial ownership of the Fund by the Class A members and officers of the
Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; border-bottom: black 1.5pt solid; padding-right: 0.5in; padding-left: 0.35pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name&nbsp;of Owner</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0.5in; padding-left: 0.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1.5pt solid; padding-right: 0.5in; padding-left: 0.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Amount and Nature of Beneficial Ownership</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0.5in; padding-left: 0.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 42%; border-bottom: black 1.5pt solid; padding-right: 0.5in; padding-left: 0.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Percent of Fund&#8217;s Outstanding Shares</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-left: 0.35pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Sal Gilbertie</FONT></TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">401 Shares &#8211; Direct Ownership</FONT></TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.01%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Fund is not aware of any 5% holder of its Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014207"></A><A NAME="a_Toc256000054"></A><A NAME="a_Toc322695062"></A><A NAME="a_Toc415514360"></A>Legal
Matters</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Litigation and Claims</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Within the past five years of the date of this
prospectus, there have been no material administrative, civil or criminal actions against the Sponsor, the Trust or the Fund, or
any principal or affiliate of any of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known
to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Legal Opinion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Reed Smith LLP has been retained to advise the
Trust and the Sponsor with respect to the Shares being offered hereby and has passed upon the validity of the Shares being issued
hereunder. Reed Smith LLP has also provided the Sponsor with its opinion with respect to federal income tax matters addressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Experts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The financial statements of the Trust, the
Fund and the Sponsor as of December 31, 2015 and 2014, and management&#8217;s assessment of the effectiveness of internal control
over financial reporting of the Trust and the Fund as of December 31, 2015 incorporated by reference in this prospectus and elsewhere
in the registration statement have been so incorporated by reference in reliance upon the reports of Grant Thornton LLP, independent
registered public accountants, upon the authority of said firm as experts in accounting and auditing. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Rothstein Kass, an independent public accounting
firm, has audited the financial statements, incorporated herein by reference, of the Trust, the Fund and the Sponsor for the year
ended December 31, 2013. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">On June 30, 2014, KPMG LLP (&#8220;KPMG&#8221;)
acquired certain assets of ROTHSTEIN-KASS, P.A. (d/b/a Rothstein Kass &amp; Company, P.C.) and certain of its affiliates (&#8220;Rothstein
Kass&#8221;), the independent registered public accounting firm for Trust and the Funds. As a result of this transaction, on June
30, 2014, Rothstein Kass resigned as the independent registered public accounting firm for the Trust, the Funds and the Sponsor.
The authorized officers (the &#8220;Officers&#8221;) of the Sponsor approved the engagement of KPMG as the new independent registered
public accounting firm for the Sponsor, the Trust and the Funds and on July 29, 2014, KPMG completed its client evaluation procedures
and accepted the engagement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Officers approved the dismissal of
KPMG as the independent registered public accounting firm for the Sponsor, the Trust and the Funds and KPMG was dismissed on October
3, 2014. The engagement of Grant Thornton</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">LLP as the new independent registered public accounting firm
for the Company, the Trust and the Funds was approved by the Officers, and Grant Thornton LLP completed its client evaluation procedures
and accepted the engagement, replacing KPMG as of October 3, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt inherit,serif; margin: 0; text-indent: 0.5in">There were no disagreements with Grant Thornton on any matters
of accounting principles or practices, financial statement disclosure or auditing scope and procedures for the year-ended December
31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014208"></A><A NAME="a_Toc256000055"></A><A NAME="a_Toc322695063"></A><A NAME="a_Toc415514361"></A>Privacy
Policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Privacy Policy explains the policies of
the Sponsor, a commodity pool operator registered with the CFTC, and (i) the Trust, and (ii) each commodity pool for which the
Sponsor serves as Sponsor currently or in the future including Teucrium Corn Fund, Teucrium Wheat Fund, Teucrium Sugar Fund, and
Teucrium Soybean Fund, and Teucrium Agricultural Fund (each of which is a series of the Trust), relating to the collection, maintenance,
and use of nonpublic personal information about the Funds&#8217; investors, as required under federal law. <B>Federal law gives
investors the right to limit some but not all sharing of their nonpublic personal information. Federal law also requires the Sponsor
to tell investors how it collects, shares, and protects such nonpublic personal information. Please read this policy carefully
to understand what the Sponsor does. </B>This Privacy Policy applies to the nonpublic personal information of investors who are
individuals and who obtain financial products or services from the Sponsor, the Trust, and the Funds primarily for personal, family,
or household purposes. This Privacy Policy applies to both current and former Fund investors; the Sponsor will only disclose nonpublic
personal information about former investors to the same extent as for current investors, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Collection of Nonpublic
Personal Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may collect or have access to nonpublic
personal information about current and former Fund investors for certain purposes relating to the operation of the Funds. This
information may include information received from investors, such as their name, social security number, telephone number, and
address, and information about investors&#8217; holdings and transactions in shares of the Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Use and Disclosure
of Nonpublic Personal Infor</I>mation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor recognizes and respects the privacy
expectation of each of the Funds&#8217; investors. The Sponsor believes that the confidentiality and protection of investors&#8217;
nonpublic personal information is one of its fundamental responsibilities. This means, most importantly, that the Sponsor does
not sell nonpublic personal information to any third parties. The Sponsor primarily uses investors&#8217; nonpublic personal information
to complete financial transactions that may be requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Below are the circumstances in which the Sponsor may disclose investors&#8217;
nonpublic personal information to third parties; investors may not opt out of these disclosures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Sponsor may provide an investor&#8217;s nonpublic personal information to non-affiliated
service providers involved in servicing and administering products and services for, or on behalf of the Sponsor (<I>e.g.</I>,
accountants, compliance consultants, legal advisors, broker-dealers, introducing brokers, futures commissions merchants, investment
companies, investment advisers, commodity trading advisors, commodity pool operators, administrators, and custodians). In all such
cases, the Sponsor will provide the third party with only the nonpublic personal information necessary to carry out its assigned
responsibilities and only for that purpose. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Sponsor will release nonpublic personal information if directed by an investor to do so.
The Sponsor may also release nonpublic personal information to persons acting in a fiduciary or representative capacity on behalf
of an investor.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Sponsor may release an investor&#8217;s nonpublic personal information to courts and other
parties related to a subpoena or other court, government, or self-regulatory organization order or process, as authorized by law.</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Sponsor may release an investor&#8217;s nonpublic personal information to regulators (including
self-regulatory organizations) or governmental entities that have made a reasonable request for such information, as authorized
by law.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Sponsor may release an investor&#8217;s nonpublic personal information to certain governmental
entities and others to prevent money laundering, as authorized by law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investors&#8217; nonpublic personal information, particularly information
about investors&#8217; holdings and transactions in shares of the Funds, may be shared between and amongst the Sponsor and the
Funds. <B>An investor cannot opt-out of the sharing of nonpublic personal information between and amongst the Sponsor and the Funds.
</B> However, the Sponsor and the Funds will not use this information for any cross-marketing purposes. <B>In other words, all
investors will be treated as having &#8220;opted out&#8221; of receiving marketing solicitations from Funds other than the Fund(s)
in which it invests. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Protection of Nonpublic
Personal Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Sponsor restricts access to investors&#8217; nonpublic personal information only to those
employees, agents, and representatives who require that information to provide financial products and services. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Sponsor requires all employees, financial professionals, and companies providing services
on its behalf to keep investors&#8217; nonpublic personal information confidential. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Third parties with whom the Sponsor shares investor nonpublic personal information must agree
to follow appropriate standards of security and confidentiality, which includes safeguarding such information physically, electronically,
and procedurally.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Sponsor maintains physical, technical, administrative, and procedural safeguards that comply
with federal standards to protect the confidentiality and security of investors&#8217; nonpublic personal information including,
where applicable, its disposal.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Employees, agents, and representatives who have access to shareholder reports or other correspondence
containing investors&#8217; nonpublic personal information are required to utilize passwords on all electronic devices used to
carry out their professional responsibilities.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014209"></A><A NAME="a_Toc256000056"></A><A NAME="a_Toc322695064"></A><A NAME="a_Toc415514362"></A>U.S.
Federal Income Tax Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following discussion summarizes the material
U.S. federal income tax consequences of the purchase, ownership and disposition of Shares of the Fund and the U.S. federal income
tax treatment of the Fund. Except where noted otherwise, it deals only with the tax consequences relating to Shares held as capital
assets by persons not subject to special tax treatment. For example, in general it does not address the tax consequences to dealers
in securities or currencies or commodities, traders in securities or dealers or traders in commodities that elect to use a mark-to-market
method of accounting, financial institutions, tax-exempt entities, insurance companies, persons holding Shares as a part of a position
in a &#8220;straddle&#8221; or as part of a &#8220;hedging,&#8221; &#8220;conversion&#8221; or other integrated transaction for
federal income tax purposes, or holders of Shares whose &#8220;functional currency&#8221; is not the U.S. dollar. Furthermore,
the discussion below is based upon the provisions of the Code, and regulations (&#8220;Treasury Regulations&#8221;), rulings and
judicial decisions thereunder as of the date hereof, and such authorities may be repealed, revoked or modified (possibly with retroactive
effect) so as to result in U.S. federal income tax consequences different from those discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has received the opinion of Reed
Smith LLP (&#8220;Reed Smith&#8221;), counsel to the Trust, that the material U.S. federal income tax consequences to the Fund
and to U.S. Shareholders and Non-U.S. Shareholders (as defined below) will be as described in the following paragraphs. In rendering
its opinion, Reed Smith has relied on the facts and assumptions described in this prospectus as well as certain factual representations
made by the Trust and the Sponsor. This opinion is not binding on the IRS. No ruling has been requested from the IRS with respect
to any matter affecting the Fund or prospective investors, and the IRS may disagree with the tax positions taken by the Trust.
If the IRS were to challenge the Trust&#8217;s tax positions in litigation, they might not be sustained by the courts.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As used herein, the term &#8220;U.S. Shareholder&#8221;
means a Shareholder that is, for United States federal income tax purposes, (i) a citizen or resident of the United States, (ii)
a corporation or partnership created or organized in or under the laws of the United States or any political subdivision thereof,
(iii) an estate the income of which is subject to United States federal income taxation regardless of its source or (iv) a trust
that (X) is subject to the supervision of a court within the United States and the control of one or more United States persons
as described in section 7701(a)(30) of the Code, or (Y) has a valid election in effect under applicable Treasury Regulations to
be treated as a United States person. A &#8220;Non-U.S. Shareholder&#8221; is a holder that is not a U.S. Shareholder. If a partnership
holds our Shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the
partnership. If you are a partner of a partnership holding our Shares, you should consult your own tax advisor regarding the tax
consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">EACH PROSPECTIVE INVESTOR IS ADVISED TO CONSULT
ITS OWN TAX ADVISOR REGARDING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF AN INVESTMENT IN SHARES, AS WELL AS ANY APPLICABLE STATE,
LOCAL OR FOREIGN TAX CONSEQUENCES, IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I><A NAME="a_Toc240347808"></A>Tax
Classification of the Trust and the Fund</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust is organized and will be operated
as a statutory trust in accordance with the provisions of the Trust Agreement and applicable Delaware law. Notwithstanding the
Trust&#8217;s status as a statutory trust and the Fund&#8217;s status as a series of that Trust, due to the nature of its activities
the Fund will be treated as a partnership rather than a trust for U.S. federal income tax purposes. In addition, the trading of
Shares on the NYSE Arca will cause the Fund to be classified as a &#8220;publicly traded partnership&#8221; for federal income
tax purposes. Under the Code, a publicly traded partnership is generally taxable as a corporation. In the case of an entity (such
as the Fund) not registered under the Investment Company Act of 1940, however, an exception to this general rule applies if at
least 90% of the entity&#8217;s gross income is &#8220;qualifying income&#8221; for each taxable year of its existence (the &#8220;qualifying
income exception&#8221;). For this purpose, qualifying income is defined as including, in pertinent part, interest (other than
from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest
or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities other than as
inventory or of futures, forwards and options with respect to commodities, &#8220;qualifying income&#8221; also includes income
and gains from commodities and from futures, forwards, options, and swaps and other notional principal contracts with respect to
commodities. The Trust and the Sponsor have represented the following to Reed Smith:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">at least 90% of the Fund&#8217;s gross income for each taxable year will constitute &#8220;qualifying income&#8221; within the meaning of Code section 7704 (as described above); </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">the Fund is organized and will be operated in accordance with its governing documents&nbsp;&nbsp;and applicable law; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the Fund has not elected, and will not elect, to be classified as
        a corporation for U.S. federal income tax purposes.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Based in part on these representations, Reed
Smith is of the opinion that the Fund will be treated as a partnership that it is not taxable as a corporation for U.S. federal
income tax purposes. The Fund&#8217;s taxation as a partnership rather than a corporation will require the Sponsor to conduct the
Fund&#8217;s business activities in such a manner that it satisfies the requirements of the qualifying income exception on a continuing
basis. No assurances can be given that the Fund&#8217;s operations for any given year will produce income that satisfies these
requirements. Reed Smith will not review the Fund&#8217;s ongoing compliance with these requirements and will have no obligation
to advise the Trust, the Fund or the Fund&#8217;s Shareholders in the event of any subsequent change in the facts, representations
or applicable law relied upon in reaching its opinion.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Fund failed to satisfy the qualifying
income exception in any year, other than a failure that is determined by the IRS to be inadvertent and that is cured within a reasonable
time after discovery (in which case, as a condition of relief, the Fund could be required to pay the government amounts determined
by the IRS), the Fund would be taxable as a corporation for federal income tax purposes and would pay federal income tax on its
income at regular corporate rates. In that event, Shareholders would not report their share of the Fund&#8217;s income or loss
on their tax returns. Distributions by the Fund (if any) would be treated as ordinary dividend income to the Shareholders to the
extent of the Fund&#8217;s current and accumulated earnings and profits. Accordingly, if the Fund were to be taxable as a corporation,
it would likely have a material adverse effect on the economic return from an investment in the Fund and on the value of the Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">The remainder of this summary assumes that the
Fund is classified for federal income tax purposes as a partnership that it is not taxable as a corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I><A NAME="a_Toc240347809"></A>U.S.
