<SEC-DOCUMENT>0001654954-22-004115.txt : 20220504
<SEC-HEADER>0001654954-22-004115.hdr.sgml : 20220504
<ACCEPTANCE-DATETIME>20220330122636
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001654954-22-004115
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Teucrium Commodity Trust
		CENTRAL INDEX KEY:			0001471824
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		THREE MAIN STREET
		STREET 2:		SUITE 215
		CITY:			BURLINGTON
		STATE:			VT
		ZIP:			05401
		BUSINESS PHONE:		802-540-0019

	MAIL ADDRESS:	
		STREET 1:		THREE MAIN STREET
		STREET 2:		SUITE 215
		CITY:			BURLINGTON
		STATE:			VT
		ZIP:			05401
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<font style="font-family: Times New Roman; font-size: 13px">W.
Thomas Conner</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Shareholder</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">+1 202
312 3331</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">tconner@vedderprice.com</font></div>
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<font style="color: #09305A; font-family: Times New Roman; font-size: 13px">London</font></div>
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<font style="color: #9CAA00; font-family: Times New Roman; font-size: 13px">vedderprice.com</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">March
30, 2022</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
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VIA EDGAR SUBMISSION</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr. J.
Nolan McWilliams</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Division
of Corporation Finance</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">U.S.
Securities &amp; Exchange Commission</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">100 F
Street, NE</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Washington,
D.C. 20549</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">Re:&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Teucrium Commodity
Trust</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Teucrium
Sugar Fund</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Registration
Statement on Form S-1 (File No. 333-263438)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dear
Mr. McWilliams:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On
behalf of the sponsor, Teucrium Trading LLC (the
&#x201C;Sponsor&#x201D;), and the Teucrium Sugar Fund (the
&#x201C;Fund&#x201D;), a series of the Teucrium Commodity Trust (the
&#x201C;Trust&#x201D;), we are responding to your comments dated
March 24, 2022 in regards to the Fund&#x2019;s registration
statement on Form S-1 filed on March 10, 2022 (&#x201C;Registration
Statement&#x201D;). All capitalized terms not defined herein shall
have the meaning assigned to them in the Registration Statement,
and any page references refer to the Registration Statement. For
convenience, your comment is restated below, with the response
following.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
General</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Comment:</font>
Please prominently discuss here and in The Sugar Market on page 75
the impacts of current geopolitical events on the sugar market by
quantifying, to the extent information is available, sugar prices,
the price of sugar futures contracts, the extent to which the sugar
futures market is experiencing backwardation, the price of your
shares, and the increased trading volume of sugar futures and your
shares as of the most recent practicable date.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;The
Fund has added the requested disclosure as follows:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;To place the
impacts of the geopolitical events described above in context, the
following table compares the percentage change in sugar prices, the
price of sugar futures contracts, the price of the Fund&#x2019;s
shares, and the increased trading volume of sugar futures in the
twenty trading days prior to the date of the Russian invasion of
Ukraine (January 27, 2022 to February 23, 2022), compared to the
twenty trading days following (February 24, 2022 to March 23,
2022).</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Recent
geopolitical events have also impacted the level of
&#x201C;backwardation&#x201D; experienced by the Fund. As illustrated
by the table, the Russian invasion and related developments have
placed upward pressure on the price of sugar and sugar futures
contracts. As a result, near to expire contracts trade at a higher
price than longer to expire contracts, a situation referred to as
&#x201C;backwardation.&#x201D; Putting aside the impact of the
overall movement in prices of sugar and sugar futures, the
Benchmark Component Futures Contracts (the sugar futures contracts
that the Fund invests in to achieve its investment objective) would
tend to rise as they approach expiration. This backwardation may
benefit the Fund because it will sell more expensive contracts and
buy less expensive contracts on an ongoing basis. The degree of
backwardation is also shown in the following table.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Conversely, in the
event of a sugar futures market where near to expire contracts
trade at a lower price than longer to expire contracts, a situation
referred to as &#x201C;contango,&#x201D; then absent the impact of
the overall movement in sugar prices the value of the Benchmark
Component Futures Contracts would tend to decline as they approach
expiration. If the prices of sugar and sugar futures were to
decline, for example, because of a resolution of the Russia-Ukraine
conflict, the Fund would experience the negative impact of
contango.</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr style="background-color:#cceeff;">
<td rowspan="1" style="vertical-align:top;width:24%;border-left:solid 1px #000000;border-top:solid 1px #000000;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
DATA POINT</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:41%;border-left:solid 1px #000000;border-top:solid 1px #000000;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
JANUARY 27, 2022 TO FEBRUARY 23, 2022 (20 TRADING DAYS BEFORE THE
RUSSIAN INVASION)</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-top:solid 1px #000000;border-right:solid 1px #000000;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
FEBRUARY 24, 2022 TO MARCH 23, 2022 (20 TRADING DAYS AFTER THE
RUSSIAN INVASION)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:24%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Sugar
prices</font></div>
</td>
<td style="vertical-align:top;width:41%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
SPOT Sugar Price = $0.182305</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;border-right:solid 1px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
SPOT Sugar Price = $0.18863</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:top;width:24%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Sugar
futures prices</font></div>
</td>
<td style="vertical-align:top;width:41%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
Futures Price Across next 4 contracts (excluding SPOT month) =
$0.178154</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;border-right:solid 1px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
Futures Price Across next 4 contracts (excluding SPOT month) =
$0.186628</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:24%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
volume of futures</font></div>
</td>
<td style="vertical-align:top;width:41%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
Volume Across next 4 contracts (excluding SPOT month) =
22,770</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;border-right:solid 1px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
Volume Across next 4 contracts (excluding SPOT month) =
17,887</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:top;width:24%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Degree
of backwardation / Roll Yield*</font></div>
</td>
<td style="vertical-align:top;width:41%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
Daily Roll Yield to SPOT Across 7 Contracts Period Averaged =
+5.31% (backwardation)</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;border-right:solid 1px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
Daily Roll Yield to SPOT Across 7 Contracts Period Averaged =
+3.83% (backwardation)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:24%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fund
share prices</font></div>
</td>
<td style="vertical-align:top;width:41%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
Price = $8.8918</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;border-right:solid 1px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
Price = $9.3741</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:top;width:24%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Average
share volume</font></div>
</td>
<td style="vertical-align:top;width:41%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">71,990</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;border-right:solid 1px #000000;">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">132,885</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">*
<font style="background-color: #FFFFFF">Roll yield is</font> a type
of return in commodity futures investing that comes from
&#x201C;rolling&#x201D; shorter-dated contracts for longer-dated
contracts. <font style="background-color: #FFFFFF">It is driven by
the difference in the price of shorter-dated, closer to maturity
commodity contracts (in the table above the actual spot price of
sugar is used) and their longer-dated counterparts. Roll yields can
either be positive or negative, depending on whether the market is
in backwardation or contango,
respectively.&#x201D;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Comment</font><font style="font-weight: bold">:</font>
Please place the discussion of position limits in context by
quantifying and disclosing whether you are approaching the position
limits of the CFTC or futures exchange rules such that the position
limits are likely to restrict your ability to continue to invest in
the Benchmark Component Futures Contracts. In addition, please
disclose your specific plans, if any, to purchase other sugar
interests on foreign exchanges or other instruments in the event
you are no longer able to purchase Benchmark Component Futures
Contracts. To the extent you have discretion under applicable
regulatory requirements to invest in these other instruments, so
state.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 48px"><font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="text-decoration: underline">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;The
Fund believes that the disclosure on page 10 of the Registration
Statement under &#x201C;Changes in the Fund&#x2019;s NAV may not
correlate well with change 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 sugar related losses or as a way to indirectly
invest in sugar&#x201D; provides an explanation that the Fund is
subject to position accountability levels, that the Fund currently
holds just under seven percent of such accountability levels and
that the Fund has no intention of purchasing sugar interests on
foreign exchanges.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Comment</font><font style="font-weight: bold">:</font>
Please disclose here, if true, that the fund is in the process of
entering into an agreement with a new futures commission merchant
(FCM) and discuss the attendant risks. Also clarify how the
constraints on the number of &#x201C;wheat futures contracts&#x201D;
applies to you.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;The
Fund has finalized an agreement with a new futures commission
merchant. It has revised the following risk factor appearing in the
prospectus summary (and in other appropriate sections of the
prospectus) to reflect that the Fund now has two FCMs. The
Registrant believes that the addition of the new FCM mitigates to
some extent the risks attendant to having only one FCM, but the
following risk factor discloses the risks attendant to what could
happen if one or both FCMs place limits on purchases and sales of
futures contracts.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;The Fund
currently has two futures commission merchants (&#x201C;FCMs&#x201D;)
through which it buys and sells futures contracts.&#xA0; The recent
volatility in the sugar futures market may lead one or both of the
Fund&#x2019;s FCMs to impose risk mitigation procedures that could
limit the Fund&#x2019;s investment in sugar futures contracts beyond
the accountability and position limits imposed by futures contract
exchanges as discussed herein.&#xA0; One of the FCMs has imposed a
financial ceiling on initial margin that could change and become
more or less restrictive on the Fund&#x2019;s activities depending
upon a variety of conditions beyond the Sponsor&#x2019;s
control.&#xA0; If the Fund&#x2019;s other current FCM were to impose
position limits, or if any other FCM with which the Fund
establishes a relationship in the future were to impose position
limits, the Fund&#x2019;s ability to meet its investment objective
could be negatively impacted.&#xA0; The Fund continues to monitor
and manage its existing relationships with its FCMs and will
continue to seek additional relationships with FCMs as
needed.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Fund has also replaced the noted reference to &#x201C;wheat futures
contracts&#x201D; with a reference to &#x201C;sugar futures
contracts.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If you
have any questions or comments, please call the undersigned at
(202) 312-3331 or John Sanders at (202) 312-3332.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Very
truly yours,</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/ W.
Thomas Conner</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">W.
Thomas Conner</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Shareholder</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 5px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px">WTC/JMS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">Cc:&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Sal
Gilbertie</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 48px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">John
Sanders</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #ffffff">
<td style="vertical-align: top; width: 100%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
1401 New York Avenue NW, Suite 500 | Washington, DC 20005 | T +1
202 312 3320 | F +1 202 312 3322</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #ffffff">
<td style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Vedder
Price P.C. is affiliated with Vedder Price LLP, which operates in
England and Wales, Vedder Price (CA), LLP, which operates in
California, and Vedder Price Pte. Ltd., which operates in
Singapore.</font></div>
</td>
</tr></table>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
</div>
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