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What changed 10-Q

Item 1. Financial Statements

2022-05-10 compared with 2021-11-09 · 883 added, 841 removed, 3053 unchanged (36% of the section changed)

2 unchanged sentences

TEUCRIUM COMMODITY TRUST

Combined Statements of Assets and Liabilities at September 30, 2021 (Unaudited) and December 31, 2020

Combined Schedule of Investments at September 30, 2021 (Unaudited) and December 31, 2020

Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2021 and 2020

Combined Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2021 and 2020

Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2021 and 2020

Combined Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021

Combined Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021

Combined Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021

Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021

Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021

Notes to Combined Financial Statements

TEUCRIUM CORN FUND

Statements of Assets and Liabilities at September 30, 2021 (Unaudited) and December 31, 2020

Schedule of Investments at September 30, 2021 (Unaudited) and December 31, 2020

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2021 and 2020

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2021 and 2020

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2021 and 2020

Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021

Notes to Financial Statements

TEUCRIUM SOYBEAN FUND

Statements of Assets and Liabilities at September 30, 2021 (Unaudited) and December 31, 2020

Schedule of Investments at September 30, 2021 (Unaudited) and December 31, 2020

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2021 and 2020

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2021 and 2020

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2021 and 2020

Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021

Notes to Financial Statements

TEUCRIUM SUGAR FUND

Statements of Assets and Liabilities at September 30, 2021 (Unaudited) and December 31, 2020

Schedule of Investments at September 30, 2021 (Unaudited) and December 31, 2020

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2021 and 2020

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2021 and 2020

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2021 and 2020

Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021

Notes to Financial Statements

TEUCRIUM WHEAT FUND

Statements of Assets and Liabilities at September 30, 2021 (Unaudited) and December 31, 2020

Schedule of Investments at September 30,, 2021 (Unaudited) and December 31, 2020

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2021 and 2020

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2021 and 2020

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2021 and 2020

Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021

Notes to Financial Statements

TEUCRIUM AGRICULTURAL FUND

Statements of Assets and Liabilities at September 30, 2021 (Unaudited) and December 31, 2020

Schedule of Investments at September 30, 2021 (Unaudited) and December 31, 2020

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2021 and 2020

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2021 and 2020

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2021 and 2020

Statements of Assets and Liabilities at March 31, 2022 (Unaudited) and December 31, 2021

Schedule of Investments at March 31, 2022 (Unaudited) and December 31, 2021

Statements of Operations (Unaudited) for the three months ended March 31, 2022 and 2021

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2022 and 2021

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021

Notes to Financial Statements

1 unchanged sentence

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

September 30,

March 31, 2022

December 31, 2021

3 unchanged sentences

Interest receivable

Capital shares receivable

Receivable for securities sold

Equity in trading accounts:

18 unchanged sentences

COMBINED SCHEDULE OF INVESTMENTS

September 30, 2021

March 31, 2022

Percentage of

2 unchanged sentences

First American Government Obligations Fund - Class X (cost:

$329,275,142)

$ 329,275,142

Goldman Sachs Financial Square Government Fund - Institutional Class (cost:

Total money market funds (cost:

$329,420,008)

$ 329,420,008

Principal Amount

Commercial Paper

Albemarle Corporation (cost:

$14,992,416 due:

Albemarle Corporation (cost:

$4,997,584 due:

$2,498,979 due:

$4,998,136 due:

$7,496,800 due:

$4,996,446 due:

Brookfield Infrastructure Holdings (Canada) Inc.

0.178% (cost:

$4,992,416 due:

Brookfield Infrastructure Holdings (Canada) Inc.

$7,490,706 due:

Brookfield Infrastructure Holdings (Canada) Inc.

$4,993,472 due:

Canadian Natural Resources Limited (cost:

$9,994,000 due:

Cigna Corporation (cost:

$9,994,030 due:

Cigna Corporation (cost:

$4,994,118 due:

Cigna Corporation (cost:

$4,993,334 due:

Crown Castle International Corp.

$9,985,944 due:

Crown Castle International Corp.

$9,995,000 due:

Enbridge (U.S.) Inc.

$7,496,583 due:

Enbridge (U.S.) Inc.

$4,992,922 due:

FMC Corporation (cost:

$7,495,750 due:

FMC Corporation (cost:

$9,992,268 due:

General Motors Financial Company, Inc.

0.150% (cost:

$9,991,833 due:

General Motors Financial Company, Inc.

0.172% (cost:

$4,997,375 due:

General Motors Financial Company, Inc.

0.170% (cost:

$4,988,128 due:

2 unchanged sentences

Harley-Davidson Financial Services, Inc.

0.150% (cost:

$4,997,525 due:

Harley-Davidson Financial Services, Inc.

0.160% (cost:

$9,991,993 due:

Harley-Davidson Financial Services, Inc.

0.150% (cost:

$14,993,000 due:

0.262% (cost:

$2,498,946 due:

0.260% (cost:

$9,993,779 due:

National Fuel Gas Company 0.200% (cost:

$4,993,500 due:

0.274% (cost:

$14,994,334 due:

0.220% (cost:

$4,996,868 due:

0.230% (cost:

Verizon Communications Inc.

$4,992,667 due:

Total Commercial Paper (cost:

Verizon Communications Inc.

$4,992,808 due:

$9,997,250 due:

Walgreens Boots Alliance, Inc.

$4,993,048 due:

WGL Holdings, Inc.

$9,993,232 due:

Total Commercial Paper (total cost:

$272,292,067)

6 unchanged sentences

United States corn futures contracts

CBOT corn futures MAY22 (1,312 contracts)

CBOT corn futures JUL22 (2,098 contracts)

CBOT corn futures SEP22 (1,920 contracts)

CBOT corn futures DEC22 (2,293 contracts)

United States soybean futures contracts

CBOT soybean futures JUL22 (281 contracts)

CBOT soybean futures NOV22 (270 contracts)

CBOT soybean futures NOV23 (345 contracts)

United States sugar futures contracts

ICE sugar futures MAY22 (414 contracts)

ICE sugar futures JUL22 (413 contracts)

ICE sugar futures OCT22 (353 contracts)

ICE sugar futures MAR23 (409 contracts)

United States wheat futures contracts

CBOT wheat futures MAR22 (695 contracts)

CBOT wheat futures MAY22 (593 contracts)

CBOT wheat futures DEC22 (708 contracts)

Total commodity futures contracts

4 unchanged sentences

Commodity futures contracts

United States corn futures contracts

CBOT corn futures MAR22 (1,544 contracts)

United States soybean futures contracts

CBOT soybean futures JAN22 (261 contracts)

CBOT soybean futures MAR22 (222 contracts)

United States wheat futures contracts

CBOT wheat futures JUL22 (3,442 contracts)

$ 172,444,200

CBOT wheat futures SEP22 (2,991 contracts)

CBOT wheat futures DEC22 (3,543 contracts)

Total commodity futures contracts

$ 492,671,813

Exchange-traded funds*

4 unchanged sentences

Total exchange-traded funds (cost $4,934,589)

_____________

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

7 unchanged sentences

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

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

Total money market funds (cost:

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

Total money market funds

Principal Amount

Commercial Paper

Energy Transfer Operating, L.P.

0.501% (cost:

Albemarle Corporation 0.181% (cost:

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

Energy Transfer Operating, L.P.

Albemarle Corporation 0.200% (cost:

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

Brookfield Infrastructure Holdings (Canada) Inc.

0.170% (cost:

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

Energy Transfer Operating, L.P.

Conagra Brands, Inc.

0.160% (cost:

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

General Motors Financial Company, Inc.

Conagra Brands, Inc.

0.150% (cost:

18 unchanged sentences

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

Hyundai Capital America, Inc.

0.140% (cost:

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

Hyundai Capital America, Inc.

0.250% (cost:

6 unchanged sentences

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

Marathon Petroleum Corporation 0.350% (cost:

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

Marathon Petroleum Corporation 0.381% (cost:

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

0.300% (cost:

2 unchanged sentences

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

WGL Holdings, Inc.

0.200% (cost:

3 unchanged sentences

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

Walgreens Boots Alliance, Inc.

WGL Holdings, Inc.

0.187% (cost:

8 unchanged sentences

Commodity futures contracts

United States corn futures contracts

CBOT corn futures MAY22 (1,418 contracts)

7 unchanged sentences

ICE sugar futures MAY22 (381 contracts)

ICE sugar futures JUL21 (241 contracts)

ICE sugar futures MAR23 (392 contracts)

1 unchanged sentence

CBOT wheat futures MAY22 (687 contracts)

CBOT wheat futures JUL21 (668 contracts)

CBOT wheat futures DEC22 (686 contracts)

1 unchanged sentence

$ 234,855,437

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States sugar futures contracts

ICE sugar futures JUL22 (331 contracts)

United States wheat futures contracts

CBOT wheat futures JUL22 (593 contracts)

Total commodity futures contracts

Exchange-traded funds*

4 unchanged sentences

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

________________

*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.

2 unchanged sentences

COMBINED STATEMENTS OF OPERATIONS

September 30,

September 30,

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

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

Realized gain (loss) on commodity futures contracts

$ 109,828,706

$ ( 4,142,159 )

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

Realized gain on commodity futures contracts

Net change in unrealized depreciation on commodity futures contracts

( 15,134,574 )

1 unchanged sentence

Interest income

Total income (loss)

( 7,969,705 )

Management fees

4 unchanged sentences

General and administrative expenses

Other expenses

Total expenses

Expenses waived by the Sponsor

( 1,650,854 )

Total expenses, net

Net (loss) income

$ ( 9,343,629 )

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

1 unchanged sentence

COMBINED STATEMENTS OF CHANGES IN NET ASSETS

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Capital transactions

5 unchanged sentences

( 12,550,558 )

Total capital transactions

( 3,396,050 )

Total capital transactions

Net change in net assets

1 unchanged sentence

Net assets, beginning of period

$ 264,276,768

$ 310,113,194

Net assets, end of period

4 unchanged sentences

COMBINED STATEMENTS OF CASH FLOWS

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Cash flows from operating activities:

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

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

( 14,297,584 )

Net change in unrealized depreciation on commodity futures contracts

Changes in operating assets and liabilities:

3 unchanged sentences

Interest receivable

Due to broker

Net receivable for investments sold

( 3,260,269 )

Due to broker

( 27,130,293 )

12 unchanged sentences

( 12,550,558 )

Net cash (used in)/provided by financing activities

( 3,396,050 )

Net cash provided by financing activities

Net change in cash and cash equivalents

( 55,078,121 )

Cash and cash equivalents, beginning of period

4 unchanged sentences

NOTES TO COMBINED FINANCIAL STATEMENTS

September 30, 2021

March 31, 2022

Note 1 – Organization and Operation

8 unchanged sentences

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

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

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

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

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

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

1 unchanged sentence

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

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

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

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

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

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

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

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

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

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

2 unchanged sentences

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

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

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

5 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the audited financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021.

The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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

22 unchanged sentences

E D & F Man Capital Markets, Inc.

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

E D & F Man is registered as a futures commission merchant (“FCM”) with the U.S.

CFTC and is a member of the NFA.

E D & F Man is also registered as a broker/dealer with the SEC and is a member of FINRA.

ED & F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

(“E D & F Man”) and StoneX Financial Inc.

– FCM Division of INTL FCStone Financial Inc.

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

E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.

CFTC and are members of the NFA.

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

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

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

Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.

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

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

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

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

These expenses are recognized on a per-trade basis.

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

11 unchanged sentences

A summary of these expenses is included below:

Three month ended

Three month ended

Nine month ended

Nine month ended

September 30,

September 30,

September 30,

September 30,

Three months ended March 31, 2022

Three months ended March 31, 2021

Amount Recognized for Custody Services

32 unchanged sentences

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

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2021 and 2020.

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss as of March 31, 2022 and 2021.

Three Months Ended March 31, 2022

Three Months Ended March 31, 2021

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

13 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets.

Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of September 30, 2021 and for the years ended December 31, 2020, 2019, and 2018.

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

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

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

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2021 and 2020.

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.

The Funds may be subject to potential examination by U.S.

30 unchanged sentences

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

September 30,

March 31, 2022

December 31, 2021

Money Market Funds

$ 329,420,008

Demand Deposit Savings Accounts

Commercial Paper

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

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

$ 751,108,567

42 unchanged sentences

Such expenses are primarily included as distribution and marketing fees in the financial statements of each Fund.

September 30,

September 30,

September 30,

September 30,

Three Months Ended March 31, 2022

Three months ended March 31, 2021

Recognized Related Party Transactions

4 unchanged sentences

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

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

Three months ended March 31, 2022

Three months ended March 31, 2021

Use of Estimates

29 unchanged sentences

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

On September 30, 2021 and December 31, 2020, in the opinion of the Trust, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

On March 31, 2022 and December 31, 2021, in the opinion of the Trust, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

For the quarter ended March 31, 2021, Corn Futures Contracts for the JUL21 CBOT corn futures, SEP21 CBOT corn futures, DEC21 CBOT corn futures, JUL21 CBOT soybean futures, and the NOV21 CBOT soybean futures, settled in a “limit up” condition.

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

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

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

The Soybean futures contracts transferred back to a Level 1 asset for the period ended June 30, 2021, and the SEP21 and DEC21 corn futures contracts remained a Level 2 asset as described below and transferred back to a Level 1 asset for the period ended September 30, 2021.

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.

3 unchanged sentences

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

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

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

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

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

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

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

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

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

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

49 unchanged sentences

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 September 30, 2021 and December 31, 2020:

September 30, 2021

Balance as of

September 30,

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

March 31, 2022

Balance as of March 31, 2022

Cash Equivalents

5 unchanged sentences

Sugar futures contracts

Wheat futures contracts

$ 633,132,555

$ 633,132,555

Balance as of

September 30,

Balance as of March 31, 2022

Commodity Futures Contracts

Corn futures contracts

Soybean futures contracts

Wheat futures contracts

December 31, 2021

10 unchanged sentences

$ 166,364,500

For the period ended September 30, 2021 and year ended December 31, 2020, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

Balance as of December 31, 2021

Commodity Futures Contracts

Sugar futures contracts

Wheat futures contracts

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

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

5 unchanged sentences

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

For the three and nine months ended September 30, 2021 and year ended December 31, 2020, the Funds invested only in commodity futures contracts specifically related to each Fund.

For the three months ended March 31, 2022 and year ended December 31, 2021, the Funds invested only in commodity futures contracts specifically related to each Fund.

Futures Contracts

14 unchanged sentences

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

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, E D & F Man as of September 30, 2021 and December 31, 2020.

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCMs, E D & F Man and StoneX as of March 31, 2022 and December 31, 2021.

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

Offsetting of Financial Assets and Derivative Assets as of September 30, 2021

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

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount Not Offset in the combined Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Gross Amount Offset in the combined Statement of Assets and Liabilities

Net Amount Presented in the combined Statement of Assets and Liabilities

Futures Contracts Available for Offset

4 unchanged sentences

Sugar futures contracts

Wheat futures contracts

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2021

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

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount Not Offset in the combined Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Gross Amount Offset in the combined Statement of Assets and Liabilities

Net Amount Presented in the combined Statement of Assets and Liabilities

Futures Contracts Available for Offset

1 unchanged sentence

Commodity Price

Corn futures contracts

Soybean futures contracts

Wheat futures contracts

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

12 unchanged sentences

Wheat futures contracts

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

Three months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

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

Commodity Price

Corn futures contracts

$ ( 16,642,507 )

Soybean futures contracts

( 7,754,543 )

Sugar futures contracts

Wheat futures contracts

Total commodity futures contracts

$ ( 23,501,922 )

Three months ended September 30, 2020

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

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

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due from Broker*

Commodity Price

Corn futures contracts

Soybean futures contracts

Sugar futures contracts

Wheat futures contracts

Total commodity futures contracts

Nine months ended September 30, 2021

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

Three months ended March 31, 2022

Primary Underlying Risk

Realized Gain on Commodity Futures Contracts

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

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

Commodity Price

Corn futures contracts

$ ( 18,263,441 )

Soybean futures contracts

( 15,794,481 )

Sugar futures contracts

3 unchanged sentences

$ ( 15,134,574 )

$ ( 34,410,727 )

Nine months ended September 30, 2020

Realized (Loss) Gain on Commodity Futures Contracts

Three months ended March 31, 2021

Primary Underlying Risk

Realized Gain on Commodity Futures Contracts

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

1 unchanged sentence

Corn futures contracts

$ ( 6,379,024 )

Soybean futures contracts

2 unchanged sentences

Wheat futures contracts

( 5,055,673 )

Total commodity futures contracts

1 unchanged sentence

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 281.7 million and $ 334.0 million for the three and nine months ended September 30, 2021, respectively, and $ 277.2 million and $ 193.5 million for the three and nine months ended September 30, 2020, respectively.

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 479.0 million and $ 354.5 million for the three months ended March 31, 2022 and 2021, respectively.

Note 6 - Organizational and Offering Costs

3 unchanged sentences

The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust:

September 30, 2021

March 31, 2022

Teucrium Corn Fund

23 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended September 30, 2021 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:

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

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

Nothing to report

Nothing to report

Nothing to report

Nothing to report

Nothing to report

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

War and other geopolitical events in eastern Europe, including but not limited to Russia and Ukraine, may cause volatility in commodity prices including energy and grain prices, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions.

These events are unpredictable and may lead to extended periods of price volatility.

The impact of these geopolitical events to the Trust and the Funds is described in more detail in Part II of this 10Q.

The total net assets of the Fund increased by $ 75,797,035 , or 34 %, for the period March 31, 2022 to May 9, 2022.

This was driven by a 4 % increase in the NAV per share and a 28 % increase in the shares outstanding.

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

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

The total net assets of the Fund increased by $ 14,758,922 , or 23 %, for the period March 31, 2022 to May 9, 2022.

This was driven by a 2 % increase in the NAV per share and a 21 % increase in the shares outstanding.

A registration statement for SOYB was declared effective by the SEC on April 7, 2022.

This registration statement for SOYB registered an indeterminate amount of shares.

The Sponsor opened an account with StoneX, as a new FCM and clearing broker for the Fund.

The Fund transferred soybean futures contract positions from E D & F Man to StoneX on April 13, 2022.

The total net assets of the Fund increased by $ 8,669,045 , or 34 %, for the period March 31, 2022 to May 9, 2022.

This was driven by a 37 % increase in the shares outstanding and partially offset by a 2 % decrease in the NAV per share.

A registration statement for CANE was declared effective by the SEC on April 7, 2022.

This registration statement for CANE registered an indeterminate amount of shares.

The Sponsor opened an account with StoneX, as a new FCM and clearing broker for the Fund.

The Fund transferred sugar futures contract positions from E D & F Man to StoneX on April 13, 2022.

Nothing additional to report.

The total net assets of the Fund increased by $ 7,799,110 , or 27 %, for the period March 31, 2022 to May 9, 2022.

This was driven by a 4 % increase in the NAV per share and a 22 % increase in the shares outstanding.

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

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

TEUCRIUM CORN FUND

STATEMENTS OF ASSETS AND LIABILITIES

September 30,

March 31, 2022

December 31, 2021

Cash and cash equivalents

9 unchanged sentences

Other liabilities

Payable for shares redeemed

Equity in trading accounts:

Commodity futures contracts

Due to broker

Total equity in trading accounts

Total liabilities

8 unchanged sentences

SCHEDULE OF INVESTMENTS

September 30, 2021

March 31, 2022

Percentage of

1 unchanged sentence

Money market funds

First American Governemnt Obligations Fund - Class X (cost $8,952,627)

First American Government Obligations Fund - Class X (cost:

Goldman Sachs Financial Square Government Fund - Institutional Class (cost:

Total money market funds (cost:

Principal Amount

Commercial Paper

General Motors Financial Company, Inc.

Albemarle Corporation 0.601% (cost:

$2,498,792 due 04/07/2022)

Albemarle Corporation 0.701% (cost:

$12,493,680 due 04/04/2022)

0.240% (cost:

$4,997,867 due 04/13/2022)

0.320% (cost:

$4,996,446 due 05/02/2022)

Brookfield Infrastructure Holdings (Canada) Inc.

1.054% (cost:

$2,496,208 due 05/05/2022)

Brookfield Infrastructure Holdings (Canada) Inc.

0.973% (cost:

$2,496,902 due 05/03/2022)

Brookfield Infrastructure Holdings (Canada) Inc.

1.003% (cost:

$2,496,736 due 05/10/2022)

Canadian Natural Resources Limited 0.902% (cost:

$2,498,500 due 04/25/2022)

Cigna Corporation 0.250% (cost:

$4,997,015 due 04/27/2022)

Cigna Corporation 0.551% (cost:

$2,497,059 due 05/13/2022)

Cigna Corporation 0.641% (cost:

$2,496,667 due 05/16/2022)

Crown Castle International Corp.

1.154% (cost:

$2,496,486 due 05/12/2022)

Crown Castle International Corp.

0.902% (cost:

$4,997,500 due 04/19/2022)

Enbridge (U.S.) Inc.

0.200% (cost:

$2,498,861 due 04/04/2022)

Enbridge (U.S.) Inc.

0.913% (cost:

$2,496,461 due 05/16/2022)

FMC Corporation 0.852% (cost:

$2,498,583 due 04/11/2022)

General Motors Financial Company, Inc.

9 unchanged sentences

$4,997,525 due 04/04/2022)

Harley-Davidson Financial Services, Inc.

0.330% (cost:

$2,498,946 due 04/01/2022)

Harley-Davidson Financial Services, Inc.

0.802% (cost:

2 unchanged sentences

$2,496,750 due 05/17/2022)

National Fuel Gas Company 0.200% (cost:

0.802% (cost:

$2,499,056 due 04/08/2022)

Verizon Communications Inc.

0.611% (cost:

$2,496,404 due 05/25/2022)

Walgreens Boots Alliance, Inc.

0.913% (cost:

$2,496,524 due 05/25/2022)

WGL Holdings, Inc.

0.872% (cost:

2 unchanged sentences

Total Cash Equivalents

$ 131,876,125

Notional Amount

2 unchanged sentences

United States corn futures contracts

CBOT corn futures MAY22 (1,312 contracts)

CBOT corn futures JUL22 (2,098 contracts)

CBOT corn futures SEP22 (1,920 contracts)

CBOT corn futures DEC22 (2,293 contracts)

Total commodity futures contracts

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT corn futures MAR22 (1,544 contracts)

$ 222,123,638

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

6 unchanged sentences

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

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

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

Total money market funds (cost:

Principal Amount

Commercial Paper

Energy Transfer Operating, L.P.

0.501% (cost:

Albemarle Corporation 0.181% (cost:

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

Energy Transfer Operating, L.P.

Conagra Brands, Inc.

0.160% (cost:

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

General Motors Financial Company, Inc.

Conagra Brands, Inc.

0.150% (cost:

15 unchanged sentences

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

Hyundai Capital America, Inc.

0.140% (cost:

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

Hyundai Capital America, Inc.

0.300% (cost:

4 unchanged sentences

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

Marathon Petroleum Corporation 0.381% (cost:

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

0.310% (cost:

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

0.451% (cost:

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

WGL Holdings, Inc.

1 unchanged sentence

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

Walgreens Boots Alliance, Inc.

0.246% (cost:

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

Total Commercial Paper (cost:

8 unchanged sentences

Total commodity futures contracts

$ 120,863,050

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

1 unchanged sentence

STATEMENTS OF OPERATIONS

September 30,

September 30,

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

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

Realized gain (loss) on commodity futures contracts

$ ( 6,379,024 )

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

( 16,642,507 )

( 18,263,441 )

Realized gain on commodity futures contracts

Net change in unrealized appreciation on commodity futures contracts

Interest income

Total (loss) income

( 10,548,273 )

Management fees

4 unchanged sentences

General and administrative expenses

Other expenses

Total expenses

1 unchanged sentence

Total expenses, net

Net (loss) income

$ ( 11,185,315 )

Net (loss) income per share

Net (loss) income per weighted average share

Net income per share

Net income per weighted average share

Weighted average shares outstanding

2 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Capital transactions

4 unchanged sentences

Total capital transactions

( 58,804,762 )

Net change in net assets

( 17,893,142 )

Net assets, beginning of period

$ 120,846,256

$ 138,289,537

Net assets, end of period

8 unchanged sentences

STATEMENTS OF CASH FLOWS

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Cash flows from operating activities:

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

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

Adjustments to reconcile net income to net cash provided by operating activities:

Net change in unrealized appreciation on commodity futures contracts

( 19,894,329 )

( 1,321,729 )

Changes in operating assets and liabilities:

Due from broker

( 6,206,315 )

( 2,721,436 )

Interest receivable

5 unchanged sentences

Other liabilities

Net cash provided by (used in) operating activities

( 5,405,514 )

Net cash provided by operating activities

Cash flows from financing activities:

3 unchanged sentences

( 27,162,343 )

Net cash (used in) provided by financing activities

( 60,747,037 )

Net cash provided by financing activities

Net change in cash and cash equivalents

( 23,132,531 )

Cash and cash equivalents, beginning of period

4 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

March 31, 2022

Note 1 – Organization and Operation

19 unchanged sentences

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

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

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

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

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

The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”).

2 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021.

The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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.

22 unchanged sentences

E D & F Man Capital Markets, Inc.

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

E D & F Man is registered as a futures commission merchant (“FCM”) with the U.S.

CFTC and is a member of the NFA.

E D & F Man is also registered as a broker/dealer with the SEC and is a member of FINRA.

E D & F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

(“E D & F Man”) and StoneX Financial Inc.

– FCM Division of INTL FCStone Financial Inc.

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

E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.

CFTC and are members of the NFA.

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

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

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

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

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

Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.

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

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

These expenses are recognized on a per-trade basis.

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

11 unchanged sentences

A summary of these expenses is included below:

September 30,

September 30,

September 30,

September 30,

Three months ended March 31, 2022

Three months ended March 31, 2021

Amount Recognized for Custody Services

19 unchanged sentences

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

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

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

dollars and included in interest income on the statements of operations.

The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts.

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

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

dollars and included in interest income on the statements of operations.

2 unchanged sentences

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

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2021.

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2022 and 2021.

Three Months Ended March 31, 2022

Three Months Ended March 31, 2021

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

12 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2021 and for the years ended December 31, 2020, 2019, and 2018.

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

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

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

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2021 and 2020.

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.

The Fund may be subject to potential examination by U.S.

13 unchanged sentences

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

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

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

If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.

10 unchanged sentences

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

September 30,

March 31, 2022

December 31, 2021

Money Market Funds

53 unchanged sentences

Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.

September 30,

September 30,

September 30,

September 30,

Three months ended March 31, 2022

Three months ended March 31, 2021

Recognized Related Party Transactions

4 unchanged sentences

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

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

Three months ended March 31, 2022

Three months ended March 31, 2021

Use of Estimates

29 unchanged sentences

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 September 30, 2021 and December 31, 2020, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

On March 31, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

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

For the 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.

The financial statements of CORN were adjusted accordingly.

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

The JUL21 corn futures contracts transferred back to a Level 1 asset, and the SEP21 and DEC21 corn futures contracts remained a Level 2 asset as described below for the period ended June 30, 2021.

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.

3 unchanged sentences

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

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

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

The financial statements of CORN were adjusted accordingly.

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

The Jul21 corn futures contracts transferred back to a Level 1 asset, and the Sep21 and Dec21 corn futures contracts remained a Level 2 asset as described above for the period ended June 30, 2021.

The Fund records its derivative activities at fair value.

30 unchanged sentences

The FASB issued ASU 2019-04:

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

The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.

The FASB issued ASU 2019-01:

“Leases (Topic 842):

20 unchanged sentences

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2021 and December 31, 2020:

September 30, 2021

Balance as of

September 30,

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

March 31, 2022

Balance as of March 31, 2022

Cash Equivalents

Commodity Futures Contracts

Corn futures contracts

Balance as of

September 30,

Commodity Futures Contracts

$ 131,876,125

$ 131,876,125

Corn Futures Contracts

$ 157,707,006

$ 157,707,006

December 31, 2021

Balance as of

Balance as of December 31, 2021

Cash Equivalents

Commodity Futures Contracts

Corn Futures Contracts

$ 118,125,459

$ 118,125,459

For the period ended September 30, 2021 and year ended December 31, 2020, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

Sep21 and Dec21 CBOT corn futures contracts were reflected as a Level 2 investment for the period ended June 30, 2021 due to a “limit up” condition;

the Jul21 CBOT corn futures, Sep21 CBOT corn futures, and Dec21 CBOT corn futures, were reflected as a Level 2 investment for the period ended March 31, 2021 due to a “limit up” condition.

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.

For the period ended March 31, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

5 unchanged sentences

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

For three and nine months ended September 30, 2021 and year ended December 31, 2020, the Fund invested only in commodity futures contracts.

For three months ended March 31, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.

Futures Contracts

14 unchanged sentences

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

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, E D & F Man as of September 30, 2021 and December 31, 2020.

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, E D & F Man and StoneX as of March 31, 2022 and December 31, 2021.

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

Offsetting of Financial Assets and Derivative Assets as of September 30, 2021

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

(iii) = (i-ii)

8 unchanged sentences

Corn futures contracts

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2021

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due from Broker*

Commodity Price

Corn futures contracts

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

10 unchanged sentences

The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:

Three months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ ( 16,642,507 )

Three months ended September 30, 2020

Three months ended March 31, 2022

Primary Underlying Risk

Realized Gain on Commodity Futures Contracts

2 unchanged sentences

Corn futures contracts

Nine months ended September 30, 2021

Three months ended March 31, 2021

Primary Underlying Risk

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ ( 18,263,441 )

Nine months ended September 30, 2020

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ ( 6,379,024 )

$ ( 7,945,108 )

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 126.7 million and $ 154.1 million, respectively, for the three and nine months ended September 30, 2021, and $ 117.8 million and $ 83.3 million for the three and nine months ended September 30, 2020, respectively.

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 167.5 million and $ 161.9 million for the three months ended March 31, 2022, and 2021, respectively.

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2021 and 2020.

The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2022 and 2021.

This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

September 30,

September 30,

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Per Share Operation Performance

Net asset value at beginning of period

Income from investment operations:

Income (loss) from investment operations:

Investment income

Net realized and unrealized (loss) gain on commodity futures contracts

Net realized and unrealized gain on commodity futures contracts

Total expenses, net

Net (decrease) increase in net asset value

Net increase in net asset value

Net asset value at end of period

8 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended September 30, 2021 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:

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

The impact of COVID-19 to the Fund is described in more detail in Part 2 of this 10-Q.

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

The total net assets of the Fund increased by $ 75,797,035 , or 34 %, for the period March 31, 2022 to May 9, 2022.

This was driven by a 4 % increase in the NAV per share and a 28 % increase in the shares outstanding.

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

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

TEUCRIUM SOYBEAN FUND

STATEMENTS OF ASSETS AND LIABILITIES

September 30,

March 31, 2022

December 31, 2021

Cash and cash equivalents

2 unchanged sentences

Commodity futures contracts

Due from broker

Total equity in trading accounts

Management fee payable to Sponsor

Payable for purchase of commercial paper

Other liabilities

Equity in trading accounts:

Commodity futures contracts

Due to broker

Total equity in trading accounts

Total liabilities

6 unchanged sentences

SCHEDULE OF INVESTMENTS

September 30, 2021

March 31, 2022

Percentage of

1 unchanged sentence

Money market funds

First American Funds - Government Obligations Fund - Class X (cost $2,548,576)

First American Government Obligations Fund - Class X (cost:

Goldman Sachs Financial Square Government Fund - Institutional Class (cost:

Total money market funds (cost:

Principal Amount

Commercial Paper

Albemarle Corporation 0.701% (cost:

$2,498,736 due 04/04/2022)

0.220% (cost:

$2,499,068 due 04/13/2022)

Brookfield Infrastructure Holdings (Canada) Inc.

1 unchanged sentence

$2,496,902 due 05/03/2022)

General Motors Financial Company, Inc.

Crown Castle International Corp.

1.154% (cost:

$2,496,486 due 05/12/2022)

Enbridge (U.S.) Inc.

0.200% (cost:

$2,498,861 due 04/04/2022)

Enbridge (U.S.) Inc.

0.913% (cost:

$2,496,461 due 05/16/2022)

General Motors Financial Company, Inc.

3 unchanged sentences

$2,498,975 due 04/08/2022)

Harley-Davidson Financial Services, Inc.

0.802% (cost:

4 unchanged sentences

$2,498,434 due 04/18/2022)

National Fuel Gas Company 0.200% (cost:

WGL Holdings, Inc.

0.872% (cost:

$2,498,308 due 04/22/2022)

5 unchanged sentences

United States soybean futures contracts

CBOT soybean futures JUL22 (281 contracts)

CBOT soybean futures NOV22 (270 contracts)

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States soybean futures contracts

CBOT soybean futures JAN22 (261 contracts)

CBOT soybean futures MAR22 (222 contracts)

CBOT soybean futures NOV23 (345 contracts)

Total commodity futures contracts

7 unchanged sentences

First American Government Obligations Fund - Class X 0.026% (cost $8,951,314)

Blackrock Liquidity FedFund - Institutional Class 0.005% (cost $5,014,767)

Goldman Sachs Financial Square Government Fund - Institutional Class 0.030% (cost $2,511,180)

Total money market funds (cost:

Principal Amount

Commercial Paper

Energy Transfer Operating, L.P.

0.421% (cost:

Albemarle Corporation 0.200% (cost:

$2,499,417 due 01/11/2022)

Energy Transfer Operating, L.P.

Conagra Brands, Inc.

0.160% (cost:

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

General Motors Financial Company, Inc.

Conagra Brands, Inc.

0.150% (cost:

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

Harley-Davidson Financial Services, Inc.

General Motors Financial Company, Inc.

0.200% (cost:

$3,998,044 due 01/31/2022)

Harley-Davidson Financial Services, Inc.

General Motors Financial Company, Inc.

0.160% (cost:

3 unchanged sentences

$2,498,938 due 02/01/2022)

Hyundai Capital America, Inc.

0.300% (cost:

$2,498,312 due 02/11/2022)

Hyundai Capital America, Inc.

0.200% (cost:

$2,499,292 due 01/21/2022)

0.430% (cost:

$2,498,627 due 01/29/2021)

0.401% (cost:

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

Marathon Petroleum Corporation 0.350% (cost:

$2,498,688 due 02/01/2021)

Marathon Petroleum Corporation 0.381% (cost:

$2,498,074 due 02/26/2021)

0.372% (cost:

$2,498,529 due 02/26/2021)

0.451% (cost:

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

Walgreens Boots Alliance, Inc.

0.246% (cost:

$7,496,571 due 03/05/2021)

Total Commercial Paper (cost:

11 unchanged sentences

STATEMENTS OF OPERATIONS

September 30,

September 30,

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

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

2 unchanged sentences

( 8,724,512 )

( 15,794,481 )

Interest income

Total (loss) income

( 4,312,746 )

Management fees

7 unchanged sentences

Total expenses, net

Net (loss) income

$ ( 4,573,209 )

Net (loss) income per share

Net (loss) income per weighted average share

Net income per share

Net income per weighted average share

Weighted average shares outstanding

2 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Capital transactions

6 unchanged sentences

Net change in net assets

( 41,894,155 )

Net assets, beginning of period

Net assets, end of period

$ 128,509,361

Net asset value per share at beginning of period

5 unchanged sentences

STATEMENTS OF CASH FLOWS

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Cash flows from operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

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

( 7,292,203 )

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

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

Changes in operating assets and liabilities:

2 unchanged sentences

Interest receivable

Payable for purchases of commercial paper

( 4,997,451 )

Due to broker

1 unchanged sentence

Management fee payable to Sponsor

Payable for purchases of commercial paper

( 4,997,451 )

Other liabilities

Net cash provided by operating activities

Net cash provided by (used in) operating activities

Cash flows from financing activities:

3 unchanged sentences

( 25,600,897 )

Net cash (used in) provided by financing activities

Net cash provided by (used in) financing activities

( 6,884,822 )

3 unchanged sentences

Cash and cash equivalents, end of period

$ 126,155,451

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

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

March 31, 2022

Note 1 – Organization and Operation

18 unchanged sentences

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

The current registration statement for SOYB was declared effective by the SEC on August 24, 2020.

This registration statement for SOYB registered an additional 15,000,000 shares.

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

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

The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”).

2 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021.

The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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.

22 unchanged sentences

E D & F Man Capital Markets, Inc.

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

E D & F Man is registered as a futures commission merchant (“FCM”) with the U.S.

CFTC and is a member of the NFA.

E D & F Man is also registered as a broker/dealer with the SEC and is a member of FINRA.

E D & F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

(“E D & F Man”) and StoneX Financial Inc.

– FCM Division of INTL FCStone Financial Inc.

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

E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.

CFTC and are members of the NFA.

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

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

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

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

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

Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.

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

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

These expenses are recognized on a per-trade basis.

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

11 unchanged sentences

A summary of these expenses is included below:

September 30,

September 30,

September 30,

September 30,

Three months ended March 31, 2022

Three months ended March 31, 2021

Amount Recognized for Custody Services

27 unchanged sentences

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

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2021 and 2020.

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2022 and 2021.

Three Months Ended March 31, 2022

Three Months Ended March 31, 2021

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

12 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2021 and for the years ended December 31, 2020, 2019, and 2018.

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

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

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

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2021 and 2020.

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.

The Fund may be subject to potential examination by U.S.

13 unchanged sentences

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

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

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

If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.

10 unchanged sentences

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

September 30,

March 31, 2022

December 31, 2021

Money Market Funds

51 unchanged sentences

Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.

September 30,

September 30,

September 30,

September 30,

Three months ended March 31, 2022

Three months ended March 31, 2021

Recognized Related Party Transactions

4 unchanged sentences

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

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

Three months ended March 31, 2022

Three months ended March 31, 2021

Use of Estimates

29 unchanged sentences

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

On September 30, 2021 and December 31, 2020, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

On March 31, 2022 and December 31, 2021, in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

36 unchanged sentences

The FASB issued ASU 2019-04:

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

The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.

The FASB issued ASU 2019-01:

“Leases (Topic 842):

20 unchanged sentences

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2021 and December 31, 2020:

September 30, 2021

Balance as of September 30,

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

March 31, 2022

Balance as of March 31, 2022

Cash Equivalents

Commodity Futures Contracts

Soybean futures contracts

Balance as of September 30,

Commodity Futures Contracts

Soybean futures contracts

December 31, 2021

1 unchanged sentence

Cash Equivalents

Commodity Futures Contracts

Soybean futures contracts

For the three months ended September 30, 2021 and year ended December 31, 2020, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy, except for the Jul21 CBOT soybean futures, and the Nov21 CBOT soybean futures, were reflected as a Level 2 asset for the period ended March 31, 2021 due to a “limit up” condition.

For the three months ended March 31, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy, except for the JUL21 CBOT soybean futures, and the Nov21 CBOT soybean futures, were reflected as a Level 2 asset for the period ended March 31, 2021 due to a “limit up” condition.

These Soybean contracts transferred back to a Level 1 asset for the period ended June 30, 2021.

6 unchanged sentences

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

For the three and nine months ended September 30, 2021 and year ended December 31, 2020, the Fund invested only in commodity futures contracts.

For the three months ended March 31, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.

Futures Contracts

14 unchanged sentences

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

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, E D & F Man as of September 30, 2021 and December 31, 2020.

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, E D & F Man as of March 31, 2022 and December 31, 2021.

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

Offsetting of Financial Assets and Derivative Assets as of September 30, 2021

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

(iii) = (i-ii)

8 unchanged sentences

Soybean futures contracts

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2021

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due from Broker*

Commodity Price

Soybean futures contracts

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

10 unchanged sentences

The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Fund:

Three months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Soybean futures contracts

$ ( 7,754,543 )

Three months ended September 30, 2020

Three months ended March 31, 2022

Primary Underlying Risk

Realized Gain on Commodity Futures Contracts

2 unchanged sentences

Soybean futures contracts

Nine months ended September 30, 2021

Three months ended March 31, 2021

Primary Underlying Risk

Realized Gain on Commodity Futures Contracts

3 unchanged sentences

$ ( 8,724,512 )

Nine months ended September 30, 2020

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

Soybean futures contracts

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 54.6 million and $ 80.7 million, respectively for the three and nine months ended September 30, 2021 and, and $ 89.2 million and $ 48.1 million for the three and nine months ended September 30, 2020, respectively.

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 56.8 million and $ 97.1 million for the three months ended March 31, 2022 and 2021, respectively.

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2021 and 2020.

The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2022 and 2021.

This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

1 unchanged sentence

Three months ended

Nine months ended

Nine months ended

September 30,

September 30,

September 30,

September 30,

March 31, 2022

March 31, 2021

Per Share Operation Performance

Net asset value at beginning of period

Income from investment operations:

Income (loss) from investment operations:

Investment income

Net realized and unrealized (loss) gain on commodity futures contracts

Net realized and unrealized gain on commodity futures contracts

Total expenses, net

Net (decrease) increase in net asset value

Net increase in net asset value

Net asset value at end of period

8 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended September 30, 2021 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:

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

The impact of COVID-19 to the Fund is described in more detail in Part 2 of this 10-Q.

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

The total net assets of the Fund increased by $ 14,758,922 , or 23 %, for the period March 31, 2022 to May 9, 2022.

This was driven by a 2 % increase in the NAV per share and a 21 % increase in the shares outstanding.

A registration statement for SOYB was declared effective by the SEC on April 7, 2022.

This registration statement for SOYB registered an indeterminate amount of shares.

The Sponsor opened an account with StoneX, as a new FCM and clearing broker for the Fund.

The Fund transferred soybean futures contract positions from E D & F Man to StoneX on April 13, 2022.

TEUCRIUM SUGAR FUND

STATEMENTS OF ASSETS AND LIABILITIES

September 30,

March 31, 2022

December 31, 2021

Cash and cash equivalents

2 unchanged sentences

Commodity futures contracts

Due from broker

Total equity in trading accounts

Management fee payable to Sponsor

1 unchanged sentence

Equity in trading accounts:

Commodity futures contracts

Due to broker

Total equity in trading accounts

Total liabilities

6 unchanged sentences

SCHEDULE OF INVESTMENTS

September 30, 2021

March 31, 2022

Percentage of

2 unchanged sentences

First American Government Obligations Fund - Class X (cost $7,605,606)

Goldman Sachs Financial Square Government Fund - Institutional Class (cost $5,161)

Goldman Sachs Financial Square Government Fund (cost:

Total money market funds (cost:

1 unchanged sentence

Commercial Paper

Albemarle Corporation 0.601% (cost:

$2,498,792 due 04/07/2022)

0.350% (cost:

$2,498,979 due 04/11/2022)

National Fuel Gas Company 0.200% (cost:

WGL Holdings, Inc.

0.872% (cost:

$2,498,308 due 04/22/2022)

5 unchanged sentences

United States sugar futures contracts

ICE sugar futures MAY22 (414 contracts)

ICE sugar futures JUL22 (413 contracts)

ICE sugar futures OCT22 (353 contracts)

ICE sugar futures MAR23 (409 contracts)

8 unchanged sentences

First American Government Obligations Fund - Class X 0.026% (cost $4,808,415)

Blackrock Liquidity FedFund - Institutional Class (cost:

Goldman Sachs Financial Square Government Fund - Institutional Class 0.030% (cost:

Total Money Market Funds (cost:

1 unchanged sentence

Commercial Paper

Energy Transfer Operating, L.P.

0.250% (cost:

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

WGL Holdings, Inc.

0.187% (cost:

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

Total Commercial Paper (cost:

Total Cash Equivalents

4 unchanged sentences

ICE sugar futures MAY22 (381 contracts)

ICE sugar futures JUL21 (241 contracts)

ICE sugar futures MAR23 (392 contracts)

Total commodity futures contracts

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States sugar futures contracts

ICE sugar futures JUL22 (331 contracts)

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

1 unchanged sentence

STATEMENTS OF OPERATIONS

September 30,

September 30,

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

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

Realized gain (loss) on commodity futures contracts

$ ( 763,390 )

Net change in unrealized appreciation on commodity futures contracts

Realized gain on commodity futures contracts

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

Interest income

Total income (loss)

Management fees

4 unchanged sentences

General and administrative expenses

Other expenses

Total expenses

1 unchanged sentence

Total expenses, net

Net income (loss)

$ ( 916,995 )

Net income (loss) per share

Net income (loss) per weighted average share

Net income per share

Net income per weighted average share

Weighted average shares outstanding

2 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

September 30,

September 30,

Net income (loss)

$ ( 916,995 )

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Capital transactions

2 unchanged sentences

( 4,697,940 )

( 7,805,796 )

Total capital transactions

9 unchanged sentences

STATEMENTS OF CASH FLOWS

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Cash flows from operating activities:

Net income (loss)

$ ( 916,995 )

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

Net change in unrealized appreciation on commodity futures contracts

Adjustments to reconcile net income to net cash provided by operating activities:

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

Changes in operating assets and liabilities:

4 unchanged sentences

Other liabilities

Net cash provided by (used in) operating activities

( 1,671,625 )

Net cash provided by operating activities

Cash flows from financing activities:

2 unchanged sentences

( 4,697,940 )

( 7,805,796 )

Net cash provided by financing activities

Net change in cash and cash equivalents

( 1,620,570 )

Cash and cash equivalents, beginning of period

2 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

March 31, 2022

Note 1 – Organization and Operation

19 unchanged sentences

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

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

This registration statement for CANE registered an additional 15,000,000 shares.

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

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

The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”).

2 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021.

The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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.

22 unchanged sentences

E D & F Man Capital Markets, Inc.

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

E D & F Man is registered as a futures commission merchant (“FCM”) with the U.S.

CFTC and is a member of the NFA.

E D & F Man is also registered as a broker/dealer with the SEC and is a member of FINRA.

E D & F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

(“E D & F Man”) and StoneX Financial Inc.

– FCM Division of INTL FCStone Financial Inc.

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

E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.

CFTC and are members of the NFA.

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

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

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

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

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

Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.

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

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

These expenses are recognized on a per-trade basis.

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

11 unchanged sentences

A summary of these expenses is included below:

Three month ended

Three month ended

Nine month ended

Nine month ended

September 30,

September 30,

September 30,

September 30,

Three months ended March 31, 2022

Three months ended March 31, 2021

Amount Recognized for Custody Services

18 unchanged sentences

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

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

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

dollars and included in interest income on the statements of operations.

The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts.

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

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

dollars and included in interest income on the statements of operations.

2 unchanged sentences

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

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2021.

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2022 and 2021.

Three Months Ended March 31, 2022

Three Months Ended March 31, 2021

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

12 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2021 and for the years ended December 31, 2020, 2019, and 2018.

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

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

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

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2021 and 2020.

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.

The Fund may be subject to potential examination by U.S.

26 unchanged sentences

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

September 30,

March 31, 2022

December 31, 2021

Money Market Funds

48 unchanged sentences

Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.

Three months ended

Three months ended

Nine months ended

Nine months ended

September 30,

September 30,

September 30,

September 30,

Three months ended March 31, 2022

Three months ended March 31, 2021

Recognized Related Party Transactions

4 unchanged sentences

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

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

Three months ended March 31, 2022

Three months ended March 31, 2021

Use of Estimates

29 unchanged sentences

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

On September 30, 2021 and December 31, 2020, in the opinion of the Trust and the Fund, the reported value of the Sugar Futures Contracts traded on the ICE fairly reflected the value of the Sugar Futures Contracts held by the Fund, and no adjustments were necessary.

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

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

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

For the three and nine months ended September 30, 2021 and year ended December 31, 2020, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three months ended March 31, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

The Fund records its derivative activities at fair value.

30 unchanged sentences

The FASB issued ASU 2019-04:

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

The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.

The FASB issued ASU 2019-01:

“Leases (Topic 842):

20 unchanged sentences

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2021 and December 31, 2020:

September 30, 2021

Balance as of September 30,

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

March 31, 2022

Balance as of March 31, 2022

Cash Equivalents

Commodity Futures Contracts

Sugar Futures Contracts

2 unchanged sentences

Cash Equivalents

Commodity Futures Contracts

Sugar Futures Contracts

For the period September 30, 2021 and year ended December 31, 2020, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

Balance as of December 31, 2021

Sugar Futures Contracts

For the period March 31, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

See the Fair Value – Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

5 unchanged sentences

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

For the three and nine months ended September 30, 2021 and year ended December 31, 2020, the Fund invested only in commodity futures contracts.

For the three months ended March 31, 2022 and year ended December 31, 2021, the Fund invested only in commodity futures contracts.

Futures Contracts

14 unchanged sentences

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

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, E D & F Man as of September 30, 2021 and December 31, 2020.

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, E D & F Man as of March 31, 2022 and December 31, 2021.

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

Offsetting of Financial Assets and Derivative Assets as of September 30, 2021

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

(iii) = (i-ii)

19 unchanged sentences

Sugar futures contracts

The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:

Three months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

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

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due from Broker*

Commodity Price

Sugar futures contracts

Three months ended September 30, 2020

The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:

Three months ended March 31, 2022

Primary Underlying Risk

Realized Gain on Commodity Futures Contracts

2 unchanged sentences

Sugar futures contracts

Nine months ended September 30, 2021

Three months ended March 31, 2021

Primary Underlying Risk

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

Sugar futures contracts

Nine months ended September 30, 2020

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

2 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held were $ 24.4 million and $ 18.9 million, respectively, for the three and nine months ended September 30, 2021, and $ 11.9 million and $ 10.1 million, respectively, for the three and nine months ended September 30, 2020.

The average notional market value categorized by primary underlying risk for all futures contracts held were $ 21.4 million and $ 14.9 million for the three months ended March 31, 2022 and 2021.

Note 6 – Financial Highlights

The following table presents per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2021 and 2020.

The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2022 and 2021.

This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

1 unchanged sentence

Three months ended

Nine months ended

Nine months ended

September 30, 2021

September 30, 2020

September 30, 2021

September 30, 2020

March 31, 2022

March 31, 2021

Per Share Operation Performance

1 unchanged sentence

Income (loss) from investment operations:

Investment income

Net realized and unrealized gain (loss) on commodity futures contracts

Net realized and unrealized gain on commodity futures contracts

Total expenses, net

Net increase (decrease) in net asset value

Net increase in net asset value

Net asset value at end of period

8 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended September 30, 2021 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:

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

The impact of COVID-19 to the Fund is described in more detail in Part 2 of this 10-Q.

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

The total net assets of the Fund increased by $ 8,669,045 , or 34 %, for the period March 31, 2022 to May 9, 2022.

This was driven by a 37 % increase in the shares outstanding and partially offset by a 2 % decrease in the NAV per share.

A registration statement for CANE was declared effective by the SEC on April 7, 2022.

This registration statement for CANE registered an indeterminate amount of shares.

The Sponsor opened an account with StoneX, as a new FCM and clearing broker for the Fund.

The Fund transferred sugar futures contract positions from E D & F Man to StoneX on April 13, 2022.

TEUCRIUM WHEAT FUND

STATEMENTS OF ASSETS AND LIABILITIES

September 30,

March 31, 2022

December 31, 2021

Cash and cash equivalents

$ 462,259,066

Interest receivable

Capital shares receivable

Equity in trading accounts:

2 unchanged sentences

Total equity in trading accounts

Payable for shares redeemed

$ 544,261,887

Management fee payable to Sponsor

2 unchanged sentences

Equity in trading accounts:

Commodity futures contracts

Due to broker

Total equity in trading accounts

Total liabilities

$ 492,639,237

Shares outstanding

2 unchanged sentences

Market value per share

*On March 9, 2022, the Teucrium Wheat Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.

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

1 unchanged sentence

SCHEDULE OF INVESTMENTS

September 30, 2021

March 31, 2022

Percentage of

2 unchanged sentences

First American Government Obligations Fund - Class X (cost:

Goldman Sachs Financial Square Government Fund - Institutional Class (cost:

$267,687,106)

$ 267,687,106

Goldman Sachs Financial Square Government Fund (cost:

Total money market funds (cost:

$267,748,634)

$ 267,748,634

Principal Amount

Commercial Paper

0.240% (cost:

$2,498,933 due 04/13/2022)

0.220% (cost:

$2,499,068 due 04/13/2022)

Brookfield Infrastructure Holdings (Canada) Inc.

1 unchanged sentence

$2,496,208 due 05/05/2022)

Brookfield Infrastructure Holdings (Canada) Inc.

0.973% (cost:

$2,496,902 due 05/03/2022)

Brookfield Infrastructure Holdings (Canada) Inc.

1.003% (cost:

$2,496,736 due 05/10/2022)

Canadian Natural Resources Limited 0.902% (cost:

$7,495,500 due 04/25/2022)

Cigna Corporation 0.250% (cost:

$4,997,015 due 04/27/2022)

Cigna Corporation 0.551% (cost:

$2,497,059 due 05/13/2022)

Cigna Corporation 0.641% (cost:

$2,496,667 due 05/16/2022)

Crown Castle International Corp.

1.154% (cost:

$4,992,972 due 05/12/2022)

Crown Castle International Corp.

0.902% (cost:

$4,997,500 due 04/19/2022)

Enbridge (U.S.) Inc.

0.200% (cost:

$2,498,861 due 04/04/2022)

FMC Corporation 0.852% (cost:

$4,997,167 due 04/11/2022)

FMC Corporation 0.963% (cost:

$9,992,268 due 04/21/2022)

General Motors Financial Company, Inc.

4 unchanged sentences

$4,997,375 due 04/12/2022)

Harley-Davidson Financial Services, Inc.

General Motors Financial Company, Inc.

1.034% (cost:

$2,494,064 due 06/08/2022)

Glencore Funding LLC 0.234% (cost:

$2,498,976 due 04/08/2022)

Harley-Davidson Financial Services, Inc.

3 unchanged sentences

$14,993,000 due 04/18/2022)

National Fuel Gas Company 0.200% (cost:

0.802% (cost:

$4,996,889 due 04/11/2022)

3 unchanged sentences

$12,495,278 due 04/08/2022)

Total Commercial Paper (cost:

Verizon Communications Inc.

0.601% (cost:

$4,992,667 due 05/24/2022)

Verizon Communications Inc.

0.611% (cost:

$2,496,404 due 05/25/2022)

0.902% (cost:

$9,997,250 due 04/01/2022)

Walgreens Boots Alliance, Inc.

0.913% (cost:

$2,496,524 due 05/25/2022)

WGL Holdings, Inc.

0.872% (cost:

$2,498,308 due 04/22/2022)

Total Commercial Paper (Total cost:

$137,397,976)

$ 137,432,524

Total Cash Equivalents

$ 405,181,158

Percentage of

Notional Amount

2 unchanged sentences

United States wheat futures contracts

CBOT wheat futures MAR22 (695 contracts)

CBOT wheat futures MAY22 (593 contracts)

CBOT wheat futures JUL22 (3,442 contracts)

$ 172,444,200

CBOT wheat futures SEP22 (2,991 contracts)

CBOT wheat futures DEC22 (3,543 contracts)

Total commodity futures contracts

$ 492,671,813

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

6 unchanged sentences

First American Government Obligations Fund - Class X 0.026% (cost $5,281,765)

Blackrock Liquidity FedFund - Institutional Class (cost $13,227)

Goldman Sachs Financial Square Government Fund - Institutional Class 0.030% (cost $3,228)

Total money market funds (cost:

1 unchanged sentence

Commercial Paper

Energy Transfer Operating, L.P.

Albemarle Corporation 0.181% (cost:

$2,499,081 due 01/31/2022)

Albemarle Corporation 0.200% (cost:

$2,499,417 due 01/11/2022)

Brookfield Infrastructure Holdings (Canada) Inc.

0.170% (cost:

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

Energy Transfer Operating, L.P.

Conagra Brands, Inc.

0.160% (cost:

9 unchanged sentences

$2,499,015 due 01/13/2022)

Hyundai Capital America, Inc.

Harley-Davidson Financial Services, Inc.

0.170% (cost:

$2,498,938 due 02/01/2022)

Harley-Davidson Financial Services, Inc.

0.250% (cost:

2 unchanged sentences

$2,498,688 due 02/08/2022)

Marathon Petroleum Corporation 0.350% (cost:

0.310% (cost:

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

Marathon Petroleum Corporation 0.381% (cost:

0.300% (cost:

$2,498,313 due 02/11/2022)

WGL Holdings, Inc.

0.200% (cost:

$2,499,292 due 01/21/2022)

Walgreens Boots Alliance, Inc.

0.310% (cost:

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

WGL Holdings, Inc.

0.220% (cost:

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

Total Commercial Paper (cost:

5 unchanged sentences

CBOT wheat futures MAY22 (687 contracts)

CBOT wheat futures JUL21 (668 contracts)

CBOT wheat futures DEC22 (686 contracts)

Total commodity futures contracts

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States wheat futures contracts

CBOT wheat futures JUL22 (593 contracts)

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

1 unchanged sentence

STATEMENTS OF OPERATIONS

September 30,

September 30,

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

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

Realized gain on commodity futures contracts

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

Net change in unrealized depreciation on commodity futures contracts

( 36,851,362 )

( 5,055,673 )

Interest income

( 2,101,044 )

Management fees

7 unchanged sentences

Total expenses, net

Net income (loss)

$ ( 2,532,616 )

Net income (loss) per share

Net income per weighted average share

Net income (loss) per weighted average share

Weighted average shares outstanding

2 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Net income (loss)

$ ( 2,532,616 )

Capital transactions

4 unchanged sentences

Total capital transactions

( 7,807,965 )

Net change in net assets

1 unchanged sentence

Net assets, end of period

$ 492,639,237

Net asset value per share at beginning of period

5 unchanged sentences

STATEMENTS OF CASH FLOWS

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Cash flows from operating activities:

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

Net income (loss)

$ ( 2,532,616 )

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

Net change in unrealized depreciation on commodity futures contracts

1 unchanged sentence

Due from broker

( 81,975,541 )

( 6,421,744 )

Interest receivable

1 unchanged sentence

( 2,571,103 )

( 4,258,410 )

Payable for purchases of commercial paper

1 unchanged sentence

Other liabilities

Net cash provided by (used in) operating activities

Net cash used in operating activities

( 27,122,535 )

( 6,444,389 )

Cash flows from financing activities:

3 unchanged sentences

( 6,613,143 )

Net cash (used in) provided by financing activities

( 9,962,775 )

Net cash provided by financing activities

Net change in cash and cash equivalents

1 unchanged sentence

Cash and cash equivalents, end of period

$ 462,259,066

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

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

March 31, 2022

Note 1 – Organization and Operation

19 unchanged sentences

On December 31, 2010, the Fund had four shares outstanding, which were owned by the Sponsor.

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

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

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

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

The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”).

2 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021.

The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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.

22 unchanged sentences

E D & F Man Capital Markets, Inc.

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

E D & F Man is registered as a futures commission merchant (“FCM”) with the U.S.

CFTC and is a member of the NFA.

E D & F Man is also registered as a broker/dealer with the SEC and is a member of FINRA.

E D & F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

(“E D & F Man”) and StoneX Financial Inc.

– FCM Division of INTL FCStone Financial Inc.

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

E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.

CFTC and are members of the NFA.

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

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

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

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

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

Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.

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

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

These expenses are recognized on a per-trade basis.

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

11 unchanged sentences

A summary of these expenses is included below:

September 30,

September 30,

September 30,

September 30,

Three months ended March 31, 2022

Three months ended March 31, 2021

Amount Recognized for Custody Services

18 unchanged sentences

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

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

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

dollars and included in interest income on the statements of operations.

The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts.

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

dollars and included in interest income on the combined statements of operations.

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

dollars and included in interest income on the statements of operations.

Brokerage Commissions

1 unchanged sentence

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 for the three and nine months ended September 30, 2021 and 2020.

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2022 and 2021.

Three Months Ended March 31, 2022

Three Months Ended March 31, 2021

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

12 unchanged sentences

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2021 and for the years ended December 31, 2020, 2019 and 2018.

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

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

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

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2021 and 2020.

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.

The Fund may be subject to potential examination by U.S.

12 unchanged sentences

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

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

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

If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.

10 unchanged sentences

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

September 30,

March 31, 2022

December 31, 2021

Money Market Funds

$ 267,748,634

Demand Deposit Savings Accounts

1 unchanged sentence

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

$ 462,259,066

Payable for Purchases of Commercial Paper

47 unchanged sentences

Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.

September 30,

September 30,

September 30,

September 30,

Three months ended March 31, 2022

Three months ended March 31, 2021

Recognized Related Party Transactions

4 unchanged sentences

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

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

Three months ended March 31, 2022

Three months ended March 31, 2021

Use of Estimates

29 unchanged sentences

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

On September 30, 2021 and December 31, 2020, in the opinion of the Trust and the Fund, the reported value of the Wheat Futures Contracts traded on the CBOT fairly reflected the value of the Wheat Futures Contracts held by the Fund, and no adjustments were necessary.

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

The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

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

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

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

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

The Fund records its derivative activities at fair value.

30 unchanged sentences

The FASB issued ASU 2019-04:

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

The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.

The FASB issued ASU 2019-01:

“Leases (Topic 842):

20 unchanged sentences

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2021 and December 31, 2020:

September 30, 2021

Balance as of

September 30,

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

March 31, 2022

Balance as of March 31, 2022

Cash Equivalents

Commodity Futures Contracts

$ 405,181,158

$ 405,181,158

Balance as of March 31, 2022

Wheat Futures contracts

2 unchanged sentences

Cash Equivalents

Commodity Futures Contracts

Wheat Futures contracts

For the period ended September 30, 2021 and year ended December 31, 2020, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy, except for the Dec21 CBOT Wheat contracts held by WEAT, which were reflected as a Level 2 asset for the period ended June 30, 2020 due to the quarterly average daily volume for the contract.

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

Balance as of December 31, 2021

Wheat Futures contracts

For the period ended March 31, 2022 and year ended December 31, 2021, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

5 unchanged sentences

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

For the three and nine months ended September 30, 2021 and for the year ended December 31, 2020, the Fund invested only in commodity futures contracts.

For the three months ended March 31, 2022 and for the year ended December 31, 2021, the Fund invested only in commodity futures contracts.

Futures Contracts

14 unchanged sentences

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

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, E D & F Man as of September 30, 2021 and December 31, 2020.

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, E D & F Man and StoneX as of March 31, 2022 and December 31, 2021.

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

Offsetting of Financial Assets and Derivative Assets as of September 30, 2021

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

(iii) = (i-ii)

1 unchanged sentence

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

1 unchanged sentence

Futures Contracts Available for Offset

Collateral, Due to Broker

Collateral, Due from Broker*

Commodity Price

11 unchanged sentences

Wheat futures contracts

The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:

Three months ended September 30, 2021

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

Wheat futures contracts

Three months ended September 30, 2020

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

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

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due from Broker*

Commodity Price

Wheat futures contracts

Nine months ended September 30, 2021

The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:

Three months ended March 31, 2022

Primary Underlying Risk

Realized Gain on Commodity Futures Contracts

3 unchanged sentences

$ ( 36,851,362 )

Nine months ended September 30, 2020

Three months ended March 31, 2021

Primary Underlying Risk

Realized Gain on Commodity Futures Contracts

4 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 76.0 million and $ 80.3 million, respectively, for the three and nine months ended September 30, 2021, and $ 58.3 million and $ 51.9 million, respectively, for the three and nine months ended and September 30, 2020.

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 233.4 million and $ 80.6 million, respectively, for the three months ended March 31, 2022 and March 31, 2021.

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2021 and 2020.

The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2022 and 2021.

This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

September 30,

September 30,

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Per Share Operation Performance

1 unchanged sentence

Income (loss) from investment operations:

Investment income

Net realized and unrealized gain (loss) on commodity futures contracts

11 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended September 30, 2021 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:

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

The impact of COVID-19 to the Fund is described in more detail in Part 2 of this 10-Q.

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

Nothing additional to report.

TEUCRIUM AGRICULTURAL FUND

STATEMENTS OF ASSETS AND LIABILITIES

September 30,

March 31, 2022

December 31, 2021

Cash equivalents

Receivable for securities sold

Interest receivable

Equity in trading accounts:

Investments in securities, at fair value (cost $ 7,335,496 and $ 1,586,899 as of September 30, 2021 and December 31, 2020, respectively)

Investments in securities, at fair value (cost $26,068,679 and $12,799,498 as of March 31, 2022 and December 31, 2021, respectively)

Payable for shares redeemed

Other liabilities

Total liabilities

Shares outstanding

5 unchanged sentences

SCHEDULE OF INVESTMENTS

September 30, 2021

March 31, 2022

Percentage of

25 unchanged sentences

STATEMENTS OF OPERATIONS

September 30,

September 30,

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Realized and unrealized gain (loss) on trading of securities:

Realized gain (loss) on securities

$ ( 332,299 )

Net change in unrealized appreciation on securities

Interest income

Total income (loss)

Professional fees

3 unchanged sentences

General and administrative expenses

Other expenses

Total expenses

1 unchanged sentence

Total expenses, net

Net income (loss)

$ ( 115,875 )

Net income (loss) per share

Net income (loss) per weighted average share

Net income per share

Net income per weighted average share

Weighted average shares outstanding

2 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

September 30,

September 30,

Net income (loss)

$ ( 115,875 )

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Capital transactions

13 unchanged sentences

STATEMENTS OF CASH FLOWS

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Cash flows from operating activities:

Net income (loss)

$ ( 115,875 )

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

Adjustments to reconcile net income to net cash used in operating activities:

Net change in unrealized appreciation on securities

1 unchanged sentence

Changes in operating assets and liabilities:

Net (purchase) sale of investments in securities

Net sale of investments in securities

( 13,269,181 )

( 3,347,690 )

Net receivable for securities sold

( 3,260,269 )

Interest receivable

Other liabilities

Net cash (used in) provided by operating activities

Net cash used in operating activities

( 15,818,702 )

( 3,398,276 )

Cash flows from financing activities:

2 unchanged sentences

( 3,135,229 )

Net cash provided by (used in) financing activities

Net cash provided by financing activities

Net change in cash equivalents

3 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

March 31, 2022

Note 1 – Organization and Operation

10 unchanged sentences

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

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

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

26 unchanged sentences

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021.

The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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.

22 unchanged sentences

E D & F Man Capital Markets, Inc.

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

E D & F Man is registered as a futures commission merchant (“FCM”) with the U.S.

CFTC and is a member of the NFA.

E D & F Man is also registered as a broker/dealer with the SEC and is a member of FNRA.

E D & F Man is a clearing member of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

(“E D & F Man”) and StoneX Financial Inc.

– FCM Division of INTL FCStone Financial Inc.

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

E D & F Man and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.

CFTC and are members of the NFA.

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

ED & F Man and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

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

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

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

Effective April 1, 2022, E D & F Man will be paid $11.00 per round turn.

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

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

These expenses are recognized on a per-trade basis.

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

11 unchanged sentences

A summary of these expenses is included below:

September 30,

September 30,

September 30,

September 30,

Three months ended March 31, 2022

Three months ended March 31, 2021

Amount Recognized for Custody Services

32 unchanged sentences

This policy has been applied to all existing tax positions upon the Fund’s initial adoption.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of September 30, 2021 and for the years ended December 31, 2020, 2019 and 2018.

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

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

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

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2021 and 2020.

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2022 and 2021.

The Fund may be subject to potential examination by U.S.

15 unchanged sentences

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

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

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

If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.

6 unchanged sentences

Assets deposited with a financial institution may, at times, exceed federally insured limits.

TAGS had a balance of $ 4,754 and $ 2,786 in money market funds at September 30, 2021 and December 31, 2020, respectively;

TAGS had a balance of $6,490 and $2,605 in money market funds at March 31, 2022 and December 31, 2021, respectively;

these balances are included in cash equivalents on the statements of assets and liabilities.

22 unchanged sentences

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

In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum.

The Sponsor does not receive a management fee from the Fund.

The Sponsor receives a management fee from each Underlying Fund at the annual rate of 1.00% of such Underlying Fund’s average daily net assets, payable monthly.

The Sponsor can elect to waive the payment of this fee for any Underlying Fund in any amount at its sole discretion, at any time and from time to time, in order to reduce the Fund’s expenses or for any other purpose.

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

6 unchanged sentences

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

September 30,

September 30,

September 30,

September 30,

Three months ended March 31, 2022

Three months ended March 31, 2021

Recognized Related Party Transactions

4 unchanged sentences

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

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

Three months ended March 31, 2022

Three months ended March 31, 2021

Expenses are recorded using the accrual method of accounting.

24 unchanged sentences

The FASB issued ASU 2019-04:

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

The amendments were early adopted for the quarter ended June 30, 2019; the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.

The FASB issued ASU 2019-01:

“Leases (Topic 842):

37 unchanged sentences

In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.

On September 30, 2021 and December 32, 2020, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

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

Therefore, the Trust and CORN have used alternative verifiable sources to value these contracts on June 30, 2021, and the financial statements of these funds including TAGS, due to the NAV adjustments for the Underlying Fund, were adjusted accordingly.

The adjustment in CORN resulted in a $ 10,393 increase in the investment in the Underlying Funds which were classified as a Level 2 asset for the period ended June 30, 2021.

For the period ended September 30, 2021, the CORN shares were classified as a Level 1 asset.

On March 31, 2022 and December 31, 2021, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

For the quarter ended March 31, 2021 Corn Futures Contracts for JUL21 CBOT corn futures, SEP21 CBOT corn futures, DEC21 CBOT corn futures, and Soybean Futures Contracts for JUL21 CBOT soybean futures, and the NOV21 CBOT soybean futures, settled in a “limit up” condition.

3 unchanged sentences

For the period ended June 30, 2021, the SOYB shares were classified as a Level 1 asset.

For the quarter ended June 30, 2021, Corn Futures Contracts for the SEP21 and DEC21 CBOT corn futures contracts, settled in a “limit up” condition on June 30, 2021.

Therefore, the Trust and CORN have used alternative verifiable sources to value these contracts on June 30, 2021, and the financial statements of these Funds including TAGS, due to the NAV adjustments for the Underlying Fund, were adjusted accordingly.

The adjustment in CORN resulted in a $10,393 increase in the investment in the Underlying Funds which were classified as a Level 2 asset for the period ended June 30, 2021.

For the period ended September 30, 2021, the CORN shares were classified as a Level 1 asset.

Net Income (Loss) per Share

4 unchanged sentences

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2021 and December 31, 2020:

September 30, 2021

Balance as of

September 30,

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

March 31, 2022

Balance as of March 31, 2022

Exchange Traded Funds

4 unchanged sentences

Cash Equivalents

On September 30, 2021 and December 31, 2020, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required., The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

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

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

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

The adjustment in CORN resulted in a $10,383 increase in the investment of the Underlying Funds due to the increase in unrealized gain in the Corn Fund, and classified these Corn Fund shares as a Level 2 asset for the period ended June 30, 2021 .

For the period ended September 30, 2021, the CORN shares were classified as a Level 1 asset.

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

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

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

The adjustment in CORN and SOYB resulted in a $ 30,191 increase in the investment in the Underlying Funds, which were classified as a Level 2 asset for the period ended March 31, 2021.

For the period ended June 30, 2021, the SOYB shares were classified as a Level 1 asset.

The CORN shares remained a Level 2 asset as described above.

For the year ended December 31, 2020, the Fund did not have any transfers between any of the level of the fair value hierarchy.

On March 31, 2022 and December 31, 2021, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required., The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period.

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

Note 5 – Financial Highlights

The following table presents per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2021 and 2020.

The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2022 and 2021.

This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

September 30,

September 30,

September 30,

September 30,

Three months ended

Three months ended

March 31, 2022

March 31, 2021

Per Share Operation Performance

1 unchanged sentence

Income (loss) from investment operations:

Net realized and unrealized gain (loss) on investment transactions

Net realized and unrealized gain on investment transactions

Total expenses, net

Net increase (decrease) in net asset value

Net increase in net asset value

Net asset value at end of period

8 unchanged sentences

Note 7 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended September 30, 2021 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than those noted below:

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

The impact of COVID-19 to the Fund is described in more detail in Part 2 of this 10-Q.

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

The total net assets of the Fund increased by $ 7,799,110 , or 27 %, for the period March 31, 2022 to May 9, 2022.

This was driven by a 4 % increase in the NAV per share and a 22 % increase in the shares outstanding.

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

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

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.