Shareholders </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in"><B><I>Tax Consequences of Ownership
of Shares </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Taxation of the Fund&#8217;s Income</I>.&nbsp;&nbsp;No
U.S. federal income tax is paid by the Fund on its income. Instead, the Fund files annual partnership returns, and each U.S. Shareholder
is required to report on its U.S. federal income tax return its allocable share of the income, gain, loss, deductions and credits
reflected on such returns. If the Fund recognizes income in the form of interest on Treasury Securities and net capital gains from
cash settlement of Corn Interests for a taxable year, Shareholders must report their share of these items even though the Fund
makes no distributions of cash or property during the taxable year. Consequently, a Shareholder may be taxable on income or gain
recognized by the Fund but receive no cash distribution with which to pay the resulting tax liability, or may receive a distribution
that is insufficient to pay such liability. Because the Sponsor currently does not intend to make distributions, it is likely that
that a U.S. Shareholder that realizes net income or gain with respect to Shares for a taxable year will be required to pay any
resulting tax from sources other than Fund distributions. Additionally, individuals with income in excess of $200,000 ($250,000
in the case of married individuals filing jointly) and certain estates and trusts are subject to an additional 3.8% tax on their
&#8220;net investment income,&#8221; which generally includes net income from interest, dividends, annuities, royalties, and rents,
and net capital gains (other than certain amounts earned from trades or businesses). Also included as income subject to the additional
3.8% tax is income from businesses involved in the trading of financial instruments or commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Monthly Conventions for Allocations of the
Fund&#8217;s Profit and Loss and Capital Account Restatements</I>.&nbsp;&nbsp;Under Code section 704, the determination of a partner&#8217;s
distributive share of any item of income, gain, loss, deduction or credit is governed by the applicable organizational document
unless the allocation provided by such document lacks &#8220;substantial economic effect.&#8221; An allocation that lacks substantial
economic effect nonetheless will be respected if it is in accordance with the partners&#8217; interests in the partnership, determined
by taking into account all facts and circumstances relating to the economic arrangements among the partners. Subject to the discussion
below concerning certain conventions to be used by the Fund, allocations pursuant to the Trust Agreement should be considered as
having substantial economic effect or being in accordance with Shareholders&#8217; interests in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In situations where a partner&#8217;s interest
in a partnership is redeemed or sold during a taxable year, the Code generally requires that partnership tax items for the year
be allocated to the partner using either an interim closing of the books or a daily proration method. The Fund intends to allocate
tax items using an interim closing of the books method under which income, gains, losses and deductions will be determined on a
monthly basis, taking into account the Fund&#8217;s accrued income and deductions and gains and losses (both realized and unrealized)
for the month. The tax items for each month during a taxable year will then be allocated among the holders of Shares in proportion
to the number of Shares owned by them as of the close of trading on the last trading day of the preceding month (the &#8220;monthly
allocation convention&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Under the monthly allocation convention,
an investor who disposes of a Share during the current month will be treated as disposing of the Share as of the end of the last
day of the calendar month. For example, an </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> investor who buys a Share on April 10 of a year and sells it
on May 20 of the same year will be allocated all of the tax items attributable to May (because it is deemed to hold the Share
through the last day of May) but none of those attributable to April. The tax items attributable to that Share for April will
be allocated to the person who is the actual or deemed holder of the Share as of the close of trading on the last trading day
of March. Under the monthly allocation convention, an investor who purchases and sells a Share during the same month, and therefore
does not hold (and is not deemed to hold) the Share at the close of the last trading day of either that month or the previous
month, will receive no allocations with respect to that Share for any period. Accordingly, investors may receive no allocations
with respect to Shares that they actually held, or may receive allocations with respect to Shares attributable to periods that
they did not actually hold the Shares. Investors who hold a Share on the last trading day of the first month of the Fund&#8217;s
operation will be allocated the tax items for that month, as well as the tax items for the following month, attributable to the
Share. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By investing in Shares, a U.S. Shareholder agrees
that, in the absence of new legislation, regulatory or administrative guidance, or judicial rulings to the contrary, it will file
its U.S. income tax returns in a manner that is consistent with the monthly allocation convention as described above and with the
IRS Schedule K-1 or any successor form provided to Shareholders by the Fund or the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For any month in which a Creation Basket is
issued or a Redemption Basket is redeemed, the Fund will credit or debit the &#8220;book&#8221; capital accounts of existing Shareholders
with the amount of any unrealized gain or loss, respectively, on Fund assets. For this purpose, unrealized gain or loss will be
computed based on the lowest NAV of the Fund&#8217;s assets during the month in which Shares are issued or redeemed, which may
be different than the value of the assets on the date of an issuance or redemption. The capital accounts as adjusted in this manner
will be used in making tax allocations intended to account for differences between the tax basis and fair market value of property
owned by the Fund at the time new Shares are issued or outstanding Shares are redeemed (so-called &#8220;reverse Code section 704(c)
allocations&#8221;). The intended effect of these adjustments is to equitably allocate among Shareholders any unrealized appreciation
or depreciation in the Fund&#8217;s assets existing at the time of a contribution or redemption for book and tax purposes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As noted above, the conventions used by the
Fund in making tax allocations may cause a Shareholder to be allocated more or less income or loss for U.S. federal income tax
purposes than its proportionate share of the economic income or loss realized by the Fund during the period it held its Shares.
This mismatch between taxable and economic income or loss in some cases may be temporary, reversing itself in a later year when
the Shares are sold, but could be permanent. For example, a Shareholder could be allocated income accruing after it sold its Shares,
resulting in an increase in the basis of the Shares (see &#8220;<I>Tax Basis of Shares</I>&#8221; below). In connection with the
disposition of the Shares, the additional basis might produce a capital loss the deduction of which may be limited (see &#8220;<I>Limitations
on Deductibility of Losses and Certain Expenses</I>&#8221; below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Section 754 election. </I>The Fund intends
to make the election permitted by section 754 of the Code, which election is irrevocable without the consent of the IRS. The effect
of this election is that when a secondary market sale of Shares occurs, the Fund adjusts the purchaser&#8217;s proportionate share
of the tax basis of the Fund&#8217;s assets to fair market value, as reflected in the price paid for the Shares, as if the purchaser
had directly acquired an interest in the Fund&#8217;s assets. The section 754 election is intended to eliminate disparities between
a partner&#8217;s basis in its partnership interest and its share of the tax basis of the partnership&#8217;s assets, so that the
partner&#8217;s allocable share of taxable gain or loss on a disposition of an asset will correspond to its share of the appreciation
or depreciation in the value of the asset since it acquired its interest. Depending on the price paid for Shares and the tax basis
of the Fund&#8217;s assets at the time of the purchase, the effect of the section 754 election on a purchaser of Shares may be
favorable or unfavorable. In order to make the appropriate basis adjustments in a cost effective manner, the Fund will use certain
simplifying conventions and assumptions. In particular, the Fund will obtain information regarding secondary market transactions
in its Shares and use this information to make adjustments to the Shareholders&#8217; indirect basis in Fund assets. It is possible
the IRS could successfully assert that the conventions and assumptions applied are improper and require different basis adjustments
to be made, which could adversely affect some Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Section 1256 Contracts</I>.&nbsp;&nbsp; Under
the Code, special rules apply to instruments constituting &#8220;section 1256 contracts.&#8221;&nbsp;&nbsp;A section 1256 contract
is defined as including, in relevant part: (1) a futures contract that is traded on or subject to the rules of a national securities
exchange which is registered with the SEC, a domestic board of trade designated as a contract market by the CFTC, or any other
board of trade or exchange designated by the Secretary of the Treasury, and with respect to which the amount required to be deposited
and the amount that may be withdrawn depends on a system of &#8220;marking to market&#8221;; and (2) a non-equity option traded
on or subject to the rules of a qualified board or exchange.&nbsp;&nbsp;Section 1256 contracts held at the end of each taxable
year are treated as if they were sold for their fair market value on the last business day of the taxable year (<I>i.e.</I>, are
&#8220;marked to market&#8221;).&nbsp;&nbsp;&nbsp;In addition, any gain or loss realized from a disposition, termination or marking-to-market
of a section 1256 contract is treated as long-term capital gain or loss to the extent of 60% thereof, and as short-term capital
gain or loss to the extent of 40% thereof, without regard to the actual holding period (&#8220;60-40 treatment&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"> Many of the Fund&#8217;s Corn Futures
Contracts will qualify as &#8220;section 1256 contracts&#8221; under the Code. Some Other Corn Interests that are cleared through
a qualified board or exchange will also constitute section 1256 contracts. Gain or loss recognized as a result of the disposition,
termination or marking-to-market of the Fund&#8217;s section 1256 contracts during a calendar month will be subject to 60-40 treatment
and allocated to Shareholders in accordance with the monthly allocation convention. Under recently enacted legislation, commodity
swaps will most likely not qualify as section 1256 contracts. If a commodity swap is not taxable as a section 1256 contract, any
gain or loss on the swap will be recognized at the time of disposition or termination as long-term or short-term capital gain
or loss depending on the holding period of the swap in the Fund&#8217;s hands. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Limitations on Deductibility of Losses and
Certain Expenses</I>.&nbsp;&nbsp;A number of different provisions of the Code may defer or disallow the deduction of losses or
expenses allocated to Shareholders by the Fund, including but not limited to those described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A Shareholder&#8217;s deduction of its allocable
share of any loss of the Fund is limited to the lesser of (1) the tax basis in its Shares or (2) in the case of a Shareholder that
is an individual or a closely held corporation, the amount which the Shareholder is considered to have &#8220;at risk&#8221; with
respect to the Fund&#8217;s activities. In general, the amount at risk will be a Shareholder&#8217;s invested capital. Losses in
excess of the amount at risk must be deferred until years in which the Fund generates additional taxable income against which to
offset such carryover losses or until additional capital is placed at risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Individuals and other non-corporate taxpayers
are permitted to deduct capital losses only to the extent of their capital gains for the taxable year plus $3,000 of other income.
Unused capital losses can be carried forward and used to offset capital gains in future years. In addition, a non-corporate taxpayer
may elect to carry back net losses on section 1256 contracts to each of the three preceding years and use them to offset section
1256 contract gains in those years, subject to certain limitations. Corporate taxpayers generally may deduct capital losses only
to the extent of capital gains, subject to special carryback and carryforward rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Otherwise deductible expenses
incurred by non-corporate taxpayers constituting &#8220;miscellaneous itemized deductions,&#8221; generally including investment-related
expenses (other than interest and certain other specified expenses), are deductible only to the extent they exceed 2% of the taxpayer&#8217;s
adjusted gross income for the year. Although the matter is not free from doubt, we believe management fees the Fund pays to the
Sponsor and other expenses of the Fund constitute investment-related expenses subject to this miscellaneous itemized deduction
limitation, rather than expenses incurred in connection with a trade or business, and will report these expenses consistent with
that interpretation. The Code imposes additional limitations on the amount of certain itemized deductions allowable to individuals
with adjusted gross income in excess of certain amounts by reducing the otherwise allowable portion of such deductions by an amount
equal to the lesser of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">&#9;&#8226; 3% of the
individual&#8217;s adjusted gross income in excess of certain threshold amounts; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9;&#8226; 80% of the amount of certain itemized
deductions otherwise allowable for the taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Non-corporate Shareholders generally may deduct
&#8220;investment interest expense&#8221; only to the extent of their &#8220;net investment income.&#8221; Investment interest
expense of a Shareholder will generally include any interest accrued</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">by the Fund and any interest paid or accrued on direct borrowings
by a Shareholder to purchase or carry its Shares, such as interest with respect to a margin account. Net investment income generally
includes gross income from property held for investment (including &#8220;portfolio income&#8221; under the passive loss rules
but not, absent an election, long-term capital gains or certain qualifying dividend income) less deductible expenses other than
interest directly connected with the production of investment income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent that the Fund allocates losses
or expenses to you that must be deferred or are disallowed as a result of these or other limitations in the Code, you may be taxed
on income in excess of your economic income or distributions (if any) on your Shares. As one example, you could be allocated and
required to pay tax on your share of interest income accrued by the Fund for a particular taxable year, and in the same year allocated
a share of a capital loss that you cannot deduct currently because you have insufficient capital gains against which to offset
the loss. As another example, you could be allocated and required to pay tax on your share of interest income and capital gain
for a year, but be unable to deduct some or all of your share of management fees and/or margin account interest incurred by you
with respect to your Shares. Shareholders are urged to consult their own professional tax advisor regarding the effect of limitations
under the Code on their ability to deduct your allocable share of the Fund&#8217;s losses and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in"><B><I>Tax Basis of Shares </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A Shareholder&#8217;s tax basis in its Shares
is important in determining (1) the amount of taxable gain or loss it will realize on the sale or other disposition of its Shares,
(2) the amount of non-taxable distributions that it may receive from the Fund, and (3) its ability to utilize its distributive
share of any losses of the Fund on its tax return. A Shareholder&#8217;s initial tax basis of its Shares will equal its cost for
the Shares plus its share of the Fund&#8217;s liabilities (if any) at the time of purchase. In general, a Shareholder&#8217;s &#8220;share&#8221;
of those liabilities will equal the sum of (i) the entire amount of any otherwise nonrecourse liability of the Fund as to which
the Shareholder or an affiliate of the Shareholder is the creditor (a &#8220;partner nonrecourse liability&#8221;) and (ii) a pro
rata share of any nonrecourse liabilities of the Fund that are not partner nonrecourse liabilities as to any Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A Shareholder&#8217;s tax basis in its Shares
generally will be (1) increased by (a) its allocable share of the Fund&#8217;s taxable income and gain and (b) any additional contributions
by the Shareholder to the Fund and (2) decreased (but not below zero) by (a) its allocable share of the Fund&#8217;s tax deductions
and losses and (b) any distributions by the Fund to the Shareholder. For this purpose, an increase in a Shareholder&#8217;s share
of the Fund&#8217;s liabilities will be treated as a contribution of cash by the Shareholder to the Fund and a decrease in that
share will be treated as a distribution of cash by the Fund to the Shareholder. Pursuant to certain IRS rulings, a Shareholder
will be required to maintain a single, &#8220;unified&#8221; basis in all Shares that it owns. As a result, when a Shareholder
that acquired its Shares at different prices sells less than all of its Shares, such Shareholder will not be entitled to specify
particular Shares (e.g., those with a higher basis) as having been sold. Rather, it must determine its gain or loss on the sale
by using an &#8220;equitable apportionment&#8221; method to allocate a portion of its unified basis in its Shares to the Shares
sold.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Treatment of Fund Distributions</I>.&nbsp;&nbsp;If
the Fund makes non-liquidating distributions to Shareholders, such distributions generally will not be taxable to the Shareholders
for federal income tax purposes except to the extent that the sum of (i) the amount of cash and (ii) the fair market value (subject
to certain exceptions and adjustments) of marketable securities distributed exceeds the Shareholder&#8217;s adjusted basis of its
interest in the Fund immediately before the distribution. Any cash distributions in excess of a Shareholder&#8217;s tax basis generally
will be treated as gain from the sale or exchange of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Constructive Termination of the Partnership</I>.&nbsp;&nbsp;The
Fund will be considered to have been terminated for tax purposes if there is a sale or exchange of 50% or more of the total interests
in its Shares within a 12-month period. A termination would result in the closing of the Fund&#8217;s taxable year for all Shareholders.
In the case of a Shareholder reporting on a taxable year other than a fiscal year ending December 31, the closing of the Fund&#8217;s
taxable year may result in more than 12 months of our taxable income or loss being includable in its taxable income for the year
of termination. We would be required to make new tax elections after a termination. A termination could result in tax penalties
for the shareholders if we were unable to determine that the termination had occurred.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Moreover, a termination might either accelerate the application
of, or subject us to, any tax legislation enacted before the termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in"><B><I>Tax Consequences of Disposition
of Share</I></B>s</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a Shareholder sells its Shares, it will recognize
gain or loss equal to the difference between the amount realized and its adjusted tax basis for the Shares sold. A Shareholder&#8217;s
amount realized will be the sum of the cash or the fair market value of other property received plus its share of any Fund debt
outstanding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Gain or loss recognized by a Shareholder on
the sale or exchange of Shares held for more than one year will generally be taxable as long-term capital gain or loss; otherwise,
such gain or loss will generally be taxable as short-term capital gain or loss. A special election is available under the Treasury
Regulations that allows Shareholders to identify and use the actual holding periods for the Shares sold for purposes of determining
whether the gain or loss recognized on a sale of Shares will give rise to long-term or short-term capital gain or loss. It is expected
that most Shareholders will be eligible to elect, and generally will elect, to identify and use the actual holding period for Shares
sold. If a Shareholder fails to make the election or is not able to identify the holding periods of the Shares sold, the Shareholder
will have a split holding period in the Shares sold. Under such circumstances, a Shareholder will be required to determine its
holding period in the Shares sold by first determining the portion of its entire interest in the Fund that would give rise to long-term
capital gain or loss if its entire interest were sold and the portion that would give rise to short-term capital gain or loss if
the entire interest were sold. The Shareholder would then treat each Share sold as giving rise to long-term capital gain or loss
and short-term capital gain or loss in the same proportions as if it had sold its entire interest in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Section 751 of the Code, a portion of
a Shareholder&#8217;s gain or loss from the sale of Shares (regardless of the holding period for such Shares), will be separately
computed and taxed as ordinary income or loss to the extent attributable to &#8220;unrealized receivables&#8221; or &#8220;inventory&#8221;
owned by the Fund. The term &#8220;unrealized receivables&#8221; includes, among other things, market discount bonds and short-term
debt instruments to the extent such items would give rise to ordinary income if sold by the Fund. However, the short term capital
gain on section 1256 contracts resulting from 60-40 treatment, described above, should not be subject to this rule.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If some or all of a Shareholder&#8217;s Shares
are lent by its broker or other agent to a third party&nbsp;&#8212;&nbsp;for example, for use by the third party in covering a
short sale&nbsp;&#8212;&nbsp;the Shareholder may be considered as having made a taxable disposition of the loaned Shares, in which
case&nbsp;&#8212;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">the Shareholder may recognize taxable gain or loss to the same extent as if it had sold the Shares for cash; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">any of the income, gain, loss or deduction allocable to those Shares during the period of the loan is not reportable by the Shareholder for tax purposes; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8226;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">any distributions the Shareholder receives with respect to the Shares
        under the loan agreement will be fully taxable to the Shareholder, most likely as ordinary income.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shareholders desiring to avoid these and other possible consequences
of a deemed disposition of their Shares should consider modifying any applicable brokerage account agreements to prohibit the lending
of their Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><B><I><A NAME="a_Toc240347810"></A>Other
Tax Matters</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><I>Information Reporting</I>.&nbsp;&nbsp;The
Fund provides tax information to the Shareholders and to the IRS, as needed. Shareholders of the Fund are treated as partners for
federal income tax purposes. Accordingly, the Fund will furnish Shareholders each year, as needed, with tax information on IRS
Schedule K-1 (Form 1065), which will be used by the Shareholders in completing their tax returns. The IRS has ruled that assignees
of partnership interests who have not been admitted to a partnership as partners but who have the capacity to exercise substantial
dominion and control over the assigned partnership interests will be considered partners for federal income tax purposes. On the
basis of this ruling, except as otherwise provided herein, we will treat as a Shareholder any person whose shares are held on their
behalf by a broker or other nominee if that person has the right to direct the nominee in the exercise of all substantive rights
attendant to the ownership of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Persons who hold an interest in the Fund
as a nominee for another person are required to furnish to us the following information: (1) the name, address and taxpayer identification
number of the beneficial owner and the nominee; (2) whether the beneficial owner is (a) a person that is not a U.S. person, (b)
a foreign government, an international organization or any wholly-owned agency or instrumentality of either of the foregoing, or
(c) a tax-exempt entity; (3) the number and a description of Shares acquired or transferred for the beneficial owner; and (4) certain
information including the dates of acquisitions and transfers, means of acquisitions and transfers, and acquisition cost for purchases,
as well as the amount of net proceeds from sales. Brokers and financial institutions are required to furnish additional information,
including whether they are U.S. persons and certain information on Shares they acquire, hold or transfer for their own account.
A penalty of $100 per failure, up to a maximum of $1,500,000 per calendar year, is imposed by the Code for failure to report such
information correctly to the Fund. If the failure to furnish such information correctly is determined to be willful, the per failure
penalty increases to $250 or, if greater, 10% of the aggregate amount of items required to be reported, and the $1,500,000 maximum
does not apply. The nominee is required to supply the beneficial owner of the Shares with the information furnished to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><I>Partnership Audit Procedures</I>.&nbsp;&nbsp;The
IRS may audit the federal income tax returns filed by the Fund. Adjustments resulting from any such audit may require a Shareholder
to adjust a prior year&#8217;s tax liability and could result in an audit of the Shareholder&#8217;s own return. Any audit of a
Shareholder&#8217;s return could result in adjustments of non-partnership items as well as Fund items. Partnerships are generally
treated as separate entities for purposes of federal tax audits, judicial review of administrative adjustments by the IRS, and
tax settlement proceedings. The tax treatment of partnership items of income, gain, loss and deduction are determined at the partnership
level in a unified partnership proceeding rather than in separate proceedings with the partners. The Code provides for one partner
to be designated as the &#8220;tax matters partner&#8221; and to represent the partnership purposes of these proceedings. The Trust
Agreement appoints the Sponsor as the tax matters partner of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"> The recently-enacted Bipartisan Budget
Act of 2015 adopts a new partnership-level audit and assessment procedure for all entities treated as partnerships for U.S. federal
income tax purposes. These new rules generally apply to partnership taxable years beginning after December 31, 2017. Under these
rules, tax deficiencies (including interest and penalties) that arise from an adjustment to partnership items generally would be
assessed and collected from the partnership (rather than from the partners), and generally would be calculated using maximum applicable
tax rates (although such partnership level tax may be reduced or eliminated under limited circumstances). A narrow category of
partnerships (generally, partnerships having no more than 100 partners that consist exclusively of individuals, C corporations,
S corporations and estates) are permitted to elect out of the new partnership-level audit rules. As an alternative to partnership-level
tax liability, a partnership may elect to furnish adjusted Schedule K-1s to the IRS and to each person who was a partner in the
audit year, stating such partner&#8217;s share of any partnership adjustments, and each such partner would then take the adjustments
into account on its tax returns in the year in which it receives its adjusted Schedule K-1 (rather than by amending their tax returns
for the audited year). If the Fund were subject to a partnership level tax as a result of these new rules, the return of all Shareholders
(including Shareholders that did not own Shares in the Fund during the taxable year to which the audit relates) may be affected.
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"> To address these new rules, the Sponsor
intends to amend the Trust Agreement so that if the Fund becomes subject to any tax as a result of any adjustment to taxable income,
gain, loss, deduction or credit for any taxable year of the Fund (pursuant to a tax audit or otherwise), such Shareholder (and
each former Shareholder is obligated to indemnify the Fund and the Sponsor against any such taxes (including any interest and
penalties) to the extent such </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> tax (or portion thereof) is properly attributable to such
Shareholder (or former Shareholder). In addition, the Sponsor, on behalf of the Fund, will be authorized to take any action permitted
under applicable law to avoid the assessment of any such taxes against the Fund (including an election to issue adjusted Schedule
K-1s to the Shareholders (and/or former Shareholders) which takes such adjustments to taxable income, gain, loss, deduction or credit
into account. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Reportable Transaction Rules</I>.&nbsp;&nbsp;In
certain circumstances the Code and Treasury Regulations require that the IRS be notified of transactions through a disclosure statement
attached to a taxpayer&#8217;s United States federal income tax return. These disclosure rules may apply to transactions irrespective
of whether they are structured to achieve particular tax benefits. They could require disclosure by the Trust or Shareholders if
a Shareholder incurs a loss in excess of a specified threshold from a sale or redemption of its Shares and possibly in other circumstances.
While these rules generally do not require disclosure of a loss recognized on the disposition of an asset in which the taxpayer
has a &#8220;qualifying basis&#8221; (generally a basis equal to the amount of cash paid by the taxpayer for such asset), they
apply to a loss recognized with respect to interests in a pass-through entity, such as the Shares, even if the taxpayer&#8217;s
basis in such interests is equal to the amount of cash it paid. In addition, significant monetary penalties may be imposed in connection
with a failure to comply with these reporting requirements. Investors should consult their own tax advisor concerning the application
of these reporting requirements to their specific situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Tax-Exempt Organizations.</I>&nbsp;&nbsp;Subject
to numerous exceptions, qualified retirement plans and individual retirement accounts, charitable organizations and certain other
organizations that otherwise are exempt from U.S. federal income tax (collectively &#8220;exempt organizations&#8221;) nonetheless
are subject to the tax on unrelated business taxable income (&#8220;UBTI&#8221;). Generally, UBTI means the gross income derived
by an exempt organization from a trade or business that it regularly carries on, the conduct of which is not substantially related
to the exercise or performance of its exempt purpose or function, less allowable deductions directly connected with that trade
or business. If the Fund were to regularly carry on (directly or indirectly) a trade or business that is unrelated with respect
to an exempt organization Shareholder, then in computing its UBTI, the Shareholder must include its share of (1) the Fund&#8217;s
gross income from the unrelated trade or business, whether or not distributed, and (2) the Fund&#8217;s allowable deductions directly
connected with that gross income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">UBTI generally does not include dividends, interest,
or payments with respect to securities loans and gains from the sale of property (other than property held for sale to customers
in the ordinary course of a trade or business). Nonetheless, income on, and gain from the disposition of, &#8220;debt-financed
property&#8221; is UBTI. Debt-financed property generally is income-producing property (including securities), the use of which
is not substantially related to the exempt organization&#8217;s tax-exempt purposes, and with respect to which there is &#8220;acquisition
indebtedness&#8221; at any time during the taxable year (or, if the property was disposed of during the taxable year, the 12-month
period ending with the disposition). Acquisition indebtedness includes debt incurred to acquire property, debt incurred before
the acquisition of property if the debt would not have been incurred but for the acquisition, and debt incurred subsequent to the
acquisition of property if the debt would not have been incurred but for the acquisition and at the time of acquisition the incurrence
of debt was foreseeable. The portion of the income from debt-financed property attributable to acquisition indebtedness is equal
to the ratio of the average outstanding principal amount of acquisition indebtedness over the average adjusted basis of the property
for the year. The Fund currently does not anticipate that it will borrow money to acquire investments; however, the Fund cannot
be certain that it will not borrow for such purpose in the future. In addition, an exempt organization Shareholder that incurs
acquisition indebtedness to purchase its Shares in the Fund may have UBTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The federal tax rate applicable to an exempt
organization Shareholder on its UBTI generally will be either the corporate or trust tax rate, depending upon the Shareholder&#8217;s
form of organization. The Fund may report to each such Shareholder information as to the portion, if any, of the Shareholder&#8217;s
income and gains from the Fund for any year that will be treated as UBTI; the calculation of that amount is complex, and there
can be no assurance that the Fund&#8217;s calculation of UBTI will be accepted by the IRS. An exempt organization Shareholder will
be required to make payments of estimated federal income tax with respect to its UBTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Regulated Investment Companies.</I>&nbsp;&nbsp;Interests
in and income from &#8220;qualified publicly traded partnerships&#8221; satisfying certain gross income tests are treated as qualifying
assets and income, respectively, for purposes of</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">determining eligibility for regulated investment company (&#8220;RIC&#8221;)
status. A RIC may invest up to 25% of its assets in interests in a qualified publicly traded partnership. The determination of
whether a publicly traded partnership such as the Fund is a qualified publicly traded partnership is made on an annual basis. The
Fund expects to be a qualified publicly traded partnership in each of its taxable years. However, such qualification is not assured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I><A NAME="a_Toc240347811"></A>Non-U.S.
Shareholders </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Generally, non-U.S. persons who derive U.S.
source income or gain from investing or engaging in a U.S. business are taxable on two categories of income. The first category
consists of amounts that are fixed or determinable, annual or periodic income, such as interest, dividends and rent that are not
connected with the operation of a U.S. trade or business (&#8220;FDAP&#8221;). The second category is income that is effectively
connected with the conduct of a U.S. trade or business (&#8220;ECI&#8221;). FDAP income (other than interest that is considered
&#8220;portfolio interest;&#8221; as discussed below) is generally subject to a 30% withholding tax, which may be reduced for certain
categories of income by a treaty between the U.S. and the recipient&#8217;s country of residence. In contrast, ECI is generally
subject to U.S. tax on a net basis at graduated rates upon the filing of a U.S. tax return. Where a non-U.S. person has ECI as
a result of an investment in a partnership, the ECI is currently subject to a withholding tax at a rate of 39.6% for individual
Shareholders and a rate of 35% for corporate Shareholders. The tax withholding on ECI, which is the highest tax rate under Code
section 1 for non-corporate Non-U.S. Shareholders and Code section 11(b) for corporate Non-U.S. Shareholders, may increase in future
tax years if tax rates increase from their current levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Withholding on Allocations and Distributions</I>.&nbsp;&nbsp;The
Code provides that a non-U.S. person who is a partner in a partnership that is engaged in a U.S. trade or business during a taxable
year will also be considered to be engaged in a U.S. trade or business during that year. Classifying an activity by a partnership
as an investment or an operating business is a factual determination. Under certain safe harbors in the Code, an investment fund
whose activities consist of trading in stocks, securities, or commodities for its own account generally will not be considered
to be engaged in a U.S. trade or business unless it is a dealer is such stocks, securities, or commodities. This safe harbor applies
to investments in commodities only if the commodities are of a kind customarily dealt in on an organized commodity exchange and
if the transaction is of a kind customarily consummated at such place. Although the matter is not free from doubt, the Fund believes
that the activities directly conducted by the Fund do not result in the Fund being engaged in a trade or business within in the
United States. However, there can be no assurance that the IRS would not successfully assert that the Fund&#8217;s activities constitute
a U.S. trade or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that the Fund&#8217;s activities
were considered to constitute a U.S. trade or business, the Fund would be required to withhold at the highest rate specified in
Code section 1 (currently 39.6%) on allocations of our income to non-corporate Non-U.S. Shareholders and the highest rate specified
in Code section 11(b) (currently 35%) on allocations of our income to corporate Non-U.S. Shareholders, when such income is distributed.
A Non-U.S. Shareholder with ECI will generally be required to file a U.S. federal income tax return, and the return will provide
the Non-U.S. Shareholder with the mechanism to seek a refund of any withholding in excess of such Shareholder&#8217;s actual U.S.
federal income tax liability. Any amount withheld by the Fund will be treated as a distribution to the Non-U.S. Shareholder to
the extent possible. In some cases, the Fund may not be able to match the economic cost of satisfying its withholding obligations
to a particular Non-U.S. Shareholder, which may result in said cost being borne by the Fund, generally, and accordingly, by all
Shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Fund is not treated as engaged in a U.S.
trade or business, a Non-U.S. Shareholder may nevertheless be treated as having FDAP income, which would be subject to a 30% withholding
tax (possibly subject to reduction by treaty), with respect to some or all of its distributions from the Fund or its allocable
share of Fund income. Amounts withheld on behalf of a Non-U.S. Shareholder will be treated as being distributed to such Shareholder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent any interest income allocated
to a Non-U.S. Shareholder that otherwise constitutes FDAP is considered &#8220;portfolio interest,&#8221; neither the allocation
of such interest income to the non-U.S. Shareholder nor a subsequent distribution of such interest income to the non-U.S. Shareholder
will be subject to withholding, provided that the Non-U.S. Shareholder is not otherwise engaged in a trade or business in the U.S.
and provides the Fund with a timely and properly completed and executed IRS Form W-8BEN or other applicable form. In general, portfolio</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">interest is interest paid on debt obligations issued in registered
form, unless the recipient owns 10% or more of the voting power of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust expects that most of the Fund&#8217;s
interest income will qualify as portfolio interest. In order for the Fund to avoid withholding on any interest income allocable
to Non-U.S. Shareholders that would qualify as portfolio interest, it will be necessary for all Non-U.S. Shareholders to provide
the Fund with a timely and properly completed and executed Form W-8BEN (or other applicable form).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Gain from Sale of Shares</I>.&nbsp;&nbsp;Gain
from the sale or exchange of Shares may be taxable to a Non-U.S. Shareholder if the Non-U.S. Shareholder is a nonresident alien
individual who is present in the U.S. for 183 days or more during the taxable year. In such case, the nonresident alien individual
will be subject to a 30% withholding tax on the amount of such individual&#8217;s gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Foreign Account Tax Compliance Act.&nbsp;
</I>&nbsp;Recently enacted legislation that became effective after June 30, 2014, generally imposes a 30% U.S. withholding tax
on payments of certain types of income to foreign financial institutions that fail to enter into an agreement with the United States
Treasury to report certain required information with respect to accounts held by U.S. persons (or held by foreign entities that
have U.S. persons as substantial owners).&nbsp; The types of income subject to the tax include U.S.-source interest and dividends
and the gross proceeds from the sale of any property that could produce U.S.-source interest or dividends.&nbsp; The information
required to be reported includes the identity and taxpayer identification number of each account holder that is a U.S. person and
transaction activity within the holder&#8217;s account.&nbsp; In addition, subject to certain exceptions, this legislation also
imposes a 30% U.S. withholding tax on payments to foreign entities that are not financial institutions unless the foreign entity
certifies that it does not have a greater than 10% U.S. owner or provides the withholding agent with identifying information on
each greater than 10% U.S. owner.&nbsp; As these provisions become effective, depending on the status of a Non-U.S. Shareholder
and the status of the intermediaries through which it holds Shares, a Non-U.S. Shareholder could be subject to this 30% U.S. withholding
tax with respect to distributions on its Shares and proceeds from the sale of its Shares.&nbsp; Under certain circumstances, a
Non-U.S. Shareholder may be eligible for a refund or credit of such taxes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prospective Non-U.S. Shareholders should consult
their own tax advisor regarding these and other tax issues unique to Non-U.S. Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I><A NAME="a_Toc240347812"></A>Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund may be required to withhold U.S. federal
income tax (&#8220;backup withholding&#8221;) from payments to: (1) any Shareholder who fails to furnish the Fund with his, her
or its correct taxpayer identification number or a certificate that the Shareholder is exempt from backup withholding, and (2)
any Shareholder with respect to whom the IRS notifies the Fund that the Shareholder is subject to backup withholding. Backup withholding
is not an additional tax and may be returned or credited against a taxpayer&#8217;s regular federal income tax liability if appropriate
information is provided to the IRS. The backup withholding rate is the fourth lowest rate applicable to individuals under Code
section 1(c), and may increase in future tax years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I><A NAME="a_Toc240347813"></A>Other Tax
Considerations </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to federal income taxes, Shareholders
may be subject to other taxes, such as state and local income taxes, unincorporated business taxes, business franchise taxes, and
estate, inheritance or intangible taxes that may be imposed by the various jurisdictions in which the Fund does business or owns
property or where the Shareholders reside. Although an analysis of those various taxes is not presented here, each prospective
Shareholder should consider their potential impact on its investment in the Fund. It is each Shareholder&#8217;s responsibility
to file the appropriate U.S. federal, state, local, and foreign tax returns. Reed Smith has not provided an opinion concerning
any aspects of state, local or foreign tax or U.S. federal tax other than those U.S. federal income tax issues discussed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>




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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_Toc445014210"></A><A NAME="a_Toc256000062"></A><A NAME="a_Toc322695065"></A><A NAME="a_Toc415514363"></A>Investment
By ERISA Accounts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I><A NAME="a_Toc240347815"></A>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Most employee benefit plans and individual retirement
accounts (&#8220;IRAs&#8221;) are subject to the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;),
or the Code, or both. This section discusses certain considerations that arise under ERISA and the Code that a fiduciary of: (i)
an employee benefit plan as defined in ERISA; (ii) a plan as defined in Section 4975 of the Code; or (iii) any collective investment
vehicle, business trust, investment partnership, pooled separate account or other entity the assets of which are treated as comprised
(at least in part) of &#8220;plan assets&#8221; under the ERISA &#8220;plan assets&#8221; rules (&#8220;plan asset entity&#8221;)
who has investment discretion should take into account before deciding to invest the plan&#8217;s assets in the Fund. Employee
benefit plans under ERISA, plans under the Code and plan asset entities are collectively referred to below as &#8220;plans,&#8221;
and fiduciaries with investment discretion are referred to below as &#8220;plan fiduciaries.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This summary is based on the provisions of ERISA
and the Code as of the date hereof. This summary is not intended to be complete, but only to address certain questions under ERISA
and the Code likely to be raised by your advisors. The summary does not include state or local law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-style: normal">Potential plan
investors are urged to consult with their own professional advisors concerning the appropriateness of an investment in the Fund
and the manner in which Shares should be purchased.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Special Investment Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each plan fiduciary must consider the facts
and circumstances that are relevant to an investment in the Fund, including the role that an investment in the Fund would play
in the plan&#8217;s overall investment portfolio. Each plan fiduciary, before deciding to invest in the Fund, must be satisfied
that the investment is prudent for the plan, that the investments of the plan are diversified so as to minimize the risk of large
losses, and that an investment in the Fund complies with the terms of the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Fund and Plan Assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A regulation issued under ERISA contains rules
for determining when an investment by a plan in an equity interest of a statutory trust will result in the underlying assets of
the statutory trust being deemed plan assets for purposes of ERISA and Section 4975 of the Code. Those rules provide that assets
of a statutory trust will not be plan assets of a plan that purchases an equity interest in the statutory trust if the equity interest
purchased is a publicly-offered security. If the underlying assets of a statutory trust are considered to be assets of any plan
for purposes of ERISA or Section 4975 of the Code, the operations of that trust would be subject to and, in some cases, limited
by the provisions of ERISA and Section 4975 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The publicly-offered security exception
described above applies if the equity interest is a security that is:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>freely transferable (determined based on the relevant facts and circumstances);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>part of a class of securities that is widely held (meaning that the class of securities is owned by 100 or more investors independent
of the issuer and of each other); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>either (a) part of a class of securities registered under Section 12(b) or 12(g) of the Exchange Act or (b) sold to the plan
as part of a public offering pursuant to an effective registration statement under the 1933 Act and the class of which such security
is a part is registered under the Exchange Act within 120 days (or such later time as may be allowed by the SEC) after the end
of the fiscal year of the issuer in which the offering of such security occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The plan asset regulations under ERISA state
that the determination of whether a security is freely transferable is to be made based on all the relevant facts and circumstances.
In the case of a security that is part of an offering in which the minimum investment is $10,000 or less, the following requirements,
alone or in combination, ordinarily will not affect a finding that the security is freely transferable: (1) a requirement that
no transfer or assignment of the security or rights relating to the security be made that would violate any federal or state</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">law; and (2) a requirement that no transfer or assignment be made
without advance written notice given to the entity that issued the security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="background-color: aqua">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor believes that the conditions described
above are satisfied with respect to the Shares. The Sponsor believes that the Shares therefore constitute publicly-offered securities,
and the underlying assets of the Fund should not be considered to constitute plan assets of any plan that purchases Shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">Prohibited Transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">ERISA and the Code generally prohibit certain
transactions involving a plan and persons who have certain specified relationships to the plan. In general, Shares may not be purchased
with the assets of a plan if the Sponsor, the clearing brokers, the trading advisors (if any), or any of their affiliates, agents
or employees either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">exercise any discretionary authority or discretionary control with respect to management of the
plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">exercise any authority or control with respect to management or disposition of the assets of
the plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">render investment advice for a fee or other compensation, direct or indirect, with respect to
any moneys or other property of the plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">have any authority or responsibility to render investment advice with respect to any monies or
other property of the plan; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">have any discretionary authority or discretionary responsibility in the administration of the
plan.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Also, a prohibited transaction may occur under
ERISA or the Code when circumstances indicate that (1) the investment in Shares is made or retained for the purpose of avoiding
application of the fiduciary standards of ERISA, (2) the investment in Shares constitutes an arrangement under which the Fund is
expected to engage in transactions that would otherwise be prohibited if entered into directly by the plan purchasing the Shares,
(3) the investing plan, by itself, has the authority or influence to cause the Fund to engage in such transactions, or (4) a person
who is prohibited from transacting with the investing plan may, but only with the aid of certain of its affiliates and the investing
plan, cause the Fund to engage in such transactions with such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Special IRA Rules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">IRAs are not subject to ERISA&#8217;s fiduciary
standards, but are subject to their own rules, including the prohibited transaction rules of Section 4975 of the Code, which generally
mirror ERISA&#8217;s prohibited transaction rules. For example, IRAs are subject to special custody rules and must maintain a qualifying
IRA custodial arrangement separate and distinct from the Fund and its custodial arrangement. If a separate qualifying custodial
arrangement is not maintained, an investment in the Shares will be treated as a distribution from the IRA. Second, IRAs are prohibited
from investing in certain commingled investments, and the Sponsor makes no representation regarding whether an investment in Shares
is an inappropriate commingled investment for an IRA. Third, in applying the prohibited transaction provisions of Section 4975
of the Code, in addition to the rules summarized above, the individual for whose benefit the IRA is maintained is also treated
as the creator of the IRA. For example, if the owner or beneficiary of an IRA enters into any transaction, arrangement, or agreement
involving the assets of his or her IRA to benefit the IRA owner or beneficiary (or his or her relatives or business affiliates)
personally, or with the understanding that such benefit will occur, directly or indirectly, such transaction could give rise to
a prohibited transaction that is not exempted by any available exemption. Moreover, in the case of an IRA, the consequences of
a non-exempt prohibited transaction are that the IRA&#8217;s assets will be treated as if they were distributed, causing immediate
taxation of the assets (including any early distribution penalty tax applicable under Section 72 of the Code), in addition to any
other fines or penalties that may apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Exempt Plans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain employee benefit plans may be governmental
plans or church plans. Governmental plans and church plans are generally not subject to ERISA, nor do the prohibited transaction
provisions described above apply</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">to them. These plans are, however, subject to prohibitions against
certain related-party transactions under Section 503 of the Code, which are similar to the prohibited transaction rules described
above. In addition, the fiduciary of any governmental or church plan must consider any applicable state or local laws and any restrictions
and duties of common law imposed upon the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No view is expressed as to whether an investment
in the Fund (and any continued investment in the Fund), or the operation and administration of the fund, is appropriate or permissible
for any governmental plan or church plan under Code Section 503, or under any state, county, local or other law relating to that
type of plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Allowing an investment in the Fund
is not to be construed as a representation by the Trust, the Fund, the Sponsor, any trading advisor, any clearing broker, the Distributor
or legal counsel or other advisors to such parties or any other party that this investment meets some or all of the relevant legal
requirements with respect to investments by any particular plan or that this investment is appropriate for any such particular
plan. The person with investment discretion should consult with the plan&#8217;s attorney and financial advisors as to the propriety
of an investment in the Fund in light of the circumstances of the particular plan, current tax law and ERISA.</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_Toc256000063"></A><A NAME="a_Toc322695066"></A><A NAME="a_Toc445014211"></A><A NAME="a_Toc415514364"></A>INCORPORATION
BY REFERENCE OF CERTAIN INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We are a reporting company and file annual,
quarterly and current reports and other information with the SEC. The rules of the SEC allow us to &#8220;incorporate by reference&#8221;
information that we file with them, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is an important part of this prospectus. This prospectus incorporates by reference the
documents set forth below that have been previously filed with the SEC: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the
SEC on March 15, 2016; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol"> &middot; </FONT></TD><TD><FONT STYLE="font-size: 10pt"> our Current Report on Form 8-K filed with the SEC on April 13, 2016. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any statement contained in a document incorporated
by reference in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus to the extent that
a statement contained in this prospectus or in any other subsequently filed document that also is or is deemed to be incorporated
by reference in this prospectus modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this prospectus.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will provide to each person to whom a prospectus
is delivered, including any beneficial owner, a copy of these filings at no cost, upon written or oral request at the following
address or telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Teucrium Corn Fund<BR>
Attention: Barbara Riker<BR>
232 Hidden Lake Road, Building A<BR>
Brattleboro, Vermont 05301<BR>
(802) 257-1617</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our Internet website is www.teucriumcornfund.com.
We make our electronic filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K and amendments to these reports available on our website free of charge as soon as practicable after we file
or furnish them with the SEC. The information contained on our website is not incorporated by reference in this prospectus and
should not be considered a part of this prospectus.<BR>
<BR>
</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_Toc445014212"></A><A NAME="a_Toc256000064"></A><A NAME="a_Toc322695067"></A><A NAME="a_Toc415514365"></A>INFORMATION
YOU SHOULD KNOW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This prospectus contains information you should
consider when making an investment decision about the Shares. You should rely only on the information contained in this prospectus
or any applicable prospectus supplement. None of the Trust, the Fund or the Sponsor has authorized any person to provide you with
different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This prospectus
is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The information contained in this prospectus
was obtained from us and other sources believed by us to be reliable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should disregard anything we said in an
earlier document that is inconsistent with what is included in this prospectus or any applicable prospectus supplement. Where the
context requires, when we refer to this &#8220;prospectus,&#8221; we are referring to this prospectus and (if applicable) the relevant
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should not assume that the information in
this prospectus or any applicable prospectus supplement is current as of any date other than the date on the front page of this
prospectus or the date on the front page of any applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We include cross references in this prospectus
to captions in these materials where you can find further related discussions. The table of contents tells you where to find these
captions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_Toc445014213"></A><A NAME="a_Toc256000065"></A><A NAME="a_Toc322695068"></A><A NAME="a_Toc415514366"></A>WHERE
YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust has filed on behalf of the Fund a
registration statement on Form S-1 with the SEC under the 1933 Act. This prospectus does not contain all of the information set
forth in the registration statement (including the exhibits to the registration statement), parts of which have been omitted in
accordance with the rules and regulations of the SEC. For further information about the Trust, the Fund or the Shares, please refer
to the registration statement, which you may inspect, without charge, at the public reference facilities of the SEC at the below
address or online at www.sec.gov, or obtain at prescribed rates from the public reference facilities of the SEC at the below address.
Information about the Trust, the Fund and the Shares can also be obtained from the Fund&#8217;s website, which is www.teucriumcornfund.com.
The Fund&#8217;s website address is only provided here as a convenience to you and the information contained on or connected to
the website is not part of this prospectus or the registration statement of which this prospectus is part. The Trust is subject
to the informational requirements of the Exchange Act and will file certain reports and other information with the SEC under the
Exchange Act. The Sponsor will file an updated prospectus annually for the Fund pursuant to the 1933 Act. The reports and other
information can be inspected at the public reference facilities of the SEC located at 100 F Street, N.E., Washington, DC 20549
and online at www.sec.gov. You may also obtain copies of such material from the public reference facilities of the SEC at 100 F
Street, NE, Washington, D.C. 20549, at prescribed rates. You may obtain more information concerning the operation of the public
reference facilities of the SEC by calling the SEC at 1-800-SEC-0330 or visiting online at www.sec.gov.<BR>
<BR>
</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_Toc445014214"></A><A NAME="a_Toc256000067"></A><A NAME="a_Toc322695069"></A><A NAME="a_Toc415514367"></A>APPENDIX
A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_Toc445014215"></A><A NAME="a_Toc256000068"></A><A NAME="a_Toc322695070"></A><A NAME="a_Toc320611964"></A><A NAME="a_Toc292112799"></A><A NAME="a_Toc415514368"></A>Glossary
of Defined Terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In this prospectus, each of the following
terms have the meanings set forth after such term:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Administrator: </B>U.S. Bancorp Fund
Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Authorized Purchaser: </B>One that
purchases or redeems Creation Baskets or Redemption Baskets, respectively, from or to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Benchmark</B>: A weighted average
of daily changes in the closing settlement prices of (1) the second-to-expire Corn Futures Contract traded on the CBOT, weighted
35%, (2) the third-to-expire CBOT Corn Futures Contract, weighted 30%, and (3) the CBOT Corn Futures Contract expiring in the December
following the expiration month of third-to-expire contract, weighted 35%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Benchmark Component Futures Contracts:</B>
The three Corn Futures Contracts that at any given time make up the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Business Day: </B>Any day other than
a day when any of the NYSE Arca, the CBOT or the New York Stock Exchange is closed for regular trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>CFTC: </B>Commodity Futures Trading
Commission, an independent agency with the mandate to regulate commodity futures and options in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Chicago Board of Trade (CBOT): </B>The
primary exchange on which Corn Futures Contracts are traded in the U.S. The Fund expressly disclaims any association with the CBOT
or endorsement of the Fund by the CBOT and acknowledges that &#8220;CBOT&#8221; and &#8220;Chicago Board of Trade&#8221; are registered
trademarks of such exchange. The CBOT is part of the CME Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Cleared Corn Swap:</B> A corn-based
swap agreement that is cleared through the CBOT or its affiliated provider of clearing services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Code: </B>Internal Revenue Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Commodity Pool: </B>An enterprise
in which several individuals contribute funds in order to trade futures contracts or options on futures contracts collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Commodity Pool Operator or CPO: </B>Any
person engaged in a business which is of the nature of an investment trust, syndicate, or similar enterprise, and who, in connection
therewith, solicits, accepts, or receives from others, funds, securities, or property, either directly or through capital contributions,
the sale of stock or other forms of securities, or otherwise, for the purpose of trading in any swap or commodity for future delivery
or commodity option on or subject to the rules of any contract market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Corn Futures Contracts: </B>Futures
contracts for corn that are traded on the CBOT or foreign exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Corn Interests: </B>Corn Futures Contract
and Other Corn Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Creation Basket: </B>A block of 25,000
Shares used by the Fund to issue Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Custodian: </B>U.S. Bank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>DTC: </B>The Depository Trust Company.
DTC will act as the securities depository for the Shares.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>DTC Participant: </B>An entity that
has an account with DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Exchange Act: </B>The Securities Exchange
Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Exchange for Related Position: </B>A
privately negotiated and simultaneous exchange of a futures contract position for a swap or other over-the-counter instrument on
the corresponding commodity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>FINRA: </B>Financial Industry Regulatory
Authority, formerly the National Association of Securities Dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Indirect Participants: </B>Banks,
brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly
or indirectly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Limited Liability Company (LLC): </B>A
type of business ownership combining several features of corporation and partnership structures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Margin: </B>The amount of equity required
for an investment in futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>NAV: </B>Net Asset Value of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>NFA: </B>National Futures Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>NSCC: </B>National Securities Clearing
Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>1933 Act: </B>The Securities Act of
1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Option: </B>The right, but not the
obligation, to buy or sell a futures contract or forward contract at a specified price on or before a specified date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Other Corn Interests: </B>Other corn-related
investments such as options on Corn Futures Contracts, swaps agreements and forward contracts relating to corn, and over-the-counter
transactions that are based on the price of corn, Corn Futures Contracts and indices based on the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Over-the-Counter Derivative: </B>A
financial contract, whose value is designed to track the return on stocks, bonds, currencies, commodities, or some other benchmark,
that is traded over-the-counter or off organized exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Redemption Basket: </B>A block of
25,000 Shares used by the Fund to redeem Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>SEC: </B>Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Secondary Market: </B>The stock exchanges
and the over-the-counter market. Securities are first issued as a primary offering to the public. When the securities are traded
from that first holder to another, the issues trade in these secondary markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Shareholders:</B> Holders of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Shares:</B> Common units representing
fractional undivided beneficial interests in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Sponsor: </B>Teucrium Trading, LLC,
a Delaware limited liability company, which is registered as a Commodity Pool Operator, who controls the investments and other
decisions of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Spot Contract: </B>A cash market transaction
in which the buyer and seller agree to the immediate purchase and sale of a commodity, usually with a two-day settlement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Swap Agreement: </B>An over-the-counter
derivative that generally involves an exchange of a stream of payments between the contracting parties based on a notional amount
and a specified index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Tracking Error: </B>Possibility that
the daily NAV of the Fund will not track the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Treasury Securities: </B>Obligations
of the U.S. government with remaining maturities of 2 years or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Trust Agreement: </B>The Second Amended
and Restated Declaration of Trust and Trust Agreement of the Trust effective as of October 21, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Valuation Day: </B>Any day as of which
the Fund calculates its NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>You: </B>The owner of Shares.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATEMENT OF ADDITIONAL INFORMATION<BR>
TEUCRIUM CORN FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This statement of additional information
is the second part of a two part document. The first part is the Fund&#8217;s disclosure document. The disclosure document and
this statement of additional information are bound together, and both parts contain important information. This statement of additional
information should be read in conjunction with the disclosure document. To obtain a copy of the disclosure document without charge,
call the Fund at (802) 257-1617. Before you decide whether to invest, you should read the entire prospectus carefully and consider
the risk factors beginning on page 14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"> This statement of additional information
and accompanying disclosure document are both dated April 13, 2016. </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">TEUCRIUM CORN FUND<BR>
<B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.85in; text-align: right"><B> Page </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> Commodity Market Participants </FONT> </TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"> 94 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> Regulation </FONT> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"> 94 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> Potential Advantages of Investment </FONT> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"> 98 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"> Fund Performance </FONT> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"> 98 </FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="che94"></A>Commodity Market Participants </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The two broad classes of persons who
trade commodities are hedgers and speculators. Hedgers include financial institutions that manage or deal in interest rate-sensitive
instruments, foreign currencies or stock portfolios, and commercial market participants, such as farmers and manufacturers, that
market or process commodities. Hedging is a protective procedure designed to effectively lock in prices that would otherwise change
due to an adverse movement in the price of the underlying commodity, such as the adverse price movement between the time a merchandiser
or processor enters into a contract to buy or sell a raw or processed commodity at a certain price and the time he must perform
the contract. For example, if a hedger contracts to physically sell the commodity at a future date, he may simultaneously buy a
futures or forward contract for the necessary equivalent quantity of the commodity. At the time for performance of the physical
contract, the hedger may accept delivery under his futures contract and sell the commodity quantity as required by the physical
contract or he may buy the actual commodity, sell it under the physical contract and close out his futures contract position by
making an offsetting sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Commodity Interest markets enable the hedger
to shift the risk of price fluctuations. The usual objective of the hedger is to protect the profit that he expects to earn from
farming, merchandising, or processing operations rather than to profit from his trading. However, at times the impetus for a hedge
transaction may result in part from speculative objectives and hedgers can end up paying higher prices than they would have if
they did not enter into a Commodity Interest transaction if current market prices are lower than the locked-in price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unlike the hedger, the speculator generally
expects neither to make nor take delivery of the underlying commodity. Instead, the speculator risks his capital with the hope
of making profits from price fluctuations in the commodities. The speculator is, in effect, the risk bearer who assumes the risks
that the hedger seeks to avoid. Speculators rarely make or take delivery of the underlying commodity; rather they attempt to close
out their positions prior to the delivery date. A speculator who takes a long position generally will make a profit if the price
of the underlying commodity goes up and incur a loss if the price of the underlying commodity goes down, while a speculator who
takes a short position generally will make a profit if the price of the underlying commodity goes down and incur a loss if the
price of the underlying commodity goes up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B><A NAME="che95"></A>Regulation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The CFTC possesses exclusive jurisdiction
to regulate the activities of commodity pool operators and commodity trading advisors, and has adopted regulations with respect
to the activities of those persons and/or entities. Under the Commodity Exchange Act (&#8220;CEA&#8221;), a registered commodity
pool operator, such as the Sponsor, is required to make annual filings with the CFTC and the NFA describing its organization, capital
structure, management and controlling persons. In addition, the CEA authorizes the CFTC to require and review books and records
of, and documents prepared by, registered commodity pool operators. Pursuant to this authority, the CFTC requires commodity pool
operators to keep accurate, current and orderly records for each pool that they operate. The CFTC may suspend the registration
of a commodity pool operator (1) if the CFTC finds that the operator&#8217;s trading practices tend to disrupt orderly market conditions,
(2) if any controlling person of the operator is subject to an order of the CFTC denying such person trading privileges on any
exchange, and (3) in certain other circumstances. Suspension, restriction or termination of the Sponsor&#8217;s registration as
a commodity pool operator would prevent it, until that registration were to be reinstated, from managing the Funds, and might result
in the termination of a Fund if a successor sponsor is not elected pursuant to the Trust Agreement. Neither the Trust nor the Funds
are required to be registered with the CFTC in any capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Fund&#8217;s investors are afforded
prescribed rights for reparations under the CEA. Investors may also be able to maintain a private right of action for violations
of the CEA. The CFTC has adopted rules implementing the reparation provisions of the CEA, which provide that any person may file
a complaint for a reparations award with the CFTC for violation of the CEA against a floor broker or an FCM, introducing broker,
commodity trading advisor, CPO, and their respective associated persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Pursuant to authority in the CEA, the
NFA has been formed and registered with the CFTC as a registered futures association. At the present time, the NFA is the only
self-regulatory organization for commodity interest professionals, other than futures exchanges. The CFTC has delegated to the
NFA responsibility for the registration</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">of CPOs and FCMs and their respective associated persons.
The Sponsor and the Fund&#8217;s clearing broker are members of the NFA. As such, they will be subject to NFA standards relating
to fair trade practices, financial condition and consumer protection. The NFA also arbitrates disputes between members and their
customers and conducts registration and fitness screening of applicants for membership and audits of its existing members. Neither
the Trust nor the Funds are required to become a member of the NFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The regulations of the CFTC and the NFA
prohibit any representation by a person registered with the CFTC or by any member of the NFA, that registration with the CFTC,
or membership in the NFA, in any respect indicates that the CFTC or the NFA has approved or endorsed that person or that person&#8217;s
trading program or objectives. The registrations and memberships of the parties described in this summary must not be considered
as constituting any such approval or endorsement. Likewise, no futures exchange has given or will give any similar approval or
endorsement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Trading venues in the United States are
subject to varying degrees of regulation under the CEA depending on whether such exchange is a designated contract market (i.e.,
a futures exchange), or a swap execution facility. Clearing organizations are also subject to the CEA and the rules and regulations
adopted thereunder as administered by the CFTC. The CFTC&#8217;s function is to implement the CEA&#8217;s objectives of preventing
price manipulation and excessive speculation and promoting orderly and efficient commodity interest markets. In addition, the various
exchanges and clearing organizations themselves and self- regulatory organizations exercise regulatory and supervisory authority
over their member firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The Dodd-Frank Wall Street Reform and
Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;) was enacted in response to the economic crisis of 2008 and 2009 and
it significantly altered the regulatory regime to which the securities and commodities markets are subject. To date, the CFTC has
issued proposed or final versions of almost all of the rules it is required to promulgate under the Dodd-Frank Act, and it continues
to issue proposed versions of additional rules that it has authority to promulgate. Provisions of the new law include the requirement
that position limits be established on a wide range of commodity interests, including agricultural, energy, and metal-based commodity
futures contracts, options on such futures contracts that are economically equivalent to such futures contracts and options (&#8220;Reference
Contracts&#8221;); new registration and recordkeeping requirements for swap market participants; capital and margin requirements
for &#8220;swap dealers&#8221; and &#8220;major swap participants,&#8221; as determined by the new law and applicable regulations;
and the mandatory use of clearinghouse mechanisms for sufficiently standardized swap transactions that were historically entered
into in the over-the-counter market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The effect of future regulatory change
on the Fund, and the exact timing of such changes, is impossible to predict but it may be substantial and adverse. Specifically,
the new law, the rules that have been promulgated thereunder, and the rules that are expected to be promulgated may negatively
impact the ability of the Fund to meet its investment objectives, either through position limits or requirements imposed on it
and/or on their counterparties. In particular, new position limits imposed on the Fund or any counterparties may impact the ability
of the Fund to invest in a manner that most efficiently meets its investment objective. New requirements, including capital imposed
on the counterparties of the Fund and the mandatory clearing and margining of swaps, may increase the cost of the Fund&#8217;s
investments and doing business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">In addition, considerable regulatory
attention has recently been focused on non-traditional publicly distributed investment pools such as the Fund. Furthermore, various
national governments have expressed concern regarding the disruptive effects of speculative trading in certain commodity markets
and the need to regulate the derivatives markets in general. The effect of any future regulatory change on the Fund is impossible
to predict, but could be substantial and adverse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Position Limits, Aggregation Limits, Price
Fluctuation Limits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On November 5, 2013, the CFTC re-proposed
for public comment new regulations that would establish specific limits on speculative positions in futures contracts, option contracts
and swaps on 28 agricultural, energy and metals commodities (the &#8220;Position Limit Rules&#8221;) limits and on September 29,
2015 adopted a supplemental notice of proposed rulemaking and regulations addressing the circumstances under which market participants
would be required to aggregate their positions with other persons under common ownership or control (the &#8220;Proposed Aggregation
Requirements&#8221;). Both the Position Limit Rules and Proposed Aggregation requirements are currently</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">pending and have not yet been adopted. It remains to be seen
whether the CFTC will modify the proposed regulations in response to public comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Currently, the CFTC enforces federal
limits on speculation in agricultural products (e.g., corn, wheat and soy), while futures exchanges enforce position limits and
accountability levels for agricultural and certain energy products (e.g., oil and natural gas). As a result, the Fund may be limited
with respect to the size of their investments in any commodity subject to these limits. Finally, subject to certain narrow exceptions,
the Proposed Aggregation Requirements would require the aggregation, for purposes of the position limits, of all positions in Reference
Contracts of the 28 regulated commodities held by a single entity and its affiliates, regardless of whether such positions exist
on US futures exchanges, non-US futures exchanges, or in over-the-counter swaps. Under the CFTC&#8217;s existing position limit
requirements and the Position Limit Rules, a market participant is generally required to aggregate all positions for which ownership
interest in an account or position, as well as the positions of two or more persons acting pursuant to an express or implied agreement
or understanding. At this time, it is unclear how the Proposed Aggregation Requirements may affect the Fund, but it may be substantial
and adverse. By way of example, the Proposed Aggregation Requirements in combination with the Position Limit Rules may negatively
impact the ability of the Fund to meet its respective investment objectives through limits that may inhibit the Sponsor&#8217;s
ability to sell additional Creation Baskets of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-indent: 0.5in">Accountability levels differ from position
limits in that they do not represent a fixed ceiling, but rather a threshold above which a futures exchange may exercise greater
scrutiny and control over an investor&#8217;s positions. If a Fund were to exceed an applicable accountability level for investments
in futures contracts, the exchange will monitor the Fund&#8217;s exposure and may ask for further information on its activities,
including the total size of all positions, investment and trading strategy, and the extent of liquidity resources of the Fund.
If deemed necessary by the exchange, the Fund could be ordered to reduce its aggregate net position back to the accountability
level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The CFTC and U.S. designated contract
markets such as the CBOT may establish position limits and accountability levels on the maximum net long or net short positions
in futures contracts in commodities that any person or group of persons under common trading control (other than as a hedge, which
an investment by the Fund would not be) may hold, own or control. The net position is the difference between an individual or firm&#8217;s
open long contracts and open short contracts in any one commodity. In addition, most U.S. futures exchanges, such as the CBOT,
limit the daily price fluctuation for futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Position limits generally impose a fixed
ceiling on aggregate holdings in futures contracts relating to a particular commodity, and may also impose separate ceilings on
contracts expiring in any one month, contracts expiring in the spot month, and/or contracts in certain specified final days of
trading.&nbsp; The CFTC&#8217;s position limits for Corn Futures Contracts (including related options) are 600 spot month contracts,
33,000 contracts expiring in any other single month, and 33,000 contracts for all months.&nbsp;&nbsp;All Corn Futures Contracts
held under the control of the Sponsor, including those held by any future series of the Trust, will be aggregated in determining
the application of these position limits.&nbsp;&nbsp;Position limits could in certain circumstances effectively limit the number
of Creation Baskets that the Fund can sell but, it is not expected to reach asset levels that would cause these position limits
to be implicated in the near future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">In contrast to position limits, accountability
levels are not fixed ceilings, but rather thresholds above which an exchange may exercise greater scrutiny and control over an
investor, including by imposing position limits on the investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">In addition to position limits and accountability
levels, the exchanges set daily price fluctuation limits on futures contracts.&nbsp; The daily price fluctuation limit establishes
the maximum amount that the price of futures contracts may vary either up or down from the previous day&#8217;s settlement price.&nbsp;
Once the daily price fluctuation limit has been reached in a particular futures contract, no trades may be made at a price beyond
that limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">As of May 1, 2014, the CME replaced the
fixed price fluctuation limits with variable price limits for corn. The change, which is now effective and is described in the
CME Group Special Executive Report S-7038 and can be accessed at http://www.cmegroup.com/tools-information/lookups/advisories/ser/SER-7038.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>FCMs</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The CEA requires all FCMs, such as the
Funds&#8217; clearing brokers, to meet and maintain specified fitness and financial requirements, to segregate customer funds from
proprietary funds and account separately for all customers&#8217; funds and positions, and to maintain specified books and records
open to inspection by the staff of the CFTC. The CFTC has similar authority over introducing brokers, or persons who solicit or
accept orders for commodity interest trades but who do not accept margin deposits for the execution of trades. The CEA authorizes
the CFTC to regulate trading by FCMs and by their officers and directors, permits the CFTC to require action by exchanges in the
event of market emergencies, and establishes an administrative procedure under which customers may institute complaints for damages
arising from alleged violations of the CEA. The CEA also gives the states powers to enforce its provisions and the regulations
of the CFTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">On November 14, 2013, the CFTC published
final regulations that require enhanced customer protections, risk management programs, internal monitoring and controls, capital
and liquidity standards, customer disclosures and auditing and examination programs for FCMs. The rules are intended to afford
greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are provided
with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring
and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations
and the auditing and examination programs of the CFTC and the self-regulatory organizations are monitoring the activities of FCMs
in a thorough manner.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B><A NAME="che96"></A>Potential Advantages of Investment
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B><I>Interest Income</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Unlike some alternative investment funds,
the Fund does not borrow money in order to obtain leverage, so the Fund does not incur any interest expense. Rather, the Fund&#8217;s
margin deposits and cash reserves are maintained in Treasury Securities and interest is earned on 100% of the Fund&#8217;s available
assets, which include unrealized profits credited to the Fund&#8217;s accounts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><A NAME="che97"></A>Fund Performance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The following graph sets forth the historical
performance of the Fund from commencement of operations on June 9, 2010 until January 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0; text-indent: 0.5in"><B>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12.6pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_017.gif" ALT="" STYLE="height: 339px; width: 670px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Information Not Required in the Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;13.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Other Expenses of Issuance and Distribution</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Set forth below is an estimate (except as indicated)
of the amount of fees and expenses (other than underwriting commissions and discounts) payable by the registrant in connection
with the issuance and distribution of the units pursuant to the prospectus contained in this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; width: 90%; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">SEC registration fee (actual)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">41,850</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">NYSE Arca Listing Fee (actual)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">FINRA filing fees (actual)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">75,500</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Blue Sky expenses</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Auditor&#8217;s fees and expenses</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">47,500</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">425,000</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Printing expenses</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.5pt; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Miscellaneous expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1.5pt; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; padding-left: 9pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 3pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">644,850</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 3pt; font-size: 8pt">&nbsp;</TD></TR>
</TABLE>

























<HR SIZE="2" ALIGN="CENTER" STYLE="width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;14.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Indemnification of Directors and Officers</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust&#8217;s Second Amended and Restated
Declaration of Trust and Trust Agreement (the &#8220;Trust Agreement&#8221;) provides that the Sponsor shall be indemnified by
the Trust (or, by a series of the Trust separately to the extent the matter in question relates to a single series or disproportionately
affects a series in relation to other series) against any losses, judgments, liabilities, expenses and amounts paid in settlement
of any claims sustained by it in connection with its activities for the Trust, provided that (i) the Sponsor was acting on behalf
of or performing services for the Trust and has determined, in good faith, that such course of conduct was in the best interests
of the Trust and such liability or loss was not the result of gross negligence, willful misconduct, or a breach of the Trust Agreement
on the part of the Sponsor and (ii) any such indemnification will only be recoverable from the applicable trust estate or trust
estates.&nbsp;&nbsp;All rights to indemnification permitted by the Trust Agreement and payment of associated expenses shall not
be affected by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency
of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Bankruptcy Code by or
against the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing, the Sponsor shall
not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state
securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law
violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation,
litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to
the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation
costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds
that indemnification of the settlement and related costs should be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust and its series shall not incur the
cost of that portion of any insurance which insures any party against any liability, the indemnification of which is prohibited
by the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Expenses incurred in defending a threatened
or pending civil, administrative or criminal action suit or proceeding against the Sponsor shall be paid by the Trust in advance
of the final disposition of such action, suit or proceeding, if (i) the legal action relates to the performance of duties or services
by the Sponsor on behalf of the Trust; (ii) the legal action is initiated by a party other than the Trust; and (iii) the Sponsor
undertakes to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under
the Trust Agreement.</P>




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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For purposes of the indemnification provisions
of the Trust Agreement, the term &#8220;Sponsor&#8221; includes, in addition to the Sponsor, any other covered person performing
services on behalf of the Trust and acting within the scope of the Sponsor&#8217;s authority as set forth in the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event the Trust is made a party to any
claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection
with any Shareholder&#8217;s (or assignee&#8217;s) obligations or liabilities unrelated to Trust business, such Shareholder (or
assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, liability, damage, cost
and expense incurred, including attorneys&#8217; and accountants&#8217; fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The payment of any amount pursuant to the Trust Agreement shall
take into account the allocation of liabilities and other amounts, as appropriate, among the series of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;15.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Recent Sales of Unregistered Securities</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">On September 11, 2009, the Sponsor made a $100.00&nbsp;capital
contribution to the Trust and acquired four shares of the Fund in connection therewith.&nbsp;&nbsp;Such shares were sold in a private
offering exempt from registration under Section 4(2) of the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;16.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Exhibits and Financial Statement Schedules</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt">(a)&nbsp;<I>Exhibits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px; font-size: 12pt"><FONT STYLE="font-size: 10pt"> 3.1 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Second Amended and Restated Declaration of Trust and Trust Agreement
    of the Registrant. </FONT> <FONT STYLE="font-size: 8pt">1</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> 3.2 </P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Certificate of Trust of the Registrant. </FONT> <FONT STYLE="font-size: 8pt">2</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"> &nbsp; </TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> 5.1 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Opinion of Reed Smith LLP relating to the legality of the Shares.
    </FONT> <FONT STYLE="font-size: 8pt">15</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 12pt"> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px; font-size: 12pt"><FONT STYLE="font-size: 10pt"> 8.1 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Opinion of Reed Smith LLP with respect to federal income tax
    consequences. </FONT> <FONT STYLE="font-size: 8pt">15</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px; font-size: 12pt"><FONT STYLE="font-size: 10pt"> 10.1 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Form of Authorized Purchaser Agreement. </FONT> <FONT STYLE="font-size: 8pt">3</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px; font-size: 12pt"><FONT STYLE="font-size: 10pt"> 10.2 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Amended and Restated Distribution Services Agreement. </FONT> <FONT STYLE="font-size: 8pt">4</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px; font-size: 12pt"><FONT STYLE="font-size: 10pt"> 10.3 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Amendment to Amended and Restated Distribution Services Agreement.
    </FONT> <FONT STYLE="font-size: 8pt">5</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px; font-size: 12pt"><FONT STYLE="font-size: 10pt"> 10.4 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Second Amendment to Amended and Restated Distribution Services
    Agreement. </FONT> <FONT STYLE="font-size: 8pt">6</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> 10.5 </P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> 10.6 </P></TD>
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"> Third Amendment to Amended
        and Restated Distribution Services Agreement. </FONT> <FONT STYLE="font-size: 8pt">7</FONT> </P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Fourth Amendment to Amended and Restated Distribution
        Services Agreement. 8 </P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 53.25pt"> &nbsp;&#9; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px; font-size: 12pt"><FONT STYLE="font-size: 10pt"> 10.7 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Custody Agreement. </FONT> <FONT STYLE="font-size: 8pt">9</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px; font-size: 12pt"><FONT STYLE="font-size: 10pt"> 10.8 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Fund Accounting Servicing Agreement. </FONT> <FONT STYLE="font-size: 8pt">10</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt"> &nbsp; </TD>
    <TD STYLE="width: 72px"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> 10.9 </P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"> 10.10 </P></TD>
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"> Transfer Agent Servicing
        Agreement. </FONT> <FONT STYLE="font-size: 8pt">11</FONT> </P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"> Fund Administration Servicing
        Agreement. </FONT> <FONT STYLE="font-size: 8pt">12</FONT> </P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

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    <TD STYLE="font-size: 12pt; width: 63px">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; width: 72px"><FONT STYLE="font-size: 10pt"> 10.11 </FONT> </TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Distribution Consulting and Marketing Services Agreement </FONT> <FONT STYLE="font-size: 8pt">13</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
</TABLE>

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    <TD STYLE="width: 63px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 72px; font-size: 12pt"><FONT STYLE="font-size: 10pt"> 23.1 </FONT> </TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Consents of Reed Smith LLP. </FONT> <FONT STYLE="font-size: 8pt">14</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 72px; font-size: 12pt"><FONT STYLE="font-size: 10pt"> 23.2 </FONT> </TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Consent of Rothstein Kass, Independent Public Accounting Firm. </FONT> <FONT STYLE="font-size: 8pt">15</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> 23.3 </FONT> </TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Consent of Grant Thornton, Independent Registered Public Accounting Firm. </FONT> <FONT STYLE="font-size: 8pt">15</FONT> </TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 72px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> 23.4 </FONT> </TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Consent of Grant Thornton, Independent Certified Public
<FONT STYLE="font-size: 10pt">Accountants. </FONT><FONT STYLE="font-size: 8pt">15</FONT> </P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> (1) Previously filed as Exhibit 3.1 to Post-Effective
Amendment No. 1 to Registrant&#8217;s Registration Statement on Form S-1 (333-162033), filed on October 22, 2010 and incorporated
by reference herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> (2) Previously filed as Exhibit 3.2 to Registrant&#8217;s Registration
Statement on Form S-1 (333-162033), filed on September 21, 2009 and incorporated by reference herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> (3) Previously filed as Exhibit 10.1 to Pre-Effective Amendment
No. 1 to Registrant&#8217;s Registration Statement on Form S-1 (333-173691), filed on December 5, 2011 and incorporated by reference
herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> (4) Previously filed as Exhibit 10.2(1) to the Registrant&#8217;s
Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated by reference herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> (5) Previously filed as Exhibit 10.2(2) to the Registrant&#8217;s
Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated by reference herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> (6) Previously filed as Exhibit 10.2(3) to the Registrant&#8217;s
Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated by reference herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"> (7) </FONT>  <FONT STYLE="font-size: 10pt"> Previously filed as like-numbered exhibit to Pre-Effective Amendment No. 1 to Registrant&#8217;s Registration Statement on Form S-1 (333-187463), filed on April 26, 2013 and incorporated by reference herein. </FONT>  &nbsp; &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> (8) Previously filed as Exhibit 10.9 to Registrant&#8217;s
Registration Statement on Form S-1 (File No. 333-201953) filed on February 9, 2015 and incorporated by reference herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> (9) Previously filed as Exhibit 10.8 to the Registrant&#8217;s
Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> (10) Previously filed as Exhibit 10.9 to the Registrant&#8217;s
Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> (11) Previously filed as Exhibit 10.10 to the Registrant&#8217;s
Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> (12) Previously filed as Exhibit 10.11 to the Registrant&#8217;s
Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> (13) Previously filed as Exhibit 10.6 to Post-Effective
Amendment No. 1 to Registrant&#8217;s Registration Statement on Form S-1 (333-162033) filed on October 22, 2010 and incorporated
by reference herein. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> (14) Included in Exhibits 5.1 and 8.1. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"> (15) Filed herein. </P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(b)<I>&nbsp;Financial Statement Schedules</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The financial statement schedules are either
not applicable or the required information is included in the financial statements and footnotes related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;17.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Undertakings</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(a)&nbsp;Each undersigned registrant hereby
undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(1)&nbsp;To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(i)&nbsp;To include any prospectus required
by section&nbsp;10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(ii)&nbsp;To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.&nbsp;&nbsp;Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule&nbsp;424(b) if, in the aggregate,
the changes in volume and price represent no more than 20&nbsp;percent change in the maximum aggregate offering price set forth
in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(iii)&nbsp;To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(2)&nbsp;That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(3)&nbsp;To remove from registration by means
of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(4)&nbsp;That, for the purpose of determining
liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">(i)&nbsp;If the registrant is subject
to Rule&nbsp;430C (&sect;230.430C of this chapter), each prospectus filed pursuant to Rule&nbsp;424(b) as part of a registration
statement relating to an offering, other than registration statements relying on Rule&nbsp;430B or other than prospectuses filed
in reliance on Rule&nbsp;430A (&sect;230.430A of this chapter), shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness.&nbsp;&nbsp;Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first
use.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(5)&nbsp;That, for the purpose of determining
liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:&nbsp;&nbsp;The
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(i)&nbsp;Any preliminary prospectus or prospectus
of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424 (&sect;230.424 of this chapter);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(ii)&nbsp;Any free writing prospectus relating
to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(iii)&nbsp;The portion of any other free writing
prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant;&nbsp;and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(iv)&nbsp;Any other communication that is an
offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(b)&nbsp;Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant
to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.&nbsp;&nbsp;In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will,
unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Pursuant to the requirements of the Securities Act of 1933, the
Registrant has duly caused this Registration Statement on Form S-1 to be signed on its behalf by the undersigned, thereunto duly
authorized, in the town of Brattleboro, state of Vermont, on April 13, 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> The undersigned members and officers of Teucrium Trading, LLC,
the sponsor of Teucrium Commodity Trust, hereby constitute and appoint Sal Gilbertie and Dale Riker and each of them with full
power to act with full power of substitution and resubstitution, our true and lawful attorneys-in-fact with full power to execute
in our name and behalf in the capacities indicated below this Registration Statement on Form S-1 and any and all amendments thereto,
including post-effective amendments to this Registration Statement and to sign any and all additional registration statement relating
to the same offering of securities as this Registration Statement that are filed pursuant to Rule 462(b) of the Securities Act
of 1933, and file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange
Commission and thereby ratify and confirm that such attorneys-in-fact, or any of them, or their substitutes shall lawfully do or
cause to be done by virtue hereof. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the capacities and on the dates as indicated. The document may
be executed by signatories hereto on any number of counterparts, all of which shall constitute one and the same instrument. </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Teucrium Commodity Trust</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">By: Teucrium Trading, LLC, Sponsor</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Dale Riker</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dale Riker</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Principal Executive Officer, Secretary and Member</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 36%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 46%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B> Signature </B></FONT> </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B> Title </B></FONT> </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B> Date </B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 0.75pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 0.75pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 0.75pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 0.75pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 0.75pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 0.75pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U> /s/ Sal Gilbertie </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> Sal Gilbertie </P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> President/Chief Investment Officer/Member of the Sponsor </P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> April 13, 2016 </P></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U> /s/ Dale Riker </U> &nbsp;&nbsp;&nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> Dale Riker </P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> Secretary/Chief Executive Officer/Principal Executive
        Officer/Member of the Sponsor </P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> April 13, 2016 </P></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U> /s/ Barbara Riker </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> Barbara Riker </P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Chief Financial Officer/Chief Accounting Officer/Chief Compliance
        Officer/Principal Financial Officer </P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> April 13, 2016 </P></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U> /s/ Carl N. Miller III </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> Carl N. Miller III </P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Member of the Sponsor </P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> April 13, 2016 </P></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Exhibit 5.1 Opinion of Reed Smith LLP relating to the legality
of the Shares </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Exhibit 8.1 Opinion of Reed Smith LLP with respect to federal
income tax consequences </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"> Exhibit 23.2 </FONT> <FONT STYLE="font-size: 10pt">Consent
of Rothstein Kass, Independent Public Accounting Firm</FONT> </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit 23.3</FONT> <FONT STYLE="font-size: 10pt">Consent
of Grant Thornton, Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibit 23.4 Consent of Grant Thornton, Independent Certified Public
Accountants</P>




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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>e00017ex5_1.htm
<DESCRIPTION>OPINION OF REED SMITH LLP
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Exhibit 5.1</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Reed Smith<FONT STYLE="font-size: 7pt"> LLP</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">1301 K Street, N.W.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Suite 1100 - East Tower</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Washington, D.C. 20005-3373</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">+1 202 414 9200</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Fax +1 202 414 9299</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">reedsmith.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 2.5in; text-align: right"><IMG SRC="image_003.jpg" ALT="040804rs_logo-22c" STYLE="height: 21px; width: 121px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 2.5in">April 13, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%; padding-right: 5.75pt; padding-bottom: 0.15in; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Teucrium Commodity Trust<br>
        c/o Teucrium Trading, LLC<br>
        232 Hidden Lake Road</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Building A<br>
        Brattleboro, Vermont 05301</P></td></tr>
</table>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Teucrium Commodity Trust - Teucrium Corn Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">We have acted as counsel to Teucrium Commodity Trust, a Delaware
statutory trust organized in series (the &ldquo;<B><I>Trust</I></B>&rdquo;) and its Sponsor, Teucrium Trading, LLC (the &ldquo;<B><I>Sponsor</I></B>&rdquo;),
in connection with the registration statement filed on Form S-1, as amended (File No. 333-210010) (the &ldquo;<B><I>Registration
Statement</I></B>&rdquo;)<B><I> </I></B>filed by the Trust with the Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;)
under the Securities Act of 1933, as amended (the&nbsp;&ldquo;<B><I>Securities Act</I></B>&rdquo;), relating to the beneficial
interests (the<B><I> </I></B>&ldquo;<B><I>Units</I></B>&rdquo;) in the series of the Trust designated as Teucrium Corn Fund (the
&ldquo;<B><I>Fund</I></B>&rdquo;). This opinion is being delivered to you at your request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">As counsel to the Trust and the Sponsor, we have participated
in the preparation of the Registration Statement and have examined originals or copies, certified or otherwise identified to our
satisfaction by public officials or officers acting on behalf of the Trust or the Sponsor as authentic copies of originals, of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>the Certificate of Trust of the Trust, as filed with the Secretary of State of the State of Delaware (the &ldquo;<B><I>Secretary
of State</I></B>&rdquo;) on September 11, 2009;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>the Second Amended and Restated Declaration of Trust and Trust Agreement of the Trust, dated as of October 21, 2010, between
the Sponsor and Wilmington Trust Company, a Delaware banking corporation, as trustee of the Trust;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>the Certificate of Formation of the Sponsor, as filed with the Secretary of State on July 28, 2009;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>the Amended and Restated Limited Liability Company Agreement of the Sponsor, dated October 26, 2009, as amended by the First
Amendment to the Amended and Restated Limited Liability Company Operating Agreement of the Sponsor, dated September 30, 2011, and
Second Amendment to the Amended and Restated Limited Liability Company Operating Agreement of the Sponsor, dated May 24, 2012;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>unanimous written consent of the members of the Sponsor acting on behalf of the Trust relating to the authorization, issuance,
offer and sale of the Units pursuant to the Registration Statement;</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>a form of Authorized Purchaser Agreement entered into by the Trust, the Sponsor and each Authorized Purchaser filed as an exhibit
to the Registration Statement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD>a Certificate of Good Standing for the Trust, dated April 11, 2016, obtained from the Secretary of State; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD>a Certificate of Good Standing for the Sponsor, dated April 11, 2016, obtained from the Secretary of State.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">With respect to such examination and our opinion expressed
herein, we have assumed, without any independent investigation or verification (i) the genuineness of all signatures on all documents
submitted to us for examination, (ii) the legal capacity of all natural persons, (iii) the authenticity of all documents submitted
to us as originals, (iv) the conformity to original documents of all documents submitted to us as conformed or reproduced copies
and the authenticity of the originals of such copied documents, and (v) that all certificates issued by public officials have been
properly issued. We also have assumed without independent investigation or verification the accuracy and completeness of all corporate
records made available to us by the Trust and the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">We have relied with your approval upon certificates of public
officials and, as to certain factual matters, upon certificates and/or representations of officers and employees of the Trust and
the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Based upon and subject to the foregoing and subject to the
assumptions, exceptions, qualifications and limitations set forth herein below, it is our opinion that issuance of the Units has
been duly authorized, and when the Units have been delivered to, and the agreed consideration has been fully paid at the time of
such delivery by, the purchasers thereof, and the Registration Statement has become effective under the Securities Act and remains
effective at the time of the offer or sale of the Units, the Units will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The foregoing opinions are subject to the following assumptions,
exceptions, qualifications and limitations:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>The opinions expressed in this letter are limited to the Limited Liability Company Act and the Statutory Trust Act of the State
of Delaware, including the applicable provisions of the Delaware Constitution and the reported judicial decisions interpreting
these laws. We express no opinion with respect to any other laws of the State of Delaware or the laws of any other jurisdiction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>We express no opinion as to any state securities or broker-dealer laws or regulations thereunder relating to the offer, issuance
and sale of the Units.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">We hereby consent to the use of this opinion as an exhibit
to the Registration Statement filed with the SEC. We also hereby consent to the use of our name under the heading &ldquo;Legal
Matters&rdquo; in the Registration Statement. In giving the foregoing consent, we do not thereby admit that we come within the
category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Reed Smith LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><U>/s/ Reed Smith LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PDG/WTC/PCH/JAC</P>


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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>e00017ex8_1.htm
<DESCRIPTION>OPINION OF REED SMITH LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Exhibit 8.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Reed Smith LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">1301 K Street, N.W.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Suite 1100 - East Tower</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Washington, D.C. 20005-3373</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">+1 202 414 9200</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Fax +1 202 414 9299</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">reedsmith.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 15pt 0 0; text-align: right"><IMG SRC="image_004.jpg" ALT="040804rs_logo-22c" STYLE="height: 21px; width: 121px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">April 13, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Teucrium Commodity Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">232 Hidden Lake Road, Building A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Brattleboro, VT&nbsp;&nbsp;05310</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">RE: REGISTRATION STATEMENTS ON FORM S-1 (File Nos. 333-210010,
333-201953, 333-196209, 333-196211, and 333-196210)<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have acted as tax counsel to Teucrium Commodity
Trust, a Delaware statutory trust (the &ldquo;Trust&rdquo;) with respect to certain legal matters in connection with the offer
and sale (the &ldquo;Offerings&rdquo;) of common units representing fractional and undivided beneficial interests (the &ldquo;Shares&rdquo;)
of the Teucrium Corn Fund, Teucrium Agricultural Fund, Teucrium Wheat Fund, Teucrium Sugar Fund, and Teucrium Soybean Fund &nbsp;(the
&ldquo;Funds&rdquo;), each a series of the Trust. We have also participated in the preparation of the registration statements on
Form&nbsp;S-1 relating to each such Fund (each, a &ldquo;Registration Statement&rdquo;), with respect to each of which this opinion
is being filed as an exhibit. In connection therewith, we have participated in the preparation of the discussion set forth under
the caption &ldquo;U.S. Federal Income Tax Considerations&rdquo; (the &ldquo;Discussion&rdquo;) in each Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Discussion, subject to the qualifications
and assumptions stated in the Discussion and the limitations and qualifications set forth herein, constitutes our opinion as to
the material United States federal income tax consequences for purchasers of the Shares pursuant to the Offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This opinion letter is limited to the matters
set forth herein, and no opinions are intended to be implied or may be inferred beyond those expressly stated herein. Our opinion
is rendered as of the date hereof and we assume no obligation to update or supplement this opinion or any matter related to this
opinion to reflect any change of fact, circumstances, or law after the date hereof. In addition, our opinion is based on the assumption
that the matter will be properly presented to the applicable court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Furthermore, our opinion is not binding on the
Internal Revenue Service or a court. In addition, we must note that our opinion represents merely our best legal judgment on the
matters presented and that others may disagree with our conclusion. There can be no assurance that the Internal Revenue Service
will not take a contrary position or that a court would agree with our opinion if the matter were litigated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We hereby consent to the filing of this
opinion as an exhibit to each Registration Statement and to the references to our firm and this opinion contained in the Discussion.
In giving this consent, we do not admit that we are &ldquo;experts&rdquo; under the Securities Act of 1933, as amended, or under
the rules and regulations of the Securities and Exchange Commission relating thereto, with respect to any part of a Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Respectfully submitted,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><U>/s/ Reed Smith LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Reed Smith LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">LNH/AEG/WTC/PCH/JAC</P>







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<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>e00017ex23_2.htm
<DESCRIPTION>CONSENT OF ROTHSTEIN KASS
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B><U>CONSENT OF INDEPENDENT PUBLIC ACCOUNTING
FIRM </U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">We hereby consent to the incorporation
by reference in the Registration Statement on Form S-1 of our reports each dated March 14, 2014 relating to the financial statements
of the Teucrium Commodity Trust and the Teucrium Corn Fund for the year ended December 31, 2013, appearing in the Annual Report
on Form 10-K of Teucrium Commodity Trust filed on March 15, 2016, and of our report dated April 3, 2014 relating to the combined
financial statements of Teucrium Trading, LLC and Affiliate for the year ended December 31, 2013, appearing in the Current Report
on Form 8-K filed on April 13, 2016, and to the reference to our Firm under the caption &ldquo;Experts&rdquo; in the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">/s/ Rothstein Kass</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Walnut Creek, California</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 13, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>e00017ex23_3.htm
<DESCRIPTION>CONSENT OF GRANT THORNTON
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Exhibit 23.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We have issued our reports dated March 15, 2016, with respect to
the combined financial statements and internal control over financial reporting of Teucrium Commodity Trust and the financial statements
and internal control over financial reporting of Teucrium Corn Fund included in the Annual Report on Form 10-K of Teucrium Commodity
Trust for the years ended December 31, 2015 and 2014. We consent to the incorporation by reference of said reports in the Registration
Statement of Teucrium Commodity Trust on Form S-1 (File No. 333-210010), and to the use of our name as it appears under the caption
&quot;Experts&rdquo; in the prospectus in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ GRANT THORNTON LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Iselin, New Jersey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 13, 2016</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 4px solid">&nbsp;</DIV>
    <!-- Field: /Page -->



<P STYLE="margin: 0"></P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>6
<FILENAME>e00017ex23_4.htm
<DESCRIPTION>CONSENT OF GRANT THORNTON
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 23.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We have issued our report dated April 13, 2016, with respect to
the combined financial statements of Teucrium Trading, LLC (a Delaware limited liability company) and Affiliate included in the
Current Report of Teucrium Commodity Trust on Form 8-K filed with the U.S. Securities and Exchange Commission on April 13, 2016.
We consent to the incorporation by reference of said report in the Registration Statement of Teucrium Commodity Trust on Form S-1
(File No. 333-210010), and to the use of our name as it appears under the caption &quot;Experts&rdquo; in the prospectus in this
Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ GRANT THORNTON LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Iselin, New Jersey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 13, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 4px solid">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; padding-top: 0.25in; font: 12pt Times New Roman, Times, Serif"><IMG SRC="image_006.gif" ALT="" STYLE="height: 34px; width: 180px"></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 50%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 24pt 0 0; text-align: right">Reed Smith <FONT STYLE="font-size: 8pt">LLP</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Riverfront Plaza - West Tower<BR>
        901 East Byrd Street, Suite 1700<BR>
        Richmond, VA 23219-4068</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Tel +1 804 344 3400</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Fax +1 804 344 3410</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: right"><BR>
        1301 K Street, N.W.<BR>
        Suite 1000 - East Tower<BR>
        Washington, D.C. 20005-3373<BR>
        Tel +1 202 414 9200<BR>
        Fax +1 202 414 9299</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">reedsmith.com</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0">W. Thomas Conner</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Direct Phone: +1 202 414 9208<BR>
        Email: tconner@reedsmith.com</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">April 13, 2016</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">VIA EDGAR SUBMISSION</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.75pt; padding-bottom: 0.15in">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Brian Hough</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Division of Corporate Finance</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">U.S. Securities &amp; Exchange Commission</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; font-weight: bold">Re:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 95%; padding-right: 5.4pt; font-weight: bold; text-decoration: underline"><U>Teucrium Commodity Trust &ndash; Teucrium Corn Fund</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Registration Statement on Form S-1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">File No. 333-210010</TD></TR>
</TABLE>


<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Dear Mr. Hough:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">On behalf of the registrant, Teucrium Commodity Trust (the
&ldquo;Registrant&rdquo;), and its series, the Teucrium Corn Fund (the &ldquo;Fund&rdquo;), we are responding to the Staff&rsquo;s
oral comments we received April 1, 2016, in regards to the above-referenced registration statement (the Registration Statement&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">For convenience, each comment is restated below, with the
response immediately following. To the extent responses herein reflect revised or additional disclosure, such disclosure is included
in Pre-Effective Amendment No. 1 filed herewith on EDGAR. All capitalized terms not defined herein have the meaning assigned to
them in the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Comments</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Incorporation by Reference of Certain Information, page
89</B>:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(1)&#9;The information that the registration statement attempted
to incorporate by reference was not incorporated properly; among other things, the 10-K has to be listed as one of the items that
is specifically incorporated by reference.&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Response:&#9;</B>The &ldquo;Incorporation by
Reference of Certain Information&rdquo; section of the Registration Statement has been revised to incorporate the specific
documents as required; the initial Registration Statement inadvertently omitted a notation that the list of specific
documents was &ldquo;to be provided by subsequent amendment.&rdquo;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 12pt"><FONT STYLE="font-size: 8pt">ABU DHABI <FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
ATHENS </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> BEIJING
</FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> CENTURY CITY </FONT><FONT STYLE="font-family: Symbol">&#168;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">CHICAGO </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
DUBAI </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> FRANKFURT
</FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> HONG KONG </FONT><FONT STYLE="font-family: Symbol">&#168;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">HOUSTON </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
KAZAKHSTAN </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> LONDON
</FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> LOS ANGELES </FONT><FONT STYLE="font-family: Symbol">&#168;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">MUNICH </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
NEW YORK </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> NORTHERN
VIRGINIA PARIS </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
PHILADELPHIA </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> PITTSBURGH
</FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> PRINCETON </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">RICHMOND
</FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> SAN FRANCISCO
</FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> SHANGHAI </FONT><FONT STYLE="font-family: Symbol">&#168;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">SILICON VALLEY </FONT><FONT STYLE="font-family: Symbol">&#168;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">SINGAPORE </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
WASHINGTON, D.C. </FONT><FONT STYLE="font-family: Symbol">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
WILMINGTON</FONT></FONT></P>


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    <TD STYLE="width: 64%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 21pt 0 0">Brian Hough</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">April 13, 2016</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 2</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 36%; padding-top: 15pt; font: 12pt Times New Roman, Times, Serif; text-align: right"><IMG SRC="image_002.jpg" ALT="040804rs_logo-22c" STYLE="height: 21px; width: 121px"></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-indent: -1.5in"><B>Item 9A of Form 10-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(2)&#9;In November of the past year, the Accounting Staff
gave a verbal comment to the Chief Financial Officer of the Registrant that Item 9A of Form 10-K should include a statement that
the certification applies to each series of shares of the Trust. The Registrant included this statement in the certification filed
with its Form 10-Q, but omitted it from the Form 10-K filed for the fiscal year ended December 31, 2015. The staff reminds the
Registrant that it must include this statement in future Form 10-K filings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Response:&#9;</B>The Registrant will include the referenced
statement in future Form 10-K filings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">If you have any questions on the foregoing, please do not
hesitate to contact me at (202) 414-9208 or Peggy Heminger at (412) 288-7204.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/ W. Thomas Conner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">W. Thomas Conner</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">WC/gp</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif">cc:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 95%; font: 12pt Times New Roman, Times, Serif">Barbara Riker</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Peggy Heminger</TD></TR>
</TABLE>


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