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What changed 10-Q

Item 1. Financial Statements

2024-05-10 compared with 2023-11-08 · 2528 added, 2528 removed, 1472 unchanged (77% of the section changed)

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

2 unchanged sentences

TEUCRIUM COMMODITY TRUST

Combined Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Combined Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Combined Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Combined Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

Combined Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

Combined Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

Notes to Combined Financial Statements

TEUCRIUM CORN FUND

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

Notes to Financial Statements

TEUCRIUM SOYBEAN FUND

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

Notes to Financial Statements

TEUCRIUM SUGAR FUND

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

Notes to Financial Statements

TEUCRIUM WHEAT FUND

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

Notes to Financial Statements

TEUCRIUM AGRICULTURAL FUND

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

Notes to Financial Statements

HASHDEX BITCOIN FUTURES ETF

Statements of Assets and Liabilities at September 30, 2023 (Unaudited) and December 31, 2022

Schedule of Investments at September 30, 2023 (Unaudited) and December 31, 2022

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

Notes to Financial Statements

1 unchanged sentence

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

March 31, 2024

December 31, 2023

Cash and cash equivalents

$ 322,537,166  

$ 434,062,296  

$ 253,695,600 $ 292,237,362

Interest receivable

528,723  

317,351  

43,652  

Capital shares receivable

1,344,830  

253,928 410,596

Equity in trading accounts:

Commodity and cryptocurrency futures contracts

2,020,707  

8,207,381  

1,667,718 2,367,012

Due from broker

43,881,117  

61,563,417  

41,016,750 30,935,806

Total equity in trading accounts

45,901,824  

69,770,798  

$ 369,011,365  

$ 505,504,344  

42,684,468 33,302,818

$ 296,650,377 $ 325,956,138

Management fee payable to Sponsor

$ 294,761  

$ 432,882  

$ 228,413 $ 276,900

Other liabilities

185,968  

78,880  

Payable for shares redeemed

10,183,915  

281,114 242,982

Equity in trading accounts:

Commodity and cryptocurrency futures contracts

25,923,738  

29,433,069  

Due to broker

997,931  

Total equity in trading accounts

26,921,669  

29,433,069  

18,352,042 10,888,842

Total liabilities

$ 27,402,398  

$ 40,128,746  

$ 341,608,967  

$ 465,375,598  

18,861,569 $ 11,408,724

$ 277,788,808 $ 314,547,414

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

1 unchanged sentence

COMBINED SCHEDULE OF INVESTMENTS

September 30, 2023

March 31, 2024

Percentage of

2 unchanged sentences

Bank Deposit Account

5.270 %  

$ 70,144,326  

$ 70,144,326  

70,144,326  

5.240 % $ 22,987,077 $ 22,987,077 8.28 %

Goldman Sachs Financial Square Government Fund - Institutional Class

5.240 %  

77,776,959  

77,776,959  

77,776,959  

5.210 % 82,672,927 82,672,927 29.76 82,672,927

Total money market funds

$ 147,921,285  

$ 147,921,285  

$ 105,660,004 $ 105,660,004 38.04 %

Percentage of

Commercial Paper

American Electric Power Company, Inc.

June 12, 2024

5.465 % $ 4,941,190 $ 4,946,401 1.78 %

Brookfield Infrastructure Holdings (Canada) Inc.

October 11, 2023

5.735 %  

$ 4,956,994  

$ 4,992,180  

5,000,000  

April 23, 2024

5.844 % 2,465,045 2,491,261 0.90 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

October 11, 2023

5.806 %  

3,967,700  

3,993,666  

4,000,000  

5.834 % 2,465,106 2,485,725 0.89 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

October 24, 2023

5.810 %  

4,952,500  

4,981,792  

5,000,000  

5.710 % 4,946,334 4,970,444 1.79 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

December 5, 2023

5.819 %  

4,938,250  

4,948,542  

5,000,000  

General Motors Financial Company, Inc.

October 3, 2023

5.468 %  

9,873,444  

9,997,022  

10,000,000  

5.782 % 2,464,625 2,483,098 0.89 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

5.772 % 4,929,376 4,964,688 1.79 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

5.780 % 2,466,590 2,479,954 0.89 2,500,000

Campbell Soup Company

5.601 % 4,955,696 4,977,084 1.79 5,000,000

The Cigna Group

April 5, 2024

5.501 % 2,970,300 2,998,200 1.08 3,000,000

Crown Castle Inc.

April 18, 2024

5.530 % 9,945,600 9,974,312 3.59 10,000,000

5.314 % 4,934,875 4,962,372 1.79 5,000,000

FMC Corporation

April 22, 2024

5.755 % 2,487,815 2,491,746 0.90 2,500,000

General Motors Financial Company, Inc.

October 25, 2023

5.511 %  

4,933,250  

4,982,000  

5,000,000  

April 23, 2024

5.511 % 4,932,500 4,983,500 1.79 5,000,000

General Motors Financial Company, Inc.

October 27, 2023

5.546 %  

4,944,090  

4,980,356  

5,000,000  

April 29, 2024

5.408 % 3,465,928 3,485,545 1.25 3,500,000

Glencore Funding LLC

November 10, 2023

5.613 %  

2,467,917  

2,484,723  

2,500,000  

Harley-Davidson Financial Services, Inc.

October 3, 2023

5.817 %  

4,940,626  

4,998,416  

5,000,000  

Harley-Davidson Financial Services, Inc.

October 4, 2023

5.697 %  

2,385,067  

2,398,880  

2,400,000  

April 16, 2024

5.490 % 7,456,125 7,483,125 2.69 7,500,000

Glencore Funding LLC

April 30, 2024

5.493 % 4,964,750 4,978,250 1.79 5,000,000

Glencore Funding LLC

5.475 % 7,440,597 7,456,287 2.68 7,500,000

Harley-Davidson Financial Services, Inc.

October 4, 2023

5.746 %  

7,434,201  

7,496,475  

7,500,000  

April 26, 2024

5.700 % 2,482,111 2,490,278 0.90 2,500,000

Harley-Davidson Financial Services, Inc.

November 6, 2023

5.704 %  

4,957,222  

4,972,000  

5,000,000  

Hyundai Capital America

November 13, 2023

5.509 %  

7,405,500  

7,451,625  

7,500,000  

October 13, 2023

5.793 %  

14,945,375  

14,971,500  

15,000,000  

October 13, 2023

5.793 %  

4,981,000  

4,990,500  

5,000,000  

Marriott International, Inc.

October 10, 2023

5.408 %  

9,937,932  

9,986,700  

10,000,000  

National Fuel Gas Company

October 17, 2023

5.754 %  

9,954,406  

9,974,845  

10,000,000  

5.815 % 4,943,792 4,964,376 1.79 5,000,000

National Fuel Gas Company

October 19, 2023

5.755 %  

7,463,445  

7,478,775  

7,500,000  

November 13, 2023

5.497 %  

4,958,750  

4,967,750  

5,000,000  

December 4, 2023

5.558 %  

4,941,717  

4,951,556  

5,000,000  

Walgreens Boots Alliance, Inc.

November 1, 2023

5.901 %  

9,908,335  

9,950,147  

10,000,000  

Walgreens Boots Alliance, Inc.

November 30, 2023

5.944 %  

9,861,057  

9,903,064  

10,000,000  

April 4, 2024

5.544 % 7,476,113 7,496,588 2.70 7,500,000

Stanley Black & Decker, Inc.

April 4, 2024

5.604 % 4,987,734 4,997,700 1.80 5,000,000

VW Credit, Inc.

April 11, 2024

5.511 % 9,865,000 9,985,000 3.59 10,000,000

VW Credit, Inc.

5.402 % 4,943,320 4,966,876 1.45 5,000,000

WGL Holdings, Inc.

April 15, 2024

5.616 % 4,984,640 4,989,248 1.46 5,000,000

Total Commercial Paper

$ 145,108,778  

$ 145,852,514  

$ 117,915,162 $ 118,502,058 41.97 %

Total Cash Equivalents

$ 293,773,799  

$ 224,162,062 80.01 %

Percentage of

2 unchanged sentences

Commodity and Cryptocurrency futures contracts

United States soybean futures contracts

CBOT soybean futures JAN24

$ 134,775  

$ 10,809,075  

United States sugar futures contracts

ICE sugar futures MAY24

993,509  

8,515,651  

ICE sugar futures MAR25

872,940  

8,552,981  

United States CME Bitcoin futures contracts

CME Bitcoin futures OCT23

813,000  

CME Bitcoin futures NOV23

17,019  

818,250  

United States corn futures contracts

CBOT Corn Futures SEP24

901 $ 154,412 0.06 %

United States wheat futures contracts

CBOT wheat futures SEP24

1,599 1,513,306 0.54 47,290,425

Total commodity and cryptocurrency futures contracts

$ 2,020,707  

$ 29,508,957  

$ 1,667,718 0.60 %

Percentage of

3 unchanged sentences

United States corn futures contracts

CBOT corn futures MAR 24

$ 1,365,651  

$ 31,619,525  

CBOT corn futures MAY24

220,723  

27,127,100  

CBOT Corn Futures JUL24

1,072 $ 2,021,501 0.73 %

CBOT Corn Futures DEC24

534,508  

31,652,400  

1,022 1,911,222 0.69 24,413,025

United States soybean futures contracts

CBOT soybean futures MAR24

465,562  

9,302,775  

CBOT soybean futures JUL24

197 308,999 0.11 11,871,713

CBOT soybean futures NOV24

44,606  

11,088,000  

172 478,846 0.17 10,201,750

CBOT soybean futures NOV25

204 7,131 0.00 11,860,050

United States sugar futures contracts

ICE sugar futures JUL24

107,186  

7,293,888  

234 594,646 0.21 5,805,072

ICE sugar futures OCT24

201 83,984 0.03 4,963,896

ICE sugar futures MAR25

233 135,771 0.05 5,769,826

United States wheat futures contracts

CBOT wheat futures MAR24

11,184,967  

66,784,075  

CBOT wheat futures MAY24

4,422,002  

57,779,963  

CBOT wheat futures JUL24

1,915 3,610,065 1.30 55,128,063

CBOT wheat futures DEC24

7,578,533  

69,309,250  

1,800 9,199,877 3.31 55,080,000

Total commodity and cryptocurrency futures contracts

$ 25,923,738  

$ 311,956,976  

$ 18,352,042 6.60 %

$ 209,454,595

Percentage of

1 unchanged sentence

Teucrium Corn Fund

$ 5,670,302  

257,033  

$ 3,661,367 1.32 %

Teucrium Soybean Fund

5,503,425  

203,005  

3,574,703 1.29 142,076

Teucrium Sugar Fund

5,479,366  

371,271  

3,605,828 1.30 267,233

Teucrium Wheat Fund

5,322,814  

955,742  

3,673,518 1.32 682,062

Total exchange-traded funds

$ 22,841,003  

$ 21,975,907  

*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.

$ 16,068,429 $ 14,515,416 5.23 %

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

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

5 unchanged sentences

Money market funds

First American Government Obligations Fund - Class X

4.105 %  

$ 28,382,122  

$ 28,382,122  

28,382,122  

Bank Deposit Account

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

Goldman Sachs Financial Square Government Fund - Institutional Class

4.140 %  

160,258,295  

160,258,295  

160,258,295  

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

Total money market funds

$ 188,640,417  

$ 188,640,417  

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

Percentage of

Commercial Paper

American Electric Power Company, Inc.

Albemarle Corporation

January 3, 2024

4.565 %  

$ 4,968,750  

$ 4,990,000  

5,000,000  

Brookfield Infrastructure Holdings (Canada) Inc.

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

Albemarle Corporation

January 4, 2024

4.742 %  

14,877,488  

14,968,886  

15,000,000  

Brookfield Infrastructure Holdings (Canada) Inc.

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

Albemarle Corporation

January 8, 2024

4.734 %  

4,959,225  

4,989,644  

5,000,000  

CNH Industrial Capital LLC

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

Albemarle Corporation

January 11, 2024

4.566 %  

9,935,000  

9,972,500  

10,000,000  

CNH Industrial Capital LLC

February 13, 2023

4.780 %  

9,899,472  

9,943,862  

10,000,000  

Crown Castle Inc.

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

Brookfield Infrastructure Holdings (Canada) Inc.

January 9, 2024

4.877 %  

7,443,000  

7,491,000  

7,500,000  

Crown Castle Inc.

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

Brookfield Infrastructure Holdings (Canada) Inc.

January 16, 2024

4.765 %  

12,449,410  

12,482,050  

12,500,000  

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

Brookfield Infrastructure Holdings (Canada) Inc.

January 30, 2024

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

Entergy Corporation

March 1, 2024

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

FMC Corporation

January 19, 2024

4.311 %  

9,926,808  

9,996,460  

10,000,000  

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

General Motors Financial Company, Inc.

January 18, 2024

4.276 %  

12,400,060  

12,486,207  

12,500,000  

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

General Motors Financial Company, Inc.

January 24, 2024

4.473 %  

7,418,417  

7,484,417  

7,500,000  

Glencore Funding LLC

January 10, 2023

4.506 %  

9,934,607  

9,988,895  

10,000,000  

Glencore Funding LLC

January 13, 2023

4.526 %  

5,461,843  

5,491,823  

5,500,000  

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

General Motors Financial Company, Inc.

February 9, 2024

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

Harley-Davidson Financial Services, Inc.

January 9, 2024

4.721 %  

5,263,032  

5,298,631  

5,300,000  

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

Harley-Davidson Financial Services, Inc.

January 25, 2023

4.944 %  

7,458,402  

7,475,650  

7,500,000  

February 1, 2024

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

Harley-Davidson Financial Services, Inc.

February 14, 2024

5.104 %  

4,959,561  

4,977,688  

5,000,000  

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

National Fuel Gas Company

January 8, 2024

4.670 %  

7,448,250  

7,492,333  

7,500,000  

Hyundai Capital America

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

National Fuel Gas Company

January 26, 2024

4.000 %  

9,903,645  

9,990,145  

10,000,000  

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

Oracle Corporation

March 6, 2024

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

Stanley Black & Decker, Inc.

January 22, 2024

4.475 %  

4,965,088  

4,988,975  

5,000,000  

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

January 17, 2024

5.073 %  

4,980,555  

4,991,667  

5,000,000  

Oracle Corporation

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

January 18, 2024

4.358 %  

4,973,125  

4,997,611  

5,000,000  

Oracle Corporation

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

January 25, 2024

4.361 %  

9,931,919  

9,980,889  

10,000,000  

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

WGL Holdings, Inc.

January 3, 2024

4.364 %  

4,959,390  

4,990,444  

5,000,000  

February 2, 2023

4.669 %  

6,456,811  

6,473,422  

6,500,000  

VW Credit, Inc.

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

WGL Holdings, Inc.

January 12, 2024

4.434 %  

7,448,106  

7,483,613  

7,500,000  

Walgreens Boots Alliance, Inc.

February 13, 2023

4.842 %  

4,970,188  

4,971,512  

5,000,000  

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

Walgreens Boots Alliance, Inc.

February 28, 2023

4.827 %  

4,959,098  

4,961,736  

5,000,000  

January 12, 2024

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

Total Commercial Paper

$ 198,351,250  

$ 199,360,060  

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

Total Cash Equivalents

$ 388,000,477  

$ 263,089,306 83.66 %

Percentage of

2 unchanged sentences

Commodity and Cryptocurrency futures contracts

United States corn futures contracts

CBOT corn futures JUL23

$ 1,585,798  

$ 45,779,763  

United States soybean futures contracts

CBOT soybean futures MAR23

642,912  

20,421,600  

CBOT soybean futures MAY23

807,218  

17,518,500  

CBOT soybean futures NOV23

1,070,240  

20,472,038  

United States sugar futures contracts

ICE sugar futures MAY23

356,963  

8,407,526  

ICE sugar futures JUL23

554,366  

7,289,811  

United States wheat futures contracts

CBOT wheat futures MAY24

2,018 $ 363,500 0.12 %

CBOT wheat futures JUL24

3,160,732  

68,696,650  

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

United States CME Bitcoin futures contracts

CME Bitcoin futures JAN24

24,979  

496,050  

CME Bitcoin futures FEB23

575,575  

6 129,519 0.04 1,274,550

Total commodity and cryptocurrency futures contracts

$ 8,207,381  

$ 189,657,513  

$ 2,367,012 0.76 %

$ 121,044,013

Percentage of

4 unchanged sentences

CBOT corn futures MAY24

$ 751,309  

$ 53,392,500  

1,171 $ 1,102,254 0.35 %

CBOT corn futures JUL24

983 384,407 0.12 24,280,100

CBOT corn futures DEC24

2,215,794  

53,440,625  

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

United States soybean futures contracts

CBOT soybean futures MAR24

156 617,118 0.20 10,124,400

CBOT soybean futures MAY24

133 633,749 0.20 8,693,213

CBOT soybean futures NOV24

164 140,794 0.04 10,215,150

United States sugar futures contracts

ICE sugar futures MAY24

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

ICE sugar futures JUL24

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

ICE sugar futures MAR25

85,128  

8,565,278  

268 508,264 0.16 6,216,314

United States wheat futures contracts

CBOT wheat futures MAY23

7,079,231  

80,074,688  

CBOT wheat futures DEC24

19,301,607  

80,220,450  

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

United States CME Bitcoin futures contracts

CME Bitcoin futures FEB24

6 51,376 0.02 1,288,500

Total commodity and cryptocurrency futures contracts

$ 29,433,069  

$ 275,693,541  

$ 10,888,842 3.45 %

$ 193,412,278

Percentage of

1 unchanged sentence

Teucrium Corn Fund

$ 9,885,980  

367,555  

$ 4,567,949 1.45 %

Teucrium Soybean Fund

9,921,042  

348,075  

4,546,758 1.45 168,219

Teucrium Sugar Fund

9,745,653  

1,024,284  

4,624,253 1.47 371,871

Teucrium Wheat Fund

10,020,023  

1,254,840  

4,662,940 1.48 779,782

Total exchange-traded funds

$ 39,425,287  

$ 39,572,698  

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

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

4 unchanged sentences

Three months ended

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022 (1)

September 30, 2023

September 30, 2022 (1)

March 31, 2024

March 31, 2023

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

Realized loss on commodity and cryptocurrency futures contracts

$ ( 42,896,164 )  

$ ( 103,278,313 )  

$ ( 85,437,409 )  

$ ( 17,194,951 ) $ ( 26,591,126 )

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

11,792,810  

112,241,847  

( 2,677,343 )  

Net change in unrealized depreciation on commodity and cryptocurrency futures contracts

( 7,969,968 ) ( 5,823,279 )

Interest income

4,636,897  

3,411,665  

13,164,733  

5,411,206  

Total (loss) income

( 26,466,457 )  

12,375,199  

( 74,950,019 )  

3,704,387 4,331,014

( 21,460,532 ) ( 28,083,391 )

Management fees

890,028  

1,666,788  

2,729,807  

5,121,250  

701,923 989,515

Professional fees

589,097  

202,539  

1,592,324  

1,012,066  

302,008 446,052

Distribution and marketing fees

1,024,521  

1,170,838  

2,928,637  

3,058,779  

947,591 927,712

Custodian fees and expenses

115,736  

151,161  

333,733  

280,651  

95,024 120,560

Business permits and licenses fees

42,299  

17,473  

113,427  

114,848  

56,338 34,617

General and administrative expenses

52,966  

46,910  

226,049  

257,025  

70,863 49,142

Other expenses

Total expenses

2,714,655  

3,255,730  

7,923,985  

9,844,645  

2,173,813 2,567,598

Expenses waived by the Sponsor

( 168,505 )  

( 62,609 )  

( 578,373 )  

( 131,847 ) ( 196,064 )

Total expenses, net

2,546,150  

3,193,121  

7,345,612  

8,729,055  

Net (loss) income

$ ( 29,012,607 )  

$ 9,182,078  

$ ( 82,295,631 )  

2,041,966 2,371,534

(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

$ ( 23,502,498 ) $ ( 30,454,925 )

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

1 unchanged sentence

COMBINED STATEMENTS OF CHANGES IN NET ASSETS

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022 (1)

$ ( 82,295,631 )  

Three months ended

Three months ended

March 31, 2024

March 31, 2023

$ ( 23,502,498 ) $ ( 30,454,925 )

Capital transactions

Distribution of Net Assets to Acquiring Fund

( 2,574,071 ) -

Issuance of Shares

140,135,089  

1,216,204,797  

13,002,447 17,208,235

Redemption of Shares

( 198,374,229 )  

( 26,854,784 ) ( 100,669,768 )

Net change in the cost of the Underlying Funds

16,768,140  

3,170,300 5,715,382

Total capital transactions

( 41,471,000 )  

456,235,423  

( 13,256,108 ) ( 77,746,151 )

Net change in net assets

$ ( 123,766,631 )  

422,697,514  

( 36,758,606 ) ( 108,201,076 )

Net assets, beginning of period

$ 465,375,598  

264,276,768  

314,547,414 465,375,598

Net assets, end of period

$ 341,608,967  

$ 686,974,282  

(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

$ 277,788,808 $ 357,174,522

* The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials.

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

1 unchanged sentence

COMBINED STATEMENTS OF CASH FLOWS

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022 (1)

Three months ended

Three months ended

March 31, 2024

March 31, 2023

Cash flows from operating activities:

$ ( 82,295,631 )  

$ ( 23,502,498 ) $ ( 30,454,925 )

1 unchanged sentence

Net change in unrealized appreciation on commodity and cryptocurrency futures contracts

2,677,343  

15,553,587  

7,969,968 5,823,279

Changes in operating assets and liabilities:

Due from broker

17,682,300  

( 10,080,944 ) 5,668,407

Interest receivable

( 211,372 )  

( 34,583 )  

146,371 11,703

( 722 ) ( 50,462 )

Due to broker

997,931  

Management fee payable to Sponsor

( 138,121 )  

334,400  

( 48,487 ) ( 122,242 )

Other liabilities

107,088  

38,132 61,862

Net cash used in operating activities

( 61,215,045 )  

( 25,478,180 ) ( 16,960,478 )

Cash flows from financing activities:

Distribution to Acquiring Fund upon consummation of merger and liquidation agreement - see Note 1 to the finanical statements

( 2,381,545 ) -

Proceeds from sale of Shares

141,479,919  

1,216,204,797  

13,002,447 18,185,376

Redemption of Shares

( 208,558,144 )  

( 26,854,784 ) ( 110,853,683 )

Net change in cost of the Underlying Funds

16,768,140  

3,170,300 5,715,382

Net cash (used in) provided by financing activities

( 50,310,085 )  

456,235,423  

Net cash used in financing activities

( 13,063,582 ) ( 86,952,925 )

Net change in cash and cash equivalents

( 111,525,130 )  

377,302,955  

( 38,541,762 ) ( 103,913,403 )

Cash and cash equivalents beginning of period

434,062,296  

252,211,943  

292,237,362 434,062,296

Cash and cash equivalents end of period

$ 322,537,166  

$ 629,514,898  

(1) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

$ 253,695,600 $ 330,148,893

* The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials.

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

NOTES TO COMBINED FINANCIAL STATEMENTS

September 30, 2023

Note 1 –

Organization and Operation

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

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

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

and singularly as the “Fund.”

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

March 31, 2024

Note 1 – Organization and Operation

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

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

As discussed elsewhere in this Form 10 -Q, the Trust, on behalf of its series, Hashdex Bitcoin Futures Fund ("Acquired Fund"), and Tidal Commodities Trust I, on behalf of its series, Hashdex Bitcoin Futures Fund, entered into an Agreement and Plan of Merger and Liquidation dated as of October 30, 2023 ( "Plan of Merger").

The Merger closed on the January 3, 2024.

Upon such closing, the Plan of Merger caused all of the Acquired Fund's shares to be canceled and the Acquired Fund to be liquidated.

All of these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Collectively, CORN, CANE, SOYB, and WEAT are referred to as the “Agricultural Funds”.

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

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

representing fractional undivided beneficial interests in a Fund.

Effective as of April 29, 2019, the Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).

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

Effective as of April 29, 2019, the Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).

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

Securities and Exchange Commission (“SEC”).

Securities and Exchange Commission (“SEC”).

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

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

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

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

14 unchanged sentences

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The financial information included herein is unaudited;

however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Trust’s financial statements for the interim period.

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

The operating results for the three and nine months ended September 30, 2023 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

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

however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Trust’s financial statements for the interim period.

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

The operating results for the three months ended March 31, 2024 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

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

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

Note 2 –

Principal Contracts and Agreements

Note 2 – Principal Contracts and Agreements

The Sponsor employs U.S.

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

Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.

Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.

The principal address for Global Fund Services is 615 E.

5 unchanged sentences

These services are recorded as custodian fees and expenses on the combined statements of operations.

A summary of these expenses is included below. 

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

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

A summary of these expenses is included below.

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

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

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

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

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

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

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

2 unchanged sentences

Marex Capital Markets, Inc.

(“Marex”), StoneX Financial Inc.

(“StoneX”) and Phillip Capital Inc.

(“Phillip Capital”) serve as the Funds’

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

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

(“Marex”), StoneX Financial Inc.

(“StoneX”) and Phillip Capital Inc.

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

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

CFTC and are members of the NFA.

6 unchanged sentences

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

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

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

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

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

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

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

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

3 unchanged sentences

A summary of these expenses is included below.

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

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

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

This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract.

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

A summary of these expenses is included below:

Three months ended September 30, 2023

Three months ended September 30, 2022 (1)

Nine months ended September 30, 2023

Nine months ended September 30, 2022 (1)

Three months ended March 31, 2024

Three months ended March 31, 2023

Amount Recognized for Custody Services

$ 115,736  

$ 151,161  

$ 333,733  

$ 280,651  

$ 93,105 $ 120,560

Amount of Custody Services Waived

$ 3,360  

$ 7,455  

$ 19,876  

$ 35,556  

$ 3,615 $ 7,329

Amount Recognized for Distribution Services

$ 35,012  

$ 53,835  

$ 111,505  

$ 147,890  

$ 36,539 $ 38,765

Amount of Distribution Services Waived

$ 1,835  

$ 2,739  

$ 6,771  

$ 45,733  

$ 1,527 $ 2,322

Amount Recognized for Wilmington Trust

$ 3,300  

$ 3,300  

$ 3,300  

$ 3,300  

Amount of Wilmington Trust Waived

Amount Recognized for Thales

$ 54,612  

$ 54,755  

$ 92,190  

$ 212,879  

Amount of Thales Waived

$ 3,108  

$ 2,605  

$ 5,367  

$ 103,396  

( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

Note 3 –

Summary of Significant Accounting Policies

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

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

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

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

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

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

19 unchanged sentences

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2023 and 2022 .

Three months ended September 30, 2023

$ 23,697  

$ 2,220  

$ 3,707  

$ 40,896  

$ 71,113  

Three months ended September 30, 2022 (1)

$ 54,746  

$ 6,432  

$ 5,436  

$ 75,136  

$ 142,699  

Nine months ended September 30, 2023

$ 54,865  

$ 10,999  

$ 19,661  

$ 85,354  

$ 1,970  

$ 172,849  

Nine months ended September 30, 2022 (1)

$ 188,321  

$ 21,638  

$ 31,972  

$ 354,679  

$ 597,559  

( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2024 and 2023 .

Three months ended March 31, 2024

$ 9,706 $ 4,158 $ 2,008 $ 15,580 $ - $ 192 $ 31,644

Three months ended March 31, 2023

$ 17,270 $ 6,340 $ 6,055 $ 21,746 $ - $ 609 $ 52,020

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

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

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

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

Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.

In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.

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

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

The financial statements reflect the Funds’

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

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

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

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

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

2 unchanged sentences

states and foreign jurisdictions.

For all tax years 2020  to 2022, the Funds remain subject to income tax examinations by major taxing authorities.

For all tax years 2021 to 2023, the Funds remain subject to income tax examinations by major taxing authorities.

The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

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

Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of September 30, 2023 , and for the years ended December 31, 2022 , 

2021 and 2020 .

However, the Funds’

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

Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of March 31, 2024 , and for the years ended December 31, 2023 , 2022 and 2021 .

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

There is very limited authority on the U.S.

2 unchanged sentences

Based on a CFTC determination that treats bitcoin as a commodity under the CEA, the Fund intends to take the position that Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code.

Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund.

Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund.

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

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2023 and 2022 .

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .

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

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(ET) time on the day the order to create the basket is received in good order.

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

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

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

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

2 unchanged sentences

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

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

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

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

4 unchanged sentences

50,000 shares representing 2 baskets

50,000 shares representing 4 baskets 

50,000 shares representing 4 baskets

50,000 shares representing 5 baskets

Cash and Cash Equivalents

7 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, 2023

March 31, 2024

December 31, 2023

Money Market Funds

$ 147,921,285  

$ 188,640,417  

$ 105,660,004 $ 120,047,840

Demand Deposit Savings Accounts

28,763,367  

46,061,819  

29,533,538 29,148,056

Commercial Paper

145,852,514  

199,360,060  

118,502,058 143,041,466

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

$ 322,537,166  

$ 434,062,296  

$ 253,695,600 $ 292,237,362

Payable for Purchases of Commercial Paper

2 unchanged sentences

Due from/to Broker

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

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

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

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

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

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

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

Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.

Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.

As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin.

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

Brokerage firms, such as the Funds’

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

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

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

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

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

3 unchanged sentences

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

Ongoing or “maintenance”

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

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

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

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

With respect to the Funds’

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

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

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

Finally, many major U.S.

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

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

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

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

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

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

10 unchanged sentences

Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses.

Three months ended September 30, 2023

Three months ended September 30, 2022 (1)

Nine months ended September 30, 2023

Nine months ended September 30, 2022 (1)

Three months ended March 31, 2024

Three months ended March 31, 2023

Recognized Related Party Transactions

$ 566,723  

$ 638,361  

$ 1,889,702  

$ 2,055,991  

$ 614,406 $ 591,603

Waived Related Party Transactions

$ 1,347  

$ 19,090  

$ 70,069  

$ 498,171  

( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

$ 25,585 $ 23,865

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

2 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, 2023

$ 77,482  

$ 91,023  

$ 168,505  

Three months ended September 30, 2022 (1)

$ 62,059  

$ 62,609  

Nine months ended September 30, 2023

$ 355,731  

$ 222,642  

$ 578,373  

Nine months ended September 30, 2022 (1)

$ 345,855  

$ 89,562  

$ 78,237  

$ 425,164  

$ 176,222  

$ 1,115,590  

( 1 ) The Hashdex Bitcoin Futures ETF commenced operations on September 15, 2022.

Three months ended March 31, 2024

$ - $ - $ - $ - $ 69,538 $ 62,309 $ 131,847

Three months ended March 31, 2023

$ - $ - $ - $ - $ 125,494 $ 70,570 $ 196,064

Use of Estimates

1 unchanged sentence

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period.

Actual results could differ from those estimates. 

Actual results could differ from those estimates.

Fair Value - Definition and Hierarchy

In accordance with U.S.

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

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

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

2 unchanged sentences

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

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

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

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

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

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

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

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

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

8 unchanged sentences

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

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

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

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

1 unchanged sentence

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

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

or ‘limit-down”

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

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

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

On September 30, 2023 and December 31, 2022 , in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required.

For the three and nine months ended September 30, 2023  and year ended December 31, 2022 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

On March 31, 2024 and December 31, 2023 , in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required.

For the three months ended March 31, 2024 and year ended December 31, 2023 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

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

7 unchanged sentences

New Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 01, related to Leases –

(Topic 842 ).

The response to concerns about applying Topic 842 to related party arrangements between entities under common control.

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

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

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

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

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

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

The FASB issued ASU 2023 - 01, related to Leases – (Topic 842 ).

The response to concerns about applying Topic 842 to related party arrangements between entities under common control.

The update was adopted early for the quarter ended March 31, 2023;

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

The FASB issued ASU 2022 - 03, related to fair value measurement (Topic 820 ) of equity securities subject to contractual sale restrictions.

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

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

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

Note 4 –

Fair Value Measurements

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

The following table presents information about the Trust’s assets and liabilities measured at fair value as of September 30, 2023 and December 31, 2022 :

Balance as of September 30, 2023

Note 4 – Fair Value Measurements

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

The following table presents information about the Trust’s assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023 :

Balance as of March 31, 2024

Cash Equivalents

$ 293,773,799  

$ 293,773,799  

Commodity and Cryptocurrency Futures Contracts

Soybean futures contracts

134,775  

134,775  

Sugar futures contracts

1,866,449  

1,866,449  

Bitcoin futures contracts

19,483  

19,483  

$ 295,794,506  

$ 295,794,506  

Balance as of September 30, 2023

Commodity and Cryptocurrency Futures Contracts

$ 224,162,062 $ - $ - $ 224,162,062

Commodity Futures Contracts

Corn futures contracts

$ 2,120,882  

$ 2,120,882  

154,412 - - 154,412

Wheat futures contracts

1,513,306 - - 1,513,306

$ 225,829,780 $ - $ - $ 225,829,780

Balance as of March 31, 2024

Commodity Futures Contracts

Corn futures contracts

$ 3,932,723 $ - $ - $ 3,932,723

Soybean futures contracts

510,168  

510,168  

794,976 - - 794,976

Sugar futures contracts

107,186  

107,186  

814,401 - - 814,401

Wheat futures contracts

23,185,502  

23,185,502  

$ 25,923,738  

$ 25,923,738  

12,809,942 - - 12,809,942

$ 18,352,042 $ - $ - $ 18,352,042

Balance as of December 31, 2023

Cash Equivalents

$ 388,000,477  

$ 388,000,477  

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

Commodity and Cryptocurrency Futures Contracts

Corn futures contracts

1,585,798  

1,585,798  

Soybean futures contracts

2,520,370  

2,520,370  

Sugar futures contracts

911,329  

911,329  

Wheat futures contracts

3,160,732  

3,160,732  

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

Bitcoin futures contracts

29,152  

29,152  

$ 396,207,858  

$ 396,207,858  

129,519 - - 129,519

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

Balance as of December 31, 2023

2 unchanged sentences

Corn futures contracts

$ 2,967,103  

$ 2,967,103  

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

Soybean futures contracts

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

Sugar futures contracts

85,128  

85,128  

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

Wheat futures contracts

26,380,838  

26,380,838  

$ 29,433,069  

$ 29,433,069  

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

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

Bitcoin futures contracts

51,376 - - 51,376

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

For the three months ended March 31, 2024 and year ended December 31, 2023 , 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.

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

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

Note 5 –

Derivative Instruments and Hedging Activities

Note 5 – Derivative Instruments and Hedging Activities

In the normal course of business, the Funds utilize derivative contracts in connection with its proprietary trading activities.

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

The Funds’

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

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

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

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

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.

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

For the three months ended March 31, 2024 and year ended December 31, 2023 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.

Futures Contracts

3 unchanged sentences

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

Futures contracts may reduce the Funds’

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

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

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

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

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

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

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

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

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

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

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

The following table discloses information about offsetting assets and liabilities presented in the combined statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.

These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No.

2011 - 11 “Balance Sheet (Topic 210 ):

Disclosures about Offsetting Assets and Liabilities”

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

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

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex, and StoneX as of September 30, 2023 , and December 31, 2022 .

The DEFI Fund has an account open at Phillip Capital with no contracts held as of September 30, 2023 .

These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No.

2011 - 11 “Balance Sheet (Topic 210 ):

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

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

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex, and StoneX as of March 31, 2024 , and December 31, 2023 .

The DEFI Fund has an account open at Phillip Capital with no contracts held as of March 31, 2024 .

*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, 2023

Offsetting of Financial Assets and Derivative Assets as of March 31, 2024

(iii) = (i-ii)

6 unchanged sentences

Collateral, Due to Broker

Commodity and Cryptocurrency Price

Soybean futures contracts

$ 134,775  

$ 134,775  

$ 134,775  

Sugar futures contracts

$ 1,866,449  

$ 1,866,449  

$ 107,186  

$ 997,931  

$ 761,332  

Bitcoin futures contracts

$ 19,483  

$ 19,483  

$ 19,483  

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2023

Commodity Price

Corn futures contracts

$ 154,412 $ - $ 154,412 $ 154,412 $ - $ -

Wheat futures contracts

$ 1,513,306 $ - $ 1,513,306 $ 1,513,306 $ - $ -

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2024

(iii) = (i-ii)

6 unchanged sentences

Collateral, Due from Broker*

Commodity and Cryptocurrency Price

Commodity Price

Corn futures contracts

$ 2,120,882  

$ 2,120,882  

$ 2,120,882  

$ 3,932,723 $ - $ 3,932,723 $ 154,412 $ 3,778,311 $ -

Soybean futures contracts

$ 510,168  

$ 510,168  

$ 134,775  

$ 375,393  

$ 794,976 $ - $ 794,976 $ - $ 794,976 $ -

Sugar futures contracts

$ 107,186  

$ 107,186  

$ 107,186  

$ 814,401 $ - $ 814,401 $ - $ 814,401 $ -

Wheat futures contracts

$ 23,185,502  

$ 23,185,502  

$ 23,185,502  

$ 12,809,942 $ - $ 12,809,942 $ 1,513,306 $ 11,296,636 $ -

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

8 unchanged sentences

Commodity and Cryptocurrency Price

Corn futures contracts

$ 1,585,798  

$ 1,585,798  

$ 1,585,798  

Soybean futures contracts

$ 2,520,370  

$ 2,520,370  

$ 2,520,370  

Sugar futures contracts

$ 911,329  

$ 911,329  

$ 85,128  

$ 826,201  

Wheat futures contracts

$ 3,160,732  

$ 3,160,732  

$ 3,160,732  

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

Bitcoin futures contracts

$ 29,152  

$ 29,152  

$ 29,152  

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

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

9 unchanged sentences

Corn futures contracts

$ 2,967,103  

$ 2,967,103  

$ 1,585,798  

$ 1,381,305  

Sugar futures contracts

$ 85,128  

$ 85,128  

$ 85,128  

Wheat futures contracts

$ 26,380,838  

$ 26,380,838  

$ 3,160,732  

$ 23,220,106  

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

Three months ended September 30, 2023  

Realized (Loss) Gain on Commodity Futures Contracts

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

Commodity Price

Corn futures contracts

$ ( 13,018,346 )  

$ 11,306,711  

Soybeans futures contracts

311,294  

Sugar futures contracts

2,271,032  

934,750  

Wheat futures contracts

( 32,283,536 )  

166,327  

Bitcoin futures Contracts

( 176,608 )  

Total commodity and cryptocurrency futures contracts

$ ( 42,896,164 )  

$ 11,792,810  

Three months ended September 30, 2022  ( 1 )

Realized (Loss) Gain on Commodity Futures Contracts

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

Commodity Price

Corn futures contracts

$ ( 10,344,285 )  

$ 23,856,276  

Soybeans futures contracts

977,658  

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

Soybean futures contracts

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

Sugar futures contracts

( 948,329 )  

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

Wheat futures contracts

( 92,957,415 )  

93,269,812  

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

Bitcoin futures contracts

( 5,942 )  

Total commodity and cryptocurrency futures contracts

$ ( 103,278,313 )  

$ 112,241,847  

( 1 ) The Fund commenced operations on September 15, 2022.

Nine months ended September 30, 2023

Realized (Loss) Gain on Commodity Futures Contracts

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

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

Three months ended March 31, 2024

Realized Loss on Commodity Futures Contracts

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

Commodity Price

Commodity Price and Cryptocurrency Price

Corn futures contracts

$ ( 24,479,726 )  

$ ( 3,964,335 ) $ ( 1,596,170 )

Soybeans futures contracts

270,814  

( 2,632,854 ) 596,685

Sugar futures contracts

11,018,654  

933,062  

( 482,314 ) 1,873,597

Wheat futures contracts

( 72,771,330 )  

34,604  

( 10,037,305 ) ( 8,958,463 )

Bitcoin futures Contracts

524,179  

( 78,143 ) 114,383

Total commodity and cryptocurrency futures contracts

$ ( 85,437,409 )  

$ ( 17,194,951 ) $ ( 7,969,968 )

Nine months ended September 30, 2022  ( 1 )

Realized Gain (Loss) on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Three months ended March 31, 2023

Realized (Loss) Gain on Commodity Futures Contracts

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

Commodity Price and Cryptocurrency Price

Corn futures contracts

$ 28,678,780  

$ ( 6,268,935 ) $ ( 3,299,360 )

Soybeans futures contracts

10,675,505  

1,067,543 ( 3,699,642 )

Sugar futures contracts

( 476,906 )  

1,339,448 3,139,817

Wheat futures contracts

( 53,537,910 )  

( 23,358,733 ) ( 2,092,562 )

Bitcoin futures Contracts

( 5,942 )  

629,551 128,468

Total commodity and cryptocurrency futures contracts

$ ( 14,666,473 )  

$ ( 26,591,126 ) $ ( 5,823,279 )

( 1 ) The Fund commenced operations on September 15, 2022.

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 352.7  million and $ 353.3  million respectively for the three and nine months ended September 30, 2023 and $ 662.8 million and $ 611.7  million respectively for the three and nine months ended September 30, 2022 .

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 277.8 million for the three months ended March 31, 2024 and $ 382.3 million for the three months ended March 31, 2023 .

Note 6 - Organizational and Offering Costs

1 unchanged sentence

The Trust will not be obligated to reimburse the Sponsor.

Note 7 –

Detail of the net assets and shares outstanding of the Funds that are a series of the Trust

Note 7 – Detail of the net assets and shares outstanding of the Funds that are a series of the Trust

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

September 30, 2023

March 31, 2024

Teucrium Corn Fund

4,100,004  

$ 90,448,376  

3,450,004 $ 69,744,097

Teucrium Soybean Fund

1,150,004  

31,176,395  

1,350,004 33,966,763

Teucrium Sugar Fund

1,650,004  

24,351,498  

1,225,004 16,529,172

Teucrium Wheat Fund

34,825,004  

193,949,700  

Hashdex Bitcoin Futures ETF

50,004  

1,672,130  

29,250,004 157,537,309

Teucrium Agricultural Fund:

725,002  

Net assets including the investment in the Underlying Funds

21,986,775  

Investment in the Underlying Funds

1 unchanged sentence

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

10,868  

$ 341,608,967  

$ 277,788,808

December 31, 2023

Teucrium Corn Fund

5,675,004  

$ 152,638,405  

3,750,004 $ 81,050,442

Teucrium Soybean Fund

2,050,004  

58,429,985  

1,075,004 29,056,020

Teucrium Sugar Fund

2,550,004  

24,262,359  

1,425,004 17,720,099

Teucrium Wheat Fund

28,675,004  

228,972,039  

30,800,004 184,176,669

Hashdex Bitcoin Futures ETF

50,004  

1,070,263  

50,000 2,536,958

Teucrium Agricultural Fund:

1,262,502  

Net assets including the investment in the Underlying Funds

39,575,245  

Investment in the Underlying Funds

1 unchanged sentence

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

$ 465,375,598  

$ 314,547,414

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

Note 8 –

Subsequent Events

Management has evaluated the financial statements for the quarter-ended September 30, 2023 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:

Nothing to report.

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended March 31, 2024 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:

Legal Matters:

A settlement agreement (“Agreement”), by and among Teucrium Trading, LLC, Salvatore Gilbertie, Carl Miller III, Cory Mullen-Rusin, Steve Kahler, and Dale and Barbara Riker, was entered into as of April 26, 2024 and is expected to become effective on or before May 17, 2024.

The Agreement resolves all of the claims raised in the actions captioned Dale Riker v.

Sal Gilbertie et al.

656794/2020 (N.Y.

Supreme Court), Sal Gilbertie, et.

Dale Riker, et al.

2020 - 1018 -LWW (Del.

Ch.) and Dale Riker, et al.

Teucrium Trading, LLC , C.A.

2022 - 1030 -LWW (Del.

Nothing to report.

Nothing to report.

The net assets of the fund decreased by $ 3,645,989 , or 22.1 %, for the period March 31, 2024 to May 9, 2024.

This was driven by a decrease in the shares outstanding by 12.2 % and a decrease in the NAV per share of 11.2 %.

Nothing to report.

1 unchanged sentence

Nothing to report.

The total net assets of the Fund increased by $ 539,481 , or 32 %, for the period September 30, 2023 to November 7, 2023.

This was driven by a 32 % increase in the NAV/share.

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

The Merger is scheduled to close on or about January 3, 2024 ( the “Closing Date”).

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

Further, the Acquiring Fund will acquire all the assets of the Acquired Fund and assume all the liabilities of the Acquired Fund.

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

The Merger will not materially modify the rights of Acquired Fund shareholders with respect to their investment.

The Acquiring Fund has the same investment objective, investment strategies and investment restrictions, and substantially identical investment risks, as the Acquired Fund.

Following the Merger, the Acquiring Fund will be sponsored by Toroso Investments LLC (“Toroso”) and the Acquiring Fund will be managed by portfolio managers employed by Toroso.

Toroso is not affiliated with the current sponsor of the Target Trust, Teucrium Trading LLC (“Teucrium”).

The Acquiring Fund will pay the same management fee rate to Toroso, under the same terms, as currently paid by the Acquired Fund to Teucrium.

The management fee for the Acquiring Fund is 0.94 % per annum of the fund’s average daily net assets.

The Acquired Fund and Acquiring Fund have many of the same service providers. 

In connection with the Merger, the Acquiring Trust filed a Registration Statement on Form S- 4 and Pre-Effective Amendment No.

1 to a Registration Statement on Form S- 1 with the U.S.

Securities and Exchange Commission, on October 31, 2023 and November 2, 2023, respectively.

TEUCRIUM CORN FUND

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

March 31, 2024

December 31, 2023

Cash and cash equivalents

$ 85,306,712  

$ 142,434,737  

$ 63,692,529 $ 76,745,471

Interest receivable

141,247  

125,014  

32,231  

Capital shares receivable

1,344,830  

75,550 105,283

Equity in trading accounts:

Commodity futures contracts

1,585,798  

Due from broker

7,216,722  

11,625,331  

9,899,988 6,533,938

Total equity in trading accounts

7,216,722  

13,211,129  

92,696,912  

157,116,564  

10,054,400 6,533,938

73,822,479 83,384,692

Management fee payable to Sponsor

77,287  

144,877  

58,311 71,506

Other liabilities

50,367  

21,349  

Payable for shares redeemed

1,344,830  

87,348 80,603

Equity in trading accounts:

Commodity futures contracts

2,120,882  

2,967,103  

3,932,723 2,182,141

Total liabilities

2,248,536  

4,478,159  

$ 90,448,376  

$ 152,638,405  

4,078,382 2,334,250

$ 69,744,097 $ 81,050,442

Shares outstanding

4,100,004  

5,675,004  

3,450,004 3,750,004

Shares Authorized

Net asset value per share

$ 22.06  

$ 26.90  

$ 20.22 $ 21.61

Market value per share

$ 22.02  

$ 26.93  

$ 20.18 $ 21.57

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

   

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

1 unchanged sentence

SCHEDULE OF INVESTMENTS

September 30, 2023

March 31, 2024

Percentage of

2 unchanged sentences

Bank Deposit Account

5.270 %  

$ 17,048,020  

$ 17,048,020  

17,048,020  

5.240 % $ 3,095,240 $ 3,095,240 4.44 % 3,095,240

Goldman Sachs Financial Square Government Fund - Institutional Class

5.240 %  

13,370,617  

13,370,617  

13,370,617  

5.210 % 17,795,011 17,795,011 25.51 17,795,011

Total money market funds

$ 30,418,637  

$ 30,418,637  

$ 20,890,251 $ 20,890,251 29.95 %

Percentage of

1 unchanged sentence

Brookfield Infrastructure Holdings (Canada) Inc.

October 11, 2023

5.735 %  

2,478,497  

$ 2,496,090  

2,500,000  

5.710 % 2,473,167 $ 2,485,222 3.56 % 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

October 24, 2023

5.810 %  

2,476,250  

2,490,896  

2,500,000  

5.782 % 2,464,625 2,483,098 3.56 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

December 5, 2023

5.819 %  

2,469,125  

2,474,271  

2,500,000  

General Motors Financial Company, Inc.

October 3, 2023

5.468 %  

2,468,361  

2,499,256  

2,500,000  

General Motors Financial Company, Inc.

October 25, 2023

5.511 %  

2,466,625  

2,491,000  

2,500,000  

Harley-Davidson Financial Services, Inc.

October 3, 2023

5.817 %  

2,470,313  

2,499,208  

2,500,000  

Harley-Davidson Financial Services, Inc.

October 4, 2023

5.697 %  

2,385,067  

2,398,880  

2,400,000  

5.772 % 2,464,688 2,482,344 3.56 2,500,000

Campbell Soup Company

5.601 % 2,477,848 2,488,542 3.57 2,500,000

Crown Castle Inc.

April 18, 2024

5.530 % 4,972,800 4,987,156 7.15 5,000,000

Glencore Funding LLC

April 16, 2024

5.490 % 2,485,375 2,494,375 3.58 2,500,000

Harley-Davidson Financial Services, Inc.

November 6, 2023

5.704 %  

2,478,611  

2,486,000  

2,500,000  

Hyundai Capital America

November 13, 2023

5.509 %  

2,468,500  

2,483,875  

2,500,000  

October 13, 2023

5.793 %  

2,490,896  

2,495,250  

2,500,000  

Marriott International, Inc.

October 10, 2023

5.408 %  

2,484,483  

2,496,675  

2,500,000  

National Fuel Gas Company

October 17, 2023

5.754 %  

4,977,203  

4,987,422  

5,000,000  

National Fuel Gas Company

October 19, 2023

5.755 %  

2,487,815  

2,492,925  

2,500,000  

Walgreens Boots Alliance, Inc.

November 1, 2023

5.901 %  

7,431,251  

7,462,610  

7,500,000  

Walgreens Boots Alliance, Inc.

November 30, 2023

5.944 %  

2,465,264  

2,475,766  

2,500,000  

5.815 % 2,471,896 2,482,188 3.56 2,500,000

Stanley Black & Decker, Inc.

April 4, 2024

5.604 % 2,493,867 2,498,850 3.58 2,500,000

VW Credit, Inc.

April 11, 2024

5.511 % 4,932,500 4,992,500 7.16 5,000,000

VW Credit, Inc.

5.402 % 2,471,660 2,483,438 3.56 2,500,000

WGL Holdings, Inc.

April 15, 2024

5.616 % 2,492,320 2,494,624 3.58 2,500,000

Total Commercial Paper

$ 44,498,261  

$ 44,730,124  

$ 32,200,746 $ 32,372,337 46.42 %

Total Cash Equivalents

$ 75,148,761  

$ 53,262,588 76.37 %

Percentage of

3 unchanged sentences

United States corn futures contracts

CBOT corn futures MAR 24

$ 1,365,651  

$ 31,619,525  

CBOT corn futures MAY24

220,723  

27,127,100  

CBOT Corn Futures SEP24

901 $ 154,412 0.22 % $ 20,925,725

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT Corn Futures JUL24

1,072 $ 2,021,501 2.90 % $ 24,361,200

CBOT Corn Futures DEC24

534,508  

31,652,400  

1,022 1,911,222 2.74 24,413,025

Total commodity futures contracts

$ 2,120,882  

$ 90,399,025  

$ 3,932,723 5.64 % $ 48,774,225

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

5 unchanged sentences

Money market funds

First American Government Obligations Fund - Class X

4.105 %  

$ 3,498,444  

$ 3,498,444  

3,498,444  

Bank Deposit Account

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

Goldman Sachs Financial Square Government Fund - Institutional Class

4.140 %  

49,057,471  

49,057,471  

49,057,471  

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

Total money market funds

$ 52,555,915  

$ 52,555,915  

Percentage of  

Principal  

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

Percentage of Principal

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

Albemarle Corporation

January 3, 2024

4.742 %  

$ 7,438,744  

$ 7,484,443  

7,500,000  

CNH Industrial Capital LLC

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

Albemarle Corporation

January 11, 2024

4.566 %  

2,483,750  

2,493,125  

2,500,000  

CNH Industrial Capital LLC

February 13, 2023

4.780 %  

4,949,736  

4,971,931  

5,000,000  

Crown Castle Inc.

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

Brookfield Infrastructure Holdings (Canada) Inc.

January 9, 2024

4.877 %  

2,481,000  

2,497,000  

2,500,000  

Crown Castle Inc.

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

Brookfield Infrastructure Holdings (Canada) Inc.

January 16, 2024

4.765 %  

4,979,764  

4,992,820  

5,000,000  

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

Entergy Corporation

January 4, 2023

4.311 %  

2,481,702  

2,499,115  

2,500,000  

General Motors Financial Company, Inc.

January 10, 2023

4.618 %  

7,449,762  

7,491,469  

7,500,000  

General Motors Financial Company, Inc.

March 1, 2024

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

FMC Corporation

January 19, 2024

4.473 %  

2,472,806  

2,494,806  

2,500,000  

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

Harley-Davidson Financial Services, Inc.

January 9, 2024

4.721 %  

2,482,562  

2,499,354  

2,500,000  

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

Harley-Davidson Financial Services, Inc.

January 25, 2023

4.944 %  

7,458,402  

7,475,650  

7,500,000  

February 1, 2024

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

Harley-Davidson Financial Services, Inc.

February 14, 2024

5.104 %  

2,479,781  

2,488,844  

2,500,000  

Hyundai Capital America

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

National Fuel Gas Company

January 8, 2024

4.000 %  

2,475,911  

2,497,536  

2,500,000  

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

Oracle Corporation

March 6, 2024

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

January 18, 2024

4.475 %  

2,482,544  

2,494,487  

2,500,000  

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

WGL Holdings, Inc.

January 3, 2024

5.073 %  

4,980,555  

4,991,667  

5,000,000  

Oracle Corporation

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

WGL Holdings, Inc.

January 12, 2024

4.361 %  

2,482,980  

2,495,222  

2,500,000  

February 2, 2023

4.669 %  

1,986,711  

1,991,822  

2,000,000  

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

Walgreens Boots Alliance, Inc.

February 28, 2023

4.827 %  

2,479,549  

2,480,868  

2,500,000  

January 12, 2024

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

Total Commercial Paper

$ 64,046,259  

$ 64,340,159  

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

Total Cash Equivalents

$ 116,896,074  

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT corn futures JUL23

$ 1,585,798  

$ 45,779,763  

$ 66,451,666 81.99 %

Percentage of

4 unchanged sentences

CBOT corn futures MAY24

$ 751,309  

$ 53,392,500  

1,171 $ 1,102,254 1.36 %

CBOT corn futures JUL24

983 384,407 0.47 24,280,100

CBOT corn futures DEC24

2,215,794  

53,440,625  

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

Total commodity futures contracts

$ 2,967,103  

$ 106,833,125  

$ 2,182,141 2.69 %

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

3 unchanged sentences

Three months ended

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

March 31, 2024

March 31, 2023

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

Realized (loss) gain on commodity futures contracts

$ ( 13,018,346 )  

$ ( 10,344,285 )  

$ ( 24,479,726 )  

$ 28,678,780  

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

11,306,711  

23,856,276  

( 739,577 )  

Realized loss on commodity futures contracts

$ ( 3,964,335 ) $ ( 6,268,935 )

Net change in unrealized depreciation on commodity futures contracts

( 1,596,170 ) ( 3,299,360 )

Interest income

1,291,003  

1,087,852  

4,013,603  

1,706,156  

Total (loss) income

( 420,632 )  

14,599,843  

( 21,205,700 )  

26,686,504  

948,218 1,454,236

( 4,612,287 ) ( 8,114,059 )

Management fees

246,675  

525,893  

831,119  

1,628,695  

178,243 328,874

Professional fees

109,970  

48,270  

301,580  

330,357  

57,038 78,808

Distribution and marketing fees

279,911  

307,484  

786,923  

934,170  

205,464 239,078

Custodian fees and expenses

34,535  

42,405  

89,338  

77,409  

21,972 33,044

Business permits and licenses fees

12,333  

21,631  

27,907  

General and administrative expenses

12,334  

12,197  

58,541  

98,381  

15,426 13,312

Total expenses

695,758  

943,298  

2,089,132  

3,096,919  

485,273 699,694

Expenses waived by the Sponsor

Total expenses, net

695,758  

943,298  

2,089,132  

2,751,064  

Net (loss) income

$ ( 1,116,390 )  

$ 13,656,545  

$ ( 23,294,832 )  

$ 23,935,440  

Net (loss) gain per share

$ ( 0.16 )  

$ 1.98  

$ ( 4.84 )  

$ 5.46  

Net (loss) gain per weighted average share

$ ( 0.26 )  

$ 1.67  

$ ( 5.10 )  

$ 2.90  

485,273 699,694

$ ( 5,097,560 ) $ ( 8,813,753 )

Net loss per share

$ ( 1.39 ) $ ( 1.63 )

Net loss per weighted average share

$ ( 1.43 ) $ ( 1.71 )

Weighted average shares outstanding

4,325,276  

8,188,863  

4,571,341  

8,240,663  

3,554,125 5,145,004

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

1 unchanged sentence

STATEMENTS OF CHANGES IN NET ASSETS

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Net (loss) income

$ ( 23,294,832 )  

$ 23,935,440  

Three months ended

Three months ended

March 31, 2024

March 31, 2023

$ ( 5,097,560 ) $ ( 8,813,753 )

Capital transactions

Issuance of Shares

19,420,213  

204,322,783  

2,436,790 1,991,168

Redemption of Shares

( 58,315,410 )  

( 8,645,575 ) ( 30,190,763 )

Total capital transactions

( 38,895,197 )  

70,190,740  

( 6,208,785 ) ( 28,199,595 )

Net change in net assets

( 62,190,029 )  

94,126,180  

( 11,306,345 ) ( 37,013,348 )

Net assets, beginning of period

$ 152,638,405  

$ 120,846,256  

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

Net assets, end of period

$ 90,448,376  

$ 214,972,436  

$ 69,744,097 $ 115,625,057

Net asset value per share at beginning of period

$ 26.90  

$ 21.58  

$ 21.61 $ 26.90

Net asset value per share at end of period

$ 22.06  

$ 27.04  

$ 20.22 $ 25.27

Creation of Shares

800,000  

7,500,000  

125,000 75,000

Redemption of Shares

2,375,000  

5,150,000  

425,000 1,175,000

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

1 unchanged sentence

STATEMENTS OF CASH FLOWS

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Three months ended

Three months ended

March 31, 2024

March 31, 2023

Cash flows from operating activities:

Net (loss) income

$ ( 23,294,832 )  

$ 23,935,440  

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

$ ( 5,097,560 ) $ ( 8,813,753 )

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

Net change in unrealized depreciation on commodity futures contracts

739,577  

3,698,432  

1,596,170 3,299,360

Changes in operating assets and liabilities:

Due from broker

4,408,609  

( 3,366,050 ) ( 1,572,445 )

Interest receivable

( 16,233 )  

( 31,377 )  

29,733 ( 3,744 )

Management fee payable to Sponsor

( 67,590 )  

74,918  

( 13,195 ) ( 43,305 )

Other liabilities

29,018  

Net cash (used in) provided by operating activities

( 18,232,828 )  

12,178,297  

Net cash used in operating activities

( 6,844,157 ) ( 7,132,017 )

Cash flows from financing activities:

Proceeds from sale of Shares

20,765,043  

204,322,783  

2,436,790 3,335,998

Redemption of Shares

( 59,660,240 )  

( 8,645,575 ) ( 31,535,593 )

Net cash (used in) provided by financing activities

( 38,895,197 )  

70,190,740  

Net cash used in financing activities

( 6,208,785 ) ( 28,199,595 )

Net change in cash and cash equivalents

( 57,128,025 )  

82,369,037  

( 13,052,942 ) ( 35,331,612 )

Cash and cash equivalents, beginning of period

142,434,737  

115,012,740  

76,745,471 142,434,737

Cash and cash equivalents, end of period

$ 85,306,712  

$ 197,381,777  

$ 63,692,529 $ 107,103,125

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

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

Note 1 –

Organization and Operation

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

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

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

representing fractional undivided beneficial interests in the Fund.

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

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

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

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

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

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

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

March 31, 2024

Note 1 – Organization and Operation

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

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

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

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

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

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

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

CORN Benchmark

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

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

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

The Sponsor is responsible for the management of the Fund.

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

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

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

Securities and Exchange Commission (“SEC”).

Securities and Exchange Commission (“SEC”).

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

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

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

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

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

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

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

The financial information included herein is unaudited;

however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.

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

The operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

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

however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.

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

The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

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

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

Note 2 –

Principal Contracts and Agreements

Note 2 – Principal Contracts and Agreements

The Sponsor employs U.S.

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

Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.

Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.

The principal address for Global Fund Services is 615 E.

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A summary of these expenses is included below.

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

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

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

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

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

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

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

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

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

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Marex Capital Markets, Inc.

(“Marex”) and StoneX Financial Inc (“StoneX”) serve as the Funds’

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

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

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

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

CFTC and are members of the NFA.

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

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

For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 3.00 per round turn exclusive of pass-through fees for the exchange and the NFA.

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

For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 3.00 per round turn exclusive of pass-through fees for the exchange and the NFA.

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

8 unchanged sentences

A summary of these expenses is included below.

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

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

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

This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract.

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

A summary of these expenses is included below:

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

Three months ended March 31, 2024

Three months ended March 31, 2023

Amount Recognized for Custody Services

$ 34,535  

$ 42,405  

$ 89,338  

$ 77,409  

$ 21,972 $ 33,044

Amount of Custody Services Waived

$ 4,000  

Amount Recognized for Distribution Services

$ 9,202  

$ 14,345  

$ 29,157  

$ 46,974  

$ 8,128 $ 10,053

Amount of Distribution Services Waived

$ 17,010  

Amount Recognized for Wilmington Trust

Amount of Wilmington Trust Waived

Amount Recognized for Thales

$ 14,528  

$ 14,487  

$ 24,360  

$ 73,405  

Amount of Thales Waived

$ 27,193  

Note 3 –

Summary of Significant Accounting Policies

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

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

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

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

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

Revenue Recognition

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The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2023 and 2022 .

Three months ended September 30, 2023

$ 23,697  

Three months ended September 30, 2022

$ 54,746  

Nine months ended September 30, 2023

$ 54,865  

Nine months ended September 30, 2022

$ 188,321  

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, 2024 and 2023 .

Three months ended March 31, 2024

Three months ended March 31, 2023

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

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

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

Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.

In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.

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

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

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

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

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

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

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

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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, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 .

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

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .

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

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

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2023 and 2022 .

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Allocation of Shareholder Income and Losses

Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. 

Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month.

Cash and Cash Equivalents

7 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, 2023

March 31, 2024

December 31, 2023

Money Market Funds

$ 30,418,637  

$ 52,555,915  

$ 20,890,251 $ 26,573,542

Demand Deposit Savings Accounts

10,157,951  

25,538,663  

10,429,941 10,293,805

Commercial Paper

44,730,124  

64,340,159  

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

$ 85,306,712  

$ 142,434,737  

32,372,337 39,878,124

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

$ 63,692,529 $ 76,745,471

Payable for Purchases of Commercial Paper

2 unchanged sentences

Due from/to Broker

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

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

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

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

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

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

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

2 unchanged sentences

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

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

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

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

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

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

3 unchanged sentences

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

Ongoing or “maintenance”

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

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

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

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

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

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

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

Finally, many major U.S.

1 unchanged sentence

Calculation of Net Asset Value

The Fund’s NAV is calculated by:

The Fund’s NAV is calculated by:

Taking the current market value of its total assets and

6 unchanged sentences

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

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

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

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

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

4 unchanged sentences

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

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

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

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

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

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

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

3 unchanged sentences

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

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

Three months ended March 31, 2024

Three months ended March 31, 2023

Recognized Related Party Transactions

$ 153,884  

$ 170,070  

$ 505,154  

$ 652,887  

$ 136,525 $ 154,915

Waived Related Party Transactions

$ 149,721  

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

1 unchanged sentence

Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund.

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

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

$ 345,855  

There were no expenses waived for the three months ended March 31, 2024 and 2023.

Use of Estimates

4 unchanged sentences

In accordance with U.S.

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

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

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

1 unchanged sentence

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

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

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

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

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

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

11 unchanged sentences

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

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

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

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

1 unchanged sentence

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

For instance, when Corn Futures Contracts on the CBOT are not actively trading due to a “limit-up”

or limit-down”

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

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

On September 30, 2023 and December 31, 2022 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

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

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

On March 31, 2024 and December 31, 2023 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

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

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

For the three and nine months ended September 30, 2023  and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three months ended March 31, 2024 and year ended December 31, 2023 , 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.

9 unchanged sentences

New Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 01, related to Leases –

(Topic 842 ).

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

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

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

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

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

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

The FASB issued ASU 2023 - 01, related to Leases – (Topic 842 ).

The response to concerns about applying Topic 842 to related party arrangements between entities under common control.

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

The FASB issued ASU 2022 - 03, related to fair value measurement (Topic 820 ) of equity securities subject to contractual sale restrictions.

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

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

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

Note 4 –

Fair Value Measurements

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2023 and December 31, 2022 :

September 30, 2023

Note 4 – Fair Value Measurements

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023 :

March 31, 2024

Balance as of

September 30, 2023

March 31, 2024

Cash Equivalents

$ 75,148,761  

$ 75,148,761  

$ 53,262,588 $ - $ - $ 53,262,588

Commodity Futures Contracts

Corn futures contracts

154,412 - - 154,412

$ 53,417,000 $ - $ - $ 53,417,000

Balance as of

September 30, 2023

March 31, 2024

Commodity Futures Contracts

Corn futures contracts

$ 2,120,882  

$ 2,120,882  

$ 3,932,723 $ - $ - $ 3,932,723

December 31, 2023

2 unchanged sentences

Cash Equivalents

$ 116,896,074  

$ 116,896,074  

Commodity Futures Contracts

Corn futures contracts

1,585,798  

1,585,798  

$ 118,481,872  

$ 118,481,872  

$ 66,451,666 $ - $ - $ 66,451,666

Balance as of

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Corn futures contracts

$ 2,967,103  

$ 2,967,103  

For the 

three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. 

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

For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

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

Note 5 –

Derivative Instruments and Hedging Activities

Note 5 – Derivative Instruments and Hedging Activities

In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities.

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

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

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

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

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

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.

For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures contracts.

Futures Contracts

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

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

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

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

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

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

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

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

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

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

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

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

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

The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.

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

2011 - 11 “Balance Sheet (Topic 210 ):

Disclosures about Offsetting Assets and Liabilities”

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

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

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of September 30, 2023 , and December 31, 2022 .

2011 - 11 “Balance Sheet (Topic 210 ):

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

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

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of March 31, 2024 , and December 31, 2023 .

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

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2023

Offsetting of Financial Assets and Derivative Assets as of March 31, 2024

(iii) = (i)-(ii)

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Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

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Futures Contracts Available for Offset

Collateral, Due from Broker*

Collateral, Due to Broker

Commodity Price

Corn futures contracts

$ 2,120,882  

$ 2,120,882  

$ 2,120,882  

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

$ 154,412 $ - $ 154,412 $ 154,412 $ - $ -

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2024

(iii) = (i)-(ii)

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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

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Futures Contracts Available for Offset

Collateral, Due to Broker

Collateral, Due from Broker*

Commodity Price

Corn futures contracts

$ 1,585,798  

$ 1,585,798  

$ 1,585,798  

$ 3,932,723 $ - $ 3,932,723 $ 154,412 $ 3,778,311 $ -

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

9 unchanged sentences

Corn futures contracts

$ 2,967,103  

$ 2,967,103  

$ 1,585,798  

$ 1,381,305  

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

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, 2023

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ ( 13,018,346 )  

$ 11,306,711  

Three months ended September 30, 2022

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ ( 10,344,285 )  

$ 23,856,276  

Nine months ended September 30, 2023

Three months ended March 31, 2024

Realized Loss on Commodity Futures Contracts

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Corn futures contracts

$ ( 24,479,726 )  

$ ( 3,964,335 ) $ ( 1,596,170 )

Nine months ended September 30, 2022

Realized Gain on Commodity Futures Contracts

Three months ended March 31, 2023

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

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Corn futures contracts

$ 28,678,780  

$ ( 6,268,935 ) $ ( 3,299,360 )

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 96.6 million and $ 106.5 million respectively for the three and nine months ended September 30, 2023 and $ 209.7 million and $ 201.4 million respectively for the three and nine months ended September 30, 2022 .

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, 2023 and 2022 .

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 69.4 million for the three months ended March 31, 2024 and $ 126.4 million for the three months ended March 31, 2023 .

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2024 and 2023 .

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.

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Three months ended

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

March 31, 2024

March 31, 2023

Per Share Operation Performance

Net asset value at beginning of period

$ 22.22  

$ 25.06  

$ 26.90  

$ 21.58  

$ 21.61 $ 26.90

Income from investment operations:

Investment income

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

( 0.30 )  

( 5.26 )  

Interest income

Net realized and unrealized loss on commodity futures contracts

( 1.53 ) ( 1.77 )

Total expenses, net

( 0.16 )  

( 0.11 )  

( 0.46 )  

Net (decrease) increase in net asset value

( 0.16 )  

( 4.84 )  

( 0.13 ) ( 0.14 )

Net decrease in net asset value

( 1.39 ) ( 1.63 )

Net asset value at end of period

$ 22.06  

$ 27.04  

$ 22.06  

$ 27.04  

- 0.73 %  

7.89 %  

- 17.98 %  

$ 20.22 $ 25.27

- 6.47 % - 6.03 %

Ratios to Average Net Assets (Annualized)

Total expenses

2.82 %  

1.79 %  

2.51 %  

2.72 % 2.13 %

Total expenses, net

2.82 %  

1.79 %  

2.51 %  

Net investment income (loss)

2.41 %  

0.27 %  

2.32 %  

2.72 % 2.13 %

Net investment income

2.60 % 2.29 %

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

Note 7 –

Organizational and Offering Costs

Note 7 – Organizational and Offering Costs

Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees were borne directly by the Sponsor.

The Fund will not be obligated to reimburse the Sponsor.

Note 8 –

Subsequent Events

Management has evaluated the financial statements for the quarter-ended September 30, 2023 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended March 31, 2024 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.

TEUCRIUM SOYBEAN FUND

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

March 31, 2024

December 31, 2023

Cash and cash equivalents

$ 29,929,777  

$ 58,212,569  

$ 32,652,507 $ 28,107,189

Interest receivable

50,183  

66,135  

53,269 36,662

Equity in trading accounts:

Commodity futures contracts

134,775  

2,520,370  

Due from broker

1,638,486  

543,205  

Total equity in trading accounts

1,773,261  

3,063,575  

31,753,978  

61,343,439  

Payable for shares redeemed

2,850,260  

2,165,633 2,385,040

34,872,292 30,528,891

Management fee payable to Sponsor

29,016  

55,430  

26,755 25,659

Other liabilities

38,399  

83,798 55,551

Equity in trading accounts:

Commodity futures contracts

510,168  

794,976 1,391,661

Total liabilities

577,583  

2,913,454  

$ 31,176,395  

$ 58,429,985  

905,529 1,472,871

$ 33,966,763 $ 29,056,020

Shares outstanding

1,150,004  

2,050,004  

1,350,004 1,075,004

Shares authorized

Net asset value per share

$ 27.11  

$ 28.50  

$ 25.16 $ 27.03

Market value per share

$ 27.07  

$ 28.50  

$ 25.21 $ 27.01

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

   

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

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SCHEDULE OF INVESTMENTS

September 30, 2023

March 31, 2024

Percentage of

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Money market funds

Bank Deposit Account

5.270 %  

$ 1,775,025  

$ 1,775,025  

1,775,025  

First American Government Obligations Fund - Class X

5.240 % $ 7,780,493 $ 7,780,493 22.91 % 7,780,493

Goldman Sachs Financial Square Government Fund - Institutional Class

5.240 %  

5,871,233  

5,871,233  

5,871,233  

5.210 % 4,447,673 4,447,673 13.09 4,447,673

Total money market funds

$ 7,646,258  

$ 7,646,258  

$ 12,228,166 $ 12,228,166 36.00 %

Percentage of

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

October 11, 2023

5.806 %  

$ 1,983,850  

$ 1,996,833  

2,000,000  

FMC Corporation

April 22, 2024

5.755 % $ 2,487,815 $ 2,491,746 7.34 % 2,500,000

General Motors Financial Company, Inc.

October 3, 2023

5.468 %  

2,468,361  

2,499,255  

2,500,000  

Harley-Davidson Financial Services, Inc.

October 4, 2023

5.746 %  

2,478,067  

2,498,825  

2,500,000  

October 13, 2023

5.793 %  

2,490,896  

2,495,250  

2,500,000  

Marriott International, Inc.

October 10, 2023

5.408 %  

2,484,483  

2,496,675  

2,500,000  

April 29, 2024

5.408 % 2,475,663 2,489,675 7.33 2,500,000

Glencore Funding LLC

April 30, 2024

5.493 % 2,482,375 2,489,125 7.33 2,500,000

Glencore Funding LLC

5.475 % 2,480,199 2,485,429 7.32 2,500,000

National Fuel Gas Company

October 19, 2023

5.755 %  

2,487,815  

2,492,925  

2,500,000  

Walgreens Boots Alliance, Inc.

November 30, 2023

5.944 %  

2,465,264  

2,475,766  

2,500,000  

April 4, 2024

5.544 % 2,492,038 2,498,863 7.36 2,500,000

Stanley Black & Decker, Inc.

April 4, 2024

5.604 % 2,493,867 2,498,850 7.36 2,500,000

Total Commercial Paper

$ 16,858,736  

$ 16,955,529  

$ 14,911,957 $ 14,953,688 44.04 %

Total Cash Equivalents

$ 24,601,787  

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States soybean futures contracts

CBOT soybean futures JAN24

$ 134,775  

$ 10,809,075  

$ 27,181,854 80.04 %

Percentage of

3 unchanged sentences

United States soybean futures contracts

CBOT soybean futures MAR24

$ 465,562  

$ 9,302,775  

CBOT soybean futures JUL24

197 $ 308,999 0.91 % $ 11,871,713

CBOT soybean futures NOV24

44,606  

11,088,000  

172 478,846 1.41 10,201,750

CBOT soybean futures NOV25

204 7,131 0.02 11,860,050

Total commodity futures contracts

$ 510,168  

$ 20,390,775  

$ 794,976 2.34 % $ 33,933,513

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

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Money market funds

First American Government Obligations Fund - Class X

4.105 %  

$ 10,287,270  

$ 10,287,270  

10,287,270  

Bank Deposit Account

5.270 % $ 1,075,007 $ 1,075,007 3.70 %

Goldman Sachs Financial Square Government Fund - Institutional Class

4.140 %  

15,343,772  

15,343,772  

15,343,772  

5.250 % 6,671,092 6,671,092 22.96 6,671,092

Total money market funds

$ 25,631,042  

$ 25,631,042  

$ 7,746,099 $ 7,746,099 26.66 %

Percentage of

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

January 17, 2023

4.734 %  

$ 4,959,225  

$ 4,989,644  

5,000,000  

CNH Industrial Capital LLC

January 23, 2023

4.566 %  

2,483,750  

2,493,125  

2,500,000  

Crown Castle Inc.

January 10, 2023

4.877 %  

2,481,000  

2,497,000  

2,500,000  

Crown Castle Inc.

January 12, 2023

4.765 %  

2,489,882  

2,496,410  

2,500,000  

Entergy Corporation

Albemarle Corporation

January 8, 2024

4.311 %  

2,481,702  

2,499,115  

2,500,000  

5.738 % $ 2,476,151 $ 2,497,263 8.59 %

Brookfield Infrastructure Holdings (Canada) Inc.

January 9, 2024

4.670 %  

2,482,750  

2,497,444  

2,500,000  

5.794 % 2,489,708 2,496,833 8.59 2,500,000

FMC Corporation

January 19, 2024

4.364 %  

2,479,695  

2,495,222  

2,500,000  

5.816 % 2,488,878 2,492,850 8.58 2,500,000

Harley-Davidson Financial Services, Inc.

February 1, 2024

4.669 %  

2,483,389  

2,489,778  

2,500,000  

VW Credit, Inc.

5.867 % 2,480,400 2,487,600 8.56 2,500,000

Stanley Black & Decker, Inc.

January 22, 2024

4.434 %  

2,482,702  

2,494,538  

2,500,000  

Walgreens Boots Alliance, Inc.

February 13, 2023

4.842 %  

2,485,094  

2,485,756  

2,500,000  

5.807 % 2,479,021 2,491,688 8.58 2,500,000

WGL Holdings, Inc.

January 12, 2024

5.849 % 2,487,222 2,495,608 8.59 2,500,000

Total Commercial Paper

$ 27,309,189  

$ 27,438,032  

$ 14,901,380 $ 14,961,842 51.49 %

Total Cash Equivalents

$ 53,069,074  

$ 22,707,941 78.15 %

Percentage of

4 unchanged sentences

CBOT soybean futures MAR24

$ 642,912  

$ 20,421,600  

156 $ 617,118 2.12 % $ 10,124,400

CBOT soybean futures MAY24

807,218  

17,518,500  

133 633,749 2.18 8,693,213

CBOT soybean futures NOV24

1,070,240  

20,472,038  

164 140,794 0.48 10,215,150

Total commodity futures contracts

$ 2,520,370  

$ 58,412,138  

$ 1,391,661 4.78 % $ 29,032,763

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

3 unchanged sentences

Three months ended

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

March 31, 2024

March 31, 2023

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

Realized gain on commodity futures contracts

$ 311,294  

$ 977,658  

$ 270,814  

$ 10,675,505  

Net change in unrealized depreciation on commodity futures contracts

( 507,789 )  

( 3,855,440 )  

( 2,895,763 )  

Realized (loss) gain on commodity futures contracts

$ ( 2,632,854 ) $ 1,067,543

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

596,685 ( 3,699,642 )

Interest income

481,521  

365,454  

1,426,307  

549,818  

Total income (loss)

285,026  

( 2,512,328 )  

( 1,198,642 )  

5,456,623  

380,411 511,623

( 1,655,758 ) ( 2,120,476 )

Management fees

91,704  

176,250  

293,109  

513,916  

70,722 114,690

Professional fees

71,553  

14,623  

225,562  

100,174  

38,420 57,998

Distribution and marketing fees

130,302  

94,938  

302,041  

294,524  

100,750 69,185

Custodian fees and expenses

14,186  

13,002  

31,501  

24,008  

Business permits and licenses fees

19,938  

15,833  

General and administrative expenses

11,005  

21,970  

39,922  

Total expenses

327,723  

304,100  

894,121  

988,377  

231,719 249,902

Expenses waived by the Sponsor

Total expenses, net

327,723  

304,100  

894,121  

898,815  

Net (loss) income

$ ( 42,697 )  

$ ( 2,816,428 )  

$ ( 2,092,763 )  

$ 4,557,808  

Net (loss) gain per share

$ ( 0.22 )  

$ ( 0.96 )  

$ ( 1.39 )  

$ 3.34  

Net (loss) gain per weighted average share

$ ( 0.03 )  

$ ( 1.06 )  

$ ( 1.46 )  

$ 1.78  

231,719 249,902

$ ( 1,887,477 ) $ ( 2,370,378 )

Net loss per share

$ ( 1.87 ) $ ( 1.31 )

Net loss per weighted average share

$ ( 1.67 ) $ ( 1.42 )

Weighted average shares outstanding

1,296,471  

2,646,471  

1,429,674  

2,553,850  

1,129,400 1,668,615

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

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STATEMENTS OF CHANGES IN NET ASSETS

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Net (loss) income

$ ( 2,092,763 )  

$ 4,557,808  

Three months ended

Three months ended

March 31, 2024

March 31, 2023

$ ( 1,887,477 ) $ ( 2,370,378 )

Capital transactions

Issuance of Shares

9,394,540  

53,625,065  

8,094,215 3,526,043

Redemption of Shares

( 34,555,367 )  

( 1,295,995 ) ( 21,521,150 )

Total capital transactions

( 25,160,827 )  

17,713,545  

6,798,220 ( 17,995,107 )

Net change in net assets

( 27,253,590 )  

22,271,353  

4,910,743 ( 20,365,485 )

Net assets, beginning of period

$ 58,429,985  

$ 44,972,625  

$ 29,056,020 $ 58,429,985

Net assets, end of period

$ 31,176,395  

$ 67,243,978  

$ 33,966,763 $ 38,064,500

Net asset value per share at beginning of period

$ 28.50  

$ 22.77  

$ 27.03 $ 28.50

Net asset value per share at end of period

$ 27.11  

$ 26.11  

$ 25.16 $ 27.19

Creation of Shares

350,000  

1,950,000  

325,000 125,000

Redemption of Shares

1,250,000  

1,350,000  

50,000 775,000

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

1 unchanged sentence

STATEMENTS OF CASH FLOWS

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Three months ended

Three months ended

March 31, 2024

March 31, 2023

Cash flows from operating activities:

Net (loss) income

$ ( 2,092,763 )  

$ 4,557,808  

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

Net change in unrealized appreciation on commodity futures contracts

2,895,763  

5,768,700  

$ ( 1,887,477 ) $ ( 2,370,378 )

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

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

( 596,685 ) 3,699,642

Changes in operating assets and liabilities:

Due from broker

( 1,095,281 )  

219,407 ( 2,578,615 )

Interest receivable

15,952  

Due to broker

( 16,607 ) 34,657

( 883 ) ( 29,849 )

Management fee payable to Sponsor

( 26,414 )  

23,383  

1,096 ( 21,191 )

Other liabilities

30,635  

Net cash (used in) provided by operating activities

( 271,705 )  

4,168,301  

28,247 ( 7,119 )

Net cash used in operating activities

( 2,252,902 ) ( 1,272,853 )

Cash flows from financing activities:

Proceeds from sale of Shares

9,394,540  

53,625,065  

8,094,215 3,526,043

Redemption of Shares

( 37,405,627 )  

( 1,295,995 ) ( 24,371,410 )

Net cash (used in) provided by financing activities

( 28,011,087 )  

17,713,545  

Net cash provided by (used in) financing activities

6,798,220 ( 20,845,367 )

Net change in cash and cash equivalents

( 28,282,792 )  

21,881,846  

4,545,318 ( 22,118,220 )

Cash and cash equivalents beginning of period

58,212,569  

43,019,884  

28,107,189 58,212,569

Cash and cash equivalents end of period

$ 29,929,777  

$ 64,901,730  

$ 32,652,507 $ 36,094,349

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

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

Note 1 –

Organization and Operation

Teucrium Soybean Fund (referred to herein as “SOYB”

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

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

representing fractional undivided beneficial interests in the Fund.

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

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

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

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

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

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

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

March 31, 2024

Note 1 – Organization and Operation

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

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

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

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

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

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

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

SOYB Benchmark

4 unchanged sentences

The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31.

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

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

The Sponsor is responsible for the management of the Fund.

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

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

On June 13, 2011, the initial Form S- 1 for SOYB was declared effective by the SEC.

3 unchanged sentences

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

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

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

The financial information included herein is unaudited;

however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.

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

The operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. 

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

however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.

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

The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

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

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

Note 2 –

Principal Contracts and Agreements

Note 2 – Principal Contracts and Agreements

The Sponsor employs U.S.

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

Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.

Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.

The principal address for Global Fund Services is 615 E.

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A summary of these expenses is included below.

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

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

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

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

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

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

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

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

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

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

A summary of these expenses is included below. 

A summary of these expenses is included below.

Marex Capital Markets, Inc.

(“Marex”) and StoneX Financial Inc.

(“StoneX”) serve as the Funds’

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

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

(“Marex”) and StoneX Financial Inc.

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

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

CFTC and are members of the NFA.

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These services are recorded in business permits and licenses fees on the statements of operations.

A summary of these expenses is included below. 

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

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

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

This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract.

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

A summary of these expenses is included below: 

    

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

A summary of these expenses is included below.

Three months ended March 31, 2024

Three months ended March 31, 2023

Amount Recognized for Custody Services

$ 14,186  

$ 13,002  

$ 31,501  

$ 24,008  

$ 8,486 $ 3,441

Amount of Custody Services Waived

$ 4,000  

Amount Recognized for Distribution Services

$ 3,636  

$ 4,476  

$ 10,808  

$ 14,860  

$ 3,063 $ 3,266

Amount of Distribution Services Waived

$ 3,962  

Amount Recognized for Wilmington Trust

Amount of Wilmington Trust Waived

Amount Recognized for Thales

$ 5,219  

$ 4,543  

$ 8,760  

$ 22,314  

Amount of Thales Waived

Note 3 –

Summary of Significant Accounting Policies

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

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

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

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

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

Revenue Recognition

11 unchanged sentences

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. 

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

Brokerage Commissions

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2023 and 2022 .

Three months ended September 30, 2023

$ 2,220  

Three months ended September 30, 2022

$ 6,432  

Nine months ended September 30, 2023

$ 10,999  

Nine months ended September 30, 2022

$ 21,638  

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, 2024 and 2023 .

Three months ended March 31, 2024

Three months ended March 31, 2023

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

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

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

Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.

In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.

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

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

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

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

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

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

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

5 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, 2023 and for the years ended December 31, 2022 , 2021 , and 2020 .

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

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .

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

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

No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2023 and 2022 . 

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .

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

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

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

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

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

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

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

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

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

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

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

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

11 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, 2023

March 31, 2024

December 31, 2023

Money Market Funds

$ 7,646,258  

$ 25,631,042  

$ 12,228,166 $ 7,746,099

Demand Deposit Savings Accounts

5,327,990  

5,143,495  

5,470,653 5,399,248

Commercial Paper

16,955,529  

27,438,032  

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

$ 29,929,777  

$ 58,212,569  

14,953,688 14,961,842

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

$ 32,652,507 $ 28,107,189

Payable for Purchases of Commercial Paper

2 unchanged sentences

Due from/to Broker

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

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

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

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

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

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

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

2 unchanged sentences

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

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

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

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

4 unchanged sentences

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

Ongoing or “maintenance”

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

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

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

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

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

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

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

Finally, many major U.S.

1 unchanged sentence

Calculation of Net Asset Value

The Fund’s NAV is calculated by:

The Fund’s NAV is calculated by:

Taking the current market value of its total assets and

6 unchanged sentences

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

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

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

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

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

6 unchanged sentences

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

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

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

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

3 unchanged sentences

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

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

Three months ended March 31, 2024

Three months ended March 31, 2023

Recognized Related Party Transactions

$ 59,564  

$ 53,104  

$ 185,249  

$ 205,250  

$ 51,460 $ 50,267

Waived Related Party Transactions

$ 32,056  

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

1 unchanged sentence

Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund.

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

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Nine months ended September 30, 2022

$ 89,562  

There were no expenses waived for the three months ended March 31, 2024 and 2023.

Use of Estimates

4 unchanged sentences

In accordance with U.S.

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

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

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

2 unchanged sentences

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

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

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

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

3 unchanged sentences

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

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. 

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction.

6 unchanged sentences

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

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

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

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

2 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, 2023 and December 31, 2022 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

On March 31, 2024 and December 31, 2023 , in the opinion of the Trust and the Fund, the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required.

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

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

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

For the three months ended March 31, 2024 and year ended December 31, 2023 , 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.

7 unchanged sentences

The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share.

The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. 

The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period.

New Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 01, related to Leases –

(Topic 842 ).

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

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

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

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

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

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

The FASB issued ASU 2023 - 01, related to Leases – (Topic 842 ).

The response to concerns about applying Topic 842 to related party arrangements between entities under common control.

1 unchanged sentence

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

The FASB issued ASU 2022 - 03, related to fair value measurement (Topic 820 ) of equity securities subject to contractual sale restrictions.

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

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

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

Note 4 –

Fair Value Measurements

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2023 and December 31, 2022 :

September 30, 2023

Note 4 – Fair Value Measurements

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023 :

March 31, 2024

Balance as of

September 30, 2023

March 31, 2024

Cash Equivalents

$ 24,601,787  

$ 24,601,787  

Commodity Futures Contracts

Soybean futures contracts

134,775  

134,775  

$ 24,736,562  

$ 24,736,562  

$ 27,181,854 $ - $ - $ 27,181,854

Balance as of

September 30, 2023

March 31, 2024

Commodity Futures Contracts

Soybean futures contracts

$ 510,168  

$ 510,168  

$ 794,976 $ - $ - $ 794,976

December 31, 2023

2 unchanged sentences

Cash Equivalents

$ 53,069,074  

$ 53,069,074  

Commodity Futures Contracts

$ 22,707,941 $ - $ - $ 22,707,941

Balance as of

December 31, 2023

Soybean futures contracts

2,520,370  

2,520,370  

$ 55,589,444  

$ 55,589,444  

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

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

For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

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

Note 5 –

Derivative Instruments and Hedging Activities

Note 5 – Derivative Instruments and Hedging Activities

In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities.

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

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

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

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

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

For the three and nine months ended September 30, 2023 and year ended December 31, 2022 , the Fund invested only in commodity futures contracts.

For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures contracts.

Futures Contracts

3 unchanged sentences

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

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

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

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

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

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

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

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

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

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

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

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

1 unchanged sentence

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

2011 - 11 “Balance Sheet (Topic 210 ):

Disclosures about Offsetting Assets and Liabilities”

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

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

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of September 30, 2023 , and December 31, 2022 .

2011 - 11 “Balance Sheet (Topic 210 ):

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

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

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of March 31, 2024 , and December 31, 2023 .

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

Offsetting of Financial Assets and Derivative Assets as of 

September 30, 2023

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the 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

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Soybean futures contracts

$ 134,775  

$ 134,775  

$ 134,775  

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2023

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2024

(iii) = (i)-(ii)

8 unchanged sentences

Soybean futures contracts

$ 510,168  

$ 510,168  

$ 134,775  

$ 375,393  

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

$ 794,976 $ - $ 794,976 $ - $ 794,976 $ -

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

(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

Commodity Price

Soybean futures contracts

$ 2,520,370  

$ 2,520,370  

$ 2,520,370  

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, 2023

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Soybean futures contracts

$ 311,294  

$ ( 507,789 )

Three months ended September 30, 2022

    

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Collateral, Due from Broker*

Commodity Price

Soybean futures contracts

$ 977,658  

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

Nine months ended September 30, 2023

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

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

Three months ended March 31, 2024

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

Soybean futures contracts

$ 270,814  

$ ( 2,632,854 ) $ 596,685

Nine months ended September 30, 2022

Three months ended March 31, 2023

Realized Gain on Commodity Futures Contracts

2 unchanged sentences

Soybean futures contracts

$ 10,675,505  

$ 1,067,543 $ ( 3,699,642 )

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 34.7  million and $ 37.2  million respectively for the three and nine months ended September 30, 2023  and $ 68.6 million and $ 64.6 million respectively for the three and nine months ended September 30, 2022 .

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, 2023 and 2022 .

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 29.1 million for the three months ended March 31, 2024 and $ 42.6 million for the three months ended March 31, 2023 .

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2024 and 2023 .

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

    

Three months ended

Three months ended

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

March 31, 2024

March 31, 2023

Per Share Operation Performance

Net asset value at beginning of period

$ 27.33  

$ 27.07  

$ 28.50  

$ 22.77  

$ 27.03 $ 28.50

Income from investment operations:

Investment income

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

( 0.34 )  

( 0.98 )  

( 1.76 )  

Interest income

Net realized and unrealized loss on commodity futures contracts

( 2.00 ) ( 1.47 )

Total expenses, net

( 0.25 )  

( 0.11 )  

( 0.63 )  

Net (decrease) increase in net asset value

( 0.22 )  

( 0.96 )  

( 1.39 )  

( 0.21 ) ( 0.15 )

Net decrease in net asset value

( 1.87 ) ( 1.31 )

Net asset value at end of period

$ 27.11  

$ 26.11  

$ 27.11  

$ 26.11  

- 0.80 %  

- 3.52 %  

- 4.89 %  

$ 25.16 $ 27.19

- 6.91 % - 4.61 %

Ratios to Average Net Assets (Annualized)

Total expenses

3.57 %  

1.73 %  

3.05 %  

3.28 % 2.18 %

Total expenses, net

3.57 %  

1.73 %  

3.05 %  

Net investment income (loss)

1.68 %  

0.34 %  

1.81 %  

3.28 % 2.18 %

Net investment income

2.10 % 2.28 %

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

Note 7 –

Organizational and Offering Costs

Note 7 – Organizational and Offering Costs

Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees were borne directly by the Sponsor.

The Fund will not be obligated to reimburse the Sponsor.

Note 8 –

Subsequent Events

Management has evaluated the financial statements for the quarter-ended September 30, 2023 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended March 31, 2024 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.

TEUCRIUM SUGAR FUND

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

March 31, 2024

December 31, 2023

Cash and cash equivalents

$ 23,571,952  

$ 22,977,480  

$ 15,283,959 $ 16,773,745

Interest receivable

44,367  

30,669  

21,734 31,551

Equity in trading accounts:

Commodity futures contracts

1,866,449  

911,329  

Due from broker

447,801  

Total equity in trading accounts

1,866,449  

1,359,130  

25,490,264  

24,370,244  

2,063,532 3,650,191

17,378,339 20,456,322

Management fee payable to Sponsor

19,642  

20,912  

13,643 17,451

Other liabilities

14,007  

21,123 30,774

Equity in trading accounts:

Commodity futures contracts

107,186  

85,128  

Due to broker

997,931  

Total equity in trading accounts

1,105,117  

85,128  

814,401 2,687,998

Total liabilities

1,138,766  

107,885  

$ 24,351,498  

$ 24,262,359  

849,167 2,736,223

$ 16,529,172 $ 17,720,099

Shares outstanding

1,650,004  

2,550,004  

1,225,004 1,425,004

Shares authorized

Net asset value per share

$ 14.76  

$ 9.51  

$ 13.49 $ 12.44

Market value per share

$ 14.78  

$ 9.53  

$ 13.49 $ 12.40

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

2 unchanged sentences

SCHEDULE OF INVESTMENTS

September 30, 2023

March 31, 2024

Percentage of

2 unchanged sentences

Bank Deposit Account

5.270 %  

$ 7,060,230  

$ 7,060,230  

7,060,230  

5.240 % $ 1,342,798 $ 1,342,798 8.12 % 1,342,798

Goldman Sachs Financial Square Government Fund - Institutional Class

5.240 %  

3,867,017  

3,867,017  

3,867,017  

5.210 % 2,708,188 2,708,188 16.38 2,708,188

Total Money Market Funds

$ 10,927,247  

$ 10,927,247  

$ 4,050,986 $ 4,050,986 24.50 %

Percentage of

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

October 11, 2023

5.806 %  

$ 1,983,850  

$ 1,996,833  

2,000,000  

Marriott International, Inc.

October 10, 2023

5.408 %  

2,484,483  

2,496,675  

2,500,000  

November 13, 2023

5.497 %  

2,479,375  

2,483,875  

2,500,000  

Walgreens Boots Alliance, Inc.

November 1, 2023

5.901 %  

2,477,084  

2,487,537  

2,500,000  

The Cigna Group

April 5, 2024

5.501 % $ 495,050 $ 499,700 3.02 % 500,000

Campbell Soup Company

5.601 % 2,477,848 2,488,542 15.06 2,500,000

Glencore Funding LLC

April 16, 2024

5.490 % 2,485,375 2,494,375 15.09 2,500,000

Glencore Funding LLC

5.475 % 2,480,199 2,485,429 15.04 2,500,000

Total Commercial Paper

$ 9,424,792  

$ 9,464,920  

$ 7,938,472 $ 7,968,046 48.21 %

Total Cash Equivalents

$ 20,392,167  

$ 12,019,032 72.71 %

Percentage of

3 unchanged sentences

United States sugar futures contracts

ICE sugar futures MAY24

$ 993,509  

$ 8,515,651  

ICE sugar futures JUL24

$ 594,646 3.60 % $ 5,805,072

ICE sugar futures OCT24

83,984 0.51 4,963,896

ICE sugar futures MAR25

872,940  

8,552,981  

233 135,771 0.82 5,769,826

Total commodity futures contracts

$ 1,866,449  

$ 17,068,632  

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States sugar futures contracts

ICE sugar futures JUL24

$ 107,186  

$ 7,293,888  

$ 814,401 4.93 % $ 16,538,794

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

5 unchanged sentences

Money market funds

First American Government Obligations Fund - Class X

4.105 %  

$ 5,634,177  

$ 5,634,177  

5,634,177  

Bank Deposit Account

5.270 % $ 1,532,232 $ 1,532,232 8.65 %

Goldman Sachs Financial Square Government Fund - Institutional Class

4.140 %  

4,286,322  

4,286,322  

4,286,322  

5.250 % 1,501,006 1,501,006 8.47 1,501,006

Total Money Market Funds

$ 9,920,499  

$ 9,920,499  

$ 3,033,238 $ 3,033,238 17.12 %

Percentage of

Commercial Paper

Entergy Corporation

Albemarle Corporation

January 4, 2024

4.311 %  

$ 2,481,702  

$ 2,499,115  

2,500,000  

General Motors Financial Company, Inc.

5.753 % $ 2,480,382 $ 2,498,823 14.10 %

Brookfield Infrastructure Holdings (Canada) Inc.

January 30, 2024

4.276 %  

2,475,149  

2,497,369  

2,500,000  

Glencore Funding LLC

5.814 % 550,863 552,447 3.12 555,000

Entergy Corporation

March 1, 2024

5.665 % 2,467,625 2,476,875 13.98 2,500,000

FMC Corporation

January 19, 2024

4.526 %  

2,482,656  

2,496,283  

2,500,000  

VW Credit, Inc.

5.816 % 2,488,878 2,492,850 14.07 2,500,000

National Fuel Gas Company

January 8, 2024

4.434 %  

2,482,702  

2,494,537  

2,500,000  

5.867 % 2,480,400 2,497,200 14.09 2,500,000

Total Commercial Paper

$ 9,922,209  

$ 9,987,304  

$ 10,468,148 $ 10,518,195 59.36 %

Total Cash Equivalents

$ 19,907,803  

$ 13,551,433 76.47 %

Percentage of

4 unchanged sentences

ICE sugar futures MAY24

$ 356,963  

$ 8,407,526  

270 $ 1,051,261 5.93 %

ICE sugar futures JUL24

554,366  

7,289,811  

Total commodity futures contracts

$ 911,329  

$ 15,697,337  

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States sugar futures contracts

233 1,128,473 6.37 5,326,193

ICE sugar futures MAR25

$ 85,128  

$ 8,565,278  

268 508,264 2.87 6,216,314

Total commodity futures contracts

$ 2,687,998 15.17 % $ 17,717,515

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

TEUCRIUM SUGAR FUND

STATEMENTS OF OPERATIONS   

STATEMENTS OF OPERATIONS

Three months ended

Three months ended

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

March 31, 2024

March 31, 2023

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

Realized gain (loss) on commodity futures contracts

$ 2,271,032  

$ ( 948,329 )  

$ 11,018,654  

Realized (loss) gain on commodity futures contracts

$ ( 482,314 ) $ 1,339,448

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

934,750  

( 1,014,429 )  

933,062  

Net change in unrealized appreciation on commodity futures contracts

1,873,597 3,139,817

Interest income

304,744  

149,944  

1,007,430  

222,434  

Total income (loss)

3,510,526  

( 1,812,814 )  

12,959,146  

224,625 271,449

1,615,908 4,750,714

Management fees

57,990  

71,572  

205,623  

214,003  

42,559 61,338

Professional fees

61,655  

207,709  

49,908  

27,663 69,929

Distribution and marketing fees

67,563  

41,123  

166,254  

133,178  

82,545 34,816

Custodian fees and expenses

18,037  

10,335  

Business permits and licenses fees

14,600  

26,099  

General and administrative expenses

13,304  

19,391  

Total expenses

199,386  

129,870  

625,527  

452,914  

172,017 170,223

Expenses waived by the Sponsor

Total expenses, net

199,386  

129,870  

625,527  

374,677  

Net income (loss)

$ 3,311,140  

$ ( 1,942,684 )  

$ 12,333,619  

172,017 170,223

Net gain (loss) per share

$ 2.06  

$ ( 0.59 )  

$ 5.24  

Net gain (loss) per weighted average share

$ 1.98  

$ ( 0.61 )  

$ 5.50  

$ 1,443,891 $ 4,580,491

Net income per share

$ 1.05 $ 1.93

Net income per weighted average share

$ 1.12 $ 1.87

Weighted average shares outstanding

1,672,558  

3,159,243  

2,241,121  

3,077,751  

1,287,641 2,446,948

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

1 unchanged sentence

STATEMENTS OF CHANGES IN NET ASSETS

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Net income (loss)

$ 12,333,619  

Three months ended

Three months ended

March 31, 2024

March 31, 2023

$ 1,443,891 $ 4,580,491

1 unchanged sentence

Issuance of Shares

18,605,025  

26,012,883  

Redemption of Shares

( 30,849,505 )  

( 2,634,818 ) ( 6,262,695 )

Total capital transactions

( 12,244,480 )  

5,610,823  

( 2,634,818 ) ( 804,058 )

Net change in net assets

89,139  

2,700,303  

( 1,190,927 ) 3,776,433

Net assets, beginning of period

$ 24,262,359  

$ 22,834,664  

$ 17,720,099 $ 24,262,359

Net assets, end of period

$ 24,351,498  

$ 25,534,967  

$ 16,529,172 $ 28,038,792

Net asset value per share at beginning of period

$ 9.51  

$ 9.23  

$ 12.44 $ 9.51

Net asset value per share at end of period

$ 14.76  

$ 8.73  

$ 13.49 $ 11.44

Creation of Shares

1,525,000  

2,675,000  

Redemption of Shares

2,425,000  

2,225,000  

200,000 625,000

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

1 unchanged sentence

STATEMENTS OF CASH FLOWS

(Unaudited)  

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Three months ended

Three months ended

March 31, 2024

March 31, 2023

Cash flows from operating activities:

Net income (loss)

$ 12,333,619  

$ 1,443,891 $ 4,580,491

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

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

( 933,062 )  

2,281,371  

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

Net change in unrealized appreciation on commodity futures contracts

( 1,873,597 ) ( 3,139,817 )

Changes in operating assets and liabilities:

Due from broker

447,801  

1,586,659 447,801

Interest receivable

( 13,698 )  

( 4,531 )  

9,817 ( 16,719 )

( 8,279 ) ( 16,995 )

Due to broker

997,931  

Management fee payable to Sponsor

( 1,270 )  

( 3,808 ) 2,877

Other liabilities

12,162  

Net cash provided by (used in) operating activities

12,838,952  

( 9,651 ) ( 623 )

Net cash provided by operating activities

1,145,032 3,958,915

Cash flows from financing activities:

Proceeds from sale of Shares

18,605,025  

26,012,883  

Redemption of Shares

( 30,849,505 )  

( 2,634,818 ) ( 6,262,695 )

Net cash (used in) provided by financing activities

( 12,244,480 )  

5,610,823  

Net cash used in financing activities

( 2,634,818 ) ( 804,058 )

Net change in cash and cash equivalents

594,472  

2,752,290  

( 1,489,786 ) 3,154,857

Cash and cash equivalents beginning of period

22,977,480  

21,332,902  

16,773,745 22,977,480

Cash and cash equivalents end of period

$ 23,571,952  

$ 24,085,192  

$ 15,283,959 $ 26,132,337

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

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

Note 1 –

Organization and Operation

Teucrium Sugar Fund (referred to herein as “CANE”

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

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

representing fractional undivided beneficial interests in the Fund.

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

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

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

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

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

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

March 31, 2024

Note 1 – Organization and Operation

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

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

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

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

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

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

The Benchmark is a weighted average of the closing settlement prices for three futures contracts for No.

11 sugar (“Sugar Futures Contracts”) that are traded on the ICE Futures US (“ICE”):

11 sugar (“Sugar Futures Contracts”) that are traded on the ICE Futures US (“ICE”):

CANE Benchmark

4 unchanged sentences

The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31.

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

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

The Sponsor is responsible for the management of the Fund.

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

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

On June 13, 2011, the initial Form S- 1 for CANE was declared effective by the SEC.

3 unchanged sentences

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

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

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

The financial information included herein is unaudited;

however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.

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

The operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

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

however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.

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

The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

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

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

Note 2 –

Principal Contracts and Agreements

Note 2 – Principal Contracts and Agreements

The Sponsor employs U.S.

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

Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.

Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.

The principal address for Global Fund Services is 615 E.

6 unchanged sentences

A summary of these expenses is included below.

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

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

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

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

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

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

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

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

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

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

A summary of these expenses is included below. 

A summary of these expenses is included below.

Marex Capital Markets, Inc.

(“Marex”) and StoneX Financial Inc.

(“StoneX”) serve as the Funds’

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

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

(“Marex”) and StoneX Financial Inc.

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

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

CFTC and are members of the NFA.

1 unchanged sentence

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

For Corn, Soybean, Sugar, and Wheat Futures Contracts Marex is paid $ 3.00 per round turn exclusive of pass-through fees for the exchange and the NFA.

For Corn, Soybean, Sugar, and Wheat Futures Contracts Marex is paid $ 3.00 per round turn exclusive of pass-through fees for the exchange and the NFA.

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

7 unchanged sentences

These services are recorded in business permits and licenses fees on the statements of operations.

A summary of these expenses is included below. 

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

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

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

This fee based on new assets raised is determined by an agreed upon level of assets at the time of signing the contract.

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

A summary of these expenses is included below.

Three months ended September 30, 2023

Three months ended September 30, 2022

Nine months ended September 30, 2023

Three months ended March 31, 2024

Three months ended March 31, 2023

Amount Recognized for Custody Services

$ 8,512 $ 1,036

Amount of Custody Services Waived

Amount Recognized for Distribution Services

$ 3,491 $ 1,548

Amount of Distribution Services Waived

Amount Recognized for Wilmington Trust

Amount of Wilmington Trust Waived

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

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

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

Revenue Recognition

Commodity futures contracts are recorded on the trade date.

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

Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements.

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

Interest on cash equivalents with financial institutions are recognized on an accrual basis.

The Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments.

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

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

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

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

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

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

Brokerage Commissions

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2024 and 2023 .

Three months ended March 31, 2024

Three months ended March 31, 2023

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

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

Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.

In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.

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

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

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

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

The Fund files an income tax return in the U.S.

federal jurisdiction and may file income tax returns in various U.S.

states and foreign jurisdictions.

For all tax years 2021 to 2023, the Fund remains subject to income tax examinations by major taxing authorities.

The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

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

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .

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

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

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .

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

federal, U.S.

state, or foreign jurisdictional authorities in the area of income taxes.

These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S.

federal, U.S.

state and foreign tax laws.

Creations and Redemptions

Authorized Purchasers may purchase Creation Baskets consisting of 25,000 shares from the Fund.

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

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

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

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

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

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

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

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

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

Allocation of Shareholder Income and Losses

Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month.

Cash and Cash Equivalents

Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired.

The Trust reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities.

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

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

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

Assets deposited with the bank may, at times, exceed federally insured limits.

The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured.

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

March 31, 2024

December 31, 2023

Money Market Funds

$ 4,050,986 $ 3,033,238

Demand Deposit Savings Accounts

3,264,927 3,222,312

Commercial Paper

7,968,046 10,518,195

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

$ 15,283,959 $ 16,773,745

Due from/to Broker

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

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

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

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

Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.

As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin.

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

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

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

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

however, the option premium must be paid in full.

When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option.

The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly.

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

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

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

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

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

Finally, many major U.S.

exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.

Calculation of Net Asset Value

The Fund’s NAV is calculated by:

Taking the current market value of its total assets and

Subtracting any liabilities.

The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day.

It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m.

The NAV for a particular trading day is released after 4:15 p.m.

In determining the value of Sugar Futures Contracts, the administrator uses the ICE closing price.

The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m.

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

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

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

NAV includes any unrealized profit or loss on open sugar interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund.

Sponsor Fee, Allocation of Expenses and Related Party Transactions

The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund.

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

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

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

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

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

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

These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.

A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor;

these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund.

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

Three months ended March 31, 2024

Three months ended March 31, 2023

Recognized Related Party Transactions

$ 58,527 $ 23,761

Waived Related Party Transactions

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

This election is subject to change by the Sponsor, at its discretion.

Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund.

There were no expenses waived for the three months ended March 31, 2024 and 2023.

Use of Estimates

The preparation of financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period.

Actual results could differ from those estimates.

Fair Value – Definition and Hierarchy

In accordance with U.S.

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

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

In accordance with U.S.

GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

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

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

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

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

Valuation adjustments and block discounts are not applied to Level 1 financial instruments.

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

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

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.

Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined.

Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed.

Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

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

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

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

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

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

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

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

On March 31, 2024 and December 31, 2023 , 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 months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

The Fund records its derivative activities at fair value.

Gains and losses from derivative contracts are included in the statements of operations.

Derivative contracts include futures contracts related to commodity prices.

Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy.

OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.

Expenses are recorded using the accrual method of accounting.

Net Income (Loss) per Share

Net income (loss) per share is the difference between the NAV per unit at the beginning of each period and at the end of each period.

The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit.

The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period.

New Accounting Pronouncements

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

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

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

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

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

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

The FASB issued ASU 2023 - 01, related to Leases – (Topic 842 ).

The response to concerns about applying Topic 842 to related party arrangements between entities under common control.

The update was adopted early for the quarter ended March 31, 2023;

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

Note 4 – Fair Value Measurements

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023 :

March 31, 2024

Balance as of

March 31, 2024

Cash Equivalents

$ 12,019,032 $ - $ - $ 12,019,032

Balance as of

March 31, 2024

Commodity Futures Contracts

Sugar futures contracts

$ 814,401 $ - $ - $ 814,401

December 31, 2023

Balance as of

December 31, 2023

Cash Equivalents

$ 13,551,433 $ - $ - $ 13,551,433

Balance as of

December 31, 2023

Sugar futures contracts

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

For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

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

Note 5 – Derivative Instruments and Hedging Activities

In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities.

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

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

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

In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures contracts.

Futures Contracts

The Fund is subject to commodity price risk in the normal course of pursuing its investment objectives.

A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

The purchase and sale of futures contracts requires margin deposits with an FCM.

Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund.

Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded;

and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.

The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.

A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.

In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available.

It is possible that the recovery amount could be less than the total of cash and other equity deposited.

The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.

These recognized assets and liabilities are presented as defined in FASB ASU No.

2011 - 11 “Balance Sheet (Topic 210 ):

Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ):

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of March 31, 2024 , and December 31, 2023 .

*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2024

(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

$ 814,401 $ - $ 814,401 $ - $ 814,401 $ -

Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023

(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

$ 2,687,998 $ - $ 2,687,998 $ 2,687,998 $ - $ -

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, 2024

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

Sugar futures contracts

$ ( 482,314 ) $ 1,873,597

Three months ended March 31, 2023

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

Sugar futures contracts

$ 1,339,448 $ 3,139,817

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held were $ 16.9 million for the three months ended March 31, 2024 and $ 25.7 million for the three months ended March 31, 2023 .

Note 6 – Financial Highlights

The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2024 and 2023 .

This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

Three months ended

Three months ended

March 31, 2024

March 31, 2023

Per Share Operation Performance

Net asset value at beginning of period

$ 12.44 $ 9.51

Income (loss) from investment operations:

Interest income

Net realized and unrealized gain on commodity futures contracts

Total expenses, net

( 0.13 ) ( 0.07 )

Net increase in net asset value

Net asset value at end of period

$ 13.49 $ 11.44

8.51 % 20.28 %

Ratios to Average Net Assets (Annualized)

Total expenses

4.04 % 2.78 %

Total expenses, net

4.04 % 2.78 %

Net investment income

1.24 % 1.65 %

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

Note 7 – Organizational and Offering Costs

Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees, were borne directly by the Sponsor.

The Fund will not be obligated to reimburse the Sponsor.

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended March 31, 2024 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 notes below:

The net assets of the fund decreased by $ 3,645,989 , or 22.1 %, for the period March 31, 2024 to May 9, 2024.

This was driven by a decrease in the shares outstanding by 12.2 % and a decrease in the NAV per share of 11.2 %.

TEUCRIUM WHEAT FUND

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2024

December 31, 2023

Cash and cash equivalents

$ 142,056,904 $ 168,732,086

Interest receivable

103,341 226,748

Equity in trading accounts:

Commodity futures contracts

1,513,306 2,237,493

Due from broker

26,887,597 17,783,729

Total equity in trading accounts

28,400,903 20,021,222

170,561,961 188,984,583

Management fee payable to Sponsor

129,704 160,231

Other liabilities

85,006 72,017

Equity in trading accounts:

Commodity futures contracts

12,809,942 4,575,666

Total liabilities

13,024,652 4,807,914

$ 157,537,309 $ 184,176,669

Shares outstanding

29,250,004 30,800,004

Shares authorized

Net asset value per share

$ 5.39 $ 5.98

Market value per share

$ 5.41 $ 5.97

* 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.

TEUCRIUM WHEAT FUND

SCHEDULE OF INVESTMENTS

March 31, 2024

Percentage of

Cash equivalents

Money market funds

Bank Deposit Account

5.240 % $ 10,758,845 $ 10,758,845 6.83 % 10,758,845

Goldman Sachs Financial Square Government Fund - Institutional Class

5.210 % 57,722,055 57,722,055 36.64 57,722,055

Total money market funds

$ 68,480,900 $ 68,480,900 43.47 %

Percentage of

Commercial Paper

American Electric Power Company, Inc.

June 12, 2024

5.465 % $ 4,941,190 $ 4,946,401 3.14 % 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

April 23, 2024

5.844 % 2,465,045 2,491,261 1.58 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

5.834 % 2,465,106 2,485,725 1.58 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

5.710 % 2,473,167 2,485,222 1.58 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

5.772 % 2,464,688 2,482,344 1.58 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

5.780 % 2,466,590 2,479,954 1.57 2,500,000

The Cigna Group

April 5, 2024

5.501 % 2,475,250 2,498,500 1.59 2,500,000

Crown Castle Inc.

April 18, 2024

5.530 % 4,972,800 4,987,156 3.17 5,000,000

5.314 % 4,934,875 4,962,372 3.15 5,000,000

General Motors Financial Company, Inc.

April 23, 2024

5.511 % 4,932,500 4,983,500 3.16 5,000,000

General Motors Financial Company, Inc.

April 29, 2024

5.408 % 990,265 995,870 0.63 1,000,000

Glencore Funding LLC

April 16, 2024

5.490 % 2,485,375 2,494,375 1.58 2,500,000

Glencore Funding LLC

April 30, 2024

5.493 % 2,482,375 2,489,125 1.58 2,500,000

Glencore Funding LLC

5.475 % 2,480,199 2,485,429 1.58 2,500,000

Harley-Davidson Financial Services, Inc.

April 26, 2024

5.700 % 2,482,111 2,490,278 1.58 2,500,000

Harley-Davidson Financial Services, Inc.

5.815 % 2,471,896 2,482,188 1.58 2,500,000

National Fuel Gas Company

April 4, 2024

5.544 % 4,984,075 4,997,725 3.17 5,000,000

VW Credit, Inc.

April 11, 2024

5.511 % 4,932,500 4,992,500 3.17 5,000,000

VW Credit, Inc.

5.402 % 2,471,660 2,483,438 1.58 2,500,000

WGL Holdings, Inc.

April 15, 2024

5.616 % 2,492,320 2,494,624 1.58 2,500,000

Total Commercial Paper

$ 62,863,987 $ 63,207,987 40.13 %

Total Cash Equivalents

$ 131,688,887 83.60 %

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States wheat futures contracts

CBOT wheat futures SEP24

1,599 $ 1,513,306 0.96 % $ 47,290,425

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States wheat futures contracts

CBOT wheat futures JUL24

1,915 $ 3,610,065 2.29 % $ 55,128,063

CBOT wheat futures DEC24

1,800 9,199,877 5.84 55,080,000

Total commodity futures contracts

$ 12,809,942 8.13 % $ 110,208,063

The accompanying notes are an integral part of these financial statements.

TEUCRIUM WHEAT FUND

SCHEDULE OF INVESTMENTS

December 31, 2023

Percentage of

Cash equivalents

Money market funds

Bank Deposit Account

5.270 % $ 27,315,653 $ 27,315,653 14.83 % 27,315,653

Goldman Sachs Financial Square Government Fund - Institutional Class

5.250 % 53,500,438 53,500,438 29.05 53,500,438

Total money market funds

$ 80,816,091 $ 80,816,091 43.88 %

Percentage of

Commercial Paper

Albemarle Corporation

January 4, 2024

5.753 % $ 2,480,382 $ 2,498,823 1.36 % 2,500,000

Albemarle Corporation

January 8, 2024

5.738 % 2,476,151 2,497,263 1.36 2,500,000

Albemarle Corporation

January 11, 2024

5.808 % 2,478,230 2,496,041 1.36 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

January 16, 2024

5.853 % 2,466,575 2,494,031 1.35 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

January 30, 2024

5.814 % 2,481,364 2,488,501 1.35 2,500,000

Entergy Corporation

March 1, 2024

5.665 % 2,467,625 2,476,875 1.34 2,500,000

General Motors Financial Company, Inc.

January 18, 2024

5.617 % 7,420,795 7,480,486 4.06 7,500,000

General Motors Financial Company, Inc.

January 24, 2024

5.661 % 4,941,417 4,982,271 2.71 5,000,000

General Motors Financial Company, Inc.

February 9, 2024

5.700 % 7,397,667 7,454,648 4.05 7,500,000

Harley-Davidson Financial Services, Inc.

January 9, 2024

5.843 % 2,474,533 2,496,817 1.36 2,500,000

Harley-Davidson Financial Services, Inc.

February 1, 2024

5.867 % 2,480,400 2,487,600 1.35 2,500,000

Harley-Davidson Financial Services, Inc.

February 14, 2024

5.927 % 4,947,549 4,964,494 2.70 5,000,000

National Fuel Gas Company

January 26, 2024

5.941 % 2,478,948 2,489,879 1.35 2,500,000

Oracle Corporation

March 6, 2024

5.562 % 2,467,452 2,475,399 1.34 2,500,000

Stanley Black & Decker, Inc.

January 22, 2024

5.807 % 4,958,042 4,983,375 2.71 5,000,000

January 17, 2024

5.674 % 4,936,679 4,987,645 2.71 5,000,000

January 18, 2024

5.606 % 2,473,646 2,493,507 1.35 2,500,000

January 25, 2024

5.910 % 4,928,362 4,950,783 2.69 4,970,000

WGL Holdings, Inc.

January 3, 2024

5.793 % 2,490,896 2,499,208 1.36 2,500,000

WGL Holdings, Inc.

January 12, 2024

5.849 % 2,487,222 2,495,608 1.36 2,500,000

Walgreens Boots Alliance, Inc.

January 12, 2024

6.028 % 5,465,631 5,490,051 2.98 5,500,000

Total Commercial Paper

$ 77,199,566 $ 77,683,305 42.20 %

Total Cash Equivalents

$ 158,499,396 86.08 %

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States wheat futures contracts

CBOT wheat futures MAY24

2,018 $ 363,500 0.20 % $ 64,525,550

CBOT wheat futures JUL24

1,711 1,873,993 1.02 55,243,913

Total commodity futures contracts

$ 2,237,493 1.22 % $ 119,769,463

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States wheat futures contracts

CBOT wheat futures DEC24

1,924 $ 4,575,666 2.48 % $ 64,357,800

The accompanying notes are an integral part of these financial statements.

TEUCRIUM WHEAT FUND

STATEMENTS OF OPERATIONS

Three months ended

Three months ended

March 31, 2024

March 31, 2023

Realized and unrealized gain (loss) on trading of commodity futures contracts:

Realized loss on commodity futures contracts

$ ( 10,037,305 ) $ ( 23,358,733 )

Net change in unrealized depreciation on commodity futures contracts

( 8,958,463 ) ( 2,092,562 )

Interest income

2,149,924 2,080,146

( 16,845,844 ) ( 23,371,149 )

Management fees

410,199 481,218

Professional fees

109,035 104,985

Distribution and marketing fees

521,828 544,062

Custodian fees and expenses

50,520 75,710

Business permits and licenses fees

General and administrative expenses

41,020 29,485

Total expenses

1,149,010 1,240,272

Expenses waived by the Sponsor

Total expenses, net

1,149,010 1,240,272

$ ( 17,994,854 ) $ ( 24,611,421 )

Net loss per share

$ ( 0.59 ) $ ( 0.93 )

Net loss per weighted average share

$ ( 0.60 ) $ ( 0.94 )

Weighted average shares outstanding

29,990,663 26,265,282

The accompanying notes are an integral part of these financial statements.

TEUCRIUM WHEAT FUND

STATEMENTS OF CHANGES IN NET ASSETS

Three months ended

Three months ended

March 31, 2024

March 31, 2023

$ ( 17,994,854 ) $ ( 24,611,421 )

Capital transactions

Issuance of Shares

2,471,442 5,864,698

Redemption of Shares

( 11,115,948 ) ( 37,002,190 )

Total capital transactions

( 8,644,506 ) ( 31,137,492 )

Net change in net assets

( 26,639,360 ) ( 55,748,913 )

Net assets, beginning of period

$ 184,176,669 $ 228,972,039

Net assets, end of period

$ 157,537,309 $ 173,223,126

Net asset value per share at beginning of period

$ 5.98 $ 7.99

Net asset value per share at end of period

$ 5.39 $ 7.06

Creation of Shares

475,000 825,000

Redemption of Shares

2,025,000 4,975,000

The accompanying notes are an integral part of these financial statements.

TEUCRIUM WHEAT FUND

STATEMENTS OF CASH FLOWS

Three months ended

Three months ended

March 31, 2024

March 31, 2023

Cash flows from operating activities:

$ ( 17,994,854 ) $ ( 24,611,421 )

Adjustments to reconcile net loss to net cash used in operating activities:

Net change in unrealized depreciation on commodity futures contracts

8,958,463 2,092,562

Changes in operating assets and liabilities:

Due from broker

( 9,103,868 ) 9,481,490

Interest receivable

123,407 ( 352 )

Management fee payable to Sponsor

( 30,527 ) ( 61,031 )

Other liabilities

12,989 66,003

Net cash used in operating activities

( 18,030,676 ) ( 13,030,021 )

Cash flows from financing activities:

Proceeds from sale of Shares

2,471,442 5,864,698

Redemption of Shares

( 11,115,948 ) ( 42,991,015 )

Net cash used in financing activities

( 8,644,506 ) ( 37,126,317 )

Net change in cash and cash equivalents

( 26,675,182 ) ( 50,156,338 )

Cash and cash equivalents, beginning of period

168,732,086 209,730,825

Cash and cash equivalents, end of period

$ 142,056,904 $ 159,574,487

The accompanying notes are an integral part of these financial statements.

NOTES TO FINANCIAL STATEMENTS

March 31, 2024

Note 1 – Organization and Operation

Teucrium Wheat Fund (referred to herein as “WEAT” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009.

The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund.

The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Distributor”).

Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “WEAT,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for wheat interests.

The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share.

The investment objective of WEAT is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the wheat market for future delivery as measured by the Benchmark.

The Benchmark is a weighted average of the closing settlement prices for three futures contracts for wheat (“Wheat Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”):

WEAT Benchmark

CBOT Wheat Futures Contract

Second to expire

Third to expire

December following the third to expire

The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31.

The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”).

The Sponsor is responsible for the management of the Fund.

The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).

On June 13, 2011, the Fund’s initial registration of 10,000,000 shares on Form S1 was declared effective by the SEC.

On September 19, 2011, the Fund listed its shares on the NYSE Arca under the ticker symbol “WEAT.” On the business day prior to that, the Fund issued 100,000 shares in exchange for $ 2,500,000 at the Fund’s initial NAV of $ 25 per share.

The Fund also commenced investment operations on September 19, 2011 by purchasing commodity futures contracts traded on the CBOT.

On December 31, 2010, the Fund had four shares outstanding, which were owned by the Sponsor.

The current registration statement for WEAT was declared effective on March 9, 2022.

This registration statement for WEAT registered an indeterminate number of shares.

The accompanying unaudited financial statements have been prepared in accordance with Rule 10 - 01 of Regulation S- X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”).

The financial information included herein is unaudited;

however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.

The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.

However, no level of losses will require the Sponsor to terminate a Fund.

Note 2 – Principal Contracts and Agreements

The Sponsor employs U.S.

Bancorp Fund Services, LLC, doing business as U.S.

Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.

The principal address for Global Fund Services is 615 E.

Michigan Street, Milwaukee, WI 53202.

For custody services, the Funds will pay to U.S.

0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges.

For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually.

A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund.

These services are recorded as custodian fees and expenses on the statements of operations.

A summary of these expenses is included below.

The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds.

The Distribution Services Agreement among the Distributor and the Sponsor calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.

The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.

For its services as the Distributor, Foreside receives a fee of 0.01 % of each Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Funds, along with certain expense reimbursements.

For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.

These services are recorded as distribution and marketing fees on the statements of operations.

A summary of these expenses is included below.

Marex Capital Markets, Inc.

(“Marex”) and StoneX Financial Inc.

(“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services.

Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.

CFTC and are members of the NFA.

The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.

Marex and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

For Corn, Soybean, Sugar, and Wheat Futures Contracts Marex is paid $ 3.00 per round turn exclusive of pass-through fees for the exchange and the NFA.

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 16.5 % return on the StoneX Capital Requirement at 9.6 % of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month.

These expenses are recognized on a per-trade basis.

The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold.

A summary of these expenses can be found under the heading, Brokerage Commissions .

The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation.

The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act.

For its services, the Trustee receives an annual fee of $ 3,300 from the Trust.

These services are recorded in business permits and licenses fees on the statements of operations.

A summary of these expenses is included below.

Three months ended March 31, 2024

Three months ended March 31, 2023

Amount Recognized for Custody Services

$ 50,520 $ 75,710

Amount of Custody Services Waived

Amount Recognized for Distribution Services

$ 20,330 $ 21,576

Amount of Distribution Services Waived

Amount Recognized for Wilmington Trust

Amount of Wilmington Trust Waived

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification.

Revenue Recognition

Commodity futures contracts are recorded on the trade date.

All such transactions are recorded on the identified cost basis and marked to market daily.

Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements.

Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

Interest on cash equivalents with financial institutions are recognized on an accrual basis.

The Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments.

The Sponsor invests a portion of cash in commercial paper, which is deemed a cash equivalent based on the rating and duration of contracts as described in the notes to the financial statements and reflected in cash and cash equivalents on the statements of assets and liabilities and on the statements of cash flows.

Accretion on these investments is recognized using the effective interest method in U.S.

dollars and included in interest income on the statements of operations.

The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts.

Accretion on these investments is recognized using the effective interest method in U.S.

dollars and included in interest income on the statements of operations.

Brokerage Commissions

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2024 and 2023 .

Three months ended March 31, 2024

Three months ended March 31, 2023

For federal income tax purposes, the Fund will be treated as a publicly traded partnership.

A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended.

Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.

In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.

The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes.

The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns.

The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.

The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position.

The Fund files an income tax return in the U.S.

federal jurisdiction and may file income tax returns in various U.S.

states and foreign jurisdictions.

For all tax years 2021 to 2023, the Fund remains subject to income tax examinations by major taxing authorities.

The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2024 and for the years ended December 31, 2023 , 2022 and 2021 .

However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .

The Fund may be subject to potential examination by U.S.

federal, U.S.

state, or foreign jurisdictional authorities in the area of income taxes.

These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S.

federal, U.S.

state and foreign tax laws.

Creations and Redemptions

Authorized Purchasers may purchase Creation Baskets consisting of 25,000 shares from the Fund.

The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.(ET) on the day the order to create the basket is properly received.

Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.

(ET) on the day the order to redeem the basket is properly received.

The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption.

The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable.

Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed.

As outlined in the most recent Form S- 1 filing, 50,000 shares represent two Redemption Baskets for the Fund and a minimum level of shares.

If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.

Allocation of Shareholder Income and Losses

Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month.

Cash and Cash Equivalents

Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired.

The Trust reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities.

Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions.

The Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities.

The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents.

Assets deposited with the bank may, at times, exceed federally insured limits.

The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured.

The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.

March 31, 2024

December 31, 2023

Money Market Funds

$ 68,480,900 $ 80,816,091

Demand Deposit Savings Accounts

10,368,017 10,232,690

Commercial Paper

63,207,987 77,683,305

Total cash and cash equivalents as presented on the Statements of Assets and Liabilities

$ 142,056,904 $ 168,732,086

Payable for Purchases of Commercial Paper

The amount recorded by the Fund for commercial paper transactions awaiting settlement, represents the amount payable for contracts purchased but not yet settled as of the reporting date.

The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability.

Due from/to Broker

The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses.

Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract.

Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.

As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin.

In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract.

Brokerage firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.

Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.

When a trader purchases an option, there is no margin requirement;

however, the option premium must be paid in full.

When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option.

The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly.

Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.

Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.

When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.

If the margin call is not met within a reasonable time, the broker may close out the trader’s position.

With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls.

Finally, many major U.S.

exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.

Calculation of Net Asset Value

The Fund’s NAV is calculated by:

Taking the current market value of its total assets and

Subtracting any liabilities.

The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day.

It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m.

The NAV for a particular trading day is released after 4:15 p.m.

In determining the value of Wheat Futures Contracts, the administrator uses the CBOT closing price.

The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m.

The value of over-the-counter wheat interests is determined based on the value of the commodity or futures contract underlying such wheat interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such wheat interest.

For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day.

Short term Treasury securities held by the Fund are valued by the administrator using values received from recognized third -party vendors and dealer quotes.

NAV includes any unrealized profit or loss on open wheat interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund.

Sponsor Fee, Allocation of Expenses and Related Party Transactions

The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund.

In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds.

In addition, the Sponsor elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself.

In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum.

The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith.

The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements.

Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity.

These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.

A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor;

these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund.

Such expenses are primarily recorded as distribution and marketing fees in the financial statements of each Fund.

Three months ended March 31, 2024

Three months ended March 31, 2023

Recognized Related Party Transactions

$ 342,309 $ 328,187

Waived Related Party Transactions

The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee.

This election is subject to change by the Sponsor, at its discretion.

Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund.

There were no expenses waived for the three months ended March 31, 2024 and 2023.

Use of Estimates

The preparation of financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period.

Actual results could differ from those estimates.

Fair Value - Definition and Hierarchy

In accordance with U.S.

GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

In determining fair value, the Fund uses various valuation approaches.

In accordance with U.S.

GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund.

Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Valuation adjustments and block discounts are not applied to Level 1 financial instruments.

Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment.

Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.

Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined.

Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed.

Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.

Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.

The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation.

In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments.

This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy.

When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports.

On March 31, 2024 and December 31, 2023 , 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 three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

The Fund records its derivative activities at fair value.

Gains and losses from derivative contracts are included in the statements of operations.

Derivative contracts include futures contracts related to commodity prices.

Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy.

OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.

Expenses are recorded using the accrual method of accounting.

Net Income (Loss) per Share

Net income (loss) per share is the difference between the NAV per unit at the beginning of each period and at the end of each period.

The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit.

The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period.

New Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 06 – Disclosure Improvements:

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.

The amendments require an entity to disclose its accounting policy for where cash flows associated with derivative instruments and their related gains and losses are presented.

The Trust and Fund already discloses the accounting policy related to the derivative gains and losses presented on the cash flow statement.

The amendment was adopted early for the period ended December 31, 2023.

There is no impact to the financial statements of the Trust or the Fund.

The FASB issued ASU 2023 - 01, related to Leases – (Topic 842 ).

The response to concerns about applying Topic 842 to related party arrangements between entities under common control.

The update was adopted early for the quarter ended March 31, 2023;

the adoption did not have a material impact on the financial statements and disclosures of the Trust or the Fund.

Note 4 – Fair Value Measurements

The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3.

The following table presents information about the Fund’s assets and liabilities measured at fair value as of March 31, 2024 and December 31, 2023 :

March 31, 2024

Balance as of

March 31, 2024

Cash Equivalents

$ 131,688,887 $ - $ - $ 131,688,887

Commodity Futures Contracts

Wheat futures contracts

1,513,306 - - 1,513,306

$ 133,202,193 $ - $ - $ 133,202,193

Balance as of

March 31, 2024

Commodity Futures Contracts

Wheat futures contracts

$ 12,809,942 $ - $ - $ 12,809,942

December 31, 2023

Balance as of

December 31, 2023

Cash Equivalents

$ 158,499,396 $ - $ - $ 158,499,396

Commodity Futures Contracts

Wheat futures contracts

2,237,493 - - 2,237,493

$ 160,736,889 $ - $ - $ 160,736,889

Balance as of

December 31, 2023

Wheat futures contracts

$ 4,575,666 $ - $ - $ 4,575,666

For the three months ended March 31, 2024 and year ended December 31, 2023 , the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

Note 5 – Derivative Instruments and Hedging Activities

In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities.

Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment.

The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:

interest rate, credit, commodity price, and equity price risks.

In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

For the three months ended March 31, 2024 and for the year ended December 31, 2023 , the Fund invested only in commodity futures contracts.

Futures Contracts

The Fund is subject to commodity price risk in the normal course of pursuing its investment objectives.

A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

The purchase and sale of futures contracts requires margin deposits with a Futures Commission Merchant (“FCM”).

Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund.

Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded;

and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.

The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.

A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.

In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available.

It is possible that the recovery amount could be less than the total of cash and other equity deposited.

The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.

These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No.

2011 - 11 “Balance Sheet (Topic 210 ):

Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ):

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of March 31, 2024 and December 31, 2023 .

*The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged.

Offsetting of Financial Assets and Derivative Assets as of March 31, 2024

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the 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

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Wheat futures contracts

$ 1,513,306 $ - $ 1,513,306 $ 1,513,306 $ - $ -

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2024

(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

$ 12,809,942 $ - $ 12,809,942 $ 1,513,306 $ 11,296,636 $ -

Offsetting of Financial Assets and Derivative Assets as of December 31, 2023

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the 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

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Wheat futures contracts

$ 2,237,493 $ - $ 2,237,493 $ 2,237,493 $ - $ -

Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023

(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

$ 4,575,666 $ - $ 4,575,666 $ 2,237,493 $ 2,338,173 $ -

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, 2024

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Wheat futures contracts

$ ( 10,037,305 ) $ ( 8,958,463 )

Three months ended March 31, 2023

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Wheat futures contracts

$ ( 23,358,733 ) $ ( 2,092,562 )

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 162.4 million, for the three months ended March 31, 2024 and $ 185.9 million, for the three months ended March 31, 2023 .

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three months ended March 31, 2024 and 2023 .

This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

Three months ended

Three months ended

March 31, 2024

March 31, 2023

Per Share Operation Performance

Net asset value at beginning of period

$ 5.98 $ 7.99

Income (loss) from investment operations:

Interest income

Net realized and unrealized loss on commodity futures contracts

( 0.62 ) ( 0.96 )

Total expenses, net

( 0.04 ) ( 0.05 )

Net decrease in net asset value

( 0.59 ) ( 0.93 )

Net asset value at end of period

$ 5.39 $ 7.06

- 9.93 % - 11.55 %

Ratios to Average Net Assets (Annualized)

Total expenses

2.80 % 2.58 %

Total expenses, net

2.80 % 2.58 %

Net investment income

2.45 % 1.76 %

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

Note 7 – Organizational and Offering Costs

Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees, were borne directly by the Sponsor.

The Fund will not be obligated to reimburse the Sponsor.

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended March 31, 2024 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.

TEUCRIUM AGRICULTURAL FUND

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2024

December 31, 2023

Cash equivalents

$ 9,701 $ 11,208

Interest receivable

Equity in trading accounts:

Investments in securities, at fair value (cost $ 16,068,429 and $ 19,469,359 as of March 31, 2024 and December 31, 2023, respectively)

14,515,416 18,401,900

14,530,722 18,413,163

Other liabilities

Total liabilities

$ 14,526,883 $ 18,409,126

Shares outstanding

512,502 625,002

Shares authorized

Net asset value per share

$ 28.35 $ 29.45

Market value per share

$ 28.36 $ 29.41

* On April 7, 2022, the Teucrium Agricultural 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.

TEUCRIUM AGRICULTURAL FUND

SCHEDULE OF INVESTMENTS

March 31, 2024

Percentage of

Exchange-traded funds

Teucrium Corn Fund

$ 3,661,367 25.20 % 181,115

Teucrium Soybean Fund

3,574,703 24.61 142,076

Teucrium Sugar Fund

3,605,828 24.82 267,233

Teucrium Wheat Fund

3,673,518 25.29 682,062

Total exchange-traded funds

$ 16,068,429 $ 14,515,416 99.92 %

Cash equivalents

Money market funds

Bank Deposit Account

5.210 % $ 9,701 $ 9,701 0.07 % 9,701

The accompanying notes are an integral part of these financial statements.

TEUCRIUM AGRICULTURAL FUND

SCHEDULE OF INVESTMENTS

December 31, 2023

Percentage of

Exchange-traded funds

Teucrium Corn Fund

$ 4,567,949 24.81 %

Teucrium Soybean Fund

4,546,758 24.70 168,219

Teucrium Sugar Fund

4,624,253 25.12 371,871

Teucrium Wheat Fund

4,662,940 25.33 779,782

Total exchange-traded funds

$ 19,469,359 $ 18,401,900 99.96 %

Cash equivalents

Money market funds

Bank Deposit Account

5.270 % $ 11,208 $ 11,208 0.06 %

The accompanying notes are an integral part of these financial statements.

TEUCRIUM AGRICULTURAL FUND

STATEMENTS OF OPERATIONS

Three months ended

Three months ended

March 31, 2024

March 31, 2023

Realized and unrealized gain (loss) on trading of securities:

Realized loss on securities

$ ( 230,630 ) $ ( 60,094 )

Net change in unrealized depreciation on securities

( 485,554 ) ( 439,126 )

Interest income

( 716,048 ) ( 499,108 )

Professional fees

21,363 75,512

Distribution and marketing fees

36,178 39,209

Custodian fees and expenses

Business permits and licenses fees

General and administrative expenses

Other expenses

Total expenses

73,285 133,542

Expenses waived by the Sponsor

( 69,538 ) ( 125,494 )

Total expenses, net

$ ( 719,795 ) $ ( 507,156 )

Net loss per share

$ ( 1.10 ) $ ( 0.30 )

Net loss per weighted average share

$ ( 1.22 ) $ ( 0.43 )

Weighted average shares outstanding

590,524 1,177,085

The accompanying notes are an integral part of these financial statements.

TEUCRIUM AGRICULTURAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

Three months ended

Three months ended

March 31, 2024

March 31, 2023

$ ( 719,795 ) $ ( 507,156 )

Capital transactions

Issuance of Shares

Redemption of Shares

( 3,162,448 ) ( 5,692,970 )

Total capital transactions

( 3,162,448 ) ( 5,692,970 )

Net change in net assets

( 3,882,243 ) ( 6,200,126 )

Net assets, beginning of period

$ 18,409,126 $ 39,575,245

Net assets, end of period

$ 14,526,883 $ 33,375,119

Net asset value per share at beginning of period

$ 29.45 $ 31.35

Net asset value per share at end of period

$ 28.35 $ 31.05

Creation of Shares

Redemption of Shares

112,500 187,500

The accompanying notes are an integral part of these financial statements.

TEUCRIUM AGRICULTURAL FUND

STATEMENTS OF CASH FLOWS

Three months ended

Three months ended

March 31, 2024

March 31, 2023

Cash flows from operating activities:

$ ( 719,795 ) $ ( 507,156 )

Adjustments to reconcile net loss to net cash provided by operating activities:

Net change in unrealized depreciation on securities

485,554 439,126

Changes in operating assets and liabilities:

Net sale of investments in securities

3,400,930 5,775,476

Interest receivable

( 5,571 ) ( 7,200 )

Other liabilities

( 198 ) 2,585

Net cash provided by operating activities

3,160,941 5,702,816

Cash flows from financing activities:

Redemption of Shares

( 3,162,448 ) ( 5,692,970 )

Net cash used in financing activities

( 3,162,448 ) ( 5,692,970 )

Net change in cash equivalents

( 1,507 ) 9,846

Cash equivalents, beginning of period

Cash equivalents, end of period

$ 9,701 $ 14,562

The accompanying notes are an integral part of these financial statements.

NOTES TO FINANCIAL STATEMENTS

March 31, 2024

Note 1 – Organization and Operation

Teucrium Agricultural Fund (referred to herein as “TAGS” or the “Fund”) is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009.

The Fund operates pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).

The Fund was formed on March 29, 2011 and is managed and controlled by Teucrium Trading, LLC (the “Sponsor”).

The Sponsor is a limited liability company formed in Delaware on July 28, 2009.

The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).

On April 22, 2011, a registration statement was filed with the Securities and Exchange Commission (“SEC”).

On February 10, 2012, the Fund’s initial registration of 5,000,000 shares on Form S- 1 was declared effective by the SEC.

On March 28, 2012, the Fund listed its shares on the NYSE Arca under the ticker symbol “TAGS.” On the business day prior to that, the Fund issued 300,000 shares in exchange for $ 15,000,000 at the Fund’s initial NAV of $ 50 per share.

The Fund also commenced investment operations on March 28, 2012 by purchasing shares of the Underlying Funds.

On December 31, 2011, the Fund had two shares outstanding, which were owned by the Sponsor.

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:

the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund and the Teucrium Sugar Fund (collectively, the “Underlying Funds”).

The Underlying Fund Average will have a weighting of 25 % to each Underlying Fund, and the Fund’s assets will be rebalanced, generally on a daily basis, to maintain the approximate 25 % allocation to each Underlying Fund:

TAGS Benchmark

Underlying Fund

The Fund seeks to provide daily investment results that reflect the combined daily performance of the Underlying Funds.

Under normal market conditions, the Fund seeks to achieve its investment objective generally by investing equally in shares of each Underlying Fund and, to a lesser extent, cash equivalents.

The Fund’s investments in shares of the Underlying Funds is rebalanced, generally on a daily basis, in order to maintain approximately a 25 % allocation of the Fund’s assets to each Underlying Fund.

(This weighted average is referred to herein as the Underlying Fund’s “Benchmark,” the Futures Contracts that at any given time make up an Underlying Fund’s Benchmark are referred to herein as the Underlying Fund’s “Benchmark Component Futures Contracts,” and the commodity specified in the Underlying Fund’s name is referred to herein as its “Specified Commodity.”) Specifically, the Teucrium Corn Fund’s Benchmark is:

( 1 ) the second to expire Futures Contract for corn traded on the Chicago Board of Trade (“CBOT”), weighted 35 %, ( 2 ) the third to expire CBOT corn Futures Contract, weighted 30 %, and ( 3 ) the CBOT corn Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35 %.

The Teucrium Wheat Fund’s Benchmark is:

( 1 ) the second to expire CBOT wheat Futures Contract, weighted 35 %, ( 2 ) the third to expire CBOT wheat Futures Contract, weighted 30 %, and ( 3 ) the CBOT wheat Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35 %.

The Teucrium Soybean Fund’s Benchmark is:

( 1 ) the second to expire CBOT soybean Futures Contract, weighted 35 %, ( 2 ) the third to expire CBOT soybean Futures Contract, weighted 30 %, and ( 3 ) the CBOT soybean Futures Contract expiring in the November following the expiration month of the third to expire contract, weighted 35 %, except that CBOT soybean Futures Contracts expiring in August and September will not be part of the Teucrium Soybean Fund’s Benchmark because of the less liquid market for these Futures Contracts.

The Teucrium Sugar Fund’s Benchmark is:

( 1 ) the second to expire Sugar No.

11 Futures Contract traded on ICE Futures US (“ICE Futures”), weighted 35 %, ( 2 ) the third to expire ICE Futures Sugar No.

11 Futures Contract, weighted 30 %, and ( 3 ) the ICE Futures Sugar No.

11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35 %.

While the Fund expects to maintain substantially all of its assets in shares of the Underlying Funds at all times, the Fund may hold some residual amount of assets in obligations of the United States government (“Treasury Securities”) or cash equivalents, and/or merely hold such assets in cash (generally in interest-bearing accounts).

The Underlying Funds invest in Commodity Interests to the fullest extent possible without being leveraged or unable to satisfy their expected current or potential margin or collateral obligations with respect to their investments in Commodity Interests.

After fulfilling such margin and collateral requirements, the Underlying Funds will invest the remainder of the proceeds from the sale of baskets in short term Treasury Securities or cash equivalents, and/or merely hold such assets in cash.

Therefore, the focus of the Sponsor in managing the Underlying Funds is investing in Commodity Interests and in cash and/or cash equivalents.

The Fund and Underlying Funds will seek to earn interest income from the short-term Treasury Securities and/or cash equivalents that it purchases, and, on the cash, it holds through the Fund’s custodian.

The accompanying unaudited financial statements have been prepared in accordance with Rule 10 - 01 of Regulation S- X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”).

The financial information included herein is unaudited;

however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.

It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable.

The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent.

However, no level of losses will require the Sponsor to terminate a Fund.

Note 2 – Principal Contracts and Agreements

The Sponsor employs U.S.

Bancorp Fund Services, LLC, doing business as U.S.

Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services.

The principal address for Global Fund Services is 615 E.

Michigan Street, Milwaukee, WI 53202.

For custody services, the Funds will pay to U.S.

0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges.

For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually.

A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund.

These services are recorded as custodian fees and expenses on the statements of operations.

A summary of these expenses is included below.

The Sponsor employs Foreside Fund Services, LLC (“Foreside” or the “Distributor”) as the Distributor for the Funds.

The Distribution Services Agreement among the Distributor and the Sponsor calls for the Distributor to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.

The Distributor and the Sponsor have also entered into a Securities Activities and Service Agreement (the “SASA”) under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Distributor, under Financial Industry Regulatory Authority (“FINRA”) rules.

For its services as the Distributor, Foreside receives a fee of 0.01 % of each Fund’s average daily net assets and an aggregate annual fee of $ 100,000 for all Funds, along with certain expense reimbursements.

For its services under the SASA, Foreside receives a fee of $ 5,000 per registered representative and $ 1,000 per registered location.

These services are recorded as distribution and marketing fees on the statements of operations.

A summary of these expenses is included below.

Marex Capital Markets, Inc.

(“Marex”) and StoneX Financial Inc.

(“StoneX”) serve as the Underlying Funds’ clearing brokers to execute and clear the Underlying Funds’ futures and provide other brokerage-related services.

Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S.

CFTC and are members of the NFA.

The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA.

Marex and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges.

For Corn, Soybean, Sugