What changed in this filing

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Item 9A. Controls and Procedures

2024-02-29 compared with 2023-03-01 · 2200 added, 2200 removed, 1800 unchanged (71% of the section changed)

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

1 unchanged sentence

Disclosure Controls and Procedures

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

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

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

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

Management ’

s Annual Report on Internal Control over Financial Reporting

Management ’ s Annual Report on Internal Control over Financial Reporting

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

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

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

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

Management of the Sponsor, including Sal Gilbertie, Principal Executive Officer of the Sponsor, and Cory Mullen-Rusin, Principal Financial Officer of the Sponsor, who perform functions equivalent to those of a principal executive officer and principal financial officer of the Trust if the Trust had any officers, assessed the effectiveness of the Trust’s and each Fund’s internal control over financial reporting as of December 31, 2022.

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

1 unchanged sentence

Changes in Internal Control over Financial Reporting

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

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

internal control over financial reporting.

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

Other Information

5 unchanged sentences

Code of Ethics

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

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

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

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

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

4 unchanged sentences

Section 16(a) Beneficial Ownership Reporting Compliance

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

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

For the year ended December 31, 2023, based solely on a review of the Section 16(a) reports furnished to the Trust and written representation by the Trust’s Section 16(a) reporting persons, to the best knowledge of the Sponsor, all such filings have been made within these prescribed timeframes.

Executive Compensation

9 unchanged sentences

These related party expenses are discussed in the Notes to the Financial Statements for the Trust and each Fund in Part II of this filing.

While as noted above the executive officers of the Sponsor are not compensated directly by the Trust, the Sponsor has adopted compliance policies and procedures effective as of November 14, 2023 as required to comply with NYSE Arca Rule 5.3-E(p) on the recovery of erroneously awarded compensation.

The Trust will recover reasonably promptly the amount of any erroneously awarded incentive-based compensation in the event that the Trust is required to prepare an accounting restatement due to the material noncompliance of the Trust with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners.

 The following table sets forth information with respect to each person known to own beneficially more than 5% of the outstanding shares of any series in the Trust as of December 31, 2022, based on information known to the Sponsor.

Title of Class

5 unchanged sentences

TEUCRIUM AGRICULTURAL FUND, BURLINGTON, VT

HIGHLAND GLOBAL ALLOCATION FUND, DALLAS, TX

TEUCRIUM AGRICULTURAL FUND, BURLINGTON, VT

GTS SECURITIES, NEW YORK, NY

ALEXANDER C KARP, BEDFORD, NH

RUSSEL WEINER TRUSTEE, DELRAY BEACH, FL

GTS SECURITIES LLC, NEW YORK, NY

HASHDEX BITCOIN FUNDO DE, RIO DE JANEIRO, BRAZIL

JANE STREET CAPITAL LLC, NEW YORK, NY

MARBELL GLOBAL TRADING CORP, RIO DE JANEIRO, BRAZIL

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

8 unchanged sentences

1 common units

Sal Gilbertie

100 common units

* Less than 1%.

4 unchanged sentences

Principal Accountant and Audit Fees and Services

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

Fees paid for services performed by Grant Thornton and PricewaterhouseCoopers, for the years ended December 31, 2023 and December 31, 2022 were:

Audit-Related Fees

All Other Fees

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

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

Exhibits and Financial Statements Schedules

11 unchanged sentences

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

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

Custody Agreement.

32 unchanged sentences

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

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

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

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

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

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

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

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

5 unchanged sentences

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

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

(13)    

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

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

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

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

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

Filed herein.

3 unchanged sentences

TEUCRIUM COMMODITY TRUST

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

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

Combined Statements of Assets and Liabilities at December 31, 2023 and 2022

5 unchanged sentences

TEUCRIUM CORN FUND

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

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

Statements of Assets and Liabilities at December 31, 2023 and 2022

5 unchanged sentences

TEUCRIUM SOYBEAN FUND

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

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

Statements of Assets and Liabilities at December 31, 2023 and 2022

5 unchanged sentences

TEUCRIUM SUGAR FUND

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

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

Statements of Assets and Liabilities at December 31, 2023 and 2022

5 unchanged sentences

TEUCRIUM WHEAT FUND

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

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

Statements of Assets and Liabilities at December 31, 2023 and 2022

5 unchanged sentences

TEUCRIUM AGRICULTURAL FUND

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

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

Statements of Assets and Liabilities at December 31, 2023 and 2022

4 unchanged sentences

Notes to Financial Statements

HASHDEX BITCOIN FUTURES ETF  

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

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

Schedule of Investments at December 31, 2022 F-117  

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

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

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

Notes to Financial Statements F-121  

HASHDEX BITCOIN FUTURES ETF

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

Statements of Assets and Liabilities at December 31, 2023 and 2022 F-116

Schedule of Investments at December 31, 2023 and 2022 F-117

Statements of Operations for the year ended December 31, 2023 and from the commencement of operations (September 15, 2022) through December 31, 202 2 F-119

Statements of Changes in Net Assets for the year ended December 31, 2023 and from the commencement of operations (September 15, 2022) through December 31, 202 2 F-120

Statements of Cash Flows for the year ended December 31, 2023 and from the commencement of operations (September 15, 2022) through December 31, 202 2 F-121

Notes to Financial Statements F-122

GRANT THORNTON LLP

4 unchanged sentences

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Shareholders of

To the Sponsor of

Teucrium Commodity Trust

Opinion on the financial statements  

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

Opinion on the financial statements

We have audited the accompanying combined statements of assets and liabilities, including the combined schedules of investments of Teucrium Commodity Trust (a Delaware statutory Trust) (the “Trust”) as of December 31, 2023 and 2022, the related combined statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

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

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

Basis for opinion  

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

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

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

Basis for opinion

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

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

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

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

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

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

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

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

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

Accordingly, we express no such opinion.

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

3 unchanged sentences

Critical audit matters

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

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

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

1 unchanged sentence

/s/ GRANT THORNTON LLP

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

New York, New York

March 1, 2023

Grant Thornton LLP is the U.S.

member firm of Grant Thornton International Ltd (GTIL).

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

GRANT THORNTON LLP

757 Third Ave., 9th Floor

New York, NY 10017

D +1 212 599 0100

F +1 212 370 4520

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Shareholders of

Teucrium Commodity Trust

Opinion on internal control over financial reporting  

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

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

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

Integrated Framework issued by COSO. 

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

Basis for opinion  

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

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

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

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

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

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

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

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

Definition and limitations of internal control over financial reporting

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

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

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

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

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

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

/S/ GRANT THORNTON LLP 

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

New York, New York

March 1, 2023

GT.COM  

February 29, 2024

Grant Thornton LLP is the U.S.

member firm of Grant Thornton International Ltd (GTIL).

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

TEUCRIUM COMMODITY TRUST

3 unchanged sentences

Cash and cash equivalents

$ 434,062,296  

$ 252,211,943  

$ 292,237,362 $ 434,062,296

Interest receivable

317,351  

16,982  

410,596 317,351

Capital shares receivable

1,344,830  

Equity in trading accounts:

Commodity and cryptocurrency futures contracts

8,207,381  

13,415,301  

2,367,012 8,207,381

Due from broker

61,563,417  

613,126  

30,935,806 61,563,417

Total equity in trading accounts

69,770,798  

14,028,427  

$ 505,504,344  

$ 266,258,352  

33,302,818 69,770,798

$ 325,956,138 $ 505,504,344

Management fee payable to Sponsor

$ 432,882  

$ 227,779  

$ 276,900 $ 432,882

Other liabilities

78,880  

129,453  

242,982 78,880

Payable for Shares redeemed

10,183,915  

Equity in trading accounts:

Commodity and cryptocurrency futures contracts

29,433,069  

735,475  

Due to broker

888,877  

Total equity in trading accounts

29,433,069  

1,624,352  

10,888,842 29,433,069

Total liabilities

40,128,746  

1,981,584  

$ 465,375,598  

$ 264,276,768  

11,408,724 40,128,746

$ 314,547,414 $ 465,375,598

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

5 unchanged sentences

Money market funds

First American Government Obligations Fund - Class X

4.105 %  

$ 28,382,122  

28,382,122  

Bank Deposit Account

5.270 % $ 39,325,186 $ 39,325,186 12.50 %

Goldman Sachs Financial Square Government Fund - Institutional Class

4.140 %  

160,258,295  

5.250 % 80,722,654 80,722,654 25.66 80,722,654

Total money market funds

$ 188,640,417  

$ 120,047,840 $ 120,047,840 38.16 %

Percentage of

Commercial Paper

American Electric Power Company, Inc.

Albemarle Corporation

January 3, 2024

4.565 %  

$ 4,968,750  

$ 4,990,000  

5,000,000  

Brookfield Infrastructure Holdings (Canada) Inc.

5.770 % $ 4,950,475 $ 4,998,428 1.59 %

Albemarle Corporation

January 4, 2024

4.742 %  

14,877,488  

14,968,886  

15,000,000  

Brookfield Infrastructure Holdings (Canada) Inc.

