<SEC-DOCUMENT>0001654954-22-004141.txt : 20220504
<SEC-HEADER>0001654954-22-004141.hdr.sgml : 20220504
<ACCEPTANCE-DATETIME>20220330143753
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001654954-22-004141
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">Chicago</font></div>
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<font style="color: #09305A; font-family: Times New Roman; font-size: 13px">Washington,
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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: #09305A; font-family: Times New Roman; font-size: 13px">Dallas</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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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</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">March
30, 2022</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>
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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
Agricultural 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. 333-263450)</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: justify; 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 Agricultural 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 Market Outlook on page 66
the impacts of current geopolitical events on the corn, soybean,
sugar and wheat markets by quantifying, to the extent information
is available, the prices of the commodities, the prices of futures
contracts of the underlying funds, the extent to which the
respective commodities&#x2019; futures markets are experiencing
backwardation, the price of shares of such funds, and the increased
trading volume of the futures and the shares of such funds 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-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 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: justify; 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 Underlying
Funds&#x2019; commodity prices, the price of the futures contracts,
the price of the Funds&#x2019; shares, and the increased trading
volume of 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 Funds. As
illustrated by the tables below, the Russian invasion and related
developments have placed upward pressure on the price of the
Underlying Fund commodities and the commodity 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 each commodity and futures contracts,
the Benchmark Component Futures Contracts (the 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: 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">Conversely, in the
event of a 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 wheat prices the value of the Benchmark Component
Futures Contracts would tend to decline as they approach
expiration. If the prices of wheat and wheat 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>
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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 2px #000000;border-top:solid 2px #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:42%;border-top:solid 2px #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</font></div>
<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">
(20 TRADING DAYS BEFORE THE RUSSIAN INVASION)</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:34%;border-top:solid 2px #000000;border-right:solid 2px #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</font></div>
<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">
(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 2px #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">Wheat
prices</font></div>
</td>
<td style="vertical-align:top;width:42%;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 Wheat Price = $7.8632</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;border-right: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 Wheat Price = $11.13713</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:top;width:24%;border-left:solid 2px #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">Wheat
futures prices</font></div>
</td>
<td style="vertical-align:top;width:42%;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) =
$7.8971</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;border-right: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) =
$10.25</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:24%;border-left:solid 2px #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:42%;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) =
19,409</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;border-right: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) =
34,279</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:top;width:24%;border-left:solid 2px #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:42%;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 =
-0.23% (contango)</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;border-right: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 =
+26.56% (backwardation)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:24%;border-left:solid 2px #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:42%;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 = $7.5737</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:solid 2px #000000;border-right: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 = $10.18</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:top;width:24%;border-left:solid 2px #000000;border-bottom:double 4px #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:42%;border-left:solid 1px #000000;border-bottom:double 4px #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">639,398</font></div>
</td>
<td style="vertical-align:top;width:34%;border-left:solid 1px #000000;border-bottom:double 4px #000000;border-right: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">8,273,913</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">&#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:42%;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</font></div>
<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">
(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</font></div>
<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">
(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">Soybean
prices</font></div>
</td>
<td style="vertical-align:top;width:42%;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 Soybean Price = $15.6290</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 Soybean Price = $16.7648</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">Soybean
futures prices</font></div>
</td>
<td style="vertical-align:top;width:42%;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) =
$15.2850</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) =
$15.89</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:42%;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) =
32,288</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) =
32,104</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:42%;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 =
+7.36% (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 =
+14.76% (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:42%;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 = $25.9898</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 = $27.33475</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:42%;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">86,080</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">144,935</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">&#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:42%;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</font></div>
<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">
(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</font></div>
<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">
(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">Corn
prices</font></div>
</td>
<td style="vertical-align:top;width:42%;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 Corn Price = $6.4170</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 Corn Price = $7.3895</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">Corn
futures prices</font></div>
</td>
<td style="vertical-align:top;width:42%;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) =
$6.1519</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) =
$6.7683</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:42%;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) =
59,695</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) =
75,493</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:42%;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 =
+6.55% (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 =
+15.44% (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:42%;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 = $23.1337</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 = $25.846</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:42%;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">223,271</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">622,678</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">&#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:42%;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</font></div>
<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">
(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</font></div>
<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">
(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:42%;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:42%;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:42%;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:42%;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:42%;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:42%;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
each commodity 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 id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<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: 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 for each of the
component commodities 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 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-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 following disclosure:</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;There is no
way to predict if or when investor demand might cause the
Underlying Funds to approach position and/or accountability limits.
The Underlying Funds have no intention of purchasing commodity
interests on foreign exchanges. The Wheat Fund has not approached
existing position limit levels of its Benchmark Component Futures
Contracts which are traded on the CME with a 19,300 contract limit.
Instead, the fund would file an 8-K and prospectus supplement to
include the ability to purchase Kansas City Hard Red Winter Wheat
futures or MGEX Hard Red Spring Wheat futures in the same contract
size and in the same contract months as its existing Benchmark
Component Futures Contract holdings. Position limits are 12,000
contracts on each of the exchanges in the aforementioned futures
contracts. The Soybean Fund has not approached existing position
limit levels of its Benchmark Component Futures Contracts which are
traded on the CME with a 27,300 contract limit. Currently the
Soybean Fund holds just over three percent (under 900 contracts) of
the CFTC/CME position limits. <font style="color: #000000; background-color: #FFFFFF">The Sugar Fund has not
approached existing position accountability levels of its Benchmark
Component Futures Contracts which are traded on the
Intercontinental Exchange (ICE) with a 15,000 contract limit.
Currently the Sugar Fund holds just over seven percent (under 1100
contracts) of the ICE accountability levels. Instead, the fund
would file an 8-K and prospectus supplement to include the ability
to purchase NYSE Sugar futures in the same contract size and in the
same contract months as its existing Benchmark Component Futures
Contract holdings. Accountability levels are 9000 contracts on the
NYMEX.</font> The Corn Fund has not approached existing position
limit levels of its Benchmark Component Futures Contracts which are
traded on the CME with a 57,800 contract limit. Currently the Corn
Fund holds just over ten percent (under 6000 contracts) of the
CFTC/CME position limits.</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
Underlying Funds&#x2019; currently have two futures commission
merchants through which they buy and sell futures contracts. The
recent volatility in the commodity futures markets may lead one or
both of the Funds&#x2019; FCMs to impose risk mitigation procedures
that could limit the Funds&#x2019; investments in futures contracts
beyond the accountability and position limits imposed by futures
contract exchanges as discussed herein. One of the FCMs has imposed
a financial ceiling on initial margin that could change and become
more or less restrictive on the Funds&#x2019; activities depending
upon a variety of conditions beyond the Sponsor&#x2019;s control. If
the Funds&#x2019; other current FCM were to impose position limits,
or if any other FCM with which the Funds&#x2019; establish a
relationship in the future were to impose position limits, the
Funds&#x2019; ability to meet its investment objective could be
negatively impacted. The Funds&#x2019; continue to monitor and
manage its existing relationships with each FCM 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: 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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</TEXT>
</DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
