Teucrium Commodity Trust 10-Q

Item 1. Financial Statements.   Index to Financial Statements   Documents   Page   TEUCRIUM COMMODITY TRUST       Combined Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022   F-1   Combined Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022   F-2   Combined Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022   F-6   Combined Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022   F-7   Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022   F-8   Notes to Combined Financial Statements   F-9           TEUCRIUM CORN FUND       Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022   F-25   Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022   F-26   Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022   F-28   Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022   F-29   Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022   F-30   Notes to Financial Statements   F-31           TEUCRIUM SOYBEAN FUND       Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022   F-46   Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022   F-47   Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022   F-49   Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022   F-50   Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022   F-51   Notes to Financial Statements   F-52           TEUCRIUM SUGAR FUND       Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022   F-66   Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022   F-67   Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022   F-69   Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022   F-70   Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022   F-71   Notes to Financial Statements   F-72           TEUCRIUM WHEAT FUND       Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022   F-85   Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022   F-86   Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022   F-88   Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022   F-89   Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022   F-90   Notes to Financial Statements   F-91           TEUCRIUM AGRICULTURAL FUND       Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022   F-104   Schedule of Investments at June 30, 2023 (Unaudited) and December 31, 2022   F-105   Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022   F-107   Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023 and 2022   F-108   Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022   F-109   Notes to Financial Statements   F-110           HASHDEX BITCOIN FUTURES ETF       Statements of Assets and Liabilities at June 30, 2023 (Unaudited) and December 31, 2022   F-121   Schedule of Investments at June 30, 2023 (Unaudited)  and December 31, 2022   F-122   Statements of Operations (Unaudited) for the three and six months ended June 30, 2023   F-124   Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2023   F-125   Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023   F-126   Notes to Financial Statements   F-127     3 Table of Contents     TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF ASSETS AND LIABILITIES       June 30, 2023     December 31, 2022       (Unaudited)           Assets                 Cash and cash equivalents   $ 311,058,385     $ 434,062,296   Interest receivable     427,523       317,351   Other assets     86,030       9,069   Capital shares receivable     -       1,344,830   Equity in trading accounts:                 Commodity and cryptocurrency futures contracts     1,866,892       8,207,381   Due from broker     51,235,459       61,563,417   Total equity in trading accounts     53,102,351       69,770,798   Total assets   $ 364,674,289     $ 505,504,344                     Liabilities                 Management fee payable to Sponsor     279,519       432,882   Payable for purchases of commercial paper     5,962,734       -   Other liabilities     23,784       78,880   Payable for shares redeemed     1,587,650       10,183,915   Equity in trading accounts:                 Commodity and cryptocurrency futures contracts     37,562,733       29,433,069   Total liabilities     45,416,420       40,128,746                     Net Assets   $ 319,257,869     $ 465,375,598       The accompanying notes are an integral part of these financial statements.   F-1 Table of Contents     TEUCRIUM COMMODITY TRUST COMBINED SCHEDULE OF INVESTMENTS June 30, 2023 (Unaudited)                               Percentage of           Description: Assets   Yield     Cost     Fair Value     Net Assets     Shares                                             Cash equivalents                                         Money market funds                                         First American Government Obligations Fund - Class X     5.015 %   $ 30,916,840     $ 30,916,840       9.68 %     30,916,840   Goldman Sachs Financial Square Government Fund - Institutional Class     5.022 %     87,776,584       87,776,584       27.49       87,776,584   Total money market funds           $ 118,693,424     $ 118,693,424       37.17 %             Maturity                           Percentage of     Principal     Date   Yield     Cost     Fair Value     Net Assets     Amount   Commercial Paper                                           American Electric Power Company, Inc. August 17, 2023     5.285 %   $ 5,962,734     $ 5,962,734       1.87 %     6,000,000   BASF SE September 20, 2023     5.352 %     4,940,210       4,940,938       1.55       5,000,000   Bayer Corporation July 10, 2023     5.200 %     9,906,319       9,987,225       3.13       10,000,000   Brookfield Infrastructure Holdings (Canada) Inc. August 2, 2023     5.639 %     4,962,298       4,975,378       1.56       5,000,000   Brookfield Infrastructure Holdings (Canada) Inc. August 9, 2023     5.702 %     7,441,667       7,454,500       2.33       7,500,000   CNH Industrial Capital LLC August 17, 2023     5.396 %     12,384,064       12,413,506       3.89       12,500,000   Enbridge (U.S.) Inc. July 10, 2023     5.317 %     9,934,624       9,986,924       3.13       10,000,000   Enbridge (U.S.) Inc. July 10, 2023     5.317 %     4,966,586       4,993,462       1.56       5,000,000   General Motors Financial Company, Inc. July 5, 2023     5.296 %     5,937,600       5,996,534       1.88       6,000,000   General Motors Financial Company, Inc. July 20, 2023     5.368 %     4,948,032       4,986,094       1.56       5,000,000   General Motors Financial Company, Inc. August 9, 2023     5.397 %     4,970,500       4,971,238       1.56       5,000,000   Glencore Funding LLC July 13, 2023     5.341 %     19,827,981       19,965,013       6.25       20,000,000   Harley-Davidson Financial Services, Inc. July 14, 2023     5.602 %     4,954,166       4,990,070       1.56       5,000,000   Harley-Davidson Financial Services, Inc. August 1, 2023     5.728 %     7,400,658       7,463,769       2.34       7,500,000   Harley-Davidson Financial Services, Inc. August 18, 2023     5.557 %     2,480,283       2,481,800       0.78       2,500,000   Jabil Inc. July 14, 2023     5.587 %     1,245,417       1,247,517       0.39       1,250,000   Jabil Inc. July 28, 2023     5.651 %     4,977,606       4,979,150       1.56       5,000,000   Walgreens Boots Alliance, Inc. July 6, 2023     5.674 %     4,972,876       4,996,125       1.56       5,000,000   Walgreens Boots Alliance, Inc. July 13, 2023     5.707 %     4,951,778       4,990,666       1.56       5,000,000   Walgreens Boots Alliance, Inc. July 14, 2023     5.737 %     7,429,626       7,484,752       2.34       7,500,000   WGL Holdings, Inc. July 11, 2023     5.584 %     9,972,500       9,984,723       3.13       10,000,000   Total Commercial Paper           $ 144,567,525     $ 145,252,118       45.49 %         Total Cash Equivalents                   $ 263,945,542       82.66 %           F- 2 Table of Contents       Number of             Percentage of     Notional Amount       Contracts     Fair Value     Net Assets     (Long Exposure)   Commodity and Cryptocurrency futures contracts                                 United States soybean futures contracts                                 CBOT soybean futures NOV23     197     $ 51,011       0.02 %   $ 13,231,013   CBOT soybean futures JAN24     167       767,339       0.24       11,245,363                                     United States sugar futures contracts                                 ICE sugar futures MAR24     317       772,957       0.24       8,126,865   ICE sugar futures MAY24     287       148,913       0.05       6,955,962                                     United States CME Bitcoin futures contracts                                 CME Bitcoin futures JUL23     6       124,509       0.04       920,400   CME Bitcoin futures AUG23     7       2,163       0.00       1,083,425   Total commodity and cryptocurrency futures contracts           $ 1,866,892       0.59 %   $ 41,563,028         Number of             Percentage of     Notional Amount   Description: Liabilities   Contracts     Fair Value     Net Assets     (Long Exposure)                                     Commodity and Cryptocurrency futures contracts                                 United States corn futures contracts                                 CBOT corn futures SEP23     1,302     $ 4,516,994       1.41 %   $ 31,801,350   CBOT corn futures DEC23     1,104       7,636,709       2.39       27,310,200   CBOT corn futures DEC24     1,356       1,273,890       0.40       33,679,650                                     United States soybean futures contracts                                 CBOT soybean futures NOV24     206       685,954       0.21       12,429,525                                     United States sugar futures contracts                                 ICE sugar futures MAR25     348       97,357       0.03       8,110,906                                     United States wheat futures contracts                                 CBOT wheat futures SEP23     1,760       3,721,805       1.04       57,288,000   CBOT wheat futures DEC23     1,471       19,533,670       5.47       49,223,338   CBOT wheat futures DEC24     1,622       96,354       0.03       57,966,225   Total commodity and cryptocurrency futures contracts           $ 37,562,733       10.98 %   $ 277,809,194                         Percentage of           Exchange-traded funds*   Cost     Fair Value     Net Assets     Shares   Teucrium Corn Fund           $ 5,612,366       1.76 %     252,559   Teucrium Soybean Fund             6,305,393       1.98       230,720   Teucrium Sugar Fund             6,112,821       1.91       481,279   Teucrium Wheat Fund             5,838,773       1.83       903,597   Total exchange-traded funds   $ 24,739,524     $ 23,869,353       7.48 %           *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 other four Funds (“Underlying Funds”) owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds.   The accompanying notes are an integral part of these financial statements.   F- 3 Table of Contents   TEUCRIUM COMMODITY TRUST COMBINED SCHEDULE OF INVESTMENTS December 31, 2022                               Percentage of           Description: Assets   Yield     Cost     Fair Value     Net Assets     Shares                                             Cash equivalents                                         Money market funds                                         First American Government Obligations Fund - Class X     4.105 %   $ 28,382,122     $ 28,382,122       6.10 %     28,382,122   Goldman Sachs Financial Square Government Fund - Institutional Class     4.140 %     160,258,295       160,258,295       34.44       160,258,295   Total money market funds           $ 188,640,417     $ 188,640,417       40.54 %             Maturity                           Percentage of     Principal     Date   Yield     Cost     Fair Value     Net Assets     Amount   Commercial Paper                                           American Electric Power Company, Inc. January 17, 2023     4.565 %   $ 4,968,750     $ 4,990,000       1.07 %     5,000,000   Brookfield Infrastructure Holdings (Canada) Inc. January 17, 2023     4.742 %     14,877,488       14,968,886       3.22       15,000,000   Brookfield Infrastructure Holdings (Canada) Inc. January 17, 2023     4.734 %     4,959,225       4,989,644       1.07       5,000,000   CNH Industrial Capital LLC January 23, 2023     4.566 %     9,935,000       9,972,500       2.14       10,000,000   CNH Industrial Capital LLC February 13, 2023     4.780 %     9,899,472       9,943,862       2.14       10,000,000   Crown Castle Inc. January 10, 2023     4.877 %     7,443,000       7,491,000       1.61       7,500,000   Crown Castle Inc. January 12, 2023     4.765 %     12,449,410       12,482,050       2.68       12,500,000   Entergy Corporation January 4, 2023     4.311 %     9,926,808       9,996,460       2.15       10,000,000   General Motors Financial Company, Inc. January 10, 2023     4.276 %     12,400,060       12,486,207       2.68       12,500,000   General Motors Financial Company, Inc. January 18, 2023     4.473 %     7,418,417       7,484,417       1.61       7,500,000   Glencore Funding LLC January 10, 2023     4.506 %     9,934,607       9,988,895       2.15       10,000,000   Glencore Funding LLC January 13, 2023     4.526 %     5,461,843       5,491,823       1.18       5,500,000   Harley-Davidson Financial Services, Inc. January 3, 2023     4.721 %     5,263,032       5,298,631       1.14       5,300,000   Harley-Davidson Financial Services, Inc. January 25, 2023     4.944 %     7,458,402       7,475,650       1.61       7,500,000   Harley-Davidson Financial Services, Inc. February 2, 2023     5.104 %     4,959,561       4,977,688       1.07       5,000,000   Humana Inc. January 9, 2023     4.670 %     7,448,250       7,492,333       1.61       7,500,000   Hyundai Capital America January 10, 2023     4.000 %     9,903,645       9,990,145       2.15       10,000,000   ITT Inc. January 19, 2023     4.475 %     4,965,088       4,988,975       1.07       5,000,000   Jabil Inc. January 13, 2023     5.073 %     4,980,555       4,991,667       1.07       5,000,000   Oracle Corporation January 5, 2023     4.358 %     4,973,125       4,997,611       1.07       5,000,000   Oracle Corporation January 17, 2023     4.361 %     9,931,919       9,980,889       2.14       10,000,000   V.F. Corporation January 17, 2023     4.364 %     4,959,390       4,990,444       1.07       5,000,000   V.F. Corporation February 2, 2023     4.669 %     6,456,811       6,473,422       1.39       6,500,000   VW Credit, Inc. January 19, 2023     4.434 %     7,448,106       7,483,613       1.61       7,500,000   Walgreens Boots Alliance, Inc. February 13, 2023     4.842 %     4,970,188       4,971,512       1.07       5,000,000   Walgreens Boots Alliance, Inc. February 28, 2023     4.827 %     4,959,098       4,961,736       1.07       5,000,000   Total Commercial Paper           $ 198,351,250     $ 199,360,060       42.84 %         Total Cash Equivalents                   $ 388,000,477       83.37 %           F- 4 Table of Contents       Number of             Percentage of     Notional Amount       Contracts     Fair Value     Net Assets     (Long Exposure)   Commodity and Cryptocurrency futures contracts                                 United States corn futures contracts                                 CBOT corn futures JUL23     1,363     $ 1,585,798       0.34 %   $ 45,779,763                                     United States soybean futures contracts                                 CBOT soybean futures MAR23     268       642,912       0.14       20,421,600   CBOT soybean futures MAY23     229       807,218       0.17       17,518,500   CBOT soybean futures NOV23     289       1,070,240       0.23       20,472,038                                     United States sugar futures contracts                                 ICE sugar futures MAY23     401       356,963       0.08       8,407,526   ICE sugar futures JUL23     362       554,366       0.12       7,289,811                                     United States wheat futures contracts                                 CBOT wheat futures JUL23     1,711       3,160,732       0.68       68,696,650                                     United States CME Bitcoin futures contracts                                 CME Bitcoin futures JAN23     6       24,979       0.01       496,050   CME Bitcoin futures FEB23     7       4,173       0.00       575,575   Total commodity and cryptocurrency futures contracts           $ 8,207,381       1.77 %   $ 189,657,513         Number of             Percentage of     Notional Amount   Description: Liabilities   Contracts     Fair Value     Net Assets     (Long Exposure)                                     Commodity and Cryptocurrency futures contracts                                 United States corn futures contracts                                 CBOT corn futures MAY23     1,575     $ 751,309       0.16 %   $ 53,392,500   CBOT corn futures DEC23     1,750       2,215,794       0.48       53,440,625                                     United States sugar futures contracts                                 ICE sugar futures MAR24     427       85,128       0.02       8,565,278                                     United States wheat futures contracts                                 CBOT wheat futures MAY23     2,005       7,079,231       1.52       80,074,688   CBOT wheat futures DEC23     1,956       19,301,607       4.15       80,220,450                                     Total commodity and cryptocurrency futures contracts           $ 29,433,069       6.33 %   $ 275,693,541                         Percentage of           Exchange-traded funds*   Cost     Fair Value     Net Assets     Shares   Teucrium Corn Fund           $ 9,885,980       2.12 %     367,555   Teucrium Soybean Fund             9,921,042       2.13       348,075   Teucrium Sugar Fund             9,745,653       2.09       1,024,284   Teucrium Wheat Fund             10,020,023       2.15       1,254,840   Total exchange-traded funds   $ 39,425,287     $ 39,572,698       8.49 %           *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.   The accompanying notes are an integral part of these financial statements.   F- 5 Table of Contents     TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF OPERATIONS (Unaudited)       Three months ended     Three months ended     Six months ended     Six months ended       June 30, 2023     June 30, 2022 (1)     June 30, 2023     June 30, 2022 (1)   Income                                 Realized and unrealized gain (loss) on trading of commodity futures contracts:                                 Realized (loss) gain on commodity and cryptocurrency futures contracts   $ ( 15,950,119 )   $ 26,913,430     $ ( 42,541,244 )   $ 88,611,840   Net change in unrealized depreciation on commodity and cryptocurrency futures contracts     ( 8,646,874 )     ( 112,660,860 )     ( 14,470,153 )     ( 127,795,433 ) Interest income     4,196,821       1,779,555       8,527,835       1,999,541   Total loss     ( 20,400,172 )     ( 83,967,875 )     ( 48,483,562 )     ( 37,184,052 )                                   Expenses                                 Management fees     850,264       2,448,692       1,839,779       3,454,462   Professional fees     557,175       399,674       1,003,227       809,527   Distribution and marketing fees     976,404       1,127,864       1,904,116       1,887,941   Custodian fees and expenses     97,437       97,970       217,997       129,490   Business permits and licenses fees     36,511       43,549       71,128       97,375   General and administrative expenses     123,941       151,954       173,083       210,115   Other expenses     -       5       -       5   Total expenses     2,641,732       4,269,708       5,209,330       6,588,915                                     Expenses waived by the Sponsor     ( 213,804 )     ( 707,463 )     ( 409,868 )     ( 1,052,981 )                                   Total expenses, net     2,427,928       3,562,245       4,799,462       5,535,934                                     Net loss   $ ( 22,828,100 )   $ ( 87,530,120 )   $ ( 53,283,024 )   $ ( 42,719,986 )   (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.   The accompanying notes are an integral part of these financial statements.   F-6 Table of Contents     TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)       Six months ended     Six months ended       June 30, 2023     June 30, 2022 (1)   Operations                 Net loss   $ ( 53,283,024 )   $ ( 42,719,986 ) Capital transactions                 Issuance of Shares     53,893,829       1,131,712,866   Redemption of Shares     ( 161,570,696 )     ( 521,991,479 ) Net change in the cost of the Underlying Funds     14,842,162       ( 34,537,072 ) Total capital transactions     ( 92,834,705 )     575,184,315                     Net change in net assets     ( 146,117,729 )     532,464,329                     Net assets, beginning of period     465,375,598       264,276,768                     Net assets, end of period   $ 319,257,869     $ 796,741,097     (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.   The accompanying notes are an integral part of these financial statements.   F-7 Table of Contents     TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF CASH FLOWS (Unaudited)       Six months ended     Six months ended       June 30, 2023     June 30, 2022 (1)   Cash flows from operating activities:                 Net loss   $ ( 53,283,024 )   $ ( 42,719,986 ) Adjustments to reconcile net loss to net cash used in operating activities:                 Net change in unrealized appreciation on commodity futures contracts     14,470,153       127,795,433   Changes in operating assets and liabilities:                 Due from broker     10,327,958       ( 140,624,597 ) Interest receivable     ( 110,172 )     ( 339,199 ) Other assets     ( 76,961 )     ( 1,910 ) Due to broker     -       ( 888,877 ) Management fee payable to Sponsor     ( 153,363 )     603,919   Payable for purchases of commercial paper     5,962,734       -   Other liabilities     ( 55,096 )     46,587   Net cash used in operating activities     ( 22,917,771 )     ( 56,128,630 )                   Cash flows from financing activities:                 Proceeds from sale of Shares     55,238,659       1,126,718,346   Redemption of Shares     ( 170,166,961 )     ( 489,478,139 ) Net change in cost of the Underlying Funds     14,842,162       ( 34,537,072 ) Net cash (used in) provided by financing activities     ( 100,086,140 )     602,703,135                     Net change in cash and cash equivalents     ( 123,003,911 )     546,574,505   Cash and cash equivalents beginning of period     434,062,296       252,211,943   Cash and cash equivalents end of period   $ 311,058,385     $ 798,786,448     (1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.   The accompanying notes are an integral part of these financial statements.   F-8 Table of Contents   NOTES TO COMBINED FINANCIAL STATEMENTS June 30, 2023 (Unaudited)     Note 1 – Organization and Operation   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 of 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. Effective as of April 29, 2019, 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 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. On September 16, 2011, two Creation Baskets were issued for each Fund, representing 100,000 shares and $2,500,000 , for CANE, SOYB, and WEAT. On September 19, 2011, CANE, SOYB, and WEAT started trading on the NYSE Arca. 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. On March 27, 2012, six Creation Baskets for TAGS were issued representing 300,000 shares and $ 15,000,000 . TAGS began trading on the NYSE Arca on March 28, 2012. The current registration statement for TAGS was declared effective by the SEC on April 7, 2022. 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 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 accompanying unaudited financial statements have been prepared in accordance with Rule 10 - 01 of Regulation S- X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Trust’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the audited financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable. The operating results for the three and six months ended June 30, 2023 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.   Subject to the terms of the Trust Agreement, Teucrium Trading, LLC in its capacity as the Sponsor of the Trust 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. However, no level of losses will require the Sponsor to terminate a Fund.   F- 9 Table of Contents     Note 2 – Principal Contracts and Agreements   The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202.   For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as custodian fees and expenses on the combined statements of operations. 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 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 each Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all 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. These services are recorded as distribution and marketing fees on the combined statements of operations. A summary of these expenses is included below.   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 under the heading, Brokerage Commissions .    F- 10 Table of Contents   The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 from the Trust. These services are recorded in business permits and licenses fees on the combined statements of operations. 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”). 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. This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract. These services are recorded in distribution and marketing fees on the combined statements of operations. A summary of these expenses is included below:       Three months ended June 30, 2023     Three months ended June 30, 2022 (1)     Six months ended June 30, 2023     Six months ended June 30, 2022 (1)   Amount Recognized for Custody Services   $ 97,438     $ 97,970     $ 217,997     $ 129,490   Amount of Custody Services Waived   $ 9,187     $ 27,908     $ 16,516     $ 28,101                                     Amount Recognized for Distribution Services   $ 37,728     $ 55,129     $ 76,493     $ 94,055   Amount of Distribution Services Waived   $ 2,614     $ 22,981     $ 4,936     $ 42,994                                     Amount Recognized for Thales   $ 15,596     $ 103,062     $ 37,578     $ 158,124   Amount of Thales Waived   $ 966     $ 58,730     $ 2,259     $ 100,791     ( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.     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, TAGS and DEFI. Refer to the accompanying separate financial statements for each Fund for more detailed information. The periods represented by the financial statements herein contain the results of CORN, SOYB, CANE, WEAT, TAGS and DEFI for the months during which each Fund was in operation, except for eliminations for TAGS as explained below.   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 Agricultural Funds. The Trust eliminates the shares of the other series of the Trust owned by TAGS from its combined statements of assets and liabilities. The Trust eliminates the net change in unrealized appreciation or depreciation on securities owned by TAGS from its combined statements of operations. The combined statements of changes in net assets and cash flows present a net presentation of the purchases and sales of the Underlying Funds by TAGS.   F- 11 Table of Contents   Revenue Recognition   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. Unrealized appreciation or depreciation on commodity and cryptocurrency futures contracts are reflected in the combined statements of operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the combined statements of operations. Interest on cash equivalents with financial institutions are recognized on the accrual basis. The Funds earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments.   The Sponsor invests 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 combined financial statements and reflected in cash and cash equivalents on the combined statements of assets and liabilities and on the combined statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations.   The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations.   Brokerage Commissions   The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2023 and 2022 .       CORN     SOYB     CANE     WEAT     TAGS     DEFI     TRUST   Three months ended June 30, 2023   $ 13,898     $ 2,439     $ 9,899     $ 22,713     $ -     $ 769     $ 49,718   Three months ended June 30, 2022 (1)   $ 102,336     $ 8,686     $ 20,341     $ 198,392     $ -     $ -     $ 329,754   Six months ended June 30, 2023   $ 31,168     $ 8,779     $ 15,954     $ 44,458     $ -     $ 1,377     $ 101,736   Six months ended June 30, 2022 (1)   $ 133,575     $ 15,206     $ 26,536     $ 279,543     $ -     $ -     $ 454,860     ( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.   Income Taxes   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. 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.   F- 12 Table of Contents   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. The Funds file income tax returns in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2020  to 2022, the Funds remain subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets. Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of June 30, 2023 , and for the years ended December 31, 2022 ,  2021 and 2020 . 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.   There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts. Bitcoin Futures Contracts more likely than not will be considered futures with respect to commodities for purposes of the qualifying income exception under section 7704 of the Code. Based on a CFTC determination that treats bitcoin as a commodity under the CEA, the Fund intends to take the position that Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code. Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund.   The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2023 and 2022 .   The Funds may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws.   Creations and Redemptions   Authorized Purchasers may purchase Creation Baskets from each Fund. 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. (ET) time on the day the order to create the basket is received in good order.   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 received in good order.   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. The amounts due from Authorized Purchasers are reflected in the statements of assets and liabilities as capital shares receivable. 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. If a Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. These minimum levels are as follows:   CORN: 50,000 shares representing 2 baskets SOYB: 50,000 shares representing 2 baskets CANE: 50,000 shares representing 2 baskets WEAT: 50,000 shares representing 2 baskets TAGS: 50,000 shares representing 4 baskets  DEFI:  50,000 shares representing 5 baskets   F- 13 Table of Contents   Cash and Cash Equivalents   Cash equivalents are highly liquid investments with original maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the combined statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. 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 combined 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. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.       June 30, 2023     December 31, 2022   Money Market Funds   $ 118,693,424     $ 188,640,417   Demand Deposit Savings Accounts     47,112,843       46,061,819   Commercial Paper     145,252,118       199,360,060   Total cash and cash equivalents as presented on the combined Statement of Assets and Liabilities   $ 311,058,385     $ 434,062,296     Payable for Purchases of Commercial Paper   The amount recorded by the Trust for commercial paper transactions awaiting settlement represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability.   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, 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. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Funds’ 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.    F- 14 Table of Contents   When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.   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.   Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.   Payable/Receivable for Securities Purchased/Sold   Due from/to broker for investments in securities are securities transactions pending settlement. The Trust and the Funds are subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The management of the Trust and the Funds monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. The principal broker through which the Trust and TAGS can execute securities transactions for TAGS is U.S. Bank N.A.   Sponsor Fee, Allocation of Expenses and Related Party Transactions   The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency, compliance, and other necessary services to the Fund, including services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance, and trading activities. In some cases, at its discretion, the Sponsor may elect not to outsource certain of these expenses.   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.   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, the Financial Industry Regulatory Authority (“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. Each 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. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to services provided by the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Funds and are, primarily, included as distribution and marketing fees on the statements of operations. These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing.   F- 15 Table of Contents   DEFI is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94 % per annum. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K- 1 preparation and mailing fees, and report preparation and mailing expenses. These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.       Three months ended June 30, 2023     Three months ended June 30, 2022 (1)     Six months ended June 30, 2023     Six months ended June 30, 2022 (1)   Recognized Related Party Transactions   $ 731,376     $ 871,921     $ 1,322,979     $ 1,417,630   Waived Related Party Transactions   $ 44,857     $ 358,002     $ 68,722     $ 479,081     ( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.   The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. The Sponsor has determined that there will be no recovery sought for the amounts below in any future period.       CORN     SOYB     CANE     WEAT     TAGS     DEFI     TRUST   Three months ended June 30, 2023   $ -     $ -     $ -     $ -     $ 152,755     $ 61,049     $ 213,804   Three months ended June 30, 2022 (1)   $ 221,478     $ 38,146     $ 49,371     $ 339,308     $ 59,160     $ -     $ 707,463   Six months ended June 30, 2023   $ -     $ -     $ -     $ -     $ 278,249     $ 131,619     $ 409,868   Six months ended June 30, 2022(1)   $ 345,855     $ 89,562     $ 78,237     $ 425,164     $ 114,163     $ -     $ 1,052,981     ( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.   Use of Estimates   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates.    F- 16 Table of Contents   Fair Value - Definition and Hierarchy   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. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’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, 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.   Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.   The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.   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. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. 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 daily 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.   F- 17 Table of Contents   On June 30, 2023 and December 31, 2022 , in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required.   For the three and six months ended June 30, 2023  and year ended December 31, 2022 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.   The Funds and the Trust record their derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts), which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.   Investments in the securities of the Underlying Funds are freely traded and listed on the NYSE Arca. These investments are valued at the NAV of the Underlying Fund as of the valuation date as calculated by the administrator based on the exchange-quoted prices of the commodity futures contracts held by the Underlying Fund.   Expenses   Expenses are recorded using the accrual method of accounting.   New Accounting Pronouncements   The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 01, related to Leases – (Topic 842 ). The response to concerns about applying Topic 842 to related party arrangements between entities under common control. The update was adopted early for the quarter ended March 31, 2023; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Funds.   The FASB issued 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 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.   F- 18 Table of Contents     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 June 30, 2023 and December 31, 2022 :   Assets:   Level 1     Level 2     Level 3     Balance as of June 30, 2023   Cash Equivalents   $ 263,945,542     $ -     $ -     $ 263,945,542   Commodity and Cryptocurrency Futures Contracts                                 Soybean futures contracts     818,350       -       -       818,350   Sugar futures contracts     921,870       -       -       921,870   Bitcoin futures contracts     126,672       -       -       126,672   Total   $ 265,812,434     $ -     $ -     $ 265,812,434     F- 19 Table of Contents   Liabilities   Level 1     Level 2     Level 3     Balance as of June 30, 2023   Commodity and Cryptocurrency Futures Contracts                                 Corn futures contracts   $ 13,427,593     $ -     $ -     $ 13,427,593   Soybean futures contracts     685,954       -       -       685,954   Sugar futures contracts     97,357       -       -       97,357   Wheat futures contracts     23,351,829       -       -       23,351,829   Total   $ 37,562,733     $ -     $ -     $ 37,562,733     Assets:   Level 1     Level 2     Level 3     Balance as of December 31, 2022   Cash Equivalents   $ 388,000,477     $ -     $ -     $ 388,000,477   Commodity and Cryptocurrency Futures Contracts                                 Corn futures contracts     1,585,798       -       -       1,585,798   Soybean futures contracts     2,520,370       -       -       2,520,370   Sugar futures contracts     911,329       -       -       911,329   Wheat futures contracts     3,160,732       -       -       3,160,732   Bitcoin futures contracts     29,152       -       -       29,152   Total   $ 396,207,858     $ -     $ -     $ 396,207,858     Liabilities   Level 1     Level 2     Level 3     Balance as of December 31, 2022   Cash Equivalents                                 Commodity and Cryptocurrency Futures Contracts                                 Corn futures contracts   $ 2,967,103     $ -     $ -     $ 2,967,103   Sugar futures contracts     85,128       -       -       85,128   Wheat futures contracts     26,380,838       -       -       26,380,838   Total   $ 29,433,069     $ -     $ -     $ 29,433,069     For the three and six months ended June 30, 2023 and year ended December 31, 2022 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. 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.   See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.     Note 5 – Derivative Instruments and Hedging Activities   In the normal course of business, the Funds utilize derivative contracts in connection with its proprietary trading activities. 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: 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 the inability of its counterparties to meet the terms of their contracts. For the three and six months ended June 30, 2023 and year ended December 31, 2022 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.   F- 20 Table of Contents   Futures Contracts   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.   The purchase and sale of futures contracts requires margin deposits with an FCM. 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. It is possible that the recovery amount could be less than the total of cash and other equity deposited.   The following table discloses information about offsetting assets and liabilities presented in the combined statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“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 combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex, and StoneX as of June 30, 2023 , and December 31, 2022 . The DEFI Fund has an account open at Phillip Capital with no contracts held as of June 30, 2023 .   *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.   Offsetting of Financial Assets and Derivative Assets as of June 30, 2023       (i)     (ii)     (iii) = (i-ii)     (iv)     (v) = (iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   Gross Amount of Recognized Assets     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 to Broker     Net Amount   Commodity and Cryptocurrency Price                                                 Soybean futures contracts   $ 818,350     $ -     $ 818,350     $ 685,954     $ -     $ 132,396   Sugar futures contracts   $ 921,870     $ -     $ 921,870     $ 97,357     $ -     $ 824,513   Bitcoin futures contracts   $ 126,672     $ -     $ 126,672     $ -     $ -     $ 126,672     Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2023       (i)     (ii)     (iii) = (i-ii)     (iv)     (v) = (iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   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*     Net Amount   Commodity and Cryptocurrency Price                                                 Corn futures contracts   $ 13,427,593     $ -     $ 13,427,593     $ -     $ 13,427,593     $ -   Soybean futures contracts   $ 685,954     $ -     $ 685,954     $ 685,954     $ -     $ -   Sugar futures contracts   $ 97,357     $ -     $ 97,357     $ 97,357     $ -     $ -   Wheat futures contracts   $ 23,351,829     $ -     $ 23,351,829     $ -     $ 23,351,829     $ -     F- 21 Table of Contents   Offsetting of Financial Assets and Derivative Assets as of December 31, 2022       (i)     (ii)     (iii) = (i-ii)     (iv)     (v) = (iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   Gross Amount of Recognized Assets     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 to Broker     Net Amount   Commodity and Cryptocurrency Price                                                 Corn futures contracts   $ 1,585,798     $ -     $ 1,585,798     $ 1,585,798     $ -     $ -   Soybean futures contracts   $ 2,520,370     $ -     $ 2,520,370     $ -     $ -     $ 2,520,370   Sugar futures contracts   $ 911,329     $ -     $ 911,329     $ 85,128     $ -     $ 826,201   Wheat futures contracts   $ 3,160,732     $ -     $ 3,160,732     $ 3,160,732     $ -     $ -   Bitcoin futures contracts   $ 29,152     $ -     $ 29,152     $ -     $ -     $ 29,152     Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2022       (i)     (ii)     (iii) = (i-ii)     (iv)     (v) = (iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   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*     Net Amount   Commodity and Cryptocurrency Price                                                 Corn futures contracts   $ 2,967,103     $ -     $ 2,967,103     $ 1,585,798     $ 1,381,305     $ -   Sugar futures contracts   $ 85,128     $ -     $ 85,128     $ 85,128     $ -     $ -   Wheat futures contracts   $ 26,380,838     $ -     $ 26,380,838     $ 3,160,732     $ 23,220,106     $ -     The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust:   Three months ended June 30, 2023         Realized (Loss) Gain on Commodity Futures Contracts     Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts   Commodity Price                 Corn futures contracts   $ ( 5,192,445 )   $ ( 8,746,928 ) Soybeans futures contracts     ( 1,108,023 )     1,311,668   Sugar futures contracts     7,408,174       ( 3,141,505 ) Wheat futures contracts     ( 17,129,061 )     1,960,839   Bitcoin futures Contracts     71,236       ( 30,948 ) Total commodity and cryptocurrency futures contracts   $ ( 15,950,119 )   $ ( 8,646,874 )   F- 22 Table of Contents   Three months ended June 30, 2022       Realized Gain on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Corn futures contracts   $ 22,454,084     $ ( 47,449,038 ) Soybeans futures contracts     2,645,146       ( 2,827,976 ) Sugar futures contracts     401,262       ( 2,174,684 ) Wheat futures contracts     1,412,938       ( 60,209,162 ) Total commodity futures contracts   $ 26,913,430     $ ( 112,660,860 )   Six months ended June 30, 2023       Realized (Loss) Gain on Commodity Futures Contracts     Net Change in Unrealized (Depreciation) Appreciation on Commodity Futures Contracts   Commodity Price                 Corn futures contracts   $ ( 11,461,380 )   $ ( 12,046,288 ) Soybeans futures contracts     ( 40,479 )     ( 2,387,974 ) Sugar futures contracts     8,747,622       ( 1,688 ) Wheat futures contracts     ( 40,487,794 )     ( 131,723 ) Bitcoin futures Contracts     700,787       97,520   Total commodity and cryptocurrency futures contracts   $ ( 42,541,244 )   $ ( 14,470,153 )   Six months ended June 30, 2022       Realized Gain on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Corn futures contracts   $ 39,023,065     $ ( 27,554,708 ) Soybeans futures contracts     9,697,847       ( 1,913,259 ) Sugar futures contracts     471,423       ( 1,266,942 ) Wheat futures contracts     39,419,505       ( 97,060,524 ) Total commodity and cryptocurrency futures contracts   $ 88,611,840     $ ( 127,795,433 )   Volume of Derivative Activities   The average notional market value categorized by primary underlying risk for the futures contracts held was $ 324.9  million and $ 353.6  million respectively for the three and six months ended June 30, 2023 and $ 902.8 million and $ 690.9 million respectively for the three and six months ended June 30, 2022 .     Note 6 - Organizational and Offering Costs   Expenses incurred in organizing of the Trust and the initial offering of the shares of the Funds, including applicable SEC registration fees, were borne directly by the Sponsor for the Funds, and will be borne directly by the Sponsor for any series of the Trust which is not yet operating or will be issued in the future. The Trust will not be obligated to reimburse the Sponsor.     Note 7 – Detail of the net assets and shares outstanding of the Funds that are a series of the Trust   The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust:   June 30, 2023       Outstanding               Shares     Net Assets   Teucrium Corn Fund     4,175,004     $ 92,776,876   Teucrium Soybean Fund     1,350,004       36,894,584   Teucrium Sugar Fund     1,825,004       23,179,570   Teucrium Wheat Fund     25,450,004       164,450,547   Hashdex Bitcoin Futures ETF     50,004       1,938,929   Teucrium Agricultural Fund:                 Net assets including the investment in the Underlying Funds             23,886,716   Less: Investment in the Underlying Funds             ( 23,869,353 ) Net for the Fund in the combined net assets of the Trust             17,363   Total           $ 319,257,869     F- 23 Table of Contents   December 31, 2022       Outstanding               Shares     Net Assets   Teucrium Corn Fund     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   Less: Investment in the Underlying Funds             39,572,698   Net for the Fund in the combined net assets of the Trust             2,547   Total           $ 465,375,598     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.     Note 8 – Subsequent Events   Management has evaluated the financial statements for the quarter-ended June 30, 2023 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:   Trust:   Nothing to report.   CORN:   Nothing to report.   SOYB:   Nothing to report.   CANE:   Nothing to report.   WEAT:   Nothing to report.   TAGS:   Nothing to report.   DEFI:   The Hashdex Bitcoin Futures ETF (“Tidal Fund”), sponsored by Toroso Investments, LLC (“Toroso”), a series of the Tidal Commodities Trust I has not commenced operations and was recently formed. The Tidal Fund will be the successor and surviving entity from the merger (the “Merger”) into the Tidal Fund of Hashdex Bitcoin Futures ETF (the “Teucrium Fund”) that is a series of the Teucrium Commodity Trust (the “Teucrium Trust”) sponsored by Teucrium Trading, LLC (“Teucrium”). The Merger is expected to close in 2023. Teucrium, Toroso, and Tidal ETF Services, LLC (“Tidal”) and Victory Capital Management Inc. (“Victory Capital”) (the “Marketing Agents”) have entered into a support agreement (“Support Agreement”) that, among other things, will cause the Merger in furtherance of their long-term business goals, the Tidal Fund will be the successor and surviving entity from the Merger. The Tidal Fund and the Teucrium Fund will file current reports on Form 8 -K including a press release notifying shareholders that the Merger has been consummated.     F-24 Table of Contents       TEUCRIUM CORN FUND STATEMENTS OF ASSETS AND LIABILITIES       June 30, 2023     December 31, 2022       (Unaudited)           Assets                 Cash and cash equivalents   $ 94,178,879     $ 142,434,737   Interest receivable     170,274       125,014   Other assets     19,189       854   Capital shares receivable     -       1,344,830   Equity in trading accounts:                 Commodity futures contracts     -       1,585,798   Due from broker     15,401,024       11,625,331   Total equity in trading accounts     15,401,024       13,211,129   Total assets     109,769,366       157,116,564                     Liabilities                 Management fee payable to Sponsor     83,316       144,877   Payable for purchases of commercial paper     3,478,261       -   Other liabilities     3,320       21,349   Payable for shares redeemed     -       1,344,830   Equity in trading accounts:                 Commodity futures contracts     13,427,593       2,967,103   Total liabilities     16,992,490       4,478,159                     Net assets   $ 92,776,876     $ 152,638,405                     Shares outstanding     4,175,004       5,675,004                     Shares Authorized     *       *                     Net asset value per share   $ 22.22     $ 26.90                     Market value per share   $ 22.19     $ 26.93     * On April 7, 2022, the Teucrium Corn Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.         The accompanying notes are an integral part of these financial statements.   F-25 Table of Contents     TEUCRIUM CORN FUND SCHEDULE OF INVESTMENTS June 30, 2023 (Unaudited)                               Percentage of           Description: Assets   Yield     Cost     Fair Value     Net Assets     Shares                                             Cash equivalents                                         Money market funds                                         First American Government Obligations Fund - Class X     5.015 %   $ 7,279,766     $ 7,279,766       7.85 %     7,279,766   Goldman Sachs Financial Square Government Fund - Institutional Class     5.022 %     11,419,034       11,419,034       12.31       11,419,034   Total money market funds           $ 18,698,800     $ 18,698,800       20.16 %             Maturity                           Percentage of     Principal     Date   Yield     Cost     Fair Value     Net Assets     Amount   Commercial Paper                                           American Electric Power Company, Inc. August 17, 2023     5.285 %   $ 3,478,261     $ 3,478,261       3.75 %     3,500,000   Bayer Corporation July 10, 2023     5.200 %     2,476,580       2,496,806       2.69       2,500,000   Brookfield Infrastructure Holdings (Canada) Inc. August 2, 2023     5.639 %     2,481,149       2,487,689       2.68       2,500,000   Brookfield Infrastructure Holdings (Canada) Inc. August 9, 2023     5.702 %     2,480,556       2,484,833       2.68       2,500,000   CNH Industrial Capital LLC August 17, 2023     5.396 %     2,476,813       2,482,701       2.68       2,500,000   Enbridge (U.S.) Inc. July 10, 2023     5.317 %     2,483,293       2,496,731       2.69       2,500,000   Enbridge (U.S.) Inc. July 10, 2023     5.317 %     2,483,656       2,496,731       2.69       2,500,000   General Motors Financial Company, Inc. July 5, 2023     5.296 %     3,463,600       3,497,978       3.77       3,500,000   General Motors Financial Company, Inc. July 20, 2023     5.368 %     2,474,016       2,493,047       2.69       2,500,000   Glencore Funding LLC July 13, 2023     5.341 %     7,435,493       7,486,880       8.07       7,500,000   Harley-Davidson Financial Services, Inc. July 14, 2023     5.602 %     2,477,083       2,495,035       2.69       2,500,000   Harley-Davidson Financial Services, Inc. August 1, 2023     5.728 %     2,466,886       2,487,923       2.68       2,500,000   Jabil Inc. July 28, 2023     5.651 %     2,488,803       2,489,575       2.68       2,500,000   Walgreens Boots Alliance, Inc. July 6, 2023     5.674 %     2,486,438       2,498,063       2.69       2,500,000   Walgreens Boots Alliance, Inc. July 13, 2023     5.707 %     2,475,889       2,495,333       2.69       2,500,000   Walgreens Boots Alliance, Inc. July 14, 2023     5.737 %     2,476,542       2,494,917       2.69       2,500,000   WGL Holdings, Inc. July 11, 2023     5.584 %     2,493,125       2,496,181       2.69       2,500,000   Total Commercial Paper           $ 49,098,183     $ 49,358,684       53.20 %         Total Cash Equivalents                   $ 68,057,484       73.36 %                 Number of             Percentage of     Notional Amount   Description: Liabilities   Contracts     Fair Value     Net Assets     (Long Exposure)                                     Commodity futures contracts                                 United States corn futures contracts                                 CBOT corn futures SEP23     1,302     $ 4,516,994       4.87 %   $ 31,801,350   CBOT corn futures DEC23     1,104       7,636,709       8.23       27,310,200   CBOT corn futures DEC24     1,356       1,273,890       1.37       33,679,650   Total commodity futures contracts           $ 13,427,593       14.47 %   $ 92,791,200     The accompanying notes are an integral part of these financial statements.   F- 26 Table of Contents   TEUCRIUM CORN FUND SCHEDULE OF INVESTMENTS December 31, 2022                               Percentage of           Description: Assets   Yield     Cost     Fair Value     Net Assets     Shares                                             Cash equivalents                                         Money market funds                                         First American Government Obligations Fund - Class X     4.105 %   $ 3,498,444     $ 3,498,444       2.29 %     3,498,444   Goldman Sachs Financial Square Government Fund - Institutional Class     4.140 %     49,057,471       49,057,471       32.14       49,057,471   Total money market funds           $ 52,555,915     $ 52,555,915       34.43 %             Maturity                           Percentage of     Principal     Date   Yield     Cost     Fair Value     Net Assets     Amount   Commercial Paper                                           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       1.63       2,500,000   CNH Industrial Capital LLC February 13, 2023     4.780 %     4,949,736       4,971,931       3.26       5,000,000   Crown Castle Inc. January 10, 2023     4.877 %     2,481,000       2,497,000       1.64       2,500,000   Crown Castle Inc. January 12, 2023     4.765 %     4,979,764       4,992,820       3.27       5,000,000   Entergy Corporation January 4, 2023     4.311 %     2,481,702       2,499,115       1.64       2,500,000   General Motors Financial Company, Inc. January 10, 2023     4.618 %     7,449,762       7,491,469       4.91       7,500,000   General Motors Financial Company, Inc. January 18, 2023     4.473 %     2,472,806       2,494,806       1.63       2,500,000   Harley-Davidson Financial Services, Inc. January 3, 2023     4.721 %     2,482,562       2,499,354       1.64       2,500,000   Harley-Davidson Financial Services, Inc. January 25, 2023     4.944 %     7,458,402       7,475,650       4.90       7,500,000   Harley-Davidson Financial Services, Inc. February 2, 2023     5.104 %     2,479,781       2,488,844       1.63       2,500,000   Hyundai Capital America January 10, 2023     4.000 %     2,475,911       2,497,536       1.64       2,500,000   ITT Inc. January 19, 2023     4.475 %     2,482,544       2,494,487       1.63       2,500,000   Jabil Inc. January 13, 2023     5.073 %     4,980,555       4,991,667       3.27       5,000,000   Oracle Corporation January 17, 2023     4.361 %     2,482,980       2,495,222       1.63       2,500,000   V.F. Corporation February 2, 2023     4.669 %     1,986,711       1,991,822       1.30       2,000,000   Walgreens Boots Alliance, Inc. February 28, 2023     4.827 %     2,479,549       2,480,868       1.63       2,500,000   Total Commercial Paper           $ 64,046,259     $ 64,340,159       42.15 %         Total Cash Equivalents                   $ 116,896,074       76.58 %               Number of             Percentage of     Notional Amount       Contracts     Fair Value     Net Assets     (Long Exposure)   Commodity futures contracts                                 United States corn futures contracts                                 CBOT corn futures JUL23     1,363     $ 1,585,798       1.04 %   $ 45,779,763         Number of             Percentage of     Notional Amount   Description: Liabilities   Contracts     Fair Value     Net Assets     (Long Exposure)                                     Commodity futures contracts                                 United States corn futures contracts                                 CBOT corn futures MAY23     1,575     $ 751,309       0.49 %   $ 53,392,500   CBOT corn futures DEC23     1,750       2,215,794       1.45       53,440,625   Total commodity futures contracts         $ 2,967,103       1.94 %   $ 106,833,125   The accompanying notes are an integral part of these financial statements.   F- 27 Table of Contents     TEUCRIUM CORN FUND STATEMENTS OF OPERATIONS (Unaudited)       Three months ended     Three months ended     Six months ended     Six months ended       June 30, 2023     June 30, 2022     June 30, 2023     June 30, 2022   Income                                 Realized and unrealized gain (loss) on trading of commodity futures contracts:                                 Realized (loss) gain on commodity futures contracts   $ ( 5,192,445 )   $ 22,454,084     $ ( 11,461,380 )   $ 39,023,065   Net change in unrealized depreciation on commodity futures contracts     ( 8,746,928 )     ( 47,449,038 )     ( 12,046,288 )     ( 27,554,708 ) Interest income     1,268,364       531,679       2,722,600       618,304   Total (loss) income     ( 12,671,009 )     ( 24,463,275 )     ( 20,785,068 )     12,086,661                                     Expenses                                 Management fees     255,570       724,521       584,444       1,102,802   Professional fees     112,802       117,588       191,610       282,087   Distribution and marketing fees     267,934       331,091       507,012       626,686   Custodian fees and expenses     21,759       18,490       54,803       35,004   Business permits and licenses fees     2,720       4,864       9,298       20,858   General and administrative expenses     32,895       58,709       46,207       86,184   Total expenses     693,680       1,255,263       1,393,374       2,153,621                                     Expenses waived by the Sponsor     -       ( 221,478 )     -       ( 345,855 )                                   Total expenses, net     693,680       1,033,785       1,393,374       1,807,766                                     Net (loss) income   $ ( 13,364,689 )   $ ( 25,497,060 )   $ ( 22,178,442 )   $ 10,278,895                                     Net (loss) gain per share   $ ( 3.05 )   $ ( 2.11 )   $ ( 4.68 )   $ 3.48   Net (loss) gain per weighted average share   $ ( 3.14 )   $ ( 2.51 )   $ ( 4.72 )   $ 1.24   Weighted average shares outstanding     4,252,751       10,146,433       4,696,413       8,266,993     The accompanying notes are an integral part of these financial statements.   F-28 Table of Contents     TEUCRIUM CORN FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)       Six months ended     Six months ended       June 30, 2023     June 30, 2022   Operations                 Net (loss) income   $ ( 22,178,442 )   $ 10,278,895   Capital transactions                 Issuance of Shares     6,393,108       178,584,808   Redemption of Shares     ( 44,076,195 )     ( 70,978,030 ) Total capital transactions     ( 37,683,087 )     107,606,778   Net change in net assets     ( 59,861,529 )     117,885,673                     Net assets, beginning of period   $ 152,638,405     $ 120,846,256                     Net assets, end of period   $ 92,776,876     $ 238,731,929                     Net asset value per share at beginning of period   $ 26.90     $ 21.58                     Net asset value per share at end of period   $ 22.22     $ 25.06                     Creation of Shares     250,000       6,550,000   Redemption of Shares     1,750,000       2,625,000     The accompanying notes are an integral part of these financial statements.   F-29 Table of Contents     TEUCRIUM CORN FUND STATEMENTS OF CASH FLOWS (Unaudited)       Six months ended     Six months ended       June 30, 2023     June 30, 2022   Cash flows from operating activities:                 Net (loss) income   $ ( 22,178,442 )   $ 10,278,895   Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                 Net change in unrealized depreciation/(appreciation) on commodity futures contracts     12,046,288       27,554,708   Changes in operating assets and liabilities:                 Due from broker     ( 3,775,693 )     ( 27,101,825 ) Interest receivable     ( 45,260 )     ( 92,888 ) Other assets     ( 18,335 )     -   Management fee payable to Sponsor     ( 61,561 )     134,033   Payable for purchases of commercial paper     3,478,261       -   Other liabilities     ( 18,029 )     ( 15,103 ) Net cash (used in) provided by operating activities     ( 10,572,771 )     10,757,820                     Cash flows from financing activities:                 Proceeds from sale of Shares     7,737,938       175,957,838   Redemption of Shares     ( 45,421,025 )     ( 70,978,030 ) Net cash (used in) provided by financing activities     ( 37,683,087 )     104,979,808                     Net change in cash and cash equivalents     ( 48,255,858 )     115,737,628   Cash and cash equivalents, beginning of period     142,434,737       115,012,740   Cash and cash equivalents, end of period   $ 94,178,879     $ 230,750,368     The accompanying notes are an integral part of these financial statements.   F-30 Table of Contents   NOTES TO FINANCIAL STATEMENTS June 30, 2023 (Unaudited)     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”):   CORN Benchmark   CBOT Corn Futures Contract   Weighting   Second to expire     35 % Third to expire     30 % December following the third to expire     35 %   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 adviser (“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 April 7, 2022. This registration statement for CORN registered an indeterminate number of shares.   The accompanying unaudited financial statements have been prepared in accordance with Rule 10 - 01 of Regulation S- X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable. The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.   F- 31 Table of Contents   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. However, no level of losses will require the Sponsor to terminate a Fund.     Note 2 – Principal Contracts and Agreements   The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202.   For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as custodian fees and expenses on the statements of operations. 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 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 each Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all 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. These services are recorded as distribution and marketing fees on the statements of operations. A summary of these expenses is included below.   Marex Capital Markets, Inc. (“Marex”) and StoneX Financial Inc (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts 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. 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 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 under the heading, Brokerage Commissions .   F- 32 Table of Contents   The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. 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”). 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. This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below:       Three months ended June 30, 2023     Three months ended June 30, 2022     Six months ended June 30, 2023     Six months ended June 30, 2022   Amount Recognized for Custody Services   $ 21,759     $ 18,490     $ 54,803     $ 35,004   Amount of Custody Services Waived   $ -     $ 4,000     $ -     $ 4,000                                     Amount Recognized for Distribution Services   $ 9,902     $ 15,890     $ 19,955     $ 32,629   Amount of Distribution Services Waived   $ -     $ 10,708     $ -     $ 17,010                                     Amount Recognized for Thales   $ 4,246     $ 31,725     $ 9,832     $ 58,918   Amount of Thales Waived   $ -     $ -     $ -     $ 27,193       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.   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 operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. The Fund seeks to earn interest on its assets denominated in U.S. dollars on deposits with the Futures Commission Merchant. In addition, the Fund earns interest on funds held at the custodian and at other financial institutions at prevailing market rates for such investments.   The Sponsor invests 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 statements of assets and liabilities and statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations.   The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations.   F- 33 Table of Contents   Brokerage Commissions   The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2023 and 2022 .       CORN   Three months ended June 30, 2023   $ 13,898   Three months ended June 30, 2022   $ 102,336   Six months ended June 30, 2023   $ 31,168   Six months ended June 30, 2022   $ 133,575     Income Taxes   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. 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. 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 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. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2020 to 2022, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 . 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.   F- 34 Table of Contents   The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2023 and 2022 .   The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws.   Creations and Redemptions   Authorized Purchasers may purchase Creation Baskets consisting of 25,000 shares from CORN. 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. (ET) on the day the order to create the basket is received in good order.   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 received in good order.   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.   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. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.    Allocation of Shareholder Income and Losses   Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month.    Cash and Cash Equivalents   Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. 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 is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.       June 30, 2023     December 31, 2022   Money Market Funds   $ 18,698,800     $ 52,555,915   Demand Deposit Savings Accounts     26,121,395       25,538,663   Commercial Paper     49,358,684       64,340,159   Total cash and cash equivalents as presented on the Statement of Assets and Liabilities   $ 94,178,879     $ 142,434,737     F- 35 Table of Contents   Payable for Purchases of Commercial Paper   The amount recorded by the Fund for commercial paper transactions awaiting settlement, represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability.   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, 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. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the 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. 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.    When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.   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. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.   F- 36 Table of Contents   Calculation of Net Asset Value   The Fund’s NAV is calculated by:     ● Taking the current market value of its total assets and   ● Subtracting any liabilities.   The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET).   In determining the value of Corn Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. (ET). 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. Short term Treasury securities held by the Fund are valued by the administrator using values received from recognized third -party vendors and dealer quotes. NAV includes any unrealized profit or loss on open corn interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund.   Sponsor Fee, Allocation of Expenses and Related Party Transactions   The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. 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, 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 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. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.       Three months ended June 30, 2023     Three months ended June 30, 2022     Six months ended June 30, 2023     Six months ended June 30, 2022   Recognized Related Party Transactions   $ 196,355     $ 249,320     $ 351,270     $ 482,817   Waived Related Party Transactions   $ -     $ 111,525     $ -     $ 149,721     F- 37 Table of Contents   The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:       CORN   Three months ended June 30, 2023   $ -   Three months ended June 30, 2022   $ 221,478   Six months ended June 30, 2023   $ -   Six months ended June 30, 2022   $ 345,855     Use of Estimates   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates.   Fair Value - Definition and Hierarchy   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 Fund uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the 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:    Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments 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.   Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.   F- 38 Table of Contents   The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.   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 daily 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.   On June 30, 2023 and December 31, 2022 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. 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 three months ended June 30, 2023  and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.   The Fund records its derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.   F- 39 Table of Contents   Expenses   Expenses are recorded using the accrual method of accounting.   Net Income (Loss) per Share   Net income (loss) per share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period.   New Accounting Pronouncements   The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 01, related to Leases – (Topic 842 ). The response to concerns about applying Topic 842 to related party arrangements between entities under common control. The update was adopted early for the quarter ended March 31, 2023; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.   The FASB issued 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 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.     F- 40 Table of Contents       Note 4 – Fair Value Measurements   The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2023 and December 31, 2022 :   June 30, 2023                               Balance as of   Assets:   Level 1     Level 2     Level 3     June 30, 2023   Cash Equivalents   $ 68,057,484     $ -     $ -     $ 68,057,484                                 Balance as of   Liabilities   Level 1     Level 2     Level 3     June 30, 2023   Commodity Futures Contracts                                 Corn futures contracts   $ 13,427,593     $ -     $ -     $ 13,427,593     December 31, 2022                               Balance as of   Assets:   Level 1     Level 2     Level 3     December 31, 2022   Cash Equivalents   $ 116,896,074     $ -     $ -     $ 116,896,074   Commodity Futures Contracts                                 Corn futures contracts     1,585,798       -       -       1,585,798   Total   $ 118,481,872     $ -     $ -     $ 118,481,872                                 Balance as of   Liabilities   Level 1     Level 2     Level 3     December 31, 2022   Corn futures contracts   $ 2,967,103     $ -     $ -     $ 2,967,103     F- 41 Table of Contents   For the  three and six months ended June 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.    See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.     Note 5 – Derivative Instruments and Hedging Activities   In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s 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 Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the three and six months ended June 30, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.   Futures Contracts   The Fund is subject to commodity price risk in the normal course of pursuing its 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.   The purchase and sale of futures contracts requires margin deposits with an FCM. Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund’s 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 the 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.    The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. 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.”   F- 42 Table of Contents   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 FCMs, Marex and StoneX as of June 30, 2023 , and December 31, 2022 .   *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.       Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2023       (i)     (ii)     (iii) = (i)-(ii)     (iv)     (v)=(iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   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*     Net Amount   Commodity Price                                                 Corn futures contracts   $ 13,427,593     $ -     $ 13,427,593     $ -     $ 13,427,593     $ -     Offsetting of Financial Assets and Derivative Assets as of December 31, 2022       (i)     (ii)     (iii) = (i)-(ii)     (iv)     (v)=(iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   Gross Amount of Recognized Assets     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 to Broker     Net Amount   Commodity Price                                                 Corn futures contracts   $ 1,585,798     $ -     $ 1,585,798     $ 1,585,798     $ -     $ -     Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2022       (i)     (ii)     (iii) = (i)-(ii)     (iv)     (v)=(iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   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*     Net Amount   Commodity Price                                                 Corn futures contracts   $ 2,967,103     $ -     $ 2,967,103     $ 1,585,798     $ 1,381,305     $ -     F- 43 Table of Contents   The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:   Three months ended June 30, 2023       Realized Loss on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Corn futures contracts   $ ( 5,192,445 )   $ ( 8,746,928 )   Three months ended June 30, 2022       Realized Gain on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Corn futures contracts   $ 22,454,084     $ ( 47,449,038 )   Six months ended June 30, 2023       Realized Loss on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Corn futures contracts   $ ( 11,461,380 )   $ ( 12,046,288 )   Six months ended June 30, 2022       Realized Gain on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Corn futures contracts   $ 39,023,065     $ ( 27,554,708 )   Volume of Derivative Activities   The average notional market value categorized by primary underlying risk for the futures contracts held was $ 96.6  million and $ 111.5  million respectively for the three and six months ended June 30, 2023 and $ 286.2 million and $ 226.8 million respectively for the three and six months ended June 30, 2022 .   F- 44 Table of Contents     Note 6 – Financial Highlights   The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2023 and 2022 . This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.       Three months ended     Three months ended     Six months ended     Six months ended       June 30, 2023     June 30, 2022     June 30, 2023     June 30, 2022   Per Share Operation Performance                                 Net asset value at beginning of period   $ 25.27     $ 27.17     $ 26.90     $ 21.58   Income from investment operations:                                 Investment income     0.30       0.05       0.58       0.08   Net realized and unrealized (loss) gain on commodity futures contracts     ( 3.19 )     ( 2.06 )     ( 4.96 )     3.62   Total expenses, net     ( 0.16 )     ( 0.10 )     ( 0.30 )     ( 0.22 ) Net (decrease) increase in net asset value     ( 3.05 )     ( 2.11 )     ( 4.68 )     3.48   Net asset value at end of period   $ 22.22     $ 25.06     $ 22.22     $ 25.06   Total Return     - 12.07 %     - 7.76 %     - 17.38 %     16.14 % Ratios to Average Net Assets (Annualized)                                 Total expenses     2.71 %     1.73 %     2.38 %     1.95 % Total expenses, net     2.71 %     1.43 %     2.38 %     1.64 % Net investment income (loss)     2.25 %     - 0.69 %     2.27 %     - 1.08 %   The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.     Note 7 – Organizational and Offering Costs   Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor.     Note 8 – Subsequent Events   Management has evaluated the financial statements for the quarter-ended June 30, 2023 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 Fund.   F-45 Table of Contents       TEUCRIUM SOYBEAN FUND STATEMENTS OF ASSETS AND LIABILITIES       June 30, 2023     December 31, 2022       (Unaudited)           Assets                 Cash and cash equivalents   $ 33,878,490     $ 58,212,569   Interest receivable     47,278       66,135   Other assets     27,802       1,160   Equity in trading accounts:                 Commodity futures contracts     818,350       2,520,370   Due from broker     2,837,925       543,205   Total equity in trading accounts     3,656,275       3,063,575   Total assets     37,609,845       61,343,439                     Liabilities                 Payable for shares redeemed     -       2,850,260   Management fee payable to Sponsor     28,330       55,430   Other liabilities     977       7,764   Equity in trading accounts:                 Commodity futures contracts     685,954       -   Total liabilities     715,261       2,913,454                     Net assets   $ 36,894,584     $ 58,429,985                     Shares outstanding     1,350,004       2,050,004                     Shares authorized     *       *                     Net asset value per share   $ 27.33     $ 28.50                     Market value per share   $ 27.32     $ 28.50     * On April 7, 2022, the Teucrium Soybean Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.         The accompanying notes are an integral part of these financial statements.   F-46 Table of Contents     TEUCRIUM SOYBEAN FUND SCHEDULE OF INVESTMENTS June 30, 2023 (Unaudited)                               Percentage of           Description: Assets   Yield     Cost     Fair Value     Net Assets     Shares                                             Cash equivalents                                         Money market funds                                         First American Government Obligations Fund - Class X     5.015 %   $ 6,102,478     $ 6,102,478       16.54 %     6,102,478   Goldman Sachs Financial Square Government Fund - Institutional Class     5.022 %     7,587,910       7,587,910       20.57       7,587,910   Total money market funds           $ 13,690,388     $ 13,690,388       37.11 %             Maturity                           Percentage of     Principal     Date   Yield     Cost     Fair Value     Net Assets     Amount   Commercial Paper                                           BASF SE September 20, 2023     5.352 %   $ 2,470,105     $ 2,470,469       6.70 %     2,500,000   Bayer Corporation July 10, 2023     5.200 %     2,476,580       2,496,806       6.77       2,500,000   CNH Industrial Capital LLC August 17, 2023     5.396 %     2,476,813       2,482,701       6.73       2,500,000   Enbridge (U.S.) Inc. July 10, 2023     5.317 %     2,483,656       2,496,731       6.77       2,500,000   General Motors Financial Company, Inc. August 9, 2023     5.397 %     2,485,250       2,485,619       6.74       2,500,000   Walgreens Boots Alliance, Inc. July 14, 2023     5.737 %     2,476,542       2,494,918       6.76       2,500,000   Total Commercial Paper           $ 14,868,946     $ 14,927,244       40.47 %         Total Cash Equivalents                   $ 28,617,632       77.58 %                 Number of             Percentage of     Notional Amount       Contracts     Fair Value     Net Assets     (Long Exposure)   Commodity futures contracts                                 United States soybean futures contracts                                 CBOT soybean futures NOV23     197     $ 51,011       0.14 %   $ 13,231,013   CBOT soybean futures JAN24     167       767,339       2.08       11,245,363   Total commodity futures contracts           $ 818,350       2.22 %   $ 24,476,376         Number of             Percentage of     Notional Amount   Description: Liabilities   Contracts     Fair Value     Net Assets     (Long Exposure)                                     Commodity futures contracts                                 United States soybean futures contracts                                 CBOT soybean futures NOV24     206     $ 685,954       1.86 %   $ 12,429,525     The accompanying notes are an integral part of these financial statements.   F- 47 Table of Contents   TEUCRIUM SOYBEAN FUND SCHEDULE OF INVESTMENTS December 31, 2022                               Percentage of           Description: Assets   Yield     Cost     Fair Value     Net Assets     Shares                                             Cash equivalents                                         Money market funds                                         First American Government Obligations Fund - Class X     4.105 %   $ 10,287,270     $ 10,287,270       17.61 %     10,287,270   Goldman Sachs Financial Square Government Fund - Institutional Class     4.140 %     15,343,772       15,343,772       26.26       15,343,772   Total money market funds           $ 25,631,042     $ 25,631,042       43.87 %             Maturity                           Percentage of     Principal     Date   Yield     Cost     Fair Value     Net Assets     Amount   Commercial Paper                                           Brookfield Infrastructure Holdings (Canada) Inc. January 17, 2023     4.734 %   $ 4,959,225     $ 4,989,644       8.54 %     5,000,000   CNH Industrial Capital LLC January 23, 2023     4.566 %     2,483,750       2,493,125       4.27       2,500,000   Crown Castle Inc. January 10, 2023     4.877 %     2,481,000       2,497,000       4.27       2,500,000   Crown Castle Inc. January 12, 2023     4.765 %     2,489,882       2,496,410       4.27       2,500,000   Entergy Corporation January 4, 2023     4.311 %     2,481,702       2,499,115       4.28       2,500,000   Humana Inc. January 9, 2023     4.670 %     2,482,750       2,497,444       4.27       2,500,000   V.F. Corporation January 17, 2023     4.364 %     2,479,695       2,495,222       4.27       2,500,000   V.F. Corporation February 2, 2023     4.669 %     2,483,389       2,489,778       4.26       2,500,000   VW Credit, Inc. January 19, 2023     4.434 %     2,482,702       2,494,538       4.27       2,500,000   Walgreens Boots Alliance, Inc. February 13, 2023     4.842 %     2,485,094       2,485,756       4.25       2,500,000   Total Commercial Paper           $ 27,309,189     $ 27,438,032       46.96 %         Total Cash Equivalents                   $ 53,069,074       90.83 %               Number of             Percentage of     Notional Amount       Contracts     Fair Value     Net Assets     (Long Exposure)   Commodity futures contracts                                 United States soybean futures contracts                                 CBOT soybean futures MAR23     268     $ 642,912       1.10 %   $ 20,421,600   CBOT soybean futures MAY23     229       807,218       1.38       17,518,500   CBOT soybean futures NOV23     289       1,070,240       1.82       20,472,038   Total commodity futures contracts           $ 2,520,370       4.30 %   $ 58,412,138     The accompanying notes are an integral part of these financial statements.   F- 48 Table of Contents     TEUCRIUM SOYBEAN FUND STATEMENTS OF OPERATIONS (Unaudited)       Three months ended     Three months ended     Six months ended     Six months ended       June 30, 2023     June 30, 2022     June 30, 2023     June 30, 2022   Income                                 Realized and unrealized gain (loss) on trading of commodity futures contracts:                                 Realized (loss) gain on commodity futures contracts   $ ( 1,108,023 )   $ 2,645,146     $ ( 40,479 )   $ 9,697,847   Net change in unrealized appreciation/depreciation on commodity futures contracts     1,311,668       ( 2,827,976 )     ( 2,387,974 )     ( 1,913,259 ) Interest income     433,162       156,528       944,785       184,364   Total income (loss)     636,807       ( 26,302 )     ( 1,483,668 )     7,968,952                                     Expenses                                 Management fees     86,715       201,951       201,405       337,666   Professional fees     96,011       21,564       154,009       85,551   Distribution and marketing fees     102,554       72,420       171,739       199,586   Custodian fees and expenses     13,874       5,464       17,315       11,006   Business permits and licenses fees     8,671       6,294       10,965       14,071   General and administrative expenses     8,671       26,799       10,965       36,397   Total expenses     316,496       334,492       566,398       684,277                                     Expenses waived by the Sponsor     -       ( 38,146 )     -       ( 89,562 )                                   Total expenses, net     316,496       296,346       566,398       594,715                                     Net income (loss)   $ 320,311     $ ( 322,648 )   $ ( 2,050,066 )   $ 7,374,237                                     Net gain (loss) per share   $ 0.14     $ 0.31     $ ( 1.17 )   $ 4.30   Net gain (loss) per weighted average share   $ 0.24     $ 0.11     $ ( 1.37 )   $ 2.94   Weighted average shares outstanding     1,328,026       2,881,323       1,497,380       2,506,772     The accompanying notes are an integral part of these financial statements.   F-49 Table of Contents     TEUCRIUM SOYBEAN FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)       Six months ended     Six months ended       June 30, 2023     June 30, 2022   Operations                 Net (loss) income   $ ( 2,050,066 )   $ 7,374,237   Capital transactions                 Issuance of Shares     6,663,120       37,589,380   Redemption of Shares     ( 26,148,455 )     ( 14,826,515 ) Total capital transactions     ( 19,485,335 )     22,762,865   Net change in net assets     ( 21,535,401 )     30,137,102                     Net assets, beginning of period   $ 58,429,985     $ 44,972,625                     Net assets, end of period   $ 36,894,584     $ 75,109,727                     Net asset value per share at beginning of period   $ 28.50     $ 22.77                     Net asset value per share at end of period   $ 27.33     $ 27.07                     Creation of Shares     250,000       1,350,000   Redemption of Shares     950,000       550,000     The accompanying notes are an integral part of these financial statements.   F-50 Table of Contents     TEUCRIUM SOYBEAN FUND STATEMENTS OF CASH FLOWS (Unaudited)       Six months ended     Six months ended       June 30, 2023     June 30, 2022   Cash flows from operating activities:                 Net (loss) income   $ ( 2,050,066 )   $ 7,374,237   Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                 Net change in unrealized depreciation on commodity futures contracts     2,387,974       1,913,259   Changes in operating assets and liabilities:                 Due from broker     ( 2,294,720 )     ( 1,759,296 ) Interest receivable     18,857       ( 30,790 ) Other assets     ( 26,642 )     -   Due to broker     -       ( 675,169 ) Management fee payable to Sponsor     ( 27,100 )     36,746   Other liabilities     ( 6,787 )     ( 3,724 ) Net cash (used in) provided by operating activities     ( 1,998,484 )     6,855,263                     Cash flows from financing activities:                 Proceeds from sale of Shares     6,663,120       37,589,380   Redemption of Shares     ( 28,998,715 )     ( 9,413,075 ) Net cash (used in) provided by financing activities     ( 22,335,595 )     28,176,305                     Net change in cash and cash equivalents     ( 24,334,079 )     35,031,568   Cash and cash equivalents beginning of period     58,212,569       43,019,884   Cash and cash equivalents end of period   $ 33,878,490     $ 78,051,452     The accompanying notes are an integral part of these financial statements.   F-51 Table of Contents   NOTES TO FINANCIAL STATEMENTS June 30, 2023 (Unaudited)     Note 1 – Organization and Operation   Teucrium Soybean Fund (referred to herein as “SOYB” 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 “SOYB,” 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 soybean 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 SOYB is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the soybean 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 soybeans (“Soybean Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”):   SOYB Benchmark   CBOT Soybean Futures Contract   Weighting   Second to expire (excluding August & September)     35 % Third to expire (excluding August & September)     30 % Expiring in the November following the expiration of the third to expire contract     35 %   The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending 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 adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).   On June 13, 2011, the initial Form S- 1 for SOYB was declared effective by the SEC. On September 16, 2011, two Creation Baskets were issued representing 100,000 shares and $ 2,500,000 . On September 19, 2011, SOYB started trading on the NYSE Arca. The current registration statement for SOYB was declared effective by the SEC on April 7, 2022. This registration statement for SOYB registered an indeterminate number of shares.   The accompanying unaudited financial statements have been prepared in accordance with Rule 10 - 01 of Regulation S- X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable. The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.    F- 52 Table of Contents   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. However, no level of losses will require the Sponsor to terminate a Fund.     Note 2 – Principal Contracts and Agreements   The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202.   For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as custodian fees and expenses on the statements of operations. 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 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 each Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all 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. These services are recorded as distribution and marketing fees on the statements of operations. A summary of these expenses is included below.    Marex Capital Markets, Inc. (“Marex”) and StoneX Financial Inc. (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts 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 E D & F Man 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 under the heading, Brokerage Commissions .   F- 53 Table of Contents   The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. 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”). 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. This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below:           Three months ended June 30, 2023     Three months ended June 30, 2022     Six months ended June 30, 2023     Six months ended June 30, 2022   Amount Recognized for Custody Services   $ 13,875     $ 5,464     $ 17,315     $ 11,006   Amount of Custody Services Waived   $ -     $ 4,000     $ -     $ 4,000                                     Amount Recognized for Distribution Services   $ 3,906     $ 4,795     $ 7,172     $ 10,384   Amount of Distribution Services Waived   $ -     $ -     $ -     $ 3,962                                     Amount Recognized for Thales   $ 1,693     $ 9,042     $ 3,541     $ 17,771   Amount of Thales Waived   $ -     $ -     $ -     $ -       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.   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 operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. The Fund seeks to earn interest on its assets denominated in U.S. dollars on deposits with the Futures Commission Merchant. In addition, the Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments.   The Sponsor invests 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 statements of assets and liabilities and on the statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations.   The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations.    F- 54 Table of Contents   Brokerage Commissions   the Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2023 and 2022 .       SOYB   Three months ended June 30, 2023   $ 2,439   Three months ended June 30, 2022   $ 8,686   Six months ended June 30, 2023   $ 8,779   Six months ended June 30, 2022   $ 15,206     Income Taxes   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. 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. 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 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. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2020 to 2022, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 . 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. No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2023 and 2022 .    The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws.   F- 55 Table of Contents   Creations and Redemptions   Authorized Purchasers may purchase Creation Baskets consisting of 25,000 shares from the Fund. 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. (ET) on the day the order to create the basket is received in good order.   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 received in good order.   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.   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. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.   Allocation of Shareholder Income and Losses   Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month.   Cash and Cash Equivalents   Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. 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 is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. 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.       June 30, 2023     December 31, 2022   Money Market Funds   $ 13,690,388     $ 25,631,042   Demand Deposit Savings Accounts     5,260,858       5,143,495   Commercial Paper     14,927,244       27,438,032   Total cash and cash equivalents as presented on the Statement of Assets and Liabilities   $ 33,878,490     $ 58,212,569     F- 56 Table of Contents   Payable for Purchases of Commercial Paper   The amount recorded by the Fund for commercial paper transactions awaiting settlement, represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability.   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, 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. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the 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. 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.   When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.   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.    Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.   Calculation of Net Asset Value   The Fund’s NAV is calculated by:     • Taking the current market value of its total assets and   • Subtracting any liabilities.   The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET).   F- 57 Table of Contents   In determining the value of Soybean Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The value of over-the-counter soybean interests is determined based on the value of the commodity or futures contract underlying such soybean 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 soybean 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. Short term Treasury securities held by the Fund are valued by the administrator using values received from recognized third -party vendors and dealer quotes. NAV includes any unrealized profit or loss on open soybean interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund.   Sponsor Fee, Allocation of Expenses and Related Party Transactions   The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. 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 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 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. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.       Three months ended June 30, 2023     Three months ended June 30, 2022     Six months ended June 30, 2023     Six months ended June 30, 2022   Recognized Related Party Transactions   $ 75,418     $ 74,713     $ 125,685     $ 152,146   Waived Related Party Transactions   $ -     $ 7,089     $ -     $ 32,056     F- 58 Table of Contents   The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:       SOYB   Three months ended June 30, 2023   $ -   Three months ended June 30, 2022   $ 38,146   Six months ended June 30, 2023   $ -   Six months ended June 30, 2022   $ 89,562     Use of Estimates   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates.   Fair Value - Definition and Hierarchy   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 Fund uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the 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:   Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments 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.   Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.    The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.   F- 59 Table of Contents   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 periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. 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 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 June 30, 2023 and December 31, 2022 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. 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 three months ended June 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.   The Fund records its derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.   Expenses   Expenses are recorded using the accrual method of accounting.   Net Income (Loss) per Share   Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period.    New Accounting Pronouncements   The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 01, related to Leases – (Topic 842 ). The response to concerns about applying Topic 842 to related party arrangements between entities under common control. The update was adopted early for the quarter ended March 31, 2023; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.   F- 60 Table of Contents   The FASB issued 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 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.     F- 61 Table of Contents     Note 4 – Fair Value Measurements   The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2023 and December 31, 2022 :   June 30, 2023                               Balance as of   Assets:   Level 1     Level 2     Level 3     June 30, 2023   Cash Equivalents   $ 28,617,632     $ -     $ -     $ 28,617,632   Commodity Futures Contracts                                 Soybean futures contracts     818,350       -       -       818,350   Total   $ 29,435,982     $ -     $ -     $ 29,435,982                                 Balance as of   Liabilities   Level 1     Level 2     Level 3     June 30, 2023   Commodity Futures Contracts                                 Soybean futures contracts   $ 685,954     $ -     $ -     $ 685,954     December 31, 2022                               Balance as of   Assets:   Level 1     Level 2     Level 3     December 31, 2022   Cash Equivalents   $ 53,069,074     $ -     $ -     $ 53,069,074   Commodity Futures Contracts                                 Soybean futures contracts     2,520,370       -       -       2,520,370   Total   $ 55,589,444     $ -     $ -     $ 55,589,444     For the three and six months ended June 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.   See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.     Note 5 – Derivative Instruments and Hedging Activities   In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s 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 Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the three and six months ended June 30, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.   F- 62 Table of Contents   Futures Contracts   The Fund is subject to commodity price risk in the normal course of pursuing its 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.   The purchase and sale of futures contracts requires margin deposits with an FCM. Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund’s 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 the 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.   The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. 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 FCMs, Marex and StoneX as of June 30, 2023 , and December 31, 2022 .   *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.   Offsetting of Financial Assets and Derivative Assets as of  June 30, 2023       (i)     (ii)     (iii) = (i)-(ii)     (iv)     (v)=(iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   Gross Amount of Recognized Assets     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 to Broker     Net Amount   Commodity Price                                                 Soybean futures contracts   $ 818,350     $ -     $ 818,350     $ 685,954     $ -     $ 132,396     Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2023       (i)     (ii)     (iii) = (i)-(ii)     (iv)     (v)=(iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   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*     Net Amount   Commodity Price                                                 Soybean futures contracts   $ 685,954     $ -     $ 685,954     $ 685,954     $ -     $ -     Offsetting of Financial Assets and Derivative Assets as of December 31, 2022       (i)     (ii)     (iii) = (i)-(ii)     (iv)     (v)=(iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   Gross Amount of Recognized Assets     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 to Broker     Net Amount   Commodity Price                                                 Soybean futures contracts   $ 2,520,370     $ -     $ 2,520,370     $ -     $ -     $ 2,520,370     F- 63 Table of Contents   The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Fund:   Three months ended June 30, 2023       Realized Loss on Commodity Futures Contracts     Net Change in Unrealized Appreciation on Commodity Futures Contracts   Commodity Price                 Soybean futures contracts   $ ( 1,108,023 )   $ 1,311,668     Three months ended June 30, 2022          Realized Gain on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Soybean futures contracts   $ 2,645,146     $ ( 2,827,976 )   Six months ended June 30, 2023       Realized Loss on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Soybean futures contracts   $ ( 40,479 )   $ ( 2,387,974 )   Six months ended June 30, 2022       Realized Gain on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Soybean futures contracts   $ 9,697,847     $ ( 1,913,259 )   Volume of Derivative Activities   The average notional market value categorized by primary underlying risk for all futures contracts held was $ 34.2  million and $ 38.4  million respectively for the three and six months ended June 30, 2023  and $ 80.3 million and $ 68.5 million respectively for the three and six months ended June 30, 2022 .   F- 64 Table of Contents     Note 6 – Financial Highlights   The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2023 and 2022 . This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.          Three months ended     Three months ended     Six months ended     Six months ended       June 30, 2023     June 30, 2022     June 30, 2023     June 30, 2022   Per Share Operation Performance                                 Net asset value at beginning of period   $ 27.19     $ 26.76     $ 28.50     $ 22.77   Income from investment operations:                                 Investment income     0.33       0.05       0.63       0.08   Net realized and unrealized gain (loss) on commodity futures contracts     0.05       0.36       ( 1.42 )     4.46   Total expenses, net     ( 0.24 )     ( 0.10 )     ( 0.38 )     ( 0.24 ) Net increase (decrease) in net asset value     0.14       0.31       ( 1.17 )     4.30   Net asset value at end of period   $ 27.33     $ 27.07     $ 27.33     $ 27.07   Total Return     0.52 %     1.14 %     - 4.12 %     18.86 % Ratios to Average Net Assets (Annualized)                                 Total expenses     3.65 %     1.66 %     2.81 %     2.03 % Total expenses, net     3.65 %     1.47 %     2.81 %     1.76 % Net investment income (loss)     1.35 %     - 0.69 %     1.88 %     - 1.22 %   The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.     Note 7 – Organizational and Offering Costs   Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor.     Note 8 – Subsequent Events   Management has evaluated the financial statements for the quarter-ended June 30, 2023 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 Fund.   F-65 Table of Contents       TEUCRIUM SUGAR FUND STATEMENTS OF ASSETS AND LIABILITIES       June 30, 2023     December 31, 2022       (Unaudited)           Assets                 Cash and cash equivalents   $ 22,928,180     $ 22,977,480   Interest receivable     38,764       30,669   Other assets     22,558       2,965   Equity in trading accounts:                 Commodity futures contracts     921,870       911,329   Due from broker     979,197       447,801   Total equity in trading accounts     1,901,067       1,359,130   Total assets     24,890,569       24,370,244                     Liabilities                 Payable for shares redeemed     1,587,650       -   Management fee payable to Sponsor     24,761       20,912   Other liabilities     1,231       1,845   Equity in trading accounts:                 Commodity futures contracts     97,357       85,128   Total liabilities     1,710,999       107,885                     Net assets   $ 23,179,570     $ 24,262,359                     Shares outstanding     1,825,004       2,550,004                     Shares authorized     *       *                     Net asset value per share   $ 12.70     $ 9.51                     Market value per share   $ 12.76     $ 9.53     * On April 7, 2022, the Teucrium Sugar Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.   The accompanying notes are an integral part of these financial statements.   F-66 Table of Contents     TEUCRIUM SUGAR FUND SCHEDULE OF INVESTMENTS June 30, 2023 (Unaudited)                               Percentage of           Description: Assets   Yield     Cost     Fair Value     Net Assets     Shares                                             Cash equivalents                                         Money market funds                                         First American Government Obligations Fund - Class X     5.015 %   $ 163,350     $ 163,350       0.71 %     163,350   Goldman Sachs Financial Square Government Fund - Institutional Class     5.022 %     7,167,211       7,167,211       30.92       7,167,211   Total Money Market Funds           $ 7,330,561     $ 7,330,561       31.63 %             Maturity                           Percentage of     Principal     Date   Yield     Cost     Fair Value     Net Assets     Amount   Commercial Paper                                           CNH Industrial Capital LLC August 17, 2023     5.396 %   $ 2,476,813     $ 2,482,701       10.71 %     2,500,000   Enbridge (U.S.) Inc. July 10, 2023     5.317 %     2,483,656       2,496,731       10.77       2,500,000   Glencore Funding LLC July 13, 2023     5.341 %     2,478,498       2,495,627       10.77       2,500,000   Harley-Davidson Financial Services, Inc. August 1, 2023     5.728 %     2,466,886       2,487,923       10.73       2,500,000   Walgreens Boots Alliance, Inc. July 14, 2023     5.737 %     2,476,542       2,494,917       10.76       2,500,000   Total Commercial Paper           $ 12,382,395     $ 12,457,899       53.74 %         Total Cash Equivalents                   $ 19,788,460       85.37 %               Number of             Percentage of     Notional Amount       Contracts     Fair Value     Net Assets     (Long Exposure)   Commodity futures contracts                                 United States sugar futures contracts                                 ICE sugar futures MAR24     317     $ 772,957       3.34 %   $ 8,126,865   ICE sugar futures MAY24     287       148,913       0.64       6,955,962   Total commodity futures contracts           $ 921,870       3.98 %   $ 15,082,827           Number of             Percentage of     Notional Amount   Description: Liabilities   Contracts     Fair Value     Net Assets     (Long Exposure)                                     Commodity futures contracts                                 United States sugar futures contracts                                 ICE sugar futures MAR25     348     $ 97,357       0.42 %   $ 8,110,906   The accompanying notes are an integral part of these financial statements.   F- 67 Table of Contents   TEUCRIUM SUGAR FUND SCHEDULE OF INVESTMENTS December 31, 2022                               Percentage of           Description: Assets   Yield     Cost     Fair Value     Net Assets     Shares                                             Cash equivalents                                         Money market funds                                         First American Government Obligations Fund - Class X     4.105 %   $ 5,634,177     $ 5,634,177       23.22 %     5,634,177   Goldman Sachs Financial Square Government Fund - Institutional Class     4.140 %     4,286,322       4,286,322       17.67       4,286,322   Total Money Market Funds           $ 9,920,499     $ 9,920,499       40.89 %             Maturity                           Percentage of     Principal     Date   Yield     Cost     Fair Value     Net Assets     Amount   Commercial Paper                                           Entergy Corporation January 4, 2023     4.311 %   $ 2,481,702     $ 2,499,115       10.30 %     2,500,000   General Motors Financial Company, Inc. January 10, 2023     4.276 %     2,475,149       2,497,369       10.29       2,500,000   Glencore Funding LLC January 13, 2023     4.526 %     2,482,656       2,496,283       10.29       2,500,000   VW Credit, Inc. January 19, 2023     4.434 %     2,482,702       2,494,537       10.28       2,500,000   Total Commercial Paper           $ 9,922,209     $ 9,987,304       41.16 %         Total Cash Equivalents                   $ 19,907,803       82.05 %               Number of             Percentage of     Notional Amount       Contracts     Fair Value     Net Assets     (Long Exposure)   Commodity futures contracts                                 United States sugar futures contracts                                 ICE sugar futures MAY23     401     $ 356,963       1.47 %   $ 8,407,526   ICE sugar futures JUL23     362       554,366       2.29       7,289,811   Total commodity futures contracts           $ 911,329       3.76 %   $ 15,697,337         Number of             Percentage of     Notional Amount   Description: Liabilities   Contracts     Fair Value     Net Assets     (Long Exposure)                                     Commodity futures contracts                                 United States sugar futures contracts                                 ICE sugar futures MAR24     427     $ 85,128       0.35 %   $ 8,565,278     The accompanying notes are an integral part of these financial statements.   F- 68 Table of Contents     TEUCRIUM SUGAR FUND STATEMENTS OF OPERATIONS    (Unaudited)       Three months ended     Three months ended     Six months ended     Six months ended       June 30, 2023     June 30, 2022     June 30, 2023     June 30, 2022   Income                                 Realized and unrealized gain (loss) on trading of commodity futures contracts:                                 Realized gain on commodity futures contracts   $ 7,408,174     $ 401,262     $ 8,747,622     $ 471,423   Net change in unrealized depreciation on commodity futures contracts     ( 3,141,505 )     ( 2,174,684 )     ( 1,688 )     ( 1,266,942 ) Interest income     431,237       61,792       702,686       72,490   Total income (loss)     4,697,906       ( 1,711,630 )     9,448,620       ( 723,029 )                                   Expenses                                 Management fees     86,295       87,825       147,633       142,431   Professional fees     76,125       9,021       146,054       41,785   Distribution and marketing fees     63,875       44,085       98,691       92,055   Custodian fees and expenses     11,202       2,959       12,238       5,234   Business permits and licenses fees     8,630       16,794       11,121       25,011   General and administrative expenses     9,791       12,320       10,404       16,528   Total expenses     255,918       173,004       426,141       323,044                                     Expenses waived by the Sponsor     -       ( 49,371 )     -       ( 78,237 )                                   Total expenses, net     255,918       123,633       426,141       244,807                                     Net income (loss)   $ 4,441,988     $ ( 1,835,263 )   $ 9,022,479     $ ( 967,836 )                                   Net gain (loss) per share   $ 1.26     $ ( 0.30 )   $ 3.19     $ 0.09   Net gain (loss) per weighted average share   $ 1.70     $ ( 0.50 )   $ 3.57     $ ( 0.32 ) Weighted average shares outstanding     2,612,367       3,644,509       2,530,114       3,036,330     The accompanying notes are an integral part of these financial statements.   F-69 Table of Contents     TEUCRIUM SUGAR FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)       Six months ended     Six months ended       June 30, 2023     June 30, 2022   Operations                 Net income (loss)   $ 9,022,479     $ ( 967,836 ) Capital transactions                 Issuance of Shares     13,938,612       25,327,690   Redemption of Shares     ( 24,043,880 )     ( 14,811,445 ) Total capital transactions     ( 10,105,268 )     10,516,245   Net change in net assets     ( 1,082,789 )     9,548,409                     Net assets, beginning of period   $ 24,262,359     $ 22,834,664                     Net assets, end of period   $ 23,179,570     $ 32,383,073                     Net asset value per share at beginning of period   $ 9.51     $ 9.23                     Net asset value per share at end of period   $ 12.70     $ 9.32                     Creation of Shares     1,200,000       2,600,000   Redemption of Shares     1,925,000       1,600,000     The accompanying notes are an integral part of these financial statements.   F-70 Table of Contents     TEUCRIUM SUGAR FUND STATEMENTS OF CASH FLOWS (Unaudited)         Six months ended     Six months ended       June 30, 2023     June 30, 2022   Cash flows from operating activities:                 Net income (loss)   $ 9,022,479     $ ( 967,836 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                 Net change in unrealized depreciation on commodity futures contracts     1,688       1,266,942   Changes in operating assets and liabilities:                 Due from broker     ( 531,396 )     ( 1,547,470 ) Interest receivable     ( 8,095 )     ( 15,237 ) Other assets     ( 19,593 )     -   Management fee payable to Sponsor     3,849       12,016   Other liabilities     ( 614 )     ( 2,153 ) Net cash provided by (used in) operating activities     8,468,318       ( 1,253,738 )                   Cash flows from financing activities:                 Proceeds from sale of Shares     13,938,612       25,327,690   Redemption of Shares     ( 22,456,230 )     ( 14,811,445 ) Net cash (used in) provided by financing activities     ( 8,517,618 )     10,516,245                     Net change in cash and cash equivalents     ( 49,300 )     9,262,507   Cash and cash equivalents beginning of period     22,977,480       21,332,902   Cash and cash equivalents end of period   $ 22,928,180     $ 30,595,409     The accompanying notes are an integral part of these financial statements.   F-71 Table of Contents   NOTES TO FINANCIAL STATEMENTS June 30, 2023 (Unaudited)     Note 1 – Organization and Operation   Teucrium Sugar Fund (referred to herein as “CANE” 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 “CANE,” 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 sugar 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 CANE is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the sugar 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 No. 11 sugar (“Sugar Futures Contracts”) that are traded on the ICE Futures US (“ICE”):   CANE Benchmark   ICE Sugar Futures Contract   Weighting   Second to expire     35 % Third to expire     30 % Expiring in the March following the expiration of the third to expire contract     35 %   The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending 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 adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).   On June 13, 2011, the initial Form S- 1 for CANE was declared effective by the SEC. On September 16, 2011, two Creation Baskets were issued representing 100,000 shares and $ 2,500,000 . On September 19, 2011, CANE started trading on the NYSE Arca. The current registration statement for CANE was declared effective by the SEC on April 7, 2022. This registration statement for CANE registered an indeterminate number of shares.   The accompanying unaudited financial statements have been prepared in accordance with Rule 10 - 01 of Regulation S- X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable. The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.   F- 72 Table of Contents   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. However, no level of losses will require the Sponsor to terminate a Fund.     Note 2 – Principal Contracts and Agreements   The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202.   For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as custodian fees and expenses on the statements of operations. 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 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 each Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all 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. These services are recorded as distribution and marketing fees on the statements of operations. A summary of these expenses is included below.    Marex Capital Markets, Inc. (“Marex”) and StoneX Financial Inc. (“StoneX”) serve as the Funds’ clearing brokers to execute and clear the futures contracts 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 under the heading, Brokerage Commissions .   F- 73 Table of Contents   The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. 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”). 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. This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below:       Three months ended June 30, 2023     Three months ended June 30, 2022     Six months ended June 30, 2023     Six months ended June 30, 2022   Amount Recognized for Custody Services   $ 11,202     $ 2,959     $ 12,238     $ 5,234   Amount of Custody Services Waived   $ -     $ 1,068     $ -     $ 1,068                                     Amount Recognized for Distribution Services   $ 2,159     $ 2,229     $ 3,707     $ 4,736   Amount of Distribution Services Waived   $ -     $ 1,479     $ -     $ 3,331                                     Amount Recognized for Thales   $ 1,110     $ 4,427     $ 1,956     $ 8,699   Amount of Thales Waived   $ -     $ 4,427     $ -     $ 4,427       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.   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 operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents with financial institutions are recognized on the accrual basis. The Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments.   The Sponsor invests 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 statements of assets and liabilities and on the statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations.    The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations.   F- 74 Table of Contents   Brokerage Commissions   The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2023 and 2022 .       CANE   Three months ended June 30, 2023   $ 9,899   Three months ended June 30, 2022   $ 20,341   Six months ended June 30, 2023   $ 15,954   Six months ended June 30, 2022   $ 26,536     Income Taxes   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. 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. 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 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. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2020 to 2022, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 . 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. No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2023 and 2022 .   The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws.   F- 75 Table of Contents   Creations and Redemptions   Authorized Purchasers may purchase Creation Baskets consisting of 25,000 shares from the Fund. 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. (ET) on the day the order to create the basket is received in good order.   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 received in good order.   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.   As outlined in the most recent Form S- 1 filing, 50,000 shares represents two Redemption Baskets for the Fund and a minimum level of shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.   Allocation of Shareholder Income and Losses   Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month.    Cash and Cash Equivalents   Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. 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 is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.       June 30, 2023     December 31, 2022   Money Market Funds   $ 7,330,561     $ 9,920,499   Demand Deposit Savings Accounts     3,139,720       3,069,677   Commercial Paper     12,457,899       9,987,304   Total cash and cash equivalents as presented on the Statement of Assets and Liabilities   $ 22,928,180     $ 22,977,480     F- 76 Table of Contents   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, 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. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the 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. 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.   When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.   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.   Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.    Calculation of Net Asset Value   The Fund’s NAV is calculated by:     • Taking the current market value of its total assets and   • Subtracting any liabilities.   The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET).   In determining the value of Sugar Futures Contracts, the administrator uses the ICE closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The value of over-the-counter sugar interests is determined based on the value of the commodity or futures contract underlying such sugar 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 sugar 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. Short term Treasury securities held by the Fund are valued by the administrator using values received from recognized third -party vendors and dealer quotes. NAV includes any unrealized profit or loss on open sugar interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund.   F- 77 Table of Contents   Sponsor Fee, Allocation of Expenses and Related Party Transactions   The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. 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, 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 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. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund. Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.       Three months ended June 30, 2023     Three months ended June 30, 2022     Six months ended June 30, 2023     Six months ended June 30, 2022   Recognized Related Party Transactions   $ 47,871     $ 35,293     $ 71,632     $ 71,422   Waived Related Party Transactions   $ -     $ 18,957     $ -     $ 25,739     The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. The Sponsor has determined that there will be no recovery sought for the amounts below in any future period:       CANE   Three months ended June 30, 2023   $ -   Three months ended June 30, 2022   $ 49,371   Six months ended June 30, 2023   $ -   Six months ended June 30, 2022   $ 78,237     F- 78 Table of Contents   Use of Estimates   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates.   Fair Value – Definition and Hierarchy   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 Fund uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the 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:   Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments 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.   Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.   The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.    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 periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. 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 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.   F- 79 Table of Contents   On June 30, 2023 and December 31, 2022 , in the opinion of the Trust and the Fund, the reported value of the Sugar Futures Contracts traded on the ICE fairly reflected the value of the Sugar Futures Contracts held by the Fund, and no adjustments were necessary. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. 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 three and six months ended June 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.   The Fund records its derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.   Expenses   Expenses are recorded using the accrual method of accounting.   Net Income (Loss) per Share   Net income (loss) per share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period.   New Accounting Pronouncements   The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 01, related to Leases – (Topic 842 ). The response to concerns about applying Topic 842 to related party arrangements between entities under common control. The update was adopted early for the quarter ended March 31, 2023; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.   The FASB issued 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 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.   F- 80 Table of Contents     Note 4 – Fair Value Measurements   The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2023 and December 31, 2022 :   June 30, 2023                               Balance as of   Assets:   Level 1     Level 2     Level 3     June 30, 2023   Cash Equivalents   $ 19,788,460     $ -     $ -     $ 19,788,460   Commodity Futures Contracts                                 Sugar futures contracts     921,870       -       -       921,870   Total   $ 20,710,330     $ -     $ -     $ 20,710,330                                 Balance as of   Liabilities   Level 1     Level 2     Level 3     June 30, 2023   Commodity Futures Contracts                                 Sugar futures contracts   $ 97,357     $ -     $ -     $ 97,357     December 31, 2022                               Balance as of   Assets:   Level 1     Level 2     Level 3     December 31, 2022   Cash Equivalents   $ 19,907,803     $ -     $ -     $ 19,907,803   Sugar futures contracts     911,329       -       -       911,329   Total   $ 20,819,132     $ -     $ -     $ 20,819,132                                 Balance as of   Liabilities   Level 1     Level 2     Level 3     December 31, 2022   Sugar futures contracts   $ 85,128     $ -     $ -     $ 85,128     For the  three and six months ended June 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.   See the Fair Value – Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.     Note 5 – Derivative Instruments and Hedging Activities   In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s 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 Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts. For the three and six months ended June 30, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.   Futures Contracts   The Fund is subject to commodity price risk in the normal course of pursuing its 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.   The purchase and sale of futures contracts requires margin deposits with an FCM. Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund’s 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.   F- 81 Table of Contents   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 the 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.   The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. 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 FCMs, Marex and StoneX as of June 30, 2023 , and December 31, 2022 .   *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.   Offsetting of Financial Assets and Derivative Assets as of June 30, 2023       (i)     (ii)     (iii) = (i)-(ii)     (iv)     (v)=(iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   Gross Amount of Recognized Assets     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 to Broker     Net Amount   Commodity Price                                                 Sugar futures contracts   $ 921,870     $ -     $ 921,870     $ 97,357     $ -     $ 824,513     Offsetting of Financial Liabilities and Derivative Liabilities as of  June 30, 2023       (i)     (ii)     (iii) = (i)-(ii)     (iv)     (v)=(iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   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*     Net Amount   Commodity Price                                                 Sugar futures contracts   $ 97,357     $ -     $ 97,357     $ 97,357     $ -     $ -     Offsetting of Financial Assets and Derivative Assets as of December 31, 2022       (i)     (ii)     (iii) = (i)-(ii)     (iv)     (v)=(iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   Gross Amount of Recognized Assets     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 to Broker     Net Amount   Commodity Price                                                 Sugar futures contracts   $ 911,329     $ -     $ 911,329     $ 85,128     $ -     $ 826,201     Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2022       (i)     (ii)     (iii) = (i)-(ii)     (iv)     (v)=(iii)-(iv)                               Gross Amount Not Offset in the Statement of Assets and Liabilities           Description   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*     Net Amount   Commodity Price                                                 Sugar futures contracts   $ 85,128     $ -     $ 85,128     $ 85,128     $ -     $ -     F- 82 Table of Contents   The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:   Three months ended June 30, 2023       Realized Gain on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Sugar futures contracts   $ 7,408,174     $ ( 3,141,505 )   Three months ended June 30, 2022       Realized Gain on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Sugar futures contracts   $ 401,262     $ ( 2,174,684 )   Six months ended June 30, 2023         Realized Gain on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Sugar futures contracts   $ 8,747,622     $ ( 1,688 )   Six months ended June 30, 2022       Realized Gain on Commodity Futures Contracts     Net Change in Unrealized Depreciation on Commodity Futures Contracts   Commodity Price                 Sugar futures contracts   $ 471,423     $ ( 1,266,942 )   Volume of Derivative Activities   The average notional market value categorized by primary underlying risk for all futures contracts held were $ 32.6  million and $ 29.2  million respectively for the three and six months ended June 30, 2023 and $ 35.2 million and $ 28.3 million respectively for the three and six months ended June 30, 2022 .   F- 83 Table of Contents     Note 6 – Financial Highlights   The following table presents per unit performance data and other supplemental financial data for the three and six months ended June 30, 2023 and 2022 . This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.       Three months ended     Three months ended     Six months ended     Six months ended       June 30, 2023     June 30, 2022     June 30, 2023     June 30, 2022   Per Share Operation Performance                                 Net asset value at beginning of period   $ 11.44     $ 9.62     $ 9.51     $ 9.23   Income (loss) from investment operations:                                 Investment income     0.17       0.01       0.28       0.02   Net realized and unrealized gain (loss) on commodity futures contracts     1.19       ( 0.28 )     3.08       0.15   Total expenses, net     ( 0.10 )     ( 0.03 )     ( 0.17 )     ( 0.08 ) Net increase (decrease) in net asset value     1.26       ( 0.30 )     3.19       0.09   Net asset value at end of period   $ 12.70     $ 9.32     $ 12.70     $ 9.32   Total Return     10.98 %     - 3.12 %     33.49 %     1.01 % Ratios to Average Net Assets (Annualized)                                 Total expenses     2.97 %     1.97 %     2.89 %     2.27 % Total expenses, net     2.97 %     1.41 %     2.89 %     1.72 % Net investment income (loss)     2.03 %     - 0.70 %     1.87 %     - 1.21 %   The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.     Note 7 – Organizational and Offering Costs   Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees, were borne directly by the Sponsor. The Fund will not be obligated to reimburse the Sponsor.     Note 8 – Subsequent Events   Management has evaluated the financial statements for the quarter-ended June 30, 2023 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 Fund.       F-84 Table of Contents       TEUCRIUM WHEAT FUND STATEMENTS OF ASSETS AND LIABILITIES       June 30, 2023     December 31, 2022       (Unaudited)           Assets                 Cash and cash equivalents   $ 158,645,471     $ 209,730,825   Interest receivable     164,326       92,540   Other assets     9,699       3,468   Equity in trading accounts:                 Commodity futures contracts     -       3,160,732   Due from broker     31,624,510       48,610,031   Total equity in trading accounts     31,624,510       51,770,763   Total assets     190,444,006       261,597,596                     Liabilities                 Payable for shares redeemed     -       5,988,825   Management fee payable to Sponsor     141,587       210,795   Payable for purchases of commercial paper     2,484,473       -   Other liabilities     15,570       45,099   Equity in trading accounts:                 Commodity futures contracts     23,351,829       26,380,838   Total liabilities     25,993,459       32,625,557                     Net assets   $ 164,450,547     $ 228,972,039                     Shares outstanding     25,450,004       28,675,004                     Shares authorized     *       *                     Net asset value per share   $ 6.46     $ 7.99                     Market value per share   $ 6.44     $ 7.98     * On March 9, 2022, the Teucrium Wheat Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.   The accompanying notes are an integral part of these financial statements.   F-85 Table of Contents     TEUCRIUM WHEAT FUND SCHEDULE OF INVESTMENTS June 30, 2023 (Unaudited)                               Percentage of           Description: Assets   Yield     Cost     Fair Value     Net Assets     Shares                                             Cash equivalents                                         Money market funds                                         First American Government Obligations Fund - Class X     5.015 %   $ 15,943,881     $ 15,943,881       9.70 %     15,943,881   Goldman Sachs Financial Square Government Fund - Institutional Class     5.022 %     61,602,430       61,602,430       37.46       61,602,430   Total money market funds           $ 77,546,311     $ 77,546,311       47.16 %             Maturity                           Percentage of     Principal     Date   Yield     Cost     Fair Value     Net Assets     Amount   Commercial Paper                                           American Electric Power Company, Inc. August 17, 2023     5.285 %   $ 2,484,473     $ 2,484,473       1.51 %     2,500,000   BASF SE September 20, 2023     5.352 %     2,470,105       2,470,469       1.50       2,500,000   Bayer Corporation July 10, 2023     5.200 %     4,953,159       4,993,613       3.04       5,000,000   Brookfield Infrastructure Holdings (Canada) Inc. August 2, 2023     5.639 %     2,481,149       2,487,689       1.51       2,500,000   Brookfield Infrastructure Holdings (Canada) Inc. August 9, 2023     5.702 %     4,961,111       4,969,667       3.02       5,000,000   CNH Industrial Capital LLC August 17, 2023     5.396 %     4,953,625       4,965,403       3.02       5,000,000   Enbridge (U.S.) Inc. July 10, 2023     5.317 %     2,483,656       2,496,731       1.52       2,500,000   Enbridge (U.S.) Inc. July 10, 2023     5.317 %     2,483,293       2,496,731       1.52       2,500,000   General Motors Financial Company, Inc. July 5, 2023     5.296 %     2,474,000       2,498,556       1.52       2,500,000   General Motors Financial Company, Inc. July 20, 2023     5.368 %     2,474,016       2,493,047       1.52       2,500,000   General Motors Financial Company, Inc. August 9, 2023     5.397 %     2,485,250       2,485,619       1.51       2,500,000   Glencore Funding LLC July 13, 2023     5.341 %     9,913,990       9,982,506       6.07       10,000,000   Harley-Davidson Financial Services, Inc. July 14, 2023     5.602 %     2,477,083       2,495,035       1.52       2,500,000   Harley-Davidson Financial Services, Inc. August 1, 2023     5.728 %     2,466,886       2,487,923       1.51       2,500,000   Harley-Davidson Financial Services, Inc. August 18, 2023     5.557 %     2,480,283       2,481,800       1.51       2,500,000   Jabil Inc. July 14, 2023     5.587 %     1,245,417       1,247,517       0.76       1,250,000   Jabil Inc. July 28, 2023     5.651 %     2,488,803       2,489,575       1.51       2,500,000   Walgreens Boots Alliance, Inc. July 6, 2023     5.674 %     2,486,438       2,498,062       1.52       2,500,000   Walgreens Boots Alliance, Inc. July 13, 2023     5.707 %     2,475,889       2,495,333       1.52       2,500,000   WGL Holdings, Inc. July 11, 2023     5.584 %     7,479,375       7,488,542       4.55       7,500,000   Total Commercial Paper           $ 68,218,001     $ 68,508,291       41.66 %         Total Cash Equivalents                   $ 146,054,602       88.82 %                 Number of             Percentage of     Notional Amount   Description: Liabilities   Contracts     Fair Value     Net Assets     (Long Exposure)                                     Commodity futures contracts                                 United States wheat futures contracts                                 CBOT wheat futures SEP23     1,760     $ 3,721,805       2.26 %   $ 57,288,000   CBOT wheat futures DEC23     1,471       19,533,670       11.88       49,223,338   CBOT wheat futures DEC24     1,622       96,354       0.06       57,966,225   Total commodity futures contracts           $ 23,351,829       14.20 %   $ 164,477,563     The accompanying notes are an integral part of these financial statements.   F- 86 Table of Contents   TEUCRIUM WHEAT FUND SCHEDULE OF INVESTMENTS December 31, 2022                               Percentage of           Description: Assets   Yield     Cost     Fair Value     Net Assets     Shares                                             Cash equivalents                                         Money market funds                                         First American Government Obligations Fund - Class X     4.105 %   $ 8,255,546     $ 8,255,546       3.61 %     8,255,546   Goldman Sachs Financial Square Government Fund - Institutional Class     4.140 %     91,570,730       91,570,730       39.99       91,570,730   Total money market funds           $ 99,826,276     $ 99,826,276       43.60 %             Maturity                           Percentage of     Principal     Date   Yield     Cost     Fair Value     Net Assets     Amount   Commercial Paper                                           American Electric Power Company, Inc. January 17, 2023     4.565 %   $ 4,968,750     $ 4,990,000       2.18 %     5,000,000   Brookfield Infrastructure Holdings (Canada) Inc. January 17, 2023     4.742 %     7,438,744       7,484,443       3.27       7,500,000   CNH Industrial Capital LLC January 23, 2023     4.566 %     4,967,500       4,986,250       2.18       5,000,000   CNH Industrial Capital LLC February 13, 2023     4.780 %     4,949,736       4,971,931       2.17       5,000,000   Crown Castle Inc. January 10, 2023     4.877 %     2,481,000       2,497,000       1.09       2,500,000   Crown Castle Inc. January 12, 2023     4.765 %     4,979,764       4,992,820       2.18       5,000,000   Entergy Corporation January 4, 2023     4.311 %     2,481,702       2,499,115       1.09       2,500,000   General Motors Financial Company, Inc. January 10, 2023     4.276 %     2,475,149       2,497,369       1.09       2,500,000   General Motors Financial Company, Inc. January 18, 2023     4.473 %     4,945,611       4,989,611       2.18       5,000,000   Glencore Funding LLC January 10, 2023     4.506 %     9,934,607       9,988,895       4.36       10,000,000   Glencore Funding LLC January 13, 2023     4.526 %     2,979,187       2,995,540       1.31       3,000,000   Harley-Davidson Financial Services, Inc. January 3, 2023     4.721 %     2,780,470       2,799,277       1.22       2,800,000   Harley-Davidson Financial Services, Inc. February 2, 2023     5.104 %     2,479,780       2,488,844       1.09       2,500,000   Humana Inc. January 9, 2023     4.670 %     4,965,500       4,994,889       2.18       5,000,000   Hyundai Capital America January 10, 2023     4.000 %     7,427,734       7,492,609       3.27       7,500,000   ITT Inc. January 19, 2023     4.475 %     2,482,544       2,494,488       1.09       2,500,000   Oracle Corporation January 5, 2023     4.358 %     4,973,125       4,997,611       2.18       5,000,000   Oracle Corporation January 17, 2023     4.361 %     7,448,939       7,485,667       3.27       7,500,000   V.F. Corporation January 17, 2023     4.364 %     2,479,695       2,495,222       1.09       2,500,000   V.F. Corporation February 2, 2023     4.669 %     1,986,711       1,991,822       0.87       2,000,000   VW Credit, Inc. January 19, 2023     4.434 %     2,482,702       2,494,538       1.09       2,500,000   Walgreens Boots Alliance, Inc. February 13, 2023     4.842 %     2,485,094       2,485,756       1.09       2,500,000   Walgreens Boots Alliance, Inc. February 28, 2023     4.827 %     2,479,549       2,480,868       1.08       2,500,000   Total Commercial Paper           $ 97,073,593     $ 97,594,565       42.62 %         Total Cash Equivalents                   $ 197,420,841       86.22 %               Number of             Percentage of     Notional Amount       Contracts     Fair Value     Net Assets     (Long Exposure)   Commodity futures contracts                                 United States wheat futures contracts                                 CBOT wheat futures JUL23     1,711     $ 3,160,732       1.38 %   $ 68,696,650         Number of             Percentage of     Notional Amount   Description: Liabilities   Contracts     Fair Value     Net Assets     (Long Exposure)                                     Commodity futures contracts                                 United States wheat futures contracts                                 CBOT wheat futures MAY23     2,005     $ 7,079,231       3.09 %   $ 80,074,688   CBOT wheat futures DEC23     1,956       19,301,607       8.43       80,220,450   Total commodity futures contracts           $ 26,380,838       11.52 %   $ 160,295,138     The accompanying notes are an integral part of these financial statements.   F- 87 Table of Contents     TEUCRIUM WHEAT FUND STATEMENTS OF OPERATIONS (Unaudited)       Three months ended     Three months ended     Six months ended     Six months ended       June 30, 2023     June 30, 2022     June 30, 2023     June 30, 2022   Income                                 Realized and unrealized gain (loss) on trading of commodity futures contracts:                                 Realized (loss) gain on commodity futures contracts   $ ( 17,129,061 )   $ 1,412,938     $ ( 40,487,794 )   $ 39,419,505   Net change in unrealized appreciation (depreciation) on commodity futures contracts     1,960,839       ( 60,209,162 )     ( 131,723 )     ( 97,060,524 ) Interest income     2,042,449       1,029,524       4,122,595       1,124,333   Total loss     ( 13,125,773 )     ( 57,766,700 )     ( 36,496,922 )     ( 56,516,686 )                                   Expenses                                 Management fees     416,792       1,434,395       898,010       1,871,563   Professional fees     145,416       238,859       250,401       370,211   Distribution and marketing fees     475,337       632,036       1,019,399       887,465   Custodian fees and expenses     41,415       66,381       117,125       73,377   Business permits and licenses fees     8,336       13,751       13,148       26,714   General and administrative expenses     62,650       48,748       92,135       63,045   Total expenses     1,149,946       2,434,170       2,390,218       3,292,375                                     Expenses waived by the Sponsor     -       ( 339,308 )     -       ( 425,164 )                                   Total expenses, net     1,149,946       2,094,862       2,390,218       2,867,211                                     Net loss   $ ( 14,275,719 )   $ ( 59,861,562 )   $ ( 38,887,140 )   $ ( 59,383,897 )                                   Net (loss) gain per share   $ ( 0.60 )   $ ( 0.80 )   $ ( 1.53 )   $ 1.65   Net loss per weighted average share   $ ( 0.56 )   $ ( 1.13 )   $ ( 1.51 )   $ ( 1.64 ) Weighted average shares outstanding     25,394,509       53,085,993       25,827,490       36,163,126     The accompanying notes are an integral part of these financial statements.   F-88 Table of Contents     TEUCRIUM WHEAT FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)       Six months ended     Six months ended       June 30, 2023     June 30, 2022   Operations                 Net loss   $ ( 38,887,140 )   $ ( 59,383,897 ) Capital transactions                 Issuance of Shares     26,531,300       846,881,937   Redemption of Shares     ( 52,165,652 )     ( 412,600,055 ) Total capital transactions     ( 25,634,352 )     434,281,882   Net change in net assets     ( 64,521,492 )     374,897,985                     Net assets, beginning of period   $ 228,972,039     $ 75,621,587                     Net assets, end of period   $ 164,450,547     $ 450,519,572                     Net asset value per share at beginning of period   $ 7.99     $ 7.38                     Net asset value per share at end of period   $ 6.46     $ 9.03                     Creation of Shares     3,975,000       79,475,000   Redemption of Shares     7,200,000       39,850,000     The accompanying notes are an integral part of these financial statements.   F-89 Table of Contents     TEUCRIUM WHEAT FUND STATEMENTS OF CASH FLOWS (Unaudited)       Six months ended     Six months ended       June 30, 2023     June 30, 2022   Cash flows from operating activities:                 Net loss   $ ( 38,887,140 )   $ ( 59,383,897 ) Adjustments to reconcile net loss to net cash used in operating activities:                 Net change in unrealized depreciation on commodity futures contracts     131,723       97,060,524   Changes in operating assets and liabilities:                 Due from broker     16,985,521       ( 110,216,006 ) Interest receivable     ( 71,786 )     ( 200,282 ) Other assets     ( 6,231 )     ( 1,940 ) Due to broker     -       ( 213,708 ) Payable for purchases of commercial paper     2,484,473       -   Management fee payable to Sponsor     ( 69,208 )     421,124   Other liabilities     ( 29,529 )     65,686   Net cash used in operating activities     ( 19,462,177 )     ( 72,468,499 )                   Cash flows from financing activities:                 Proceeds from sale of Shares     26,531,300       844,514,387   Redemption of Shares     ( 58,154,477 )     ( 385,500,155 ) Net cash (used in) provided by financing activities     ( 31,623,177 )     459,014,232                     Net change in cash and cash equivalents     ( 51,085,354 )     386,545,733   Cash and cash equivalents, beginning of period     209,730,825       72,841,616   Cash and cash equivalents, end of period   $ 158,645,471     $ 459,387,349     The accompanying notes are an integral part of these financial statements.   F-90 Table of Contents   NOTES TO FINANCIAL STATEMENTS June 30, 2023 (Unaudited)     Note 1 – Organization and Operation   Teucrium Wheat Fund (referred to herein as “WEAT” 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 “WEAT,” 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 wheat 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 WEAT is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the wheat 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 wheat (“Wheat Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”):   WEAT Benchmark   CBOT Wheat Futures Contract   Weighting   Second to expire     35 % Third to expire     30 % December following the third to expire     35 %   The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending 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 adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).   On June 13, 2011, the Fund’s initial registration of 10,000,000 shares on Form S1 was declared effective by the SEC. On September 19, 2011, the Fund listed its shares on the NYSE Arca under the ticker symbol “WEAT.” On the business day prior to that, the Fund issued 100,000 shares in exchange for $ 2,500,000 at the Fund’s initial NAV of $ 25 per share. The Fund also commenced investment operations on September 19, 2011 by purchasing commodity futures contracts traded on the CBOT. On December 31, 2010, the Fund had four shares outstanding, which were owned by the Sponsor. The current registration statement for WEAT was declared effective on March 9, 2022. This registration statement for WEAT registered an indeterminate number of shares.   The accompanying unaudited financial statements have been prepared in accordance with Rule 10 - 01 of Regulation S- X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable. The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.    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. However, no level of losses will require the Sponsor to terminate a Fund.     Note 2 – Principal Contracts and Agreements   The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202.   For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000  for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as custodian fees and expenses on the statements of operations. A summary of these expenses is included below.   F- 91 Table of Contents   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 each Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all 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. These services are recorded as distribution and marketing fees on the statements of operations. A summary of these expenses is included below.   Marex Capital Markets, Inc. (“Marex”) and StoneX Financial Inc. (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts 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 under the heading, Brokerage Commissions .   The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. 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”). 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. This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below:       Three months ended June 30, 2023     Three months ended June 30, 2022     Six months ended June 30, 2023     Six months ended June 30, 2022   Amount Recognized for Custody Services   $ 41,415     $ 66,381     $ 117,125     $ 73,377   Amount of Custody Services Waived   $ -     $ 14,164     $ -     $ 14,164                                     Amount Recognized for Distribution Services   $ 19,147     $ 30,172     $ 40,723     $ 42,546   Amount of Distribution Services Waived   $ -     $ 8,751     $ -     $ 14,931                                     Amount Recognized for Thales   $ 7,581     $ 54,303     $ 19,990     $ 66,481   Amount of Thales Waived   $ -     $ 54,303     $ -     $ 66,481     F- 92 Table of Contents     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.   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 operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents with financial institutions are recognized on the accrual basis. The Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments.   The Sponsor invests 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 statements of assets and liabilities and on the statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations.   The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations.   Brokerage Commissions   The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2023 and 2022 .       WEAT   Three months ended June 30, 2023   $ 22,713   Three months ended June 30, 2022   $ 198,392   Six months ended June 30, 2023   $ 44,458   Six months ended June 30, 2022   $ 279,543     F- 93 Table of Contents   Income Taxes   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. 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. 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 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. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2020 to 2022, the Fund remains subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2023 and for the years ended December 31, 2022 ,  2021 and 2020 . 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. No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2023 and 2022 .   The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws.   F- 94 Table of Contents   Creations and Redemptions   Authorized Purchasers may purchase Creation Baskets consisting of 25,000 shares from the Fund. 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.(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.   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. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.   Allocation of Shareholder Income and Losses   Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month.   Cash and Cash Equivalents   Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. 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 is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.       June 30, 2023     December 31, 2022   Money Market Funds   $ 77,546,311     $ 99,826,276   Demand Deposit Savings Accounts     12,590,869       12,309,984   Commercial Paper     68,508,291       97,594,565   Total cash and cash equivalents as presented on the Statement of Assets and Liabilities   $ 158,645,471     $ 209,730,825     F- 95 Table of Contents   Payable for Purchases of Commercial Paper   The amount recorded by the Fund for commercial paper transactions awaiting settlement, represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability.   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, 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. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the 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. 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.   When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.   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.    Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.   Calculation of Net Asset Value   The Fund’s NAV is calculated by:     • Taking the current market value of its total assets and   • Subtracting any liabilities.   F- 96 Table of Contents   The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET).   In determining the value of Wheat Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The value of over-the-counter wheat interests is determined based on the value of the commodity or futures contract underlying such wheat 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 wheat i