5.753 % 4,960,764 4,997,646 1.59 5,000,000

Albemarle Corporation

January 8, 2024

4.734 %  

4,959,225  

4,989,644  

5,000,000  

CNH Industrial Capital LLC

5.738 % 4,952,302 4,994,526 1.59 5,000,000

Albemarle Corporation

January 11, 2024

4.566 %  

9,935,000  

9,972,500  

10,000,000  

CNH Industrial Capital LLC

February 13, 2023

4.780 %  

9,899,472  

9,943,862  

10,000,000  

Crown Castle Inc.

5.808 % 4,956,460 4,992,083 1.59 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

January 9, 2024

4.877 %  

7,443,000  

7,491,000  

7,500,000  

Crown Castle Inc.

5.794 % 4,979,416 4,993,666 1.59 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

January 16, 2024

4.765 %  

12,449,410  

12,482,050  

12,500,000  

5.853 % 4,933,150 4,988,062 1.59 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

January 30, 2024

5.814 % 3,032,227 3,040,948 0.97 3,055,000

Entergy Corporation

March 1, 2024

5.665 % 7,402,875 7,430,625 2.36 7,500,000

FMC Corporation

January 19, 2024

4.311 %  

9,926,808  

9,996,460  

10,000,000  

5.816 % 7,466,634 7,478,550 2.38 7,500,000

General Motors Financial Company, Inc.

January 18, 2024

4.276 %  

12,400,060  

12,486,207  

12,500,000  

5.617 % 7,420,795 7,480,486 2.38 7,500,000

General Motors Financial Company, Inc.

January 24, 2024

4.473 %  

7,418,417  

7,484,417  

7,500,000  

Glencore Funding LLC

January 10, 2023

4.506 %  

9,934,607  

9,988,895  

10,000,000  

Glencore Funding LLC

January 13, 2023

4.526 %  

5,461,843  

5,491,823  

5,500,000  

5.661 % 4,941,417 4,982,271 1.58 5,000,000

General Motors Financial Company, Inc.

February 9, 2024

5.700 % 7,397,667 7,454,648 2.37 7,500,000

Harley-Davidson Financial Services, Inc.

January 9, 2024

4.721 %  

5,263,032  

5,298,631  

5,300,000  

5.843 % 4,949,066 4,993,634 1.59 5,000,000

Harley-Davidson Financial Services, Inc.

January 25, 2023

4.944 %  

7,458,402  

7,475,650  

7,500,000  

February 1, 2024

5.867 % 7,441,200 7,462,800 2.37 7,500,000

Harley-Davidson Financial Services, Inc.

February 14, 2024

5.104 %  

4,959,561  

4,977,688  

5,000,000  

5.927 % 7,421,323 7,446,741 2.37 7,500,000

National Fuel Gas Company

January 8, 2024

4.670 %  

7,448,250  

7,492,333  

7,500,000  

Hyundai Capital America

5.867 % 4,960,800 4,994,400 1.59 5,000,000

National Fuel Gas Company

January 26, 2024

4.000 %  

9,903,645  

9,990,145  

10,000,000  

5.941 % 2,478,948 2,489,879 0.79 2,500,000

Oracle Corporation

March 6, 2024

5.562 % 4,934,904 4,950,799 1.57 5,000,000

Stanley Black & Decker, Inc.

January 22, 2024

4.475 %  

4,965,088  

4,988,975  

5,000,000  

5.807 % 7,437,063 7,475,063 2.38 7,500,000

January 17, 2024

5.073 %  

4,980,555  

4,991,667  

5,000,000  

Oracle Corporation

5.674 % 4,936,679 4,987,645 1.59 5,000,000

January 18, 2024

4.358 %  

4,973,125  

4,997,611  

5,000,000  

Oracle Corporation

5.606 % 4,947,292 4,987,014 1.59 5,000,000

January 25, 2024

4.361 %  

9,931,919  

9,980,889  

10,000,000  

5.910 % 4,928,362 4,950,783 1.57 4,970,000

WGL Holdings, Inc.

January 3, 2024

4.364 %  

4,959,390  

4,990,444  

5,000,000  

February 2, 2023

4.669 %  

6,456,811  

6,473,422  

6,500,000  

VW Credit, Inc.

5.793 % 4,981,792 4,998,416 1.59 5,000,000

WGL Holdings, Inc.

January 12, 2024

4.434 %  

7,448,106  

7,483,613  

7,500,000  

Walgreens Boots Alliance, Inc.

February 13, 2023

4.842 %  

4,970,188  

4,971,512  

5,000,000  

5.849 % 7,461,666 7,486,824 2.38 7,500,000

Walgreens Boots Alliance, Inc.

February 28, 2023

4.827 %  

4,959,098  

4,961,736  

5,000,000  

January 12, 2024

6.028 % 7,950,009 7,985,529 2.54 8,000,000

Total Commercial Paper

$ 198,351,250  

$ 199,360,060  

$ 142,223,286 $ 143,041,466 45.50 %

Total Cash Equivalents

$ 388,000,477  

$ 263,089,306 83.66 %

Percentage of

2 unchanged sentences

Commodity and Cryptocurrency futures contracts

United States corn futures contracts

CBOT corn futures JUL23

$ 1,585,798  

$ 45,779,763  

United States soybean futures contracts

CBOT soybean futures MAR23

642,912  

20,421,600  

CBOT soybean futures MAY23

807,218  

17,518,500  

CBOT soybean futures NOV23

1,070,240  

20,472,038  

United States sugar futures contracts

ICE sugar futures MAY23

356,963  

8,407,526  

ICE sugar futures JUL23

554,366  

7,289,811  

United States wheat futures contracts

CBOT wheat futures MAY24

2,018 $ 363,500 0.12 %

CBOT wheat futures JUL24

3,160,732  

68,696,650  

1,711 1,873,993 0.60 55,243,913

United States CME Bitcoin futures contracts

CME Bitcoin futures JAN24

24,979  

496,050  

CME Bitcoin futures FEB23

575,575  

6 129,519 0.04 1,274,550

Total commodity and cryptocurrency futures contracts

$ 8,207,381  

$ 189,657,513  

$ 2,367,012 0.76 %

$ 121,044,013

Percentage of

4 unchanged sentences

CBOT corn futures MAY24

$ 751,309  

$ 53,392,500  

1,171 $ 1,102,254 0.35 %

CBOT corn futures JUL24

983 384,407 0.12 24,280,100

CBOT corn futures DEC24

2,215,794  

53,440,625  

1,128 695,480 0.22 28,397,400

United States soybean futures contracts

CBOT soybean futures MAR24

156 617,118 0.20 10,124,400

CBOT soybean futures MAY24

133 633,749 0.20 8,693,213

CBOT soybean futures NOV24

164 140,794 0.04 10,215,150

United States sugar futures contracts

ICE sugar futures MAY24

270 1,051,261 0.33 6,175,008

ICE sugar futures JUL24

233 1,128,473 0.36 5,326,193

ICE sugar futures MAR25

85,128  

8,565,278  

268 508,264 0.16 6,216,314

United States wheat futures contracts

CBOT wheat futures MAY23

7,079,231  

80,074,688  

CBOT wheat futures DEC24

19,301,607  

80,220,450  

1,924 4,575,666 1.45 64,357,800

United States CME Bitcoin futures contracts

CME Bitcoin futures FEB24

6 51,376 0.02 1,288,500

Total commodity and cryptocurrency futures contracts

$ 29,433,069  

$ 275,693,541  

$ 10,888,842 3.45 %

$ 193,412,278

Percentage of

1 unchanged sentence

Teucrium Corn Fund

$ 9,885,980  

367,555  

$ 4,567,949 1.45 %

Teucrium Soybean Fund

9,921,042  

348,075  

4,546,758 1.45 168,219

Teucrium Sugar Fund

9,745,653  

1,024,284  

4,624,253 1.47 371,871

Teucrium Wheat Fund

10,020,023  

1,254,840  

4,662,940 1.48 779,782

Total exchange-traded funds

$ 39,425,287  

$ 39,572,698  

$ 19,469,359 $ 18,401,900 5.85 %

*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.

7 unchanged sentences

First American Government Obligations Fund - Class X

0.026 %  

$ 30,443,449  

30,443,449  

4.105 % $ 28,382,122 $ 28,382,122 6.10 %

Goldman Sachs Financial Square Government Fund - Institutional Class

0.030 %  

2,525,384  

4.140 % 160,258,295 160,258,295 34.44 160,258,295

Total money market funds

$ 32,968,833  

12.48 %  

$ 188,640,417 $ 188,640,417 40.54 %

Percentage of

Commercial Paper

Albemarle Corporation

American Electric Power Company, Inc.

January 17, 2023

0.181 %  

$ 9,996,324  

$ 9,998,489  

10,000,000  

Albemarle Corporation

4.565 % $ 4,968,750 $ 4,990,000 1.07 %

Brookfield Infrastructure Holdings (Canada) Inc.

January 17, 2023

0.200 %  

4,998,834  

4,999,722  

5,000,000  

4.742 % 14,877,488 14,968,886 3.22 15,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

January 17, 2023

0.170 %  

2,499,021  

2,499,717  

2,500,000  

Conagra Brands, Inc.

4.734 % 4,959,225 4,989,644 1.07 5,000,000

CNH Industrial Capital LLC

January 23, 2023

0.160 %  

7,497,300  

7,499,867  

7,500,000  

Conagra Brands, Inc.

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

0.150 %  

4,998,710  

4,999,646  

5,000,000  

General Motors Financial Company, Inc.

4.877 % 7,443,000 7,491,000 1.61 7,500,000

Crown Castle Inc.

January 12, 2023

0.160 %  

4,998,000  

4,999,889  

5,000,000  

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

0.200 %  

9,995,111  

9,998,333  

10,000,000  

4.276 % 12,400,060 12,486,207 2.68 12,500,000

General Motors Financial Company, Inc.

January 18, 2023

0.160 %  

4,998,800  

4,999,956  

5,000,000  

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

0.167 %  

9,996,061  

9,999,444  

10,000,000  

4.721 % 5,263,032 5,298,631 1.14 5,300,000

Harley-Davidson Financial Services, Inc.

February 1, 2022

0.170 %  

4,997,876  

4,999,268  

5,000,000  

January 25, 2023

4.944 % 7,458,402 7,475,650 1.61 7,500,000

Harley-Davidson Financial Services, Inc.

March 2, 2022

0.250 %  

4,997,328  

4,997,918  

5,000,000  

February 2, 2023

5.104 % 4,959,561 4,977,688 1.07 5,000,000

January 9, 2023

0.140 %  

4,998,425  

4,999,883  

5,000,000  

4.670 % 7,448,250 7,492,333 1.61 7,500,000

Hyundai Capital America

January 10, 2023

0.250 %  

2,499,219  

2,499,670  

2,500,000  

February 8, 2022

0.300 %  

7,496,063  

7,497,625  

7,500,000  

February 25, 2022

0.310 %  

4,996,900  

4,997,632  

5,000,000  

February 11, 2022

0.250 %  

4,997,466  

4,998,577  

5,000,000  

February 11, 2022

0.300 %  

4,996,625  

4,998,292  

5,000,000  

March 1, 2022

0.310 %  

4,996,986  

4,997,460  

5,000,000  

4.000 % 9,903,645 9,990,145 2.15 10,000,000

January 19, 2023

0.200 %  

4,998,584  

4,999,444  

5,000,000  

WGL Holdings, Inc.

4.475 % 4,965,088 4,988,975 1.07 5,000,000

January 13, 2023

0.220 %  

4,998,686  

4,999,664  

5,000,000  

WGL Holdings, Inc.

5.073 % 4,980,555 4,991,667 1.07 5,000,000

Oracle Corporation

January 5, 2023

0.187 %  

4,998,700  

4,999,870  

5,000,000  

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

January 17, 2023

4.364 % 4,959,390 4,990,444 1.07 5,000,000

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

$ 119,951,019  

$ 119,980,366  

$ 198,351,250 $ 199,360,060 42.84 %

Total Cash Equivalents

$ 152,949,199  

$ 388,000,477 83.37 %

Percentage of

1 unchanged sentence

(Long Exposure)

Commodity futures contracts

Commodity and Cryptocurrency futures contracts

United States corn futures contracts

CBOT corn futures MAY22

$ 3,767,282  

$ 42,185,500  

CBOT corn futures JUL23

196,244  

36,144,150  

CBOT corn futures DEC22

1,973,026  

42,533,400  

1,363 $ 1,585,798 0.34 %

United States soybean futures contracts

CBOT soybean futures MAR23

591,547  

15,669,225  

268 642,912 0.14 20,421,600

CBOT soybean futures MAY23

1,008,504  

13,422,550  

229 807,218 0.17 17,518,500

CBOT soybean futures NOV23

1,084,800  

15,865,625  

289 1,070,240 0.23 20,472,038

United States sugar futures contracts

ICE sugar futures MAY23

225,299  

7,936,992  

ICE sugar futures MAR23

853,927  

8,091,507  

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 MAY22

1,809,796  

26,595,488  

CBOT wheat futures DEC22

1,904,876  

26,411,000  

Total commodity futures contracts

$ 13,415,301  

$ 234,855,437  

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

Percentage of

1 unchanged sentence

(Long Exposure)

Commodity futures contracts

Commodity and Cryptocurrency futures contracts

United States corn futures contracts

CBOT corn futures MAY23

1,575 $ 751,309 0.16 %

CBOT corn futures DEC23

1,750 2,215,794 0.48 53,440,625

United States sugar futures contracts

ICE sugar futures JUL22

$ 80,506  

$ 6,817,541  

ICE sugar futures MAR24

427 85,128 0.02 8,565,278

United States wheat futures contracts

CBOT wheat futures JUL22

654,969  

22,667,425  

Total commodity futures contracts

$ 735,475  

$ 29,484,966  

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

1 unchanged sentence

Teucrium Corn Fund

$ 3,537,560  

163,930  

$ 9,885,980 2.12 %

Teucrium Soybean Fund

3,538,006  

155,374  

9,921,042 2.13 348,075

Teucrium Sugar Fund

3,591,878  

389,317  

9,745,653 2.09 1,024,284

Teucrium Wheat Fund

3,510,575  

475,836  

10,020,023 2.15 1,254,840

Total exchange-traded funds

$ 12,799,498  

$ 14,178,019  

$ 39,425,287 $ 39,572,698 8.49 %

7 unchanged sentences

Realized (loss) gain on commodity and cryptocurrency futures contracts

$ ( 43,176,670 )  

$ 117,839,481  

$ 25,091,898  

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

( 33,905,514 )  

( 29,744,871 )  

35,293,415  

$ ( 94,248,842 ) $ ( 43,176,670 ) $ 117,839,481

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

12,703,858 ( 33,905,514 ) ( 29,744,871 )

Interest income

10,664,323  

541,938  

1,350,681  

17,736,627 10,664,323 541,938

Total (loss) income

( 66,417,861 )  

88,636,548  

61,735,994  

( 63,808,357 ) ( 66,417,861 ) 88,636,548

Management fees

6,630,551  

3,246,117  

2,185,437  

3,587,742 6,630,551 3,246,117

Professional fees

1,432,587  

1,089,756  

1,266,367  

1,919,411 1,432,587 1,089,756

Distribution and marketing fees

4,075,048  

3,281,450  

2,826,548  

4,007,582 4,075,048 3,281,450

Custodian fees and expenses

410,660  

363,000  

369,293  

428,243 410,660 363,000

Business permits and licenses fees

157,326  

123,465  

213,173  

141,582 157,326 123,465

General and administrative expenses

323,468  

301,580  

297,679  

281,413 323,468 301,580

Other expenses

Total expenses

13,031,787  

8,405,385  

7,161,308  

10,365,981 13,031,787 8,405,385

Expenses waived by the Sponsor

( 1,277,037 )  

( 2,183,856 )  

( 711,571 ) ( 1,277,037 ) ( 2,183,856 )

Total expenses, net

11,754,750  

6,221,529  

5,580,757  

9,654,410 11,754,750 6,221,529

Net (loss) income

$ ( 78,172,611 )  

$ 82,415,019  

$ 56,155,237  

$ ( 73,462,767 ) $ ( 78,172,611 ) $ 82,415,019

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

5 unchanged sentences

Net (loss) income

$ ( 78,172,611 )  

$ 82,415,019  

$ 56,155,237  

$ ( 73,462,767 ) $ ( 78,172,611 ) $ 82,415,019

Capital transactions

Issuance of Shares

1,251,138,564  

176,346,175  

305,719,849  

157,540,127 1,251,138,564 176,346,175

Redemption of Shares

( 945,423,586 )  

( 293,409,949 )  

( 254,764,480 ) ( 945,423,586 ) ( 293,409,949 )

Net change in the cost of the Underlying Funds

( 26,443,537 )  

( 11,187,671 )  

19,858,936 ( 26,443,537 ) ( 11,187,671 )

Total capital transactions

279,271,441  

( 128,251,445 )  

86,051,360  

( 77,365,417 ) 279,271,441 ( 128,251,445 )

Net change in net assets

201,098,830  

( 45,836,426 )  

142,206,597  

( 150,828,184 ) 201,098,830 ( 45,836,426 )

Net assets, beginning of period

264,276,768  

310,113,194  

167,906,597  

465,375,598 264,276,768 310,113,194

Net assets, end of period

$ 465,375,598  

$ 264,276,768  

$ 310,113,194  

$ 314,547,414 $ 465,375,598 $ 264,276,768

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

6 unchanged sentences

Net (loss) income

$ ( 78,172,611 )  

$ 82,415,019  

$ 56,155,237  

$ ( 73,462,767 ) $ ( 78,172,611 ) $ 82,415,019

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

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

33,905,514  

29,744,871  

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

( 12,703,858 ) 33,905,514 29,744,871

1 unchanged sentence

Due from broker

( 60,950,291 )  

( 613,126 )  

30,627,611 ( 60,950,291 ) ( 613,126 )

Interest receivable

( 300,369 )  

( 8,069 )  

( 962 )  

( 93,245 ) ( 300,369 ) -

3,707 ( 8,069 ) ( 962 )

Due to broker

( 888,877 )  

( 26,389,281 )  

22,138,032  

- ( 888,877 ) ( 26,389,281 )

Management fee payable to Sponsor

205,103  

( 36,930 )  

122,811  

( 155,982 ) 205,103 ( 36,930 )

Payable for purchases of commercial paper

( 13,050 )  

( 9,995,298 )  

9,995,298  

- ( 13,050 ) ( 9,995,298 )

Other liabilities

( 37,523 )  

57,885  

32,801  

164,102 ( 37,523 ) 57,885

Net cash (used in) provided by operating activities

( 106,260,173 )  

75,182,178  

53,147,965  

( 55,620,432 ) ( 106,260,173 ) 75,182,178

Cash flows from financing activities:

Proceeds from sale of Shares

1,249,793,734  

176,654,005  

305,412,019  

158,884,957 1,249,793,734 176,654,005

Redemption of Shares

( 935,239,671 )  

( 297,814,864 )  

( 264,948,395 ) ( 935,239,671 ) ( 297,814,864 )

Net change in cost of the Underlying Funds

( 26,443,537 )  

( 11,187,671 )  

Net cash provided by (used in) financing activities

288,110,526  

( 132,348,530 )  

90,148,445  

19,858,936 ( 26,443,537 ) ( 11,187,671 )

Net cash (used in) provided by financing activities

( 86,204,502 ) 288,110,526 ( 132,348,530 )

Net change in cash and cash equivalents

181,850,353  

( 57,166,352 )  

143,296,410  

( 141,824,934 ) 181,850,353 ( 57,166,352 )

Cash and cash equivalents, beginning of period

252,211,943  

309,378,295  

166,081,885  

434,062,296 252,211,943 309,378,295

Cash and cash equivalents, end of period

$ 434,062,296  

$ 252,211,943  

$ 309,378,295  

$ 292,237,362 $ 434,062,296 $ 252,211,943

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

2 unchanged sentences

Note 1 - Organization and Operation

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

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

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

and singularly as the “Fund.”

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

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

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

representing fractional undivided beneficial interests in a Fund.

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

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

All these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Collectively, CORN, CANE, SOYB, and WEAT are referred to as the “Agricultural Funds." Each Fund is a commodity pool that is a series of the Trust.

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

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

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

Securities and Exchange Commission (“SEC”).

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

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

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

14 unchanged sentences

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

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

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

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

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

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.

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

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

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

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

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

7 unchanged sentences

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

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

Michigan Street, Milwaukee, WI 53202.

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

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

For such services, U.S.

6 unchanged sentences

A summary of these expenses is included below.

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

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

The Distribution Services Agreement among the Distributor and the Sponsor calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.

The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.

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

The Sponsor employs Foreside Fund Services, LLC, ("Foreside" or the "Distributor") a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), as the Distributor for the Fund.

The Distribution Services Agreement among the Distributor, the Sponsor, and the Trust calls for the Distributor to work with the Transfer Agent 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 an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Distributor.

These persons engage in certain marketing activities for the Fund.

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

1 unchanged sentence

A summary of these expenses is included below.

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

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

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.

(“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.

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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. 

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

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

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

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A summary of these expenses is included below.

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

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

Thales receives a quarterly fee 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:

Year Ended December 31, 2023

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Amount Recognized for Custody Services

$ 410,660  

$ 363,000  

$ 369,293  

$ 428,243 $ 410,660 $ 363,000

Amount of Custody Services Waived

$ 42,625  

$ 120,850  

$ 71,342  

$ 22,857 $ 42,625 $ 120,850

Amount Recognized for Distribution Services

$ 200,313  

$ 186,531  

$ 180,024  

$ 155,431 $ 200,313 $ 186,531

Amount of Distribution Services Waived

$ 48,593  

$ 94,724  

$ 68,140  

$ 8,853 $ 48,593 $ 94,724

Amount Recognized for Wilmington Trust

$ 3,300  

$ 3,300 $ 3,300 $ 3,300

Amount of Wilmington Trust Waived

$ 2,215  

Amount Recognized for Thales

$ 278,958  

$ 297,222  

$ 116,901  

Amount of Thales Waived

$ 106,944  

$ 153,198  

$ 57,988  

$ 171 $ 550 $ 991

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.

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

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

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

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

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

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

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

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The combined statements of changes in net assets and cash flows present a net presentation of the purchases and sales of the Underlying Funds of TAGS.

The Trust and Funds qualify as an investment company solely for accounting purposes and not for any other purpose and follow the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but are not registered, and are not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

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

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

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

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

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

dollars on deposit with the Futures Commission Merchant.

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Brokerage Commissions

Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis.

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

The 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 years ended December 31, 2023 , 2022 , and 2021 .

Year Ending December 31, 2022

$ 217,050  

$ 27,011  

$ 33,469  

$ 387,999  

$ 2,217  

$ 667,746  

Year Ending December 31, 2021

$ 141,674  

$ 29,889  

$ 21,123  

$ 47,448  

$ 240,134  

Year Ending December 31, 2020

$ 149,619  

$ 35,880  

$ 14,681  

$ 40,741  

$ 240,922  

For DEFI, for the Year Ended December 31, 2022, the brokerage commissions presented represent the brokerage commissions for the period from the commencement of operations through December 31, 2022.

Year Ended December 31, 2023

$ 65,449 $ 12,516 $ 21,902 $ 105,792 $ - $ 2,546 $ 208,205

Year Ended December 31, 2022

$ 217,050 $ 27,011 $ 33,469 $ 387,999 $ - $ 2,217 $ 667,746

Year Ended December 31, 2021

$ 141,674 $ 29,889 $ 21,123 $ 47,448 $ - $ - $ 240,134

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.

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

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

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

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Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits for the years ended December 31, 2023 , 2022 , and 2021 .

However, the Funds’

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

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

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

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

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

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

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

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

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

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

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

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Money Market Funds

$ 188,640,417  

$ 32,968,833  

$ 61,121,678  

$ 120,047,840 $ 188,640,417 $ 32,968,833

Demand Deposit Savings Accounts

46,061,819  

99,262,744  

95,809,411  

29,148,056 46,061,819 99,262,744

Commercial Paper

199,360,060  

119,980,366  

152,447,206  

143,041,466 199,360,060 119,980,366

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

$ 434,062,296  

$ 252,211,943  

$ 309,378,295  

$ 292,237,362 $ 434,062,296 $ 252,211,943

Payable for Purchases of Commercial Paper

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Due from/to Broker

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

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

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

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

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

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

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In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract.

Brokerage firms, such as the Funds’

clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.

Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.

Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.

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Sponsor Fee, Allocation of Expenses and Related Party Transactions

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

In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds.

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

In addition, the  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. 

In addition, the Agricultural Funds, except for TAGS which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum.

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

The Agricultural Funds generally pay for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares, after its initial registration, and all legal, accounting, printing and other expenses associated therewith.

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

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

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Recognized Related Party Transactions

$ 2,721,842  

$ 2,321,539  

$ 2,279,672  

$ 2,656,282 $ 2,721,842 $ 2,321,539

Waived Related Party Transactions

$ 518,599  

$ 1,052,715  

$ 775,432  

$ 70,069 $ 518,599 $ 1,052,715

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

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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 would be no recovery sought for the amounts below in any future period.

The Sponsor has determined that there will be no recovery sought for the amounts below in any future period.

Year Ended December 31, 2023

$ 345,855  

$ 89,562  

$ 78,237  

$ 425,164  

$ 262,928  

$ 75,291  

$ 1,277,037  

$ - $ - $ - $ - $ 440,191 $ 271,380 $ 711,571

Year Ended December 31, 2022

$ 1,060,261  

$ 576,014  

$ 134,294  

$ 307,565  

$ 105,722  

$ 2,183,856  

$ 345,855 $ 89,562 $ 78,237 $ 425,164 $ 262,928 $ 75,291 $ 1,277,037

Year Ended December 31, 2021

$ 849,396  

$ 399,518  

$ 210,614  

$ 81,190  

$ 39,833  

$ 1,580,551  

$ 1,060,261 $ 576,014 $ 134,294 $ 307,565 $ 105,722 $ - $ 2,183,856

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

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Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.

Ongoing or “maintenance”

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

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

When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.

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

With respect to the Funds’

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

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

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

Finally, many major U.S.

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In accordance with U.S.

GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

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

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Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust.

Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

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

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

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

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

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

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

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

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

or ‘limit-down”

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

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

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

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

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

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

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

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

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

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

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

For the quarter ending June 30, 2020, the DEC21 Wheat Futures Contracts traded on the CBOT did not, in the opinion of the Trust and WEAT, trade in an actively traded futures market as defined in the policy of the Trust and WEAT for the entire period during which they were held.

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

The DEC21 Wheat Contracts were, in the opinion of the Trust and WEAT, fairly valued at settlement on June 30, 2020.

The value of these contracts was $ 533,160 , these transferred back to a Level 1 asset for the quarter ending September 30, 2020.

The Funds and the Trust record their derivative activities at fair value.

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New Accounting Pronouncements

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

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 06 – Disclosure Improvements:

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.

The amendments require an entity to disclose its accounting policy for where cash flows associated with derivative instruments and their related gains and losses are presented.

The Trust and Funds already disclose the accounting policy related to the derivative gains and losses presented on the cash flow statement.

The amendment was adopted early for the period ended December 31, 2023.

There is no impact to the financial statements of the Trust or the Funds.

The FASB 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 early for the quarter ended June 30, 2022;

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.

The FASB issued ASU 2021 - 05:

“Leases (Topic 842 ).”

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

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

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

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The FASB issued ASU 2020 - 10:

“Codification Improvements.”

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

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

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

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

The FASB issued ASU 2020 - 02:

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

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

119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No.

2016 - 02, Leases (Topic 842 ).

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

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

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

The FASB issued ASU 2020 - 01:

Investments Equity Securities (Topic 321 ), Investments Equity Method and Joint Ventures (Topic 323 ), and Derivatives and Hedging (Topic 815 ) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815.

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

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

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

The FASB issued ASU 2019 - 01:

"Leases (Topic 842 ):

Codification Improvements.

These amendments align the guidance for fair value of underlying assets by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance.

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

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

The FASB issued ASU 2018 - 13:

“Fair Value Measurement (Topic 820 ):

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

These amendments modify public and private company fair value disclosure requirements.

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

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

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

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

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

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

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

2014 - 09 and ASU No.

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

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

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

Note 4 - Fair Value Measurements

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

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

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

The following table presents information about the Trust’s assets and liabilities measured at fair value as of December 31, 2023 and December 31, 2022 :

December 31, 2023

1 unchanged sentence

Cash Equivalents

$ 388,000,477  

$ 263,089,306 $ - $ - $ 263,089,306

Commodity and Cryptocurrency Futures Contracts

Corn futures contracts

1,585,798  

Soybean futures contracts

2,520,370  

Sugar futures contracts

911,329  

Wheat futures contracts

3,160,732  

2,237,493 - - 2,237,493

Bitcoin futures contracts

29,152  

$ 396,207,858  

129,519 - - 129,519

$ 265,456,318 $ - $ - $ 265,456,318

Balance as of December 31, 2023

1 unchanged sentence

Corn futures contracts

$ 2,967,103  

$ 2,182,141 $ - $ - $ 2,182,141

Soybean futures contracts

1,391,661 - - 1,391,661

Sugar futures contracts

85,128  

2,687,998 - - 2,687,998

Wheat futures contracts

26,380,838  

$ 29,433,069  

4,575,666 - - 4,575,666

Bitcoin futures contracts

51,376 - - 51,376

$ 10,888,842 $ - $ - $ 10,888,842

December 31, 2022

1 unchanged sentence

Cash Equivalents

$ 152,949,199  

$ 388,000,477 $ - $ - $ 388,000,477

Commodity Futures Contracts

Corn futures contracts

5,936,552  

1,585,798 - - 1,585,798

Soybean futures contracts

2,684,851  

2,520,370 - - 2,520,370

Sugar futures contracts

1,079,226  

911,329 - - 911,329

Wheat futures contracts

3,714,672  

$ 166,364,500  

3,160,732 - - 3,160,732

Bitcoin futures contracts

29,152 - - 29,152

$ 396,207,858 $ - $ - $ 396,207,858

Balance as of December 31, 2022

Commodity Futures Contracts

Corn futures contracts

$ 2,967,103 $ - $ - $ 2,967,103

Sugar futures contracts

$ 80,506  

85,128 - - 85,128

Wheat futures contracts

654,969  

$ 735,475  

26,380,838 - - 26,380,838

$ 29,433,069 $ - $ - $ 29,433,069

For the years ended December 31, 2023 and 2022 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

5 unchanged sentences

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

The Funds’

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

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

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

6 unchanged sentences

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

Futures contracts may reduce the Funds’

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

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

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

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

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

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

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

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

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

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

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

1 unchanged sentence

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

2011 - 11 “Balance Sheet (Topic 210 ):

Disclosures about Offsetting Assets and Liabilities”

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

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

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 December 31, 2023 and 2022 .

10 unchanged sentences

Commodity and Cryptocurrency Price

Corn futures contracts

$ 1,585,798  

Soybean futures contracts

$ 2,520,370  

Sugar futures contracts

$ 911,329  

$ 85,128  

$ 826,201  

Wheat futures contracts

$ 3,160,732  

$ 2,237,493 $ - $ 2,237,493 $ 2,237,493 $ - $ -

Bitcoin futures contracts

$ 29,152  

$ 129,519 $ - $ 129,519 $ 51,376 $ - $ 78,143

Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023

9 unchanged sentences

Corn futures contracts

$ 2,967,103  

$ 1,585,798  

$ 1,381,305  

$ 2,182,141 $ - $ 2,182,141 $ - $ 2,182,141 $ -

Soybean futures contracts

$ 1,391,661 $ - $ 1,391,661 $ - $ 1,391,661 $ -

Sugar futures contracts

$ 85,128  

$ 2,687,998 $ - $ 2,687,998 $ - $ 2,687,998 $ -

Wheat futures contracts

$ 26,380,838  

$ 3,160,732  

$ 23,220,106  

$ 4,575,666 $ - $ 4,575,666 $ 2,237,493 $ 2,338,173 $ -

Bitcoin futures contracts

$ 51,376 $ - $ 51,376 $ 51,376 $ - $ -

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

7 unchanged sentences

Collateral, Due to Broker

Commodity Price

Commodity and Cryptocurrency Price

Corn futures contracts

$ 5,936,552  

$ 1,585,798 $ - $ 1,585,798 $ 1,585,798 $ - $ -

Soybean futures contracts

$ 2,684,851  

$ 675,169  

$ 2,009,682  

$ 2,520,370 $ - $ 2,520,370 $ - $ - $ 2,520,370

Sugar futures contracts

$ 1,079,226  

$ 80,506  

$ 998,720  

$ 911,329 $ - $ 911,329 $ 85,128 $ - $ 826,201

Wheat futures contracts

$ 3,714,672  

$ 654,969  

$ 213,708  

$ 2,845,995  

Offsetting of Financial Liabilities and Derivative Liabilities as of 

December 31, 2021

$ 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

(iii) = (i-ii)

7 unchanged sentences

Commodity Price

Corn futures contracts

$ 2,967,103 $ - $ 2,967,103 $ 1,585,798 $ 1,381,305 $ -

Sugar futures contracts

$ 80,506  

$ 85,128 $ - $ 85,128 $ 85,128 $ - $ -

Wheat futures contracts

$ 654,969  

$ 26,380,838 $ - $ 26,380,838 $ 3,160,732 $ 23,220,106 $ -

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

Year ended December 31, 2023

Realized Gain (Loss) on Commodity and Cryptocurrency Futures Contracts

Realized (Loss) Gain on Commodity and Cryptocurrency Futures Contracts

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

1 unchanged sentence

Corn futures contracts

$ 28,784,977  

$ ( 26,707,038 ) $ ( 800,836 )

Soybean futures contracts

10,362,032  

940,552 ( 3,912,031 )

Sugar futures contracts

( 442,477 )  

11,398,276 ( 3,514,199 )

Wheat futures contracts

( 81,457,408 )  

( 81,189,435 ) 20,881,933

Bitcoin futures contracts

( 423,794 )  

29,152  

1,308,803 48,991

Total commodity futures contracts

$ ( 43,176,670 )  

$ ( 94,248,842 ) $ 12,703,858

Year ended December 31, 2022

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Realized Gain (Loss) on Commodity and Cryptocurrency Futures Contracts

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

Commodity Price

Corn futures contracts

$ 65,827,118  

$ 28,784,977 $ ( 7,317,857 )

Soybean futures contracts

27,370,674  

10,362,032 ( 164,481 )

Sugar futures contracts

6,223,228  

( 442,477 ) ( 172,519 )

Wheat futures contracts

18,418,461  

( 81,457,408 ) ( 26,279,809 )

Bitcoin futures contracts

( 423,794 ) 29,152

Total commodity futures contracts

$ 117,839,481  

$ ( 43,176,670 ) $ ( 33,905,514 )

Year ended December 31, 2021

Realized (Loss) Gain on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ 5,882,216  

$ 19,371,125  

$ 65,827,118 $ ( 14,218,054 )

Soybean futures contracts

14,404,714  

14,192,330  

27,370,674 ( 12,439,375 )

Sugar futures contracts

( 656,937 )  

1,060,274  

6,223,228 ( 408,983 )

Wheat futures contracts

5,461,905  

669,686  

18,418,461 ( 2,678,459 )

Total commodity futures contracts

$ 25,091,898  

$ 35,293,415  

$ 117,839,481 $ ( 29,744,871 )

Volume of Derivative Activities

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

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 348.7 million in 2023 , $ 653.8 million in 2022 , and $ 321.8 million in 2021 .

Note 6 - Organizational and Offering Costs

7 unchanged sentences

Teucrium Corn Fund

5,675,004  

$ 152,638,405  

3,750,004 $ 81,050,442

Teucrium Soybean Fund

2,050,004  

58,429,985  

1,075,004 29,056,020

Teucrium Sugar Fund

2,550,004  

24,262,359  

1,425,004 17,720,099

Teucrium Wheat Fund

28,675,004  

228,972,039  

30,800,004 184,176,669

Hashdex Bitcoin Futures ETF

50,004  

1,070,263  

50,000 2,536,958

Teucrium Agricultural Fund:

1,262,502  

Net assets including the investment in the Underlying Funds

39,575,245  

Investment in the Underlying Funds

39,572,698  

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

$ 465,375,598  

$ 314,547,414

December 31, 2022

1 unchanged sentence

Teucrium Corn Fund

5,600,004  

$ 120,846,256  

5,675,004 $ 152,638,405

Teucrium Soybean Fund

1,975,004  

44,972,625  

2,050,004 58,429,985

Teucrium Sugar Fund

2,475,004  

22,834,664  

2,550,004 24,262,359

Teucrium Wheat Fund

10,250,004  

75,621,587  

28,675,004 228,972,039

Hashdex Bitcoin Futures ETF

50,004 1,070,263

Teucrium Agricultural Fund:

525,002  

Net assets including the investment in the Underlying Funds

14,179,655  

Investment in the Underlying Funds

( 14,178,019 )

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

$ 264,276,768  

$ 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.

2 unchanged sentences

Nothing to report.

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

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

Nothing to report.

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

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

Nothing to report.

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

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

Nothing to report.

As reported by the registrant on a Form 8 -K filed with the Securities and Exchange Commission on November 7, 2023 ( File No.

001 - 34765 ), Teucrium Commodity Trust (the “Teucrium Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquired Fund”), and Tidal Commodities Trust I (“Acquiring Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquiring Fund”), entered into an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 ( the “Plan of Merger”).

The Merger closed on January 3, 2024 ( the “Closing Date”).

Pursuant to the Plan of Merger, each Acquired Fund shareholder received one share of the Acquiring Fund for every one share of the Acquired Fund held on the Closing Date based on the net asset value per share of the Acquiring Fund being equal to the net asset value per share of the Acquired Fund determined immediately prior to the Merger closing.

Upon the Merger closing, the Acquiring Fund acquired all the assets of the Acquired Fund and assumed all the liabilities of the Acquired Fund.

Upon the Merger closing, the Plan of Merger caused all of the Acquired Fund’s shares to be cancelled and the Acquired Fund to be liquidated.

The sponsor of the Teucrium Trust, Teucrium Trading, LLC (“Teucrium”), is not receiving any compensation dependent on the consummation of the Merger.

Pursuant to a certain Amended and Restated ‘33 Act Fund Platform Support Agreement, as amended (the “Support Agreement”) among Tidal Investments LLC (f/k/a Toroso Investments, LLC) (“Tidal”), Tidal ETF Services, LLC, Hashdex Asset Management Ltd., and Teucrium, Tidal has agreed to provide Teucrium after the Merger with a monthly amount equal to the greater of seven percent ( 7 %) of the management fee paid to Tidal from the Acquiring Fund and 0.04 % of monthly average net assets of the Acquiring Fund (“Teucrium Compensation”).

Any payment of the Teucrium Compensation will be made from the resources of Tidal and not from the assets of the Acquiring Fund.

The divestiture of DEFI from the Teucrium Commodity Trust represented a reduction of less than 1 % of the Trusts' net assets.

The Sponsor has determined that the impact, if any, to the Trust is immaterial.

GRANT THORNTON LLP

7 unchanged sentences

Opinion on the financial statements

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments of Teucrium Corn Fund, a series of Teucrium Commodity Trust (the “Fund”) as of December 31, 2023 and 2022, the related statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

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

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

Basis for opinion  

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

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

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

Basis for opinion

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

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

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

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

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

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

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

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

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

Accordingly, we express no such opinion.

3 unchanged sentences

Critical audit matters

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

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

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

1 unchanged sentence

/s/ GRANT THORNTON LLP

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

New York, New York

March 1, 2023

Grant Thornton LLP is the U.S.

member firm of Grant Thornton International Ltd (GTIL).

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

GRANT THORNTON LLP

757 Third Ave., 9th Floor

New York, NY 10017

D +1 212 599 0100

F +1 212 370 4520

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Shareholders of

Teucrium Corn Fund

Opinion on internal control over financial reporting  

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

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

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

Integrated Framework issued by COSO. 

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

Basis for opinion  

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

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

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

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

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

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

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

Definition and limitations of internal control over financial reporting

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

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

/S/ GRANT THORNTON LLP 

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

New York, New York

March 1, 2023

February 29, 2024

Grant Thornton LLP is the U.S.

6 unchanged sentences

Cash and cash equivalents

$ 142,434,737  

$ 115,012,740  

$ 76,745,471 $ 142,434,737

Interest receivable

125,014  

105,283 125,014

Capital shares receivable

1,344,830  

Equity in trading accounts:

Commodity futures contracts

1,585,798  

5,936,552  

Due from broker

11,625,331  

77,143  

6,533,938 11,625,331

Total equity in trading accounts

13,211,129  

6,013,695  

157,116,564  

121,035,049  

6,533,938 13,211,129

83,384,692 157,116,564

Management fee payable to Sponsor

144,877  

104,087  

71,506 144,877

Other liabilities

21,349  

84,706  

80,603 21,349

Payable for shares redeemed

1,344,830  

Equity in trading accounts:

Commodity futures contracts

2,967,103  

2,182,141 2,967,103

Total liabilities

4,478,159  

188,793  

$ 152,638,405  

$ 120,846,256  

2,334,250 4,478,159

$ 81,050,442 $ 152,638,405

Shares outstanding

5,675,004  

5,600,004  

3,750,004 5,675,004

Shares authorized

22,425,000  

Net asset value per share

$ 26.90  

$ 21.58  

$ 21.61 $ 26.90

Market value per share

$ 26.93  

$ 21.54  

$ 21.57 $ 26.93

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

6 unchanged sentences

Money market funds

First American Government Obligations Fund - Class X

4.105 %  

$ 3,498,444  

3,498,444  

Bank Deposit Account

5.270 % $ 7,523,423 $ 7,523,423 9.28 %

Goldman Sachs Financial Square Government Fund - Institutional Class

4.140 %  

49,057,471  

5.250 % 19,050,119 19,050,119 23.51 19,050,119

Total money market funds

$ 52,555,915  

34.43 %  

$ 26,573,542 $ 26,573,542 32.79 %

Percentage of

1 unchanged sentence

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

Albemarle Corporation

January 3, 2024

4.742 %  

7,438,744  

$ 7,484,443  

$ 4.90  

7,500,000  

CNH Industrial Capital LLC

5.770 % 4,950,475 $ 4,998,428 6.17 %

Albemarle Corporation

January 11, 2024

4.566 %  

2,483,750  

2,493,125  

2,500,000  

CNH Industrial Capital LLC

February 13, 2023

4.780 %  

4,949,736  

4,971,931  

5,000,000  

Crown Castle Inc.

5.808 % 2,478,230 2,496,042 3.08 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

January 9, 2024

4.877 %  

2,481,000  

2,497,000  

2,500,000  

Crown Castle Inc.

5.794 % 2,489,708 2,496,833 3.08 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

January 16, 2024

4.765 %  

4,979,764  

4,992,820  

5,000,000  

5.853 % 2,466,575 2,494,031 3.08 2,500,000

Entergy Corporation

January 4, 2023

4.311 %  

2,481,702  

2,499,115  

2,500,000  

General Motors Financial Company, Inc.

January 10, 2023

4.618 %  

7,449,762  

7,491,469  

7,500,000  

General Motors Financial Company, Inc.

March 1, 2024

5.665 % 2,467,625 2,476,875 3.06 2,500,000

FMC Corporation

January 19, 2024

4.473 %  

2,472,806  

2,494,806  

2,500,000  

5.816 % 2,488,878 2,492,850 3.07 2,500,000

Harley-Davidson Financial Services, Inc.

January 9, 2024

4.721 %  

2,482,562  

2,499,354  

2,500,000  

5.843 % 2,474,533 2,496,817 3.08 2,500,000

Harley-Davidson Financial Services, Inc.

January 25, 2023

4.944 %  

7,458,402  

7,475,650  

7,500,000  

February 1, 2024

5.867 % 2,480,400 2,487,600 3.07 2,500,000

Harley-Davidson Financial Services, Inc.

February 14, 2024

5.104 %  

2,479,781  

2,488,844  

2,500,000  

Hyundai Capital America

5.927 % 2,473,774 2,482,247 3.06 2,500,000

National Fuel Gas Company

January 8, 2024

4.000 %  

2,475,911  

2,497,536  

2,500,000  

5.867 % 2,480,400 2,497,200 3.08 2,500,000

Oracle Corporation

March 6, 2024

5.562 % 2,467,452 2,475,400 3.05 2,500,000

January 18, 2024

4.475 %  

2,482,544  

2,494,487  

2,500,000  

5.606 % 2,473,646 2,493,507 3.08 2,500,000

WGL Holdings, Inc.

January 3, 2024

5.073 %  

4,980,555  

4,991,667  

5,000,000  

Oracle Corporation

5.793 % 2,490,896 2,499,208 3.08 2,500,000

WGL Holdings, Inc.

January 12, 2024

4.361 %  

2,482,980  

2,495,222  

2,500,000  

February 2, 2023

4.669 %  

1,986,711  

1,991,822  

2,000,000  

5.849 % 2,487,222 2,495,608 3.08 2,500,000

Walgreens Boots Alliance, Inc.

February 28, 2023

4.827 %  

2,479,549  

2,480,868  

2,500,000  

January 12, 2024

6.028 % 2,484,378 2,495,478 3.08 2,500,000

Total Commercial Paper

$ 64,046,259  

$ 64,340,159  

$ 39,654,192 $ 39,878,124 49.20 %

Total Cash Equivalents

$ 116,896,074  

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT corn futures JUL23

$ 1,585,798  

$ 45,779,763  

$ 66,451,666 81.99 %

Percentage of

4 unchanged sentences

CBOT corn futures MAY24

$ 751,309  

$ 53,392,500  

1,171 $ 1,102,254 1.36 %

CBOT corn futures JUL24

983 384,407 0.47 24,280,100

CBOT corn futures DEC24

2,215,794  

53,440,625  

1,128 695,480 0.86 28,397,400

Total commodity futures contracts

$ 2,967,103  

$ 106,833,125  

$ 2,182,141 2.69 %

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

6 unchanged sentences

First American Government Obligations Fund - Class X

0.260 %  

$ 11,397,154  

11,397,154  

4.105 % $ 3,498,444 $ 3,498,444 2.29 %

Goldman Sachs Financial Square Government Fund - Institutional Class

0.030 %  

4.140 % 49,057,471 49,057,471 32.14 49,057,471

Total money market funds

$ 11,399,662  

9.43 %  

$ 52,555,915 $ 52,555,915 34.43 %

Percentage of

Principal Amount

Commercial Paper

Albemarle Corporation

Brookfield Infrastructure Holdings (Canada) Inc.

January 17, 2023

0.181 %  

7,497,243  

$ 7,498,867  

$ 6.20  

7,500,000  

Conagra Brands, Inc.

4.742 % 7,438,744 $ 7,484,443 $ 4.90 7,500,000

CNH Industrial Capital LLC

January 23, 2023

0.160 %  

2,499,000  

2,499,955  

2,500,000  

Conagra Brands, Inc.

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

0.150 %  

2,499,355  

2,499,823  

2,500,000  

General Motors Financial Company, Inc.

4.877 % 2,481,000 2,497,000 1.64 2,500,000

Crown Castle Inc.

January 12, 2023

0.160 %  

2,499,000  

2,499,944  

2,500,000  

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

0.200 %  

3,498,289  

3,499,417  

3,500,000  

4.618 % 7,449,762 7,491,469 4.91 7,500,000

General Motors Financial Company, Inc.

January 18, 2023

0.160 %  

2,499,400  

2,499,978  

2,500,000  

4.473 % 2,472,806 2,494,806 1.63 2,500,000

Harley-Davidson Financial Services, Inc.

January 3, 2023

0.167 %  

7,497,046  

7,499,583  

7,500,000  

4.721 % 2,482,562 2,499,354 1.64 2,500,000

Harley-Davidson Financial Services, Inc.

March 2, 2022

0.250 %  

2,498,664  

2,498,959  

2,500,000  

January 25, 2023

0.140 %  

4,998,425  

4,999,883  

5,000,000  

4.944 % 7,458,402 7,475,650 4.90 7,500,000

Harley-Davidson Financial Services, Inc.

February 2, 2023

0.300 %  

4,997,375  

4,998,417  

5,000,000  

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

January 19, 2023

4.475 % 2,482,544 2,494,487 1.63 2,500,000

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

February 2, 2023

0.310 %  

2,498,450  

2,498,816  

2,500,000  

4.669 % 1,986,711 1,991,822 1.30 2,000,000

Walgreens Boots Alliance, Inc.

February 28, 2023

0.250 %  

4,997,466  

4,998,577  

5,000,000  

March 1, 2022

0.310 %  

2,498,493  

2,498,730  

2,500,000  

WGL Holdings, Inc.

January 12, 2022

0.220 %  

2,499,343  

2,499,832  

2,500,000  

4.827 % 2,479,549 2,480,868 1.63 2,500,000

Total Commercial Paper

$ 53,477,549  

$ 53,490,781  

$ 64,046,259 $ 64,340,159 42.15 %

Total Cash Equivalents

$ 64,890,443  

$ 116,896,074 76.58 %

Percentage of

3 unchanged sentences

United States corn futures contracts

CBOT corn futures MAY22

$ 3,767,282  

$ 42,185,500  

CBOT corn futures JUL23

196,244  

36,144,150  

1,363 $ 1,585,798 1.04 %

Percentage of

Notional Amount

(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

1,973,026  

42,533,400  

1,750 2,215,794 1.45 53,440,625

Total commodity futures contracts

$ 5,936,552  

$ 120,863,050  

$ 2,967,103 1.94 % $ 106,833,125

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

5 unchanged sentences

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

Realized gain on commodity futures contracts

$ 28,784,977  

$ 65,827,118  

$ 5,882,216  

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

( 7,317,857 )  

( 14,218,054 )  

19,371,125  

Realized (loss) gain on commodity futures contracts

$ ( 26,707,038 ) $ 28,784,977 $ 65,827,118

Net change in unrealized depreciation on commodity futures contracts

( 800,836 ) ( 7,317,857 ) ( 14,218,054 )

Interest income

3,437,856  

258,156  

603,571  

24,904,976  

51,867,220  

25,856,912  

5,217,831 3,437,856 258,156

Total (loss) income

( 22,290,043 ) 24,904,976 51,867,220

Management fees

2,121,041  

1,505,165  

945,485  

1,054,156 2,121,041 1,505,165

Professional fees

416,723  

526,954  

534,142  

394,719 416,723 526,954

Distribution and marketing fees

1,197,419  

1,569,853  

1,347,461  

1,048,908 1,197,419 1,569,853

Custodian fees and expenses

110,365  

170,890  

174,070  

109,559 110,365 170,890

Business permits and licenses fees

34,477  

29,157  

78,930  

29,208 34,477 29,157

General and administrative expenses

113,955  

134,708  

132,300  

Other expenses

69,692 113,955 134,708

Total expenses

3,993,980  

3,936,727  

3,215,171  

2,706,242 3,993,980 3,936,727

Expenses waived by the Sponsor

( 345,855 )  

( 1,060,261 )  

- ( 345,855 ) ( 1,060,261 )

Total expenses, net

3,648,125  

2,876,466  

2,365,775  

$ 21,256,851  

$ 48,990,754  

$ 23,491,137  

Net gain per share

$ 5.32  

$ 6.04  

$ 0.72  

Net gain per weighted average share

$ 2.66  

$ 6.29  

$ 3.28  

2,706,242 3,648,125 2,876,466

Net (loss) income

$ ( 24,996,285 ) $ 21,256,851 $ 48,990,754

Net (loss) gain per share

$ ( 5.29 ) $ 5.32 $ 6.04

Net (loss) gain per weighted average share

$ ( 5.65 ) $ 2.66 $ 6.29

Weighted average shares outstanding

8,002,538  

7,790,689  

7,170,974  

4,424,182 8,002,538 7,790,689

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

4 unchanged sentences

December 31, 2021

$ 21,256,851  

$ 48,990,754  

$ 23,491,137  

Net (loss) income

$ ( 24,996,285 ) $ 21,256,851 $ 48,990,754

Capital transactions

Issuance of Shares

218,911,328  

95,586,980  

155,612,893  

23,324,517 218,911,328 95,586,980

Redemption of Shares

( 208,376,030 )  

( 162,021,015 )  

( 69,916,195 ) ( 208,376,030 ) ( 162,021,015 )

Total capital transactions

10,535,298  

( 66,434,035 )  

39,578,210  

( 46,591,678 ) 10,535,298 ( 66,434,035 )

Net change in net assets

31,792,149  

( 17,443,281 )  

63,069,347  

( 71,587,963 ) 31,792,149 ( 17,443,281 )

Net assets, beginning of period

$ 120,846,256  

$ 138,289,537  

$ 75,220,190  

$ 152,638,405 $ 120,846,256 $ 138,289,537

Net assets, end of period

$ 152,638,405  

$ 120,846,256  

$ 138,289,537  

$ 81,050,442 $ 152,638,405 $ 120,846,256

Net asset value per share at beginning of period

$ 21.58  

$ 15.54  

$ 14.82  

$ 26.90 $ 21.58 $ 15.54

Net asset value per share at end of period

$ 26.90  

$ 21.58  

$ 15.54  

$ 21.61 $ 26.90 $ 21.58

Creation of Shares

8,050,000  

5,025,000  

12,675,000  

975,000 8,050,000 5,025,000

Redemption of Shares

7,975,000  

8,325,000  

8,850,000  

2,900,000 7,975,000 8,325,000

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

5 unchanged sentences

Cash flows from operating activities:

$ 21,256,851  

$ 48,990,754  

$ 23,491,137  

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

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

7,317,857  

14,218,054  

Net (loss) income

$ ( 24,996,285 ) $ 21,256,851 $ 48,990,754

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

Net change in unrealized depreciation on commodity futures contracts

800,836 7,317,857 14,218,054

Changes in operating assets and liabilities:

Due from broker

( 11,548,188 )  

( 77,143 )  

5,091,393 ( 11,548,188 ) ( 77,143 )

Interest receivable

( 116,400 )  

( 1,271 )  

( 854 )  

19,731 ( 116,400 ) ( 1,271 )

854 ( 854 ) -

Due to broker

( 12,973,828 )  

12,973,828  

- - ( 12,973,828 )

Management fee payable to Sponsor

40,790  

( 13,777 )  

52,631  

( 73,371 ) 40,790 ( 13,777 )

Payable for purchases of commercial paper

( 4,997,847 )  

4,997,847  

- - ( 4,997,847 )

Other liabilities

( 63,357 )  

63,047  

Net cash provided by operating activities

16,886,699  

45,207,989  

22,139,453  

59,254 ( 63,357 ) 63,047

Net cash (used in) provided by operating activities

( 19,097,588 ) 16,886,699 45,207,989

Cash flows from financing activities:

Proceeds from sale of Shares

217,566,498  

95,586,980  

155,612,893  

24,669,347 217,566,498 95,586,980

Redemption of Shares

( 207,031,200 )  

( 163,963,290 )  

( 71,261,025 ) ( 207,031,200 ) ( 163,963,290 )

Net cash provided by (used in) financing activities

10,535,298  

( 68,376,310 )  

41,520,485  

Net cash (used in) provided by financing activities

( 46,591,678 ) 10,535,298 ( 68,376,310 )

Net change in cash and cash equivalents

27,421,997  

( 23,168,321 )  

63,659,938  

( 65,689,266 ) 27,421,997 ( 23,168,321 )

Cash and cash equivalents, beginning of period

115,012,740  

138,181,061  

74,521,123  

142,434,737 115,012,740 138,181,061

Cash and cash equivalents, end of period

$ 142,434,737  

$ 115,012,740  

$ 138,181,061  

$ 76,745,471 $ 142,434,737 $ 115,012,740

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

2 unchanged sentences

Note 1 - Organization and Operation

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

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

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

representing fractional undivided beneficial interests in the Fund.

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

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

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

to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for corn interests.

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

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

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

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

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

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

Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CORN,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for corn interests.

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

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

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

CORN Benchmark

4 unchanged sentences

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

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

The Sponsor is responsible for the management of the Fund.

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

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

Securities and Exchange Commission (“SEC”).

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

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

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

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

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

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

7 unchanged sentences

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

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

Michigan Street, Milwaukee, WI 53202.

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

For such services, U.S.

6 unchanged sentences

A summary of these expenses is included below.

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

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

The Sponsor employs Foreside Fund Services, LLC, ("Foreside" or the "Distributor") a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), as the Distributor for the Fund.

The Distributor and the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Distributor.

These persons engage in certain marketing activities for the Fund.

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 in distribution and marketing fees on the statements of operations.

These services are recorded in distribution and marketing fees on the combined statements of operations.

A summary of these expenses is included below.

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

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

Marex Capital Markets, Inc.

(“Marex”) and StoneX Financial Inc.

(“StoneX”) serve as the Funds’

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

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

(“Marex”) and StoneX Financial Inc.

(“StoneX”) serve as the Funds’ clearing brokers to execute and provide other brokerage-related services.

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

CFTC and are members of the NFA.

12 unchanged sentences

A summary of these expenses is included below.

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

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

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:

Year Ended December 31, 2023

2 unchanged sentences

Amount Recognized for Custody Services

$ 110,365  

$ 170,890  

$ 174,070  

$ 109,559 $ 110,365 $ 170,890

Amount of Custody Services Waived

$ 4,000  

$ 59,872  

$ 52,728  

$ - $ 4,000 $ 59,872

Amount Recognized for Distribution Services

$ 60,803  

$ 88,049  

$ 86,151  

$ 39,529 $ 60,803 $ 88,049

Amount of Distribution Services Waived

$ 17,010  

$ 40,063  

$ 28,816  

$ - $ 17,010 $ 40,063

Amount Recognized for Wilmington Trust

$ 1,520  

$ 1,511  

$ 860 $ 550 $ 1,520

Amount of Wilmington Trust Waived

$ 1,511  

Amount Recognized for Thales

$ 90,561  

$ 138,657  

$ 56,292  

Amount of Thales Waived

$ 27,193  

$ 80,945  

$ 22,621  

Note 3 - Summary of Significant Accounting Policies

Basis of Presentation

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

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

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

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

The Fund qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

Revenue Recognition

Commodity futures contracts are recorded on the trade date.

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

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

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

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

8 unchanged sentences

Brokerage Commissions

Beginning on August 21, 2019, the Sponsor began recognizing the expense for brokerage commissions for futures contract trades on a per-trade basis.

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

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

December 31, 2020 , 2021 , and 2022 .

Year Ending December 31, 2022

$ 217,050  

Year Ending December 31, 2021

$ 141,674  

Year Ending December 31, 2020

$ 149,619  

The Sponsor began 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 years ended December 31, 2021 , 2022 , and 2023 .

Year Ended December 31, 2023

Year Ended December 31, 2022

Year Ended December 31, 2021

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

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

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

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

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

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

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

6 unchanged sentences

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of and for the years ended December 31, 2023 , 2022 , and 2021 .

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.

10 unchanged sentences

(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.

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

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

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

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

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

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

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

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

15 unchanged sentences

Money Market Funds

$ 52,555,915  

$ 11,399,662  

$ 27,496,317  

$ 26,573,542 $ 52,555,915 $ 11,399,662

Demand Deposit Savings Accounts

25,538,663  

50,122,297  

40,210,208  

10,293,805 25,538,663 50,122,297

Commercial Paper

64,340,159  

53,490,781  

70,474,536  

39,878,124 64,340,159 53,490,781

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

$ 142,434,737  

$ 115,012,740  

$ 138,181,061  

$ 76,745,471 $ 142,434,737 $ 115,012,740

Payable for Purchases of Commercial Paper

2 unchanged sentences

Due from/to Broker

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

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

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

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

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

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

2 unchanged sentences

Brokerage firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.

4 unchanged sentences

Ongoing or “maintenance”

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

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

When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.

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

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

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

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

Finally, many major U.S.

1 unchanged sentence

Calculation of Net Asset Value

The Fund’s NAV is calculated by:

Taking the current market value of its total assets and

6 unchanged sentences

The value of over the counter corn interests is determined based on the value of the commodity or futures contract underlying such corn interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such corn interest.

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

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

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

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

6 unchanged sentences

The Fund generally pays for all brokerage fees, taxes and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.

The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.

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

3 unchanged sentences

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

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

Year Ended December 31, 2023

2 unchanged sentences

Recognized Related Party Transactions

$ 827,230  

$ 1,095,188  

$ 1,089,985  

$ 684,181 $ 827,230 $ 1,095,188

Waived Related Party Transactions

$ 149,721  

$ 535,622  

$ 493,231  

$ - $ 149,721 $ 535,622

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

3 unchanged sentences

Year Ended December 31, 2023

$ 345,855  

Year Ended December 31, 2022

$ 1,060,261  

Year Ended December 31, 2021

$ 849,396  

Use of Estimates

4 unchanged sentences

In accordance with U.S.

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

1 unchanged sentence

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund.

Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value hierarchy is categorized into three levels based on the inputs as follows:

12 unchanged sentences

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

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

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

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

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

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

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

On December 31, 2023 and 2022 , in the opinion of the Trust and the Fund, the reported value of the Corn Futures Contracts traded on the CBOT fairly reflected the value of the Corn Futures Contracts held by the Fund, and no adjustments were necessary.

1 unchanged sentence

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 years being reported.

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

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

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

2 unchanged sentences

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

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

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

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

1 unchanged sentence

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

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

The Fund records its derivative activities at fair value.

9 unchanged sentences

New Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 06 – Disclosure Improvements:

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.

The amendments require an entity to disclose its accounting policy for where cash flows associated with derivative instruments and their related gains and losses are presented.

The Trust and Fund already discloses the accounting policy related to the derivative gains and losses presented on the cash flow statement.

The amendment was adopted early for the period ended December 31, 2023.

There is no impact to the financial statements of the Trust or the Fund.

The FASB 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.

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

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.

The FASB issued ASU 2021 - 05:

“Leases (Topic 842 ).”

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

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The FASB issued ASU 2020 - 10:

“Codification Improvements.”

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

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

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

1 unchanged sentence

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

The FASB issued 2020 - 02: