What changed in this filing

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Item 9A. Controls and Procedures

2023-03-01 compared with 2022-03-16 · 2340 added, 2340 removed, 1660 unchanged (74% of the section changed)

This section is long enough that the comparison stopped early. What follows is partial, and the remainder is not necessarily unchanged.

1 unchanged sentence

Disclosure Controls and Procedures

The Trust and each Fund maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Trust’s periodic reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms for the Trust and each Fund thereof.

Management of the Sponsor of the Funds (“Management”), including Sal Gilbertie the Sponsor’s Principal Executive Officer and Cory Mullen-Rusin, the Sponsor’s Principal Financial Officer, who perform functions equivalent to those of a principal executive officer and principal financial officer of the Trust if the Trust had any officers, have evaluated the effectiveness of the design and operation of the Trust’s and each Fund’s disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this report, and, based upon that evaluation, concluded that the Trust’s and each Fund’s disclosure controls and procedures were effective as of the end of such period, to ensure that information the Trust is required to disclose in the reports that it files or submits with the SEC under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and to ensure that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure.

The scope of the evaluation of the effectiveness of the design and operation of its disclosure controls and procedures covers the Trust, as well as separately for each Fund that is a series of the Trust.

The certifications of the Chief Executive Officer and Chief Financial Officer are applicable to each Fund individually as well as the Trust as a whole.

Management’s Annual Report on Internal Control over Financial Reporting

Management ’

s Annual Report on Internal Control over Financial Reporting

Management of the Sponsor, on behalf of the Trust and each Fund are responsible for establishing and maintaining adequate internal control over financial reporting.

The Trust and each Fund’s internal control system is designed to provide reasonable assurance to the Sponsor regarding the preparation and fair presentation of published financial statements.

All internal control systems, no matter how well designed, have inherent limitations.

Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Management of the Sponsor, including Sal Gilbertie, Principal Executive Officer of the Sponsor, and Cory Mullen-Rusin, Principal Financial Officer of the Sponsor, who perform functions equivalent to those of a principal executive officer and principal financial officer of the Trust if the Trust had any officers, assessed the effectiveness of the Trust’s and each Fund’s internal control over financial reporting as of December 31, 2021.

In making this assessment, it used the criteria in the Internal Control - Integrated framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013 .

1 unchanged sentence

Changes in Internal Control over Financial Reporting

There has been no change in the Trust’s or the Funds’ internal controls over the financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Trust’s last fiscal year that has materially affected, or is reasonably likely to materially affect, the Trust’s or the Funds’ internal control over financial reporting.

There has been no change in the Trust’s or the Funds’

internal controls over the financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Trust’s last fiscal year that has materially affected, or is reasonably likely to materially affect, the Trust’s or the Funds’

internal control over financial reporting.

Other Information

5 unchanged sentences

Code of Ethics

The Sponsor has adopted a Code of Business Conduct and Ethics (the “Code of Ethics”) which applies to all of its officers (including senior financial officers) and employees;

the Sponsor’s Code of Ethics covers all officers and employees that manage the Trust and the Funds.

The Sponsor has adopted a Code of Business Conduct and Ethics (the “Code of Ethics”) which applies to all of its officers (including senior financial officers) and employees;

the Sponsor’s Code of Ethics covers all officers and employees that manage the Trust and the Funds.

A printed copy of the Code of Ethics is available to any person free of charge, upon request, by contacting the Sponsor at:

4 unchanged sentences

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires directors and executive officers of the Sponsor and persons who are beneficial owners of at least 10% a Fund’s Shares to file with the SEC an Initial Statement of Beneficial Ownership of Securities on Form 3 within ten calendar days of first becoming a director, executive officer or beneficial owner of at least 10% of a Fund’s Shares and a Statement of Changes in Beneficial Ownership of Securities on Form 4 within two business days of a subsequent acquisition or disposition of Shares of a Fund and, unless all reportable transactions were previously reported on Form 3 or Form 4, an Annual Statement of Changes in Beneficial Ownership of Securities on Form 5 within 45 days after the Trust’s fiscal year-end.

For the year ended December 31, 2021, based solely on a review of the Section 16(a) reports furnished to the Trust and written representation by the Trust’s Section 16(a) reporting persons, to the best knowledge of the Sponsor, all such filings have been made within these prescribed timeframes.

For the year ended December 31, 2022, based solely on a review of the Section 16(a) reports furnished to the Trust and written representation by the Trust’s Section 16(a) reporting persons, to the best knowledge of the Sponsor, all such filings have been made within these prescribed timeframes.

Executive Compensation

2 unchanged sentences

The Trust does not set the amount or form of any portion of the compensation paid to the executive officers by the Sponsor.

Each of the series of the Trust, except for TAGS, is obligated to pay a management fee to the Sponsor at an annualized rate of 1.00% of average daily net assets.

Each of the series of the Trust, except for TAGS and DEFI, is obligated to pay a management fee to the Sponsor at an annualized rate of 1.00% of average daily net assets.

DEFI is obligated to pay a management fee to the Sponsor at an annualized rate of .94% of average daily net assets.

The Sponsor has the right to elect to waive the management fee for any Fund;

5 unchanged sentences

Security Ownership of Certain Beneficial Owners.

The following table sets forth information with respect to each person known to own beneficially more than 5% of the outstanding shares of any series in the Trust as of December 31, 2021, based on information known to the Sponsor.

Title of Class

4 unchanged sentences

Percent Class

REY-JEN CHEN AND ANGELA TZU MEI CHEN, VANCOUVER, CANADA

SUSQUEHANNA SECURITIES LLC, BALA CYNWYD, PA

TEUCRIUM AGRICULTURAL FUND, BURLINGTON, VT

CITIBANK PRIVATE BANK NA, NEW YORK, NY

TEUCRIUM AGRICULTURAL FUND, BURLINGTON, VT

KOREA SECURITIES DEPOSITORY, BUSAN, KOREA

TEUCRIUM AGRICULTURAL FUND, BURLINGTON, VT

GTS SECURITIES, NEW YORK, NY

These individuals and entities have not filed any public reports with the SEC.

10 unchanged sentences

100 common units

Sal Gilbertie

500 common units

Sal Gilbertie

200 common units

Sal Gilbertie

2,300 common units

* Less than 1%.

4 unchanged sentences

Principal Accountant and Audit Fees and Services

Fees paid for services performed by Grant Thornton and PricewaterhouseCoopers, for the years ended December 31, 2021 and December 31, 2020 were:

Fees paid for services performed by Grant Thornton and PricewaterhouseCoopers, for the years ended December 31, 2022 and December 31, 2021 were:

The Sponsor approved all services provided by Grant Thornton and PricewaterhouseCoopers, above.

The Sponsor preapproves all audit, non-audit, tax preparation, and tax accounting services, if any, of the Trust’s independent registered public accounting firm and tax accounting firm, including all engagement fees and terms.

Exhibits and Financial Statements Schedules

11 unchanged sentences

Fourth Amendment to Amended and Restated Distribution Services Agreement (11)

Fifth Amendment to Amended and Restated Distribution Services Agreement (13)

Custody Agreement.

12 unchanged sentences

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

XBRL Instance Document (15)

XBRL Taxonomy Extension Schema (15)

XBRL Taxonomy Extension Calculation Linkbase (15)

XBRL Taxonomy Definition Linkbase (15)

XBRL Taxonomy Extension Label Linkbase (15)

XBRL Taxonomy Extension Presentation Linkbase (15)

Inline XBRL Instance Document (15)

Inline XBRL Taxonomy Extension Schema (15)

Inline XBRL Taxonomy Extension Calculation Linkbase (15)

Inline XBRL Taxonomy Definition Linkbase (15)

Inline XBRL Taxonomy Extension Label Linkbase (15)

Inline XBRL Taxonomy Extension Presentation Linkbase (15)

Cover Page Interactive Data File (formatted in inline XBRL and contained in Exhibit 101)

Previously filed as like-numbered exhibit to Pre-Effective Amendment No.

11 unchanged sentences

333-162033, filed on October 22, 2010 and incorporated by reference herein.

Previously filed as Exhibit 10.2(1) to Registrant’s Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated herein by reference.

Previously filed as Exhibit 10.2(2) to Registrant’s Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated by reference herein.

Previously filed as Exhibit 10.2(3) to Registrant’s Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated by reference herein.

Previously filed as Exhibit 10.2(1) to Registrant’s Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated herein by reference.

Previously filed as Exhibit 10.2(2) to Registrant’s Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated by reference herein.

Previously filed as Exhibit 10.2(3) to Registrant’s Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated by reference herein.

Previously filed as like-numbered exhibit to Pre-Effective Amendment No.

5 unchanged sentences

333-201953, filed on February 9, 2015 and incorporated by reference herein.

Previously filed as like-numbered exhibit to Registrant’s Report on Form 10-K for the fiscal year ended December 31, 2015, filed on March 16, 2016.

Previously filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed on March 10, 2021, and incorporated by reference herein.

Previously filed as like-numbered exhibit to Registrant's Report on Form 10-K for the fiscal year ended December 31, 2020, filed on March 16, 2021.

Previously filed as like-numbered exhibit to Registrant’s Report on Form 10-K for the fiscal year ended December 31, 2015, filed on March 16, 2016.

(13)    

Previously filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed on March 10, 2021, and incorporated by reference herein.

Previously filed as like-numbered exhibit to Registrant’s Report on Form 10-K for the fiscal year ended December 31, 2020, filed on March 16, 2021.

Filed herein.

3 unchanged sentences

TEUCRIUM COMMODITY TRUST

Report of Independent Registered Public Accounting Firm (PCAOB # 248 )

Reports of Independent Registered Public Accounting Firm  ( GRANT THORNTON LLP , New York, NY , PCAOB # 248 )

Combined Statements of Assets and Liabilities at December 31, 2022 and 2021

5 unchanged sentences

TEUCRIUM CORN FUND

Report of Independent Registered Public Accounting Firm (PCAOB # 248 )

Reports of Independent Registered Public Accounting Firm  (GRANT THORNTON LLP, New York, NY, PCAOB #248)

Statements of Assets and Liabilities at December 31, 2022 and 2021

5 unchanged sentences

TEUCRIUM SOYBEAN FUND

Report of Independent Registered Public Accounting Firm (PCAOB # 248 )

Reports of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB #248)

Statements of Assets and Liabilities at December 31, 2022 and 2021

5 unchanged sentences

TEUCRIUM SUGAR FUND

Report of Independent Registered Public Accounting Firm (PCAOB # 248 )

Reports of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB #248)

Statements of Assets and Liabilities at December 31, 2022 and 2021

5 unchanged sentences

TEUCRIUM WHEAT FUND

Report of Independent Registered Public Accounting Firm (PCAOB # 248 )

Reports of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB #248)

Statements of Assets and Liabilities at December 31, 2022 and 2021

5 unchanged sentences

TEUCRIUM AGRICULTURAL FUND

Report of Independent Registered Public Accounting Firm (PCAOB # 248 )

Reports of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB #248)

Statements of Assets and Liabilities at December 31, 2022 and 2021

4 unchanged sentences

Notes to Financial Statements

HASHDEX BITCOIN FUTURES ETF  

Reports of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB #248)  

Statements of Assets and Liabilities at December 31, 2022 F-116  

Schedule of Investments at December 31, 2022 F-117  

Statements of Operations from the commencement of operations (September 15, 2022) through December 31, 2022 F-118  

Statements of Changes in Net Assets from the commencement of operations (September 15, 2022) through December 31, 2022 F-119  

Statements of Cash Flows from the commencement of operations (September 15, 2022) through December 31, 2022 F-120  

Notes to Financial Statements F-121  

GRANT THORNTON LLP

6 unchanged sentences

Teucrium Commodity Trust

Opinion on the financial statements

We have audited the accompanying combined statements of assets and liabilities, including the combined schedules of investments, of Teucrium Commodity Trust (a Delaware statutory Trust) (the “Trust”) as of December 31, 2021 and 2020, the related combined statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2021, and the related notes (collectively referred to as the “financial statements”).

Opinion on the financial statements  

We have audited the accompanying combined statements of assets and liabilities, including the combined schedules of investments, of Teucrium Commodity Trust (a Delaware statutory Trust) (the “Trust”) as of December 31, 2022 and 2021, the related combined statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for opinion

These financial statements are the responsibility of the Trust’s management.

Our responsibility is to express an opinion on the Trust’s financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Trust’s internal control over financial reporting as of December 31, 2022, based on criteria established in the 2013 Internal Control —

Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated March 1, 2023 expressed an unqualified opinion

Basis for opinion  

These financial statements are the responsibility of the Fund’s management.

Our responsibility is to express an opinion on the Fund’s financial statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Fund in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting.

Accordingly, we express no such opinion.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

3 unchanged sentences

Critical audit matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

Critical audit matters are matters arising from the current audit period of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosure that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

/s/ GRANT THORNTON LLP

We have served as the Trust’s auditor since 2014.

New York, New York

2 unchanged sentences

member firm of Grant Thornton International Ltd (GTIL).

GTIL and each of its member firms are separate legal entities and are not a worldwide partnership.

GRANT THORNTON LLP

757 Third Ave., 9th Floor

New York, NY 10017

D +1 212 599 0100

F +1 212 370 4520

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Shareholders of

Teucrium Commodity Trust

Opinion on internal control over financial reporting  

We have audited the internal control over financial reporting of Teucrium Commodity Trust (a Delaware statutory Trust) the “Trust”) as of December 31, 2022, based on criteria established in the 2013 Internal Control —

Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in the 2013 Internal Control —

Integrated Framework issued by COSO. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the combined financial statements of the Trust as of and for the year ended December 31, 2022 and our report dated March 1, 2023 expressed an unqualified opinion on those financial statements. 

Basis for opinion  

The Trust’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting.

Our responsibility is to express an opinion on the Trust’s internal control over financial reporting based on our audit.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion.

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/S/ GRANT THORNTON LLP 

New York, New York

March 1, 2023

GT.COM  

Grant Thornton LLP is the U.S.

member firm of Grant Thornton International Ltd (GTIL).

GTIL and each of its member firms are separate legal entities and are not a worldwide partnership.    

TEUCRIUM COMMODITY TRUST

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

2 unchanged sentences

Cash and cash equivalents

$ 252,211,943

$ 309,378,295

$ 434,062,296  

$ 252,211,943  

Interest receivable

317,351  

16,982  

Capital shares receivable

1,344,830  

Equity in trading accounts:

Commodity futures contracts

Commodity and cryptocurrency futures contracts

8,207,381  

13,415,301  

Due from broker

61,563,417  

613,126  

Total equity in trading accounts

$ 266,258,352

$ 352,127,842

69,770,798  

14,028,427  

$ 505,504,344  

$ 266,258,352  

Management fee payable to Sponsor

Payable for purchases of commercial paper

$ 432,882  

$ 227,779  

Other liabilities

78,880  

129,453  

Payable for Shares redeemed

10,183,915  

Equity in trading accounts:

Commodity futures contracts

Commodity and cryptocurrency futures contracts

29,433,069  

735,475  

Due to broker

888,877  

Total equity in trading accounts

29,433,069  

1,624,352  

Total liabilities

$ 264,276,768

$ 310,113,194

40,128,746  

1,981,584  

$ 465,375,598  

$ 264,276,768  

The accompanying notes are an integral part of these financial statements.

5 unchanged sentences

Money market funds

First American Government Obligations Fund - Class X 0.026% (cost $30,443,449)

Goldman Sachs Financial Square Government Fund - Institutional Class 0.030% (cost $2,525,384)

First American Government Obligations Fund - Class X

4.105 %  

$ 28,382,122  

28,382,122  

Goldman Sachs Financial Square Government Fund - Institutional Class

4.140 %  

160,258,295  

Total money market funds

Principal Amount

$ 188,640,417  

Percentage of

Commercial Paper

Albemarle Corporation 0.181% (cost:

$9,996,324 due 01/31/2022)

Albemarle Corporation 0.200% (cost:

$4,998,834 due 01/11/2022)

American Electric Power Company, Inc.

January 17, 2023

4.565 %  

$ 4,968,750  

$ 4,990,000  

5,000,000  

Brookfield Infrastructure Holdings (Canada) Inc.

0.170% (cost:

$2,499,021 due 01/25/2022)

Conagra Brands, Inc.

0.160% (cost:

$7,497,300 due 01/05/2022)

Conagra Brands, Inc.

0.150% (cost:

$4,998,710 due 01/18/2022)

General Motors Financial Company, Inc.

0.160% (cost:

$4,998,000 due 01/06/2022)

January 17, 2023

4.742 %  

14,877,488  

14,968,886  

15,000,000  

Brookfield Infrastructure Holdings (Canada) Inc.

January 17, 2023

4.734 %  

4,959,225  

4,989,644  

5,000,000  

CNH Industrial Capital LLC

January 23, 2023

4.566 %  

9,935,000  

9,972,500  

10,000,000  

CNH Industrial Capital LLC

February 13, 2023

4.780 %  

9,899,472  

9,943,862  

10,000,000  

Crown Castle Inc.

January 10, 2023

4.877 %  

7,443,000  

7,491,000  

7,500,000  

Crown Castle Inc.

January 12, 2023

4.765 %  

12,449,410  

12,482,050  

12,500,000  

Entergy Corporation

January 4, 2023

4.311 %  

9,926,808  

9,996,460  

10,000,000  

General Motors Financial Company, Inc.

0.200% (cost:

$9,995,111 due 01/31/2022)

January 10, 2023

4.276 %  

12,400,060  

12,486,207  

12,500,000  

General Motors Financial Company, Inc.

0.160% (cost:

$4,998,800 due 01/03/2022)

January 18, 2023

4.473 %  

7,418,417  

7,484,417  

7,500,000  

Glencore Funding LLC

January 10, 2023

4.506 %  

9,934,607  

9,988,895  

10,000,000  

Glencore Funding LLC

January 13, 2023

4.526 %  

5,461,843  

5,491,823  

5,500,000  

Harley-Davidson Financial Services, Inc.

0.167% (cost:

$9,996,061 due 01/13/2022)

January 3, 2023

4.721 %  

5,263,032  

5,298,631  

5,300,000  

Harley-Davidson Financial Services, Inc.

0.170% (cost:

$4,997,876 due 02/01/2022)

January 25, 2023

4.944 %  

7,458,402  

7,475,650  

7,500,000  

Harley-Davidson Financial Services, Inc.

0.250% (cost:

$4,997,328 due 03/02/2022)

0.140% (cost:

$4,998,425 due 01/07/2022)

0.250% (cost:

$2,499,219 due 01/20/2022)

0.300% (cost:

$7,496,063 due 02/08/2022)

0.310% (cost:

$4,996,900 due 02/25/2022)

0.250% (cost:

$4,997,466 due 02/11/2022)

0.300% (cost:

$4,996,625 due 02/11/2022)

0.310% (cost:

$4,996,986 due 03/01/2022)

0.200% (cost:

$4,998,584 due 01/21/2022)

WGL Holdings, Inc.

0.220% (cost:

$4,998,686 due 01/12/2022)

WGL Holdings, Inc.

0.187% (cost:

$4,998,700 due 01/06/2022)

Total Commercial Paper (total cost:

$119,951,019)

$ 119,980,366

February 2, 2023

5.104 %  

4,959,561  

4,977,688  

5,000,000  

January 9, 2023

4.670 %  

7,448,250  

7,492,333  

7,500,000  

Hyundai Capital America

January 10, 2023

4.000 %  

9,903,645  

9,990,145  

10,000,000  

January 19, 2023

4.475 %  

4,965,088  

4,988,975  

5,000,000  

January 13, 2023

5.073 %  

4,980,555  

4,991,667  

5,000,000  

Oracle Corporation

January 5, 2023

4.358 %  

4,973,125  

4,997,611  

5,000,000  

Oracle Corporation

January 17, 2023

4.361 %  

9,931,919  

9,980,889  

10,000,000  

January 17, 2023

4.364 %  

4,959,390  

4,990,444  

5,000,000  

February 2, 2023

4.669 %  

6,456,811  

6,473,422  

6,500,000  

VW Credit, Inc.

January 19, 2023

4.434 %  

7,448,106  

7,483,613  

7,500,000  

Walgreens Boots Alliance, Inc.

February 13, 2023

4.842 %  

4,970,188  

4,971,512  

5,000,000  

Walgreens Boots Alliance, Inc.

February 28, 2023

4.827 %  

4,959,098  

4,961,736  

5,000,000  

Total Commercial Paper

$ 198,351,250  

$ 199,360,060  

Total Cash Equivalents

$ 152,949,199

$ 388,000,477  

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

Commodity and Cryptocurrency futures contracts

United States corn futures contracts

CBOT corn futures MAY22 (1,418 contracts)

CBOT corn futures JUL22 (1,218 contracts)

CBOT corn futures DEC22 (1,558 contracts)

CBOT corn futures JUL23

$ 1,585,798  

$ 45,779,763  

United States soybean futures contracts

CBOT soybean futures MAR22 (234 contracts)

CBOT soybean futures MAY22 (199 contracts)

CBOT soybean futures NOV22 (250 contracts)

CBOT soybean futures MAR23

642,912  

20,421,600  

CBOT soybean futures MAY23

807,218  

17,518,500  

CBOT soybean futures NOV23

1,070,240  

20,472,038  

United States sugar futures contracts

ICE sugar futures MAY22 (381 contracts)

ICE sugar futures MAR23 (392 contracts)

ICE sugar futures MAY23

356,963  

8,407,526  

ICE sugar futures JUL23

554,366  

7,289,811  

United States wheat futures contracts

CBOT wheat futures MAY22 (687 contracts)

CBOT wheat futures DEC22 (686 contracts)

Total commodity futures contracts

$ 234,855,437

CBOT wheat futures JUL23

3,160,732  

68,696,650  

United States CME Bitcoin futures contracts

CME Bitcoin futures JAN23

24,979  

496,050  

CME Bitcoin futures FEB23

575,575  

Total commodity and cryptocurrency futures contracts

$ 8,207,381  

$ 189,657,513  

Percentage of

1 unchanged sentence

(Long Exposure)

Commodity futures contracts

Commodity and Cryptocurrency futures contracts

United States corn futures contracts

CBOT corn futures MAY23

$ 751,309  

$ 53,392,500  

CBOT corn futures DEC23

2,215,794  

53,440,625  

United States sugar futures contracts

ICE sugar futures JUL22 (331 contracts)

ICE sugar futures MAR24

85,128  

8,565,278  

United States wheat futures contracts

CBOT wheat futures JUL22 (593 contracts)

Total commodity futures contracts

CBOT wheat futures MAY23

7,079,231  

80,074,688  

CBOT wheat futures DEC23

19,301,607  

80,220,450  

Total commodity and cryptocurrency futures contracts

$ 29,433,069  

$ 275,693,541  

Percentage of

Exchange-traded funds*

Teucrium Corn Fund

$ 9,885,980  

367,555  

Teucrium Soybean Fund

9,921,042  

348,075  

Teucrium Sugar Fund

9,745,653  

1,024,284  

Teucrium Wheat Fund

Total exchange-traded funds (cost $12,799,498)

10,020,023  

1,254,840  

Total exchange-traded funds

$ 39,425,287  

$ 39,572,698  

*The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the Underlying Funds owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds.

6 unchanged sentences

Money market funds

First American Government Obligations Fund - Class X 0.04% (cost $56,055,737)

Blackrock Liquidity FedFund - Institutional Class 0.005% (cost $5,065,941)

First American Government Obligations Fund - Class X

0.026 %  

$ 30,443,449  

30,443,449  

Goldman Sachs Financial Square Government Fund - Institutional Class

0.030 %  

2,525,384  

Total money market funds

Principal Amount

$ 32,968,833  

12.48 %  

Percentage of

Commercial Paper

Energy Transfer Operating, L.P.

0.501% (cost:

$7,496,667 due 01/29/2021)

Energy Transfer Operating, L.P.

0.421% (cost:

$4,997,725 due 01/29/2021)

Energy Transfer Operating, L.P.

0.501% (cost:

$7,496,771 due 02/05/2021)

General Motors Financial Company, Inc.

0.400% (cost:

$4,995,890 due 01/04/2021)

Albemarle Corporation

January 31, 2022

0.181 %  

$ 9,996,324  

$ 9,998,489  

10,000,000  

Albemarle Corporation

January 11, 2022

0.200 %  

4,998,834  

4,999,722  

5,000,000  

Brookfield Infrastructure Holdings (Canada) Inc.

January 25, 2022

0.170 %  

2,499,021  

2,499,717  

2,500,000  

Conagra Brands, Inc.

January 5, 2022

0.160 %  

7,497,300  

7,499,867  

7,500,000  

Conagra Brands, Inc.

January 18, 2022

0.150 %  

4,998,710  

4,999,646  

5,000,000  

General Motors Financial Company, Inc.

0.411% (cost:

$4,996,356 due 01/08/2021)

January 6, 2022

0.160 %  

4,998,000  

4,999,889  

5,000,000  

General Motors Financial Company, Inc.

0.471% (cost:

$7,491,612 due 01/20/2021)

January 31, 2022

0.200 %  

9,995,111  

9,998,333  

10,000,000  

General Motors Financial Company, Inc.

0.471% (cost:

$2,497,062 due 01/25/2021)

January 3, 2022

0.160 %  

4,998,800  

4,999,956  

5,000,000  

Harley-Davidson Financial Services, Inc.

0.310% (cost:

$7,994,903 due 01/05/2021)

January 13, 2022

0.167 %  

9,996,061  

9,999,444  

10,000,000  

Harley-Davidson Financial Services, Inc.

0.250% (cost:

$9,993,749 due 01/11/2021)

February 1, 2022

0.170 %  

4,997,876  

4,999,268  

5,000,000  

Harley-Davidson Financial Services, Inc.

0.270% (cost:

$1,999,025 due 01/20/2021)

Hyundai Capital America, Inc.

0.150% (cost:

$7,497,595 due 02/01/2021)

Hyundai Capital America, Inc.

0.170% (cost:

$9,996,980 due 02/03/2021)

0.430% (cost:

$9,994,507 due 01/29/2021)

0.501% (cost:

$7,491,459 due 02/24/2021)

0.401% (cost:

$2,498,528 due 02/26/2021)

Marathon Petroleum Corporation 0.350% (cost:

$7,496,063 due 02/01/2021)

Marathon Petroleum Corporation 0.381% (cost:

$12,490,368 due 02/26/2021)

0.372% (cost:

$9,994,117 due 02/26/2021)

0.451% (cost:

$4,994,438 due 03/22/2021)

March 2, 2022

0.250 %  

4,997,328  

4,997,918  

5,000,000  

January 7, 2022

0.140 %  

4,998,425  

4,999,883  

5,000,000  

January 20, 2022

0.250 %  

2,499,219  

2,499,670  

2,500,000  

February 8, 2022

0.300 %  

7,496,063  

7,497,625  

7,500,000  

February 25, 2022

0.310 %  

4,996,900  

4,997,632  

5,000,000  

February 11, 2022

0.250 %  

4,997,466  

4,998,577  

5,000,000  

February 11, 2022

0.300 %  

4,996,625  

4,998,292  

5,000,000  

March 1, 2022

0.310 %  

4,996,986  

4,997,460  

5,000,000  

January 21, 2022

0.200 %  

4,998,584  

4,999,444  

5,000,000  

WGL Holdings, Inc.

0.200% (cost:

$2,499,528 due 01/26/2021)

January 12, 2022

0.220 %  

4,998,686  

4,999,664  

5,000,000  

WGL Holdings, Inc.

0.200% (cost:

$2,499,417 due 01/27/2021)

Walgreens Boots Alliance, Inc.

0.246% (cost:

$14,993,143 due 03/05/2021)

Total Commercial Paper (total cost:

$152,405,903)

$ 152,447,206

January 6, 2022

0.187 %  

4,998,700  

4,999,870  

5,000,000  

Total Commercial Paper

$ 119,951,019  

$ 119,980,366  

Total Cash Equivalents

$ 213,568,884

$ 152,949,199  

Percentage of

Notional Amount

2 unchanged sentences

United States corn futures contracts

CBOT corn futures MAY21 (2,004 contracts)

CBOT corn futures JUL21 (1,727 contracts)

CBOT corn futures DEC21 (2,226 contracts)

CBOT corn futures MAY22

$ 3,767,282  

$ 42,185,500  

CBOT corn futures JUL22

196,244  

36,144,150  

CBOT corn futures DEC22

1,973,026  

42,533,400  

United States soybean futures contracts

CBOT soybean futures MAR21 (479 contracts)

CBOT soybean futures MAY21 (411 contracts)

CBOT soybean futures NOV21 (557 contracts)

CBOT soybean futures MAR22

591,547  

15,669,225  

CBOT soybean futures MAY22

1,008,504  

13,422,550  

CBOT soybean futures NOV22

1,084,800  

15,865,625  

United States sugar futures contracts

ICE sugar futures MAY21 (272 contracts)

ICE sugar futures JUL21 (241 contracts)

ICE sugar futures MAR22 (279 contracts)

ICE sugar futures MAY22

225,299  

7,936,992  

ICE sugar futures MAR23

853,927  

8,091,507  

United States wheat futures contracts

CBOT wheat futures MAY21 (765 contracts)

CBOT wheat futures JUL21 (668 contracts)

CBOT wheat futures DEC21 (767 contracts)

CBOT wheat futures MAY22

1,809,796  

26,595,488  

CBOT wheat futures DEC22

1,904,876  

26,411,000  

Total commodity futures contracts

$ 310,118,471

$ 13,415,301  

$ 234,855,437  

Percentage of

1 unchanged sentence

(Long Exposure)

Commodity futures contracts

United States sugar futures contracts

ICE sugar futures JUL22

$ 80,506  

$ 6,817,541  

United States wheat futures contracts

CBOT wheat futures JUL22

654,969  

22,667,425  

Total commodity futures contracts

$ 735,475  

$ 29,484,966  

Percentage of

Exchange-traded funds*

Teucrium Corn Fund

$ 3,537,560  

163,930  

Teucrium Soybean Fund

3,538,006  

155,374  

Teucrium Sugar Fund

3,591,878  

389,317  

Teucrium Wheat Fund

Total exchange-traded funds (cost $1,586,899)

3,510,575  

475,836  

Total exchange-traded funds

$ 12,799,498  

$ 14,178,019  

5 unchanged sentences

December 31, 2020

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on commodity futures contracts

$ 117,839,481

$ ( 19,460,504 )

Net change in unrealized (depreciation) appreciation on commodity futures contracts

( 29,744,871 )

Realized and unrealized gain (loss) on trading of commodity and cryptocurrency futures contracts:

Realized (loss) gain on commodity and cryptocurrency futures contracts

$ ( 43,176,670 )  

$ 117,839,481  

$ 25,091,898  

Net change in unrealized (depreciation) appreciation on commodity and cryptocurrency futures contracts

( 33,905,514 )  

( 29,744,871 )  

35,293,415  

Interest income

Total income (loss)

( 3,448,137 )

10,664,323  

541,938  

1,350,681  

Total (loss) income

( 66,417,861 )  

88,636,548  

61,735,994  

Management fees

6,630,551  

3,246,117  

2,185,437  

Professional fees

1,432,587  

1,089,756  

1,266,367  

Distribution and marketing fees

4,075,048  

3,281,450  

2,826,548  

Custodian fees and expenses

410,660  

363,000  

369,293  

Business permits and licenses fees

157,326  

123,465  

213,173  

General and administrative expenses

Brokerage commissions

323,468  

301,580  

297,679  

Other expenses

Total expenses

13,031,787  

8,405,385  

7,161,308  

Expenses waived by the Sponsor

( 2,183,856 )

( 1,277,037 )  

( 2,183,856 )  

( 1,580,551 )

Total expenses, net

Net income (loss)

$ ( 9,390,216 )

11,754,750  

6,221,529  

5,580,757  

Net (loss) income

$ ( 78,172,611 )  

$ 82,415,019  

$ 56,155,237  

The accompanying notes are an integral part of these financial statements.

4 unchanged sentences

December 31, 2020

Net income (loss)

$ ( 9,390,216 )

Net (loss) income

$ ( 78,172,611 )  

$ 82,415,019  

$ 56,155,237  

Capital transactions

Issuance of Shares

1,251,138,564  

176,346,175  

305,719,849  

Redemption of Shares

( 293,409,949 )

( 219,645,122 )

( 945,423,586 )  

( 293,409,949 )  

( 219,645,122 )

Net change in the cost of the Underlying Funds

( 11,187,671 )

( 26,443,537 )  

( 11,187,671 )  

Total capital transactions

( 128,251,445 )

279,271,441  

( 128,251,445 )  

86,051,360  

Net change in net assets

( 45,836,426 )

201,098,830  

( 45,836,426 )  

142,206,597  

Net assets, beginning of period

264,276,768  

310,113,194  

167,906,597  

Net assets, end of period

$ 264,276,768

$ 310,113,194

$ 167,906,597

$ 465,375,598  

$ 264,276,768  

$ 310,113,194  

The accompanying notes are an integral part of these financial statements.

5 unchanged sentences

Cash flows from operating activities:

Net income (loss)

$ ( 9,390,216 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Net change in unrealized (appreciation) depreciation on commodity futures contracts

( 35,293,415 )

Net (loss) income

$ ( 78,172,611 )  

$ 82,415,019  

$ 56,155,237  

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

Net change in unrealized depreciation (appreciation) on commodity and cryptocurrency futures contracts

33,905,514  

29,744,871  

( 35,293,415 )

1 unchanged sentence

Due from broker

( 60,950,291 )  

( 613,126 )  

Interest receivable

( 300,369 )  

( 8,069 )  

( 962 )  

Due to broker

( 26,389,281 )

( 888,877 )  

( 26,389,281 )  

22,138,032  

Management fee payable to Sponsor

205,103  

( 36,930 )  

122,811  

Payable for purchases of commercial paper

( 9,995,298 )

( 14,951,548 )

( 13,050 )  

( 9,995,298 )  

9,995,298  

Other liabilities

Net cash provided by (used in) operating activities

( 20,214,090 )

( 37,523 )  

57,885  

32,801  

Net cash (used in) provided by operating activities

( 106,260,173 )  

75,182,178  

53,147,965  

Cash flows from financing activities:

Proceeds from sale of Shares

1,249,793,734  

176,654,005  

305,412,019  

Redemption of Shares

( 297,814,864 )

( 215,240,207 )

( 935,239,671 )  

( 297,814,864 )  

( 215,240,207 )

Net change in cost of the Underlying Funds

( 11,187,671 )

Net cash (used in) provided by financing activities

( 132,348,530 )

( 26,443,537 )  

( 11,187,671 )  

Net cash provided by (used in) financing activities

288,110,526  

( 132,348,530 )  

90,148,445  

Net change in cash and cash equivalents

( 57,166,352 )

181,850,353  

( 57,166,352 )  

143,296,410  

Cash and cash equivalents, beginning of period

252,211,943  

309,378,295  

166,081,885  

Cash and cash equivalents, end of period

$ 252,211,943

$ 309,378,295

$ 166,081,885

$ 434,062,296  

$ 252,211,943  

$ 309,378,295  

The accompanying notes are an integral part of these financial statements.

2 unchanged sentences

Note 1 - Organization and Operation

Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series:

Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund (“TAGS”) .

All these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Each Fund is a commodity pool that is a series of the Trust.

The Funds issue common units, called the “Shares,” representing fractional undivided beneficial interests in a Fund.

The Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).

Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of six series:

Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), Teucrium Agricultural Fund (“TAGS”) and Hashdex Bitcoin Futures ETF (‘DEFI”).

All these series of the Trust are collectively referred to as the “Funds”

and singularly as the “Fund.”

Collectively, CORN, CANE, SOYB, and WEAT are referred to as the “Agricultural Funds”.

Each Fund is a commodity pool that is a series of the Trust.

The Funds issue common units, called the “Shares,”

representing fractional undivided beneficial interests in a Fund.

The Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).

On June 7, 2010, the initial Form S- 1 for CORN was declared effective by the U.S.

Securities and Exchange Commission (“SEC”).

On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 shares and $ 5,000,000 .

CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010.

The current registration statement for CORN was declared effective by the SEC on October 2, 2020.

The registration statement for CORN registered an additional 20,000,000 shares.

CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010.

The current registration statement for CORN was declared effective by the SEC on April 7, 2022.

This registration statement for CORN registered an indeterminate number of shares.

On June 13, 2011, the initial Forms S- 1 for CANE, SOYB, and WEAT were declared effective by the SEC.

1 unchanged sentence

On September 19, 2011, CANE, SOYB, and WEAT started trading on the NYSE Arca.

The current registration statements for CANE was declared effective on October 2, 2020 and SOYB were declared effective by the SEC on August 24, 2020.

The registration statements for SOYB and CANE registered an additional 15,000,000 shares each.

The current registration statement for WEAT was declared effective on April 29, 2019.

This registration statement for WEAT registered an additional 30,000,000 shares.

The current registration statements for CANE and SOYB were declared effective by the SEC on April 7, 2022.

The registration statements for SOYB and CANE registered an indeterminate number of shares each.

The current registration statement for WEAT was declared effective on March 9, 2022.

This registration statement for WEAT registered an indeterminate number of shares.

On February 10, 2012, the Form S- 1 for TAGS was declared effective by the SEC.

2 unchanged sentences

The current registration statement for TAGS was declared effective by the SEC on April 7, 2022.

Teucrium Trading, LLC is the sponsor (“Sponsor”) of the Trust.

The Sponsor is a member of the National Futures Association (the “NFA”) and became a commodity pool operator (“CPO”) registered with the Commodity Futures Trading Commission (the “CFTC”) effective November 10, 2009.

The Sponsor registered as a Commodity Trading Advisor (“CTA”) with the CFTC effective September 8, 2017.

The specific investment objective of each Fund and information regarding the organization and operation of each Fund are included in each Fund’s financial statements and accompanying notes, as well as in other sections of this Form 10-K filing.

In general, the investment objective of each Fund is to have the daily changes in the Net Asset Value (“NAV”) of each Fund’s shares reflect the daily changes in the specified commodity market for future delivery as measured by the Benchmark.

The investment objective of TAGS is to have the daily changes in percentage terms of NAV of its Shares reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of four other commodity pools that are series of the Trust and are sponsored by the Sponsor:

CORN, WEAT, SOYB, and CANE (collectively, the “Underlying Funds”).

The Underlying Fund Average will have a weighting of 25% to each Underlying Fund, and the Fund’s assets will be rebalanced to maintain the approximate 25% allocation to each Underlying Fund.

Subject to the terms of the Trust Agreement, Teucrium Trading, LLC in its capacity as the Sponsor (“Sponsor”) may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.

This registration statement for TAGS registered an indeterminate number of shares.

On September 14, 2022, the Form S- 1 for DEFI was declared effective by the SEC.

This registration statement for DEFI registered an indeterminate number of shares.

On September 15, 2022, five Creation Baskets for DEFI were issued representing 50,000 shares and $ 1,250,000 . 

DEFI began trading on the NYSE Arca on September 16, 2022.

Teucrium Trading, LLC is the sponsor (“Sponsor”) of the Trust.

The Sponsor registered as a Commodity Trading Advisor (“CTA”) with the CFTC effective September 8, 2017.

The investment objective of TAGS is to have the daily changes in percentage terms of NAV of its Shares reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of the four agricultural commodity pools that are series of the Trust and are sponsored by the Sponsor:

CORN, WEAT, SOYB, and CANE (collectively, the “Underlying Funds”).

The Underlying Fund Average will have a weighting of 25 % to each Underlying Fund, and the Fund’s assets will be rebalanced to maintain the approximate 25 % allocation to each Underlying Fund.

However, no level of losses will require the Sponsor to terminate a Fund.

7 unchanged sentences

Bancorp Fund Services, LLC doing business as U.S.

Bank Global Fund Services (“Global Fund Services”) is 615 E.

Michigan Street, Milwaukee, WI 53202.

In addition, effective on the Conversion Date, Global Fund Services, a wholly owned subsidiary of U.S.

Bank, commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares.

For such services, U.S.

6 unchanged sentences

A summary of these expenses is included below.

The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds.

The Sponsor employs Foreside Fund Services, LLC (“Foreside”

or the “Distributor”) as the Distributor for the Funds.

The Distribution Services Agreement among the Distributor and the Sponsor 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 “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.

For its services as the Distributor, Foreside receives a fee of 0.01% of the Fund’s average daily net assets and an aggregate annual fee of $100,000 for all Teucrium Funds, along with certain expense reimbursements.

For its services as the Distributor, Foreside receives a fee of 0.01 % of the Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Teucrium Funds, along with certain expense reimbursements.

For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.

1 unchanged sentence

A summary of these expenses is included below.

Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust’s Sponsor.

Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Trust’s Sponsor.

E D & F Man Capital Markets, Inc.

(“E D & F Man”) serves as the Underlying Funds’ clearing broker to execute and clear the Underlying Funds’ futures and provide other brokerage-related services.

E D & F Man is registered as an FCM with the U.S.

CFTC and is a member of the NFA.

E D & F Man is also registered as a broker/dealer with the U.S.

Securities and Exchange Commission and is a member of FINRA.

E D & 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.

For Corn, Soybean, Sugar and Wheat Futures Contracts E D & F Man is paid $9.00 per round turn .

Prior to August 21, 2019, these expenses were recorded in brokerage commissions on the combined statements of operations.

Beginning on August 21, 2019, these expenses were recognized on a per-trade basis.

The half-turn is recognized as an unrealized loss on the combined statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the combined statements of operations when a contract is sold.

Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust’s Sponsor.

Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Trust’s Sponsor.

Marex Capital Markets, Inc.

(“Marex”), StoneX Financial Inc.

(“StoneX”) and Phillip Capital Inc.

(“Phillip Capital”) serve as the Funds’

clearing brokers to execute and clear futures contracts and provide other brokerage-related services.

Marex, StoneX  and Phillip Capital are each registered as futures commission merchants (“FCM”) with the U.S.

CFTC and are members of the NFA.

The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.

Marex, StoneX and Phillip Capital are each clearing members 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.

For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 11.00 per round turn.

StoneX is paid $ 2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.

Additionally, if the monthly commissions paid by each Fund does not equal or exceed 20 % return on the StoneX Capital Requirement at 9.6 % of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month.

These expenses are recognized on a per-trade basis.

The half-turn is recognized as an unrealized loss on the combined statements of operations, and a full turn is recognized as a realized loss on the combined statements of operations when a contract is sold.

For Bitcoin futures contracts, StoneX is paid $ 10.00 -$ 25.00 per half-turn exclusive of pass through fees for the exchange and NFA. 

Phillip Capital is paid $ 35.00 - $ 45.00 per half-turn exclusive of pass through fees for the exchange, NFA, execution fees and platform and exchange data fees. 

A summary of these expenses can be found below under the heading, Brokerage Commissions .

4 unchanged sentences

A summary of these expenses is included below.

The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.

Thales is registered as a Broker-Dealer with the SEC and a member of Financial Industry Regulatory Authority (FINRA) and SIPC.

7 unchanged sentences

Amount Recognized for Custody Services

$ 410,660  

$ 363,000  

$ 369,293  

Amount of Custody Services Waived

$ 42,625  

$ 120,850  

$ 71,342  

Amount Recognized for Distribution Services

$ 200,313  

$ 186,531  

$ 180,024  

Amount of Distribution Services Waived

$ 48,593  

$ 94,724  

$ 68,140  

Amount Recognized for Wilmington Trust

$ 3,300  

Amount of Wilmington Trust Waived

$ 2,215  

Amount Recognized for Thales

$ 278,958  

$ 297,222  

$ 116,901  

Amount of Thales Waived

$ 106,944  

$ 153,198  

$ 57,988  

Note 3 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S.

GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT and TAGS.

The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S.

GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT, TAGS and DEFI.

Refer to the accompanying separate financial statements for each Fund for more detailed information.

For the periods represented by the financial statements herein the operations of the Trust contain the results of CORN, SOYB, CANE, WEAT, and TAGS except for eliminations for TAGS as explained below for the months during which each Fund was in operation.

For the periods represented by the financial statements herein the operations of the Trust contain the results of CORN, SOYB, CANE, WEAT, 

TAGS and DEFI except for eliminations for TAGS as explained below for the months during which each Fund was in operation.

Given the investment objective of TAGS as described in Note 1 above, TAGS will buy, sell and hold, as part of its normal operations, shares of the four Underlying Funds.

3 unchanged sentences

Revenue Recognition

Commodity futures contracts 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 statements of assets and liabilities 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 statements of operations.

The Funds seek to earn interest on its assets denominated in U.S.

Commodity and Cryptocurrency futures contracts are recorded on the trade date.

All such transactions are recorded on the identified cost basis and marked to market daily. Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

The Funds seek to earn interest on their assets denominated in U.S.

dollars on deposit with the Futures Commission Merchant.

In addition, the Funds seek to earn interest on funds held at the custodian and at other financial institutions at prevailing market rates for such investments.

The Sponsor may invest a portion of cash in commercial paper, which is deemed a cash equivalent based on the rating and duration of contracts as described in the notes to the financial statements and reflected in cash and cash equivalents on the combined statements of assets and liabilities and in cash and cash equivalents cash on the combined statements of cash flows.

Accretion on these investments is recognized using the effective interest method in U.S.

8 unchanged sentences

Year Ending December 31, 2022

$ 217,050  

$ 27,011  

$ 33,469  

$ 387,999  

$ 2,217  

$ 667,746  

Year Ending December 31, 2021

$ 141,674  

$ 29,889  

$ 21,123  

$ 47,448  

$ 240,134  

Year Ending December 31, 2020

$ 149,619  

$ 35,880  

$ 14,681  

$ 40,741  

$ 240,922  

The Trust is organized and will be operated as a Delaware statutory trust.

For federal income tax purposes, each Fund will be treated as a publicly traded partnership.

A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended.

A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended.

Qualifying income is defined as generally 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, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.

Each Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes.

Therefore, the Funds do not record a provision for income taxes because the shareholders report their share of a Fund’s income or loss on their income tax returns.

The financial statements reflect the Funds’ transactions without adjustment, if any, required for income tax purposes.

Therefore, the Funds do not record a provision for income taxes because the shareholders report their share of a Fund’s income or loss on their income tax returns.

The financial statements reflect the Funds’

transactions without adjustment, if any, required for income tax purposes.

The Funds are required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position.

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Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits for the years ended December 31, 2022 , 2021 , 2020 , and 2019 .

However, the Funds’ conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.

However, the Funds’

conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.

The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.

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The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.

(EST) on the day the order to create the basket is properly received.

Authorized Purchasers may redeem shares from each Fund only in blocks of shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.

(EST) on the day the order to redeem the basket is properly received.

(ET) on the day the order to create the basket is properly received.

Authorized Purchasers may redeem shares from each Fund only in blocks of shares called “Redemption Baskets.”

The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.

(ET) on the day the order to redeem the basket is properly received.

Each Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption.

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Amounts payable to Authorized Purchasers upon redemption are reflected in the statements of assets and liabilities as payable for shares redeemed.

There are a minimum number of baskets and associated shares specified for each Fund in the Fund’s respective prospectus, as amended from time to time.

Once the minimum number of baskets is reached, there can be no more redemptions until there has been a creation basket.

These minimum levels are as follows:

50,000 shares representing 2 baskets

50,000 shares representing 4 baskets

50,000 shares representing 5 baskets

Cash and Cash Equivalents

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The Sponsor may invest a portion of the cash held by the FCM in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.

As of December 31, 2022

As of December 31, 2021

As of December 31, 2020

Money Market Funds

$ 188,640,417  

$ 32,968,833  

$ 61,121,678  

Demand Deposit Savings Accounts

46,061,819  

99,262,744  

95,809,411  

Commercial Paper

Treasury Bills

199,360,060  

119,980,366  

152,447,206  

Total cash and cash equivalents as presented on the combined Statement of Assets and Liabilities

$ 252,211,943

$ 309,378,295

$ 166,081,885

$ 434,062,296  

$ 252,211,943  

$ 309,378,295  

Payable for Purchases of Commercial Paper

2 unchanged sentences

Due from/to Broker

The amount recorded by the Trust for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses.

Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

Futures contracts are customarily bought and sold on initial margin that represents a relatively small percentage of the aggregate purchase or sales price of the contract.

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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’ 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.

Brokerage firms, such as the Funds’

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.

There are a minimum number of baskets and associated shares specified for each Fund in the Fund’s respective prospectus, as amended from time to time.

Once the minimum number of baskets is reached, there can be no more redemptions until there has been a creation basket.

These minimum levels are as follows:

50,000 shares representing 2 baskets

50,000 shares representing 4 baskets

Payable/Receivable for Securities Purchased/Sold

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Sponsor Fee, Allocation of Expenses and Related Party Transactions

The Fund’s sponsor, Teucrium Trading, LLC (the “Sponsor”), is responsible for investing the assets of the Funds in accordance with the objectives and policies of each 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 Trust and the Funds.

In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as, certain aspects of accounting, financial reporting, regulatory compliance and trading activities.

In addition, the Funds, except for TAGS which has no such fee, are 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 Funds pay 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, FINRA, 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 Funds also pay the fees and expenses associated with the Trust’s tax accounting and reporting requirements.

In addition, the  Agricultural Funds, except for TAGS which has no such fee, are 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. 

DEFI is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to .94% per annum.

The Agricultural Funds generally pay 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, FINRA, 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 Funds also pay the fees and expenses associated with the Trust’s tax accounting and reporting requirements.

Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity.

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Recognized Related Party Transactions

$ 2,721,842  

$ 2,321,539  

$ 2,279,672  

Waived Related Party Transactions

$ 518,599  

$ 1,052,715  

$ 775,432  

The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.

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Year Ended December 31, 2022

$ 345,855  

$ 89,562  

$ 78,237  

$ 425,164  

$ 262,928  

$ 75,291  

$ 1,277,037  

Year Ended December 31, 2021

$ 1,060,261  

$ 576,014  

$ 134,294  

$ 307,565  

$ 105,722  

$ 2,183,856  

Year Ended December 31, 2020

$ 849,396  

$ 399,518  

$ 210,614  

$ 81,190  

$ 39,833  

$ 1,580,551  

When a trader purchases an option, there is no margin requirement;

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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.

Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.

Ongoing or “maintenance”

margin requirements are computed each day by a trader’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’s position.

With respect to the Funds’ trading, the Funds (and not their shareholders personally) are subject to margin calls.

If the margin call is not met within a reasonable time, the broker may close out the trader’s position.

With respect to the Funds’

trading, the Funds (and not their shareholders personally) are subject to margin calls.

Finally, many major U.S.

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In accordance with U.S.

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 “exit price”) in an orderly transaction between market participants at the measurement date.

In determining fair value, the Trust uses various valuation approaches.

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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’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 based on the inputs as follows:

Level 1 - 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 futures contracts held by CORN, SOYB, CANE and WEAT, the securities of the Underlying Funds held by TAGS, and any other securities held by any Fund, together referenced throughout this filing as “financial instruments.” Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

Valuation adjustments and block discounts are not applied to Level 1 futures contracts held by CORN, SOYB, CANE WEAT and DEFI, the securities of the Underlying Funds held by TAGS, and any other securities held by any Fund, together referenced throughout this filing as “financial instruments.”

Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

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Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.

Therefore, even when market assumptions are not readily available, the Trust’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.

The Trust uses prices and inputs that are current as of the measurement date, including periods of market dislocation.

1 unchanged sentence

This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy.

For instance, when Corn Futures Contracts on the Chicago Board of Trade (“CBOT”) are not actively trading due to a “limit-up” or ‘limit-down” condition, meaning that the change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets.

For instance, when Corn Futures Contracts on the Chicago Board of Trade (“CBOT”) are not actively trading due to a “limit-up”

or ‘limit-down”

condition, meaning that the change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets.

When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.

2 unchanged sentences

In making the determination of a Level 1 or Level 2 transfer, the Funds consider the average volume of the specific underlying futures contracts traded on the relevant exchange for the years being reported.

For the quarter ended June 30, 2021, Corn Futures Contracts for the Sep21 CBOT corn futures and the Dec21 CBOT corn futures, settled in a “limit up” condition.

For the quarter ended June 30, 2021, Corn Futures Contracts for the Sep21 CBOT corn futures and the Dec21 CBOT corn futures, settled in a “limit up”

Accordingly, the Trust, CORN and TAGS classified these as level 2 assets.

2 unchanged sentences

The Corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021.

For the quarter ended March 31, 2021, Corn Futures Contracts for the Jul21 CBOT corn futures, Sep21 CBOT corn futures, Dec21 CBOT corn futures, Jul21 CBOT soybean futures, and the Nov21 CBOT soybean futures, settled in a “limit up” condition.

Accordingly, the Trust, CORN, and SOYB classified these as Level 2 assets.

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New Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-05:

“Leases (Topic 842).” Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day-one loss.

The amendment was early adopted for the quarter ended September 30, 2021;

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022 - 03, related to fair value measurement (Topic 820 ) of equity securities subject to contractual sale restrictions.

Under the clarified guidance, contractual restrictions on the sale of an equity security are not considered part of the unit of account of the equity security and, therefore, are not considered in measuring fair value, however they do require disclosures.

The amendment was adopted early for the quarter ended June 30, 2022;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.

The FASB issued ASU 2021 - 05:

“Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP.

“Leases (Topic 842 ).”

Under the amended guidance, a lessor should classify and account for a lease with variable lease payments that don’t depend on an index or a rate as an operating lease if the lease would’ve been classified as a sales-type lease or a direct financing lease in accordance with the lease classification guidance in Topic 842 and the lessor would’ve otherwise recognized a day- one loss.

The amendment was adopted early for the quarter ended September 30, 2021;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.

The FASB issued ASU 2020 - 10:

“Codification Improvements.”

The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP.

The amendment was adopted for the quarter ended March 31, 2021;

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The FASB issued ASU 2020 - 02:

“Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842):

“Financial Instruments Credit Losses (Topic 326 ) and Leases (Topic 842 ):

Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No.

2 unchanged sentences

The amendment updates and adds language to ASU 2016 - 02.

The amendments were adopted for the quarter ended March 31, 2020;

The amendments were adopted for the quarter ended March 31, 2020;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.

2 unchanged sentences

The amendments clarify the treatment of transactions that require a company to apply or discontinue the equity method of accounting.

The amendments were early adopted for the quarter ended March 31, 2020;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.

The FASB issued 2019-07:

“Codification Updates to SEC Sections:

Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No.

3310532, Disclosure Update and Simplification, and Nos.

33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.” The amendments improve, update, and simplify the SEC’s regulations on financial reporting and disclosure.

The amendments were adopted for the quarter ended September 30, 2019;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.

The FASB issued ASU 2019-04:

“Codification Improvements to Topic 326, Financial Instruments Credit Losses, Topic 815, Derivatives and hedging, and Topic 825, Financial Instruments.” The amendments clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement, specifically relating to ASU 201712.

The amendments were early adopted for the quarter ended June 30, 2019;

The amendments were adopted early for the quarter ended March 31, 2020;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.

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The FASB issued ASU 2018 - 13:

“Fair Value Measurement (Topic 820):

“Fair Value Measurement (Topic 820 ):

Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement.

1 unchanged sentence

While some disclosures were removed or modified, others were added.

The guidance is a result of the FASB’s test of the principals developed to improve the effectiveness of disclosures in the notes to the financial statements.

The amendments were adopted for the quarter ended March 31, 2020;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.

The FASB issued ASU 2017-13, “Revenue Recognition (Topic 605), Leases (Topic 840), and Leases (Topic 842):

Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”.

The FASB issued ASU 2017 - 13, “Revenue Recognition (Topic 605 ), Leases (Topic 840 ), and Leases (Topic 842 ):

Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments”.

The amendment amends the early adoption date option for certain companies related to adoption of ASU No.

2014 - 09 and ASU No.

The SEC staff stated the SEC would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020.

The amendments were adopted for the quarter ended September 30, 2020;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.

The FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815):

Targeted Improvements to Accounting for Hedging Activities”.

These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks.

Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes.

It also makes certain targeted improvements to simplify the application of hedge accounting guidance.

The amendments were adopted for the quarter ended March 31, 2019;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.

The FASB issued ASU 2016-02, “Leases (Topic 842).” The amendments in this update increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements.

The amendments were adopted for the quarter ended March 31, 2019;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.

Note 4 - Fair Value Measurements

The Trust’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 3.

The following table presents information about the Trust’s assets and liabilities measured at fair value as of December 31, 2021 and December 31, 2020:

The Trust’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 3.

The following table presents information about the Trust’s assets and liabilities measured at fair value as of December 31, 2022 and December 31, 2021 :

December 31, 2022

1 unchanged sentence

Cash Equivalents

$ 152,949,199

Commodity Futures Contracts

$ 388,000,477  

Commodity and Cryptocurrency Futures Contracts

Corn futures contracts

1,585,798  

Soybean futures contracts

2,520,370  

Sugar futures contracts

911,329  

Wheat futures contracts

$ 166,364,500

3,160,732  

Bitcoin futures contracts

29,152  

$ 396,207,858  

Balance as of December 31, 2022

Commodity Futures Contracts

Commodity and Cryptocurrency Futures Contracts

Corn futures contracts

$ 2,967,103  

Sugar futures contracts

85,128  

Wheat futures contracts

December 31, 2020

Balance as of

26,380,838  

$ 29,433,069  

December 31, 2021

Balance as of December 31, 2021

Cash Equivalents

$ 213,568,884

$ 152,949,199  

Commodity Futures Contracts

Corn futures contracts

5,936,552  

Soybean futures contracts

2,684,851  

Sugar futures contracts

1,079,226  

Wheat futures contracts

$ 255,993,581

3,714,672  

$ 166,364,500  

Balance as of December 31, 2021

Commodity Futures Contracts

Sugar futures contracts

$ 80,506  

Wheat futures contracts

654,969  

$ 735,475  

For the years ended December 31, 2022 and 2021 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

1 unchanged sentence

In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported.

For the quarter ended June 30, 2021, Corn Futures Contracts for the Sep21 CBOT corn futures and the Dec21 CBOT corn futures, settled in a “limit up” condition.

Accordingly, the Trust, CORN and TAGS classified these as level 2 assets.

The financial statements of CORN including TAGS, due to the NAV adjustment for the Underlying CORN holdings, were adjusted accordingly.

The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $ 711,275 for CORN.

The Corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021.

Accordingly, the Trust, CORN, and SOYB classified these as Level 2 assets.

The financial statements of these funds including TAGS, due to the NAV adjustment for each of these Underlying Funds, were adjusted accordingly.

The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $ 3,371,513 for CORN and $ 279,750 for SOYB.

The Soybean futures contracts transferred back to a Level 1 asset for the period ended June 30, 2021, and the Sep21 and Dec21 corn futures contracts remained a Level 2 asset as described above.

For the quarter ended June 30, 2020, the Dec21 CBOT Wheat Futures Contracts traded on the CBOT did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT for the entire period during which they were held.

Accordingly, the Trust and WEAT classified these as a Level 2 asset for the period ended June 30, 2020 due to the quarterly average daily volume for the contract.

These Wheat contracts transferred back to a Level 1 asset for the period ended September 30, 2020.

See the Fair Value - Definition and Hierarchy section in Note 4 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

2 unchanged sentences

Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment.

The Funds’ derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:

The Funds’

derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:

interest rate, credit, commodity price, and equity price risks.

In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

For the years ended December 31, 2021 and 2020, the Funds invested only in commodity futures contracts specifically related to each Fund.

For the years ended December 31, 2022 and 2021 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.

Futures Contracts

The Funds are subject to commodity price risk in the normal course of pursuing their investment objectives.

The Funds are subject to commodity and cryptocurrency price risk in the normal course of pursuing their investment objectives.

A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

1 unchanged sentence

Subsequent payments (variation margin) are made or received by each Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by each Fund.

Futures contracts may reduce the Funds’ exposure to counterparty risk since futures contracts are exchange-traded;

and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.

The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.

A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.

In the event of an FCM’s insolvency, recovery may be limited to each Fund’s pro rata share of segregated customer funds available.

Futures contracts may reduce the Funds’

exposure to counterparty risk since futures contracts are exchange-traded;

and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.

The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.

A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.

In the event of an FCM’s insolvency, recovery may be limited to each Fund’s pro rata share of segregated customer funds available.

It is possible that the recovery amount could be less than the total of cash and other equity deposited.

1 unchanged sentence

These recognized assets and liabilities are presented as defined in FASB ASU No.

2011-11 “Balance Sheet (Topic 210):

Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210):

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, E D & F Man as of December 31, 2021 and 2020.

2011 - 11 “Balance Sheet (Topic 210 ):

Disclosures about Offsetting Assets and Liabilities”

and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ):

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.

8 unchanged sentences

Collateral, Due to Broker

Commodity Price

Commodity and Cryptocurrency Price

Corn futures contracts

$ 1,585,798  

Soybean futures contracts

$ 2,520,370  

Sugar futures contracts

$ 911,329  

$ 85,128  

$ 826,201  

Wheat futures contracts

$ 3,160,732  

Bitcoin futures contracts

$ 29,152  

Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2022

7 unchanged sentences

Collateral, Due from Broker*

Commodity Price

Commodity and Cryptocurrency Price

Corn futures contracts

$ 2,967,103  

$ 1,585,798  

$ 1,381,305  

Sugar futures contracts

$ 85,128  

Wheat futures contracts

$ 26,380,838  

$ 3,160,732  

$ 23,220,106  

Offsetting of Financial Assets and Derivative Assets as of December 31, 2021

1 unchanged sentence

(v) = (iii)-(iv)

Gross Amount Not

Offset in the

Statement of Assets and

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

5 unchanged sentences

Corn futures contracts

$ 5,936,552  

Soybean futures contracts

$ 2,684,851  

$ 675,169  

$ 2,009,682  

Sugar futures contracts

$ 1,079,226  

$ 80,506  

$ 998,720  

Wheat futures contracts

$ 3,714,672  

$ 654,969  

$ 213,708  

$ 2,845,995  

Offsetting of Financial Liabilities and Derivative Liabilities as of 

December 31, 2021

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due from Broker*

Commodity Price

Sugar futures contracts

$ 80,506  

Wheat futures contracts

$ 654,969  

The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Trust:

Year ended December 31, 2022

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Realized Gain (Loss) on Commodity and Cryptocurrency Futures Contracts

Net Change in Unrealized (Depreciation) Appreciation on Commodity and Cryptocurrency Futures Contracts

Commodity and Cryptocurrency Price

Corn futures contracts

$ ( 14,218,054 )

Soybeans futures contracts

$ 28,784,977  

$ ( 7,317,857 )

Soybean futures contracts

10,362,032  

Sugar futures contracts

( 442,477 )  

Wheat futures contracts

( 81,457,408 )  

( 26,279,809 )

Bitcoin futures contracts

( 423,794 )  

29,152  

Total commodity futures contracts

$ 117,839,481

$ ( 43,176,670 )  

$ ( 33,905,514 )

Year ended December 31, 2021

Realized Gain

Commodity Futures

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ 65,827,118  

$ ( 14,218,054 )

Soybean futures contracts

27,370,674  

( 12,439,375 )

Sugar futures contracts

6,223,228  

Wheat futures contracts

18,418,461  

( 2,678,459 )

Total commodity futures contracts

$ 117,839,481  

$ ( 29,744,871 )

Year ended December 31, 2020

3 unchanged sentences

Corn futures contracts

$ ( 9,512,148 )

$ 5,882,216  

$ 19,371,125  

Soybean futures contracts

14,404,714  

14,192,330  

Sugar futures contracts

( 656,937 )  

1,060,274  

Wheat futures contracts

( 9,623,635 )

5,461,905  

669,686  

Total commodity futures contracts

$ ( 19,460,504 )

$ 25,091,898  

$ 35,293,415  

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $321.8 million in 2021, $224.9 million in 2020, and $167.2 million in 2019.

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 653.8  million in 2022 , $ 321.8 million in 2021 , and $ 224.9 million in 2020 .

Note 6 - Organizational and Offering Costs

5 unchanged sentences

December 31, 2022

Outstanding Shares

Teucrium Corn Fund

$ 120,846,256

5,675,004  

$ 152,638,405  

Teucrium Soybean Fund

2,050,004  

58,429,985  

Teucrium Sugar Fund

2,550,004  

24,262,359  

Teucrium Wheat Fund

28,675,004  

228,972,039  

Hashdex Bitcoin Futures ETF

50,004  

1,070,263  

Teucrium Agricultural Fund:

1,262,502  

Net assets including the investment in the Underlying Funds

39,575,245  

Investment in the Underlying Funds

( 14,178,019 )

39,572,698  

Net for the Fund in the combined net assets of the Trust

$ 264,276,768

$ 465,375,598  

December 31, 2021

Outstanding Shares

Teucrium Corn Fund

$ 138,289,537

5,600,004  

$ 120,846,256  

Teucrium Soybean Fund

1,975,004  

44,972,625  

Teucrium Sugar Fund

2,475,004  

22,834,664  

Teucrium Wheat Fund

10,250,004  

75,621,587  

Teucrium Agricultural Fund:

525,002  

Net assets including the investment in the Underlying Funds

14,179,655  

Investment in the Underlying Funds

1 unchanged sentence

Net for the Fund in the combined net assets of the Trust

$ 310,113,194

$ 264,276,768  

The detailed information for the subscriptions and redemptions, and other financial information for each Fund that is a series of the Trust are included in the accompanying financial statements of each Fund.

1 unchanged sentence

Management has evaluated the financial statements for the year-ended December 31, 2022 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:

The continued uncertainty over the path of COVID-19 may continue to be highly disruptive to economies and markets.

The impact of COVID-19 to the Trust and the Funds is described in more detail in Part 1 of this 10-K.

In late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the West.

The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in the price of agricultural commodities, agricultural commodity futures and the share price of each Fund.

The total net assets of the Fund increased by $ 85,582,064 , or 71 %, for the period December 31, 2021 to March 15, 2022.

This was driven by a 22 % increase in the NAV per share and a 40 % increase in the shares outstanding.

A new registration statement was filed for the Fund with the SEC on March 10, 2022, and, as of the date of this 10-K, has not been declared effective.

The new registration statement registers an indefinite number of shares.

The total net assets of the Fund increased by $ 21,623,239 , or 48 %, for the period December 31, 2021 to March 15, 2022.

This was driven by a 19 % increase in the NAV per share and a 24 % increase in the shares outstanding.

A new registration statement was filed for the Fund with the SEC on March 10, 2022, and, as of the date of this 10-K, has not been declared effective.

The new registration statement registers an indefinite number of shares.

A new registration statement was filed for the Fund with the SEC on March 10, 2022, and, as of the date of this 10-K, has not been declared effective.

The new registration statement registers an indefinite number of shares.

The total net assets of the Fund increased by $ 273,082,993 , or 361 %, for the period December 31, 2021 to March 15, 2022.

This was driven by a 45 % increase in the NAV per share and a 219 % increase in the shares outstanding.

In late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the West.

On March 7, 2022, the Teucrium Wheat Fund sold all available shares for purchase by its Authorized Participants and suspended creations.

On March 9, 2022, the SEC accelerated a new registration statement filed by the Fund for an indefinite amount of new shares and the offer and sale of the Fund’s shares commenced.

The total net assets of the Fund increased by $ 15,312,601 , or 108 %, for the period December 31, 2021 to March 15, 2022.

This was driven by a 21 % increase in the NAV per share and a 71 % increase in the shares outstanding.

A new registration statement was filed for the Fund with the SEC on March 10, 2022, and, as of the date of this 10-K, has not been declared effective.

The new registration statement registers an indefinite number of shares.

Nothing to report.

The total net assets of the Fund decreased by $ 15,131,868 , or 26 %, for the period December 31, 2022 to February 28, 2023.

This was driven by a 23 % decrease in the shares outstanding and a 4 % decrease in the NAV/share.

Nothing to report.

The total net assets of the Fund decreased by $ 46,724,300 , or 20 %, for the period December 31, 2022 to February 28, 2023.

This was driven by an 11 % decrease in the shares outstanding and a 11 % decrease in the NAV/share.

Nothing to report.

The total net assets of the Fund increased by $ 431,977 , or 40 %, for the period December 31, 2022 to February 28, 2023.

This was driven by a 40 % increase in the NAV/share.

GRANT THORNTON LLP

7 unchanged sentences

Opinion on the financial statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Teucrium Corn Fund (the “Fund”) as of December 31, 2021 and 2020, the related statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2021, and the related notes (collectively referred to as the “financial statements”).

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Teucrium Corn Fund (the “Fund”) as of December 31, 2022 and 2021, the related statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for opinion

These financial statements are the responsibility of the Fund’s management.

Our responsibility is to express an opinion on the Fund’s financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Fund’s internal control over financial reporting as of December 31, 2022, based on criteria established in the 2013 Internal Control —

Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated March 1, 2023 expressed an unqualified opinion 

Basis for opinion  

These financial statements are the responsibility of the Fund’s management.

Our responsibility is to express an opinion on the Fund’s financial statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Fund in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.

Accordingly, we express no such opinion.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

3 unchanged sentences

Critical audit matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

Critical audit matters are matters arising from the current audit period of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosure that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

/s/ GRANT THORNTON LLP

We have served as the Fund’s auditor since 2014.

New York, New York

3 unchanged sentences

GTIL and each of its member firms are separate legal entities and are not a worldwide partnership.

GRANT THORNTON LLP

757 Third Ave., 9th Floor

New York, NY 10017

D +1 212 599 0100

F +1 212 370 4520

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Shareholders of

Teucrium Corn Fund

Opinion on internal control over financial reporting  

We have audited the internal control over financial reporting of Teucrium Corn Fund (the “Fund”) as of December 31, 2022, based on criteria established in the 2013 Internal Control —

Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

In our opinion, the Fund maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in the 2013 Internal Control —

Integrated Framework issued by COSO. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the financial statements of the Fund as of and for the year ended December 31, 2022 and our report dated March 1, 2023 expressed an unqualified opinion on those financial statements. 

Basis for opinion  

The Fund’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting.

Our responsibility is to express an opinion on the Fund’s internal control over financial reporting based on our audit.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Fund in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

We believe that our audit provides a reasonable basis for our opinion. 

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

/S/ GRANT THORNTON LLP 

New York, New York

March 1, 2023

Grant Thornton LLP is the U.S.

member firm of Grant Thornton International Ltd (GTIL).

GTIL and each of its member firms are separate legal entities and are not a worldwide partnership.

TEUCRIUM CORN FUND

STATEMENTS OF ASSETS AND LIABILITIES

2 unchanged sentences

Cash and cash equivalents

$ 115,012,740

$ 138,181,061

$ 142,434,737  

$ 115,012,740  

Interest receivable

125,014  

Capital shares receivable

1,344,830  

Equity in trading accounts:

Commodity futures contracts

1,585,798  

5,936,552  

Due from broker

11,625,331  

77,143  

Total equity in trading accounts

13,211,129  

6,013,695  

157,116,564  

121,035,049  

Management fee payable to Sponsor

Payable for purchases of commercial paper

144,877  

104,087  

Other liabilities

21,349  

84,706  

Payable for shares redeemed

1,344,830  

Equity in trading accounts:

Due to broker

Commodity futures contracts

2,967,103  

Total liabilities

$ 120,846,256

$ 138,289,537

4,478,159  

188,793  

$ 152,638,405  

$ 120,846,256  

Shares outstanding

5,675,004  

5,600,004  

Shares authorized

22,425,000  

Net asset value per share

$ 26.90  

$ 21.58  

Market value per share

$ 26.93  

$ 21.54  

*On April 7, 2022, the Teucrium Corn Fund registered an indeterminate number of shares for the Fund pursuant to Rule 456(d) under the Securities Act of 1933.

The accompanying notes are an integral part of these financial statements.

5 unchanged sentences

Money market funds

First American Government Obligations Fund - Class X 0.026% (cost $11,397,154)

Goldman Sachs Financial Square Government Fund - Institutional Class 0.030% (cost $2,508)

Total money market funds (cost:

First American Government Obligations Fund - Class X

4.105 %  

$ 3,498,444  

3,498,444  

Goldman Sachs Financial Square Government Fund - Institutional Class

4.140 %  

49,057,471  

Total money market funds

$ 52,555,915  

34.43 %  

Percentage of

Principal Amount

Commercial Paper

Albemarle Corporation 0.181% (cost:

$7,497,243 due 01/31/2022)

Conagra Brands, Inc.

0.160% (cost:

$2,499,000 due 01/05/2022)

Conagra Brands, Inc.

0.150% (cost:

$2,499,355 due 01/18/2022)

General Motors Financial Company, Inc.

0.160% (cost:

$2,499,000 due 01/06/2022)

Brookfield Infrastructure Holdings (Canada) Inc.

January 17, 2023

4.742 %  

7,438,744  

$ 7,484,443  

$ 4.90  

7,500,000  

CNH Industrial Capital LLC

January 23, 2023

4.566 %  

2,483,750  

2,493,125  

2,500,000  

CNH Industrial Capital LLC

February 13, 2023

4.780 %  

4,949,736  

4,971,931  

5,000,000  

Crown Castle Inc.

January 10, 2023

4.877 %  

2,481,000  

2,497,000  

2,500,000  

Crown Castle Inc.

January 12, 2023

4.765 %  

4,979,764  

4,992,820  

5,000,000  

Entergy Corporation

January 4, 2023

4.311 %  

2,481,702  

2,499,115  

2,500,000  

General Motors Financial Company, Inc.

0.200% (cost:

$3,498,289 due 01/31/2022)

January 10, 2023

4.618 %  

7,449,762  

7,491,469  

7,500,000  

General Motors Financial Company, Inc.

0.160% (cost:

$2,499,400 due 01/03/2022)

January 18, 2023

4.473 %  

2,472,806  

2,494,806  

2,500,000  

Harley-Davidson Financial Services, Inc.

0.167% (cost:

$7,497,046 due 01/13/2022)

January 3, 2023

4.721 %  

2,482,562  

2,499,354  

2,500,000  

Harley-Davidson Financial Services, Inc.

0.250% (cost:

$2,498,664 due 03/02/2022)

0.140% (cost:

$4,998,425 due 01/07/2022)

0.300% (cost:

$4,997,375 due 02/08/2022)

0.310% (cost:

$2,498,450 due 02/25/2022)

0.250% (cost:

$4,997,466 due 02/11/2022)

0.310% (cost:

$2,498,493 due 03/01/2022)

WGL Holdings, Inc.

0.220% (cost:

$2,499,343 due 01/12/2022)

Total Commercial Paper (cost:

January 25, 2023

4.944 %  

7,458,402  

7,475,650  

7,500,000  

Harley-Davidson Financial Services, Inc.

February 2, 2023

5.104 %  

2,479,781  

2,488,844  

2,500,000  

Hyundai Capital America

January 10, 2023

4.000 %  

2,475,911  

2,497,536  

2,500,000  

January 19, 2023

4.475 %  

2,482,544  

2,494,487  

2,500,000  

January 13, 2023

5.073 %  

4,980,555  

4,991,667  

5,000,000  

Oracle Corporation

January 17, 2023

4.361 %  

2,482,980  

2,495,222  

2,500,000  

February 2, 2023

4.669 %  

1,986,711  

1,991,822  

2,000,000  

Walgreens Boots Alliance, Inc.

February 28, 2023

4.827 %  

2,479,549  

2,480,868  

2,500,000  

Total Commercial Paper

$ 64,046,259  

$ 64,340,159  

Total Cash Equivalents

$ 116,896,074  

Percentage of

Notional Amount

2 unchanged sentences

United States corn futures contracts

CBOT corn futures MAY22 (1,418 contracts)

CBOT corn futures JUL22 (1,218 contracts)

CBOT corn futures DEC22 (1,558 contracts)

CBOT corn futures JUL23

$ 1,585,798  

$ 45,779,763  

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT corn futures MAY23

$ 751,309  

$ 53,392,500  

CBOT corn futures DEC23

2,215,794  

53,440,625  

Total commodity futures contracts

$ 120,863,050

$ 2,967,103  

$ 106,833,125  

The accompanying notes are an integral part of these financial statements.

5 unchanged sentences

Money market funds

First American Government Obligations Fund - Class X 0.04% (cost $27,477,241)

Blackrock Liquidity FedFund - Institutional Class 0.005% (cost $19,076)

Total money market funds (cost:

Principal Amount

First American Government Obligations Fund - Class X

0.260 %  

$ 11,397,154  

11,397,154  

Goldman Sachs Financial Square Government Fund - Institutional Class

0.030 %  

Total money market funds

$ 11,399,662  

9.43 %  

Percentage of

Commercial Paper

Energy Transfer Operating, L.P.

0.501% (cost:

$2,498,889 due 01/29/2021)

Energy Transfer Operating, L.P.

0.501% (cost:

$4,997,847 due 02/05/2021)

General Motors Financial Company, Inc.

0.411% (cost:

$2,498,178 due 01/08/2021)

Albemarle Corporation

January 31, 2022

0.181 %  

7,497,243  

$ 7,498,867  

$ 6.20  

7,500,000  

Conagra Brands, Inc.

January 5, 2022

0.160 %  

2,499,000  

2,499,955  

2,500,000  

Conagra Brands, Inc.

January 18, 2022

0.150 %  

2,499,355  

2,499,823  

2,500,000  

General Motors Financial Company, Inc.

0.471% (cost:

$4,994,386 due 01/20/2021)

January 6, 2022

0.160 %  

2,499,000  

2,499,944  

2,500,000  

General Motors Financial Company, Inc.

0.471% (cost:

$2,497,226 due 01/20/2021)

January 31, 2022

0.200 %  

3,498,289  

3,499,417  

3,500,000  

General Motors Financial Company, Inc.

0.471% (cost:

$2,497,062 due 01/25/2021)

January 3, 2022

0.160 %  

2,499,400  

2,499,978  

2,500,000  

Harley-Davidson Financial Services, Inc.

0.310% (cost:

$5,496,496 due 01/05/2021)

January 13, 2022

0.167 %  

7,497,046  

7,499,583  

7,500,000  

Harley-Davidson Financial Services, Inc.

0.250% (cost:

$2,498,437 due 01/11/2021)

Hyundai Capital America, Inc.

0.150% (cost:

$4,998,397 due 02/01/2021)

Hyundai Capital America, Inc.

0.170% (cost:

$4,998,490 due 02/03/2021)

0.430% (cost:

$4,997,253 due 01/29/2021)

0.501% (cost:

$4,994,306 due 02/24/2021)

Marathon Petroleum Corporation 0.381% (cost:

$4,996,147 due 02/26/2021)

0.372% (cost:

$7,495,588 due 02/26/2021)

0.451% (cost:

$2,497,219 due 03/22/2021)

March 2, 2022

0.250 %  

2,498,664  

2,498,959  

2,500,000  

January 7, 2022

0.140 %  

4,998,425  

4,999,883  

5,000,000  

February 8, 2022

0.300 %  

4,997,375  

4,998,417  

5,000,000  

February 25, 2022

0.310 %  

2,498,450  

2,498,816  

2,500,000  

February 11, 2022

0.250 %  

4,997,466  

4,998,577  

5,000,000  

March 1, 2022

0.310 %  

2,498,493  

2,498,730  

2,500,000  

WGL Holdings, Inc.

0.200% (cost:

$2,499,528 due 01/26/2021)

Walgreens Boots Alliance, Inc.

0.246% (cost:

$4,997,715 due 03/05/2021)

Total Commercial Paper (cost:

January 12, 2022

0.220 %  

2,499,343  

2,499,832  

2,500,000  

Total Commercial Paper

$ 53,477,549  

$ 53,490,781  

Total Cash Equivalents

$ 64,890,443  

Percentage of

Notional Amount

2 unchanged sentences

United States corn futures contracts

CBOT corn futures MAY21 (2,004 contracts)

CBOT corn futures JUL21 (1,727 contracts)

CBOT corn futures DEC21 (2,226 contracts)

CBOT corn futures MAY22

$ 3,767,282  

$ 42,185,500  

CBOT corn futures JUL22

196,244  

36,144,150  

CBOT corn futures DEC22

1,973,026  

42,533,400  

Total commodity futures contracts

$ 138,278,913

$ 5,936,552  

$ 120,863,050  

The accompanying notes are an integral part of these financial statements.

5 unchanged sentences

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on commodity futures contracts

$ ( 9,512,148 )

Realized gain on commodity futures contracts

$ 28,784,977  

$ 65,827,118  

$ 5,882,216  

Net change in unrealized (depreciation) appreciation on commodity futures contracts

( 14,218,054 )

( 7,317,857 )  

( 14,218,054 )  

19,371,125  

Interest income

Total income (loss)

( 5,695,311 )

3,437,856  

258,156  

603,571  

24,904,976  

51,867,220  

25,856,912  

Management fees

2,121,041  

1,505,165  

945,485  

Professional fees

416,723  

526,954  

534,142  

Distribution and marketing fees

1,197,419  

1,569,853  

1,347,461  

Custodian fees and expenses

110,365  

170,890  

174,070  

Business permits and licenses fees

34,477  

29,157  

78,930  

General and administrative expenses

Brokerage commissions

113,955  

134,708  

132,300  

Other expenses

Total expenses

3,993,980  

3,936,727  

3,215,171  

Expenses waived by the Sponsor

( 1,060,261 )

( 345,855 )  

( 1,060,261 )  

Total expenses, net

Net income (loss)

$ ( 8,416,897 )

Net income (loss) per share

Net income (loss) per weighted average share

3,648,125  

2,876,466  

2,365,775  

$ 21,256,851  

$ 48,990,754  

$ 23,491,137  

Net gain per share

$ 5.32  

$ 6.04  

$ 0.72  

Net gain per weighted average share

$ 2.66  

$ 6.29  

$ 3.28  

Weighted average shares outstanding

8,002,538  

7,790,689  

7,170,974  

The accompanying notes are an integral part of these financial statements.

4 unchanged sentences

December 31, 2020

Net income (loss)

$ ( 8,416,897 )

$ 21,256,851  

$ 48,990,754  

$ 23,491,137  

Capital transactions

Issuance of Shares

218,911,328  

95,586,980  

155,612,893  

Redemption of Shares

( 162,021,015 )

( 116,034,683 )

( 208,376,030 )  

( 162,021,015 )  

( 116,034,683 )

Total capital transactions

( 66,434,035 )

10,535,298  

( 66,434,035 )  

39,578,210  

Net change in net assets

( 17,443,281 )

31,792,149  

( 17,443,281 )  

63,069,347  

Net assets, beginning of period

$ 138,289,537

$ 120,846,256  

$ 138,289,537  

$ 75,220,190  

Net assets, end of period

$ 120,846,256

$ 138,289,537

$ 152,638,405  

$ 120,846,256  

$ 138,289,537  

Net asset value per share at beginning of period

$ 21.58  

$ 15.54  

$ 14.82  

Net asset value per share at end of period

$ 26.90  

$ 21.58  

$ 15.54  

Creation of Shares

8,050,000  

5,025,000  

12,675,000  

Redemption of Shares

7,975,000  

8,325,000  

8,850,000  

The accompanying notes are an integral part of these financial statements.

5 unchanged sentences

Cash flows from operating activities:

Net income (loss)

$ ( 8,416,897 )

$ 21,256,851  

$ 48,990,754  

$ 23,491,137  

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Net change in unrealized depreciation (appreciation) on commodity futures contracts

( 19,371,125 )

7,317,857  

14,218,054  

( 19,371,125 )

1 unchanged sentence

Due from broker

( 11,548,188 )  

( 77,143 )  

Interest receivable

( 116,400 )  

( 1,271 )  

( 854 )  

Due to broker

( 12,973,828 )

12,973,828  

Management fee payable to Sponsor

40,790  

( 13,777 )  

52,631  

Payable for purchases of commercial paper

( 4,997,847 )

( 4,981,957 )

( 4,997,847 )  

4,997,847  

Other liabilities

Net cash provided by (used in) operating activities

( 11,647,040 )

( 63,357 )  

63,047  

Net cash provided by operating activities

16,886,699  

45,207,989  

22,139,453  

Cash flows from financing activities:

Proceeds from sale of Shares

217,566,498  

95,586,980  

155,612,893  

Redemption of Shares

( 163,963,290 )

( 114,092,408 )

( 16,480,888 )

Net cash (used in) provided by financing activities

( 207,031,200 )  

( 163,963,290 )  

( 114,092,408 )

Net cash provided by (used in) financing activities

10,535,298  

( 68,376,310 )  

41,520,485  

Net change in cash and cash equivalents

( 23,168,321 )

27,421,997  

( 23,168,321 )  

63,659,938  

Cash and cash equivalents, beginning of period

115,012,740  

138,181,061  

74,521,123  

Cash and cash equivalents, end of period

$ 115,012,740

$ 138,181,061

$ 142,434,737  

$ 115,012,740  

$ 138,181,061  

The accompanying notes are an integral part of these financial statements.

2 unchanged sentences

Note 1 - Organization and Operation

Teucrium Corn Fund (referred to herein as “CORN,” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009.

The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund.

The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).

Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CORN,” to the public at per-Share offering prices that 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.

The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share.

The investment objective of CORN is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the corn market for future delivery as measured by the Benchmark.

The Benchmark is a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”):

Teucrium Corn Fund (referred to herein as “CORN,”

or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009.

The Fund issues common units, called the “Shares,”

representing fractional undivided beneficial interests in the Fund.

The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers”

through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).

Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CORN,”

to the public at per-Share offering prices that 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.

The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share.

The investment objective of CORN is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the corn market for future delivery as measured by the Benchmark.

The Benchmark is a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”):

CORN Benchmark

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The Fund commenced investment operations on June 9, 2010 and has a fiscal year ending on December 31.

The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”).

The Sponsor is responsible for the management of the Fund.

The Sponsor is registered as a commodity pool operator (“CPO”) and a Commodity Trading Advisor (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).

On June 7, 2010, the initial Form S- 1 for CORN was declared effective by the U.S.

Securities and Exchange Commission (“SEC”).

On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 shares and $ 5,000,000 .

CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010.

The current registration statement for CORN was declared effective by the SEC on October 2, 2020.

The registration statement for CORN registered an additional 20,000,000 shares.

Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor , may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.

CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010.

The current registration statement for CORN was declared effective by the SEC on April 7, 2022.

The registration statement for CORN registered an indeterminate number of shares.

However, no level of losses will require the Sponsor to terminate a Fund.

7 unchanged sentences

Bancorp Fund Services, LLC doing business as U.S.

Bank Global Fund Services (“Global Fund Services”) is 615 E.

Michigan Street, Milwaukee, WI 53202.

In addition, effective on the Conversion Date, Global Fund Services, a wholly owned subsidiary of U.S.

For such services, U.S.

6 unchanged sentences

A summary of these expenses is included below.

The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds.

The Sponsor employs Foreside Fund Services, LLC (“Foreside”

or the “Distributor”) as the Distributor for the Funds.

For its services as the Distributor, Foreside receives a fee of 0.01 % of the Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Teucrium Funds, along with certain expense reimbursements.

For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.

1 unchanged sentence

A summary of these expenses is included below.

Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust’s Sponsor.

Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Trust’s Sponsor.

E D & F Man Capital Markets, Inc.

(“E D & F Man”) serves as the Underlying Funds’ clearing broker to execute and clear the Underlying Funds’ futures and provide other brokerage-related services.

E D & F Man is registered as an FCM with the U.S.

CFTC and is a member of the NFA.

E D & F Man is also registered as a broker/dealer with the U.S.

Securities and Exchange Commission and is a member of FINRA.

E D & 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.

For Corn, Soybean, Sugar and Wheat Futures Contracts E D & F Man is paid $9.00 per round turn .

Prior to August 21, 2019, these expenses were recorded in brokerage commissions on the statements of operations.

Beginning on August 21, 2019, these expenses were recognized on a per-trade basis.

Pursuant to a Consulting Services Agreement, Foreside Consulting Services, LLC, performs certain consulting support services for the Trust’s Sponsor.

Additionally, Foreside Distributors, LLC performs certain distribution consulting services pursuant to a Distribution Consulting Agreement with the Trust’s Sponsor.

Marex Capital Markets, Inc.

(“Marex”) and StoneX Financial Inc.

(“StoneX”) serve as the Funds’

clearing brokers to execute and provide other brokerage-related services.

Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.

CFTC and are members of the NFA.

The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.

Marex and StoneX are each clearing members 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.

For Corn, Soybean, Sugar, and Wheat Futures Contracts Marex is paid $ 11.00 per round turn.

StoneX is paid $ 2.50 per round turn exclusive of pass-through fees for the exchange and the NFA.

These expenses are recognized on a per-trade basis.

The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold.

A summary of these expenses can be found below under the heading, Brokerage Commissions .

A summary of these expenses can be found below.

The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation.

3 unchanged sentences

A summary of these expenses is included below.

The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.

Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).

The Sponsor employs Thales Capital Partners LLC (“Thales”) for distribution and solicitation-related services.

Thales is registered as a Broker-Dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (“SIPC”).

Thales receives a quarterly fee of the higher of $ 18,750 or 0.10 % of new assets raised in referred accounts for distribution and solicitation-related services.

6 unchanged sentences

Amount Recognized for Custody Services

$ 110,365  

$ 170,890  

$ 174,070  

Amount of Custody Services Waived

$ 4,000  

$ 59,872  

$ 52,728  

Amount Recognized for Distribution Services

$ 60,803  

$ 88,049  

$ 86,151  

Amount of Distribution Services Waived

$ 17,010  

$ 40,063  

$ 28,816  

Amount Recognized for Wilmington Trust

$ 1,520  

$ 1,511  

Amount of Wilmington Trust Waived

$ 1,511  

Amount Recognized for Thales

$ 90,561  

$ 138,657  

$ 56,292  

Amount of Thales Waived

$ 27,193  

$ 80,945  

$ 22,621  

Note 3 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification.

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification.

Revenue Recognition

Commodity futures contracts are recorded on the trade date.

All such transactions are recorded on the identified cost basis and marked to market daily.

Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

All such transactions are recorded on the identified cost basis and marked to market daily. Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

The Fund seeks to earn interest on its assets denominated in U.S.

10 unchanged sentences

Prior to the change, brokerage commissions on all open commodity futures contracts were accrued on the trade date and on a full-turn basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss as of December 31, 2021, 2020, and 2019.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss as of 

December 31, 2020 , 2021 , and 2022 .

Year Ending December 31, 2022

$ 217,050  

Year Ending December 31, 2021

$ 141,674  

Year Ending December 31, 2020

$ 149,619  

For federal income tax purposes, the Fund will be treated as a publicly traded partnership.

A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended.

The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes.

The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns.

The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.

The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns.

The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.

The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position.

6 unchanged sentences

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2022 , 2021 , 2020 , and 2019 .

However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.

9 unchanged sentences

The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.

(EST) on the day the order to create the basket is properly received.

Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.

(EST) on the day the order to redeem the basket is properly received.

(ET) on the day the order to create the basket is properly received.

Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.”

The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.

(ET) on the day the order to redeem the basket is properly received.

The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption.

The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable.

Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed.

The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable.

Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed.

As outlined in the most recent Form S- 1 filing, 50,000 shares represent two Redemption Baskets for the Fund and a minimum level of shares.

6 unchanged sentences

Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions.

The Trust holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities.

The Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities.

The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which are classified as cash and not as cash equivalents.

2 unchanged sentences

The Sponsor may invest a portion of the cash held by the FCM in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.

December 31, 2021

December 31, 2020

December 31, 2019

As of December 31, 2022

As of December 31, 2021

As of December 31, 2020

Money Market Funds

$ 52,555,915  

$ 11,399,662  

$ 27,496,317  

Demand Deposit Savings Accounts

25,538,663  

50,122,297  

40,210,208  

Commercial Paper

Treasury Bills

64,340,159  

53,490,781  

70,474,536  

Total cash and cash equivalents as presented on the Statement of Assets and Liabilities

$ 115,012,740

$ 138,181,061

$ 142,434,737  

$ 115,012,740  

$ 138,181,061  

Payable for Purchases of Commercial Paper

2 unchanged sentences

Due from/to Broker

The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses.

Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

Futures contracts are customarily bought and sold on initial margin that represents a relatively small percentage of the aggregate purchase or sales price of the contract.

2 unchanged sentences

Brokerage firms, such as the Fund’s 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.

4 unchanged sentences

Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.

Ongoing or “maintenance”

margin requirements are computed each day by a trader’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’s position.

With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls.

If the margin call is not met within a reasonable time, the broker may close out the trader’s position.

With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls.

Finally, many major U.S.

1 unchanged sentence

Calculation of Net Asset Value

The Fund’s NAV is calculated by:

Taking the current market value of its total assets and

6 unchanged sentences

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.

For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day.

For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value”

of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day.

Treasury securities held by the Fund are valued by the administrator using values received from recognized third -party vendors and dealer quotes.

5 unchanged sentences

In addition, 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 Fund generally 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, FINRA, 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 associated with the Trust’s tax accounting and reporting requirements.

The Fund generally 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, FINRA, 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 associated with the Trust’s tax accounting and reporting requirements.

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 order activity.

3 unchanged sentences

Such expenses are primarily recorded as distribution and marketing fees on the statements of operations.

All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets.

Year Ended December 31, 2022

2 unchanged sentences

Recognized Related Party Transactions

$ 827,230  

$ 1,095,188  

$ 1,089,985  

Waived Related Party Transactions

$ 149,721  

$ 535,622  

$ 493,231  

The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.

3 unchanged sentences

Year Ended December 31, 2022

$ 345,855  

Year Ended December 31, 2021

$ 1,060,261  

Year Ended December 31, 2020

$ 849,396  

Use of Estimates

4 unchanged sentences

In accordance with U.S.

In determining fair value, the Fund uses various valuation approaches.

1 unchanged sentence

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 Fund.

Unobservable inputs reflect the Fund’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 based on the inputs as follows:

12 unchanged sentences

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.

Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.

The Fund uses prices and inputs that are current as of the measurement date, including during periods of market dislocation.

In periods of market dislocation, the observability of prices and inputs may be reduced for many securities.

This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy.

For instance, when Corn Futures Contracts on the CBOT are not actively trading due to a “limit-up” or limit-down” condition, meaning that the change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets.

When such a situation exists on a quarter close, the Sponsor will calculate the Net Asset Value (“NAV”) on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3) and will report such NAV in its applicable financial statements and reports.

This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the Net Asset Value (“NAV”) on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.

On December 31, 2022 and 2021 , in the opinion of the Trust and the Fund, the reported value of the Corn Futures Contracts traded on the CBOT fairly reflected the value of the Corn Futures Contracts held by the Fund, and no adjustments were necessary.

1 unchanged sentence

For the quarter ended June 30, 2021, Corn Futures Contracts for the Sep21 CBOT corn futures and the Dec21 CBOT corn futures, settled in a “limit up” condition.

For the quarter ended June 30, 2021, Corn Futures Contracts for the Sep21 CBOT corn futures and the Dec21 CBOT corn futures, settled in a “limit up”

Accordingly, the Trust and CORN classified these as level 2 assets.

2 unchanged sentences

The Corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021.

For the quarter ended March 31, 2021, Corn Futures Contracts for the Jul21 CBOT corn futures, Sep21 CBOT corn futures, and Dec21 CBOT corn futures settled in a “limit up” condition.

For the quarter ended March 31, 2021, Corn Futures Contracts for the Jul21 CBOT corn futures, Sep21 CBOT corn futures, and Dec21 CBOT corn futures settled in a “limit up”

Accordingly, the Trust and CORN classified these as Level 2 assets.

1 unchanged sentence

The adjustment resulted in an increase in the unrealized change in commodity futures contracts in excess of reported CBOT values of $ 3,371,513 .

The Jul21 corn futures transferred back to a Level 1 asset for the period ended June 30, 2021, and the Sep21 and Dec21 corn futures contracts transferred back to a Level 1 asset for the period ended September 30, 2021.

The Fund records its derivative activities at fair value.

9 unchanged sentences

New Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-05:

The amendment was early adopted for the quarter ended September 30, 2021;

The amendment was adopted early for the quarter ended June 30, 2022;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.

The FASB issued ASU 2021 - 05:

“Codification Improvements.” The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP.

“Leases (Topic 842 ).”

The amendment was adopted early for the quarter ended September 30, 2021;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.

The FASB issued ASU 2020 - 10:

“Codification Improvements.”

The amendment improves the disclosure guidance in appropriate Disclosure Sections, without resulting in changes to current GAAP.

The amendment is effective for annual periods beginning after December 15, 2020.

1 unchanged sentence

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.

The FASB issued Accounting Standards Update (“ASU”) 2020-02:

“Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842):

The FASB issued 2020 - 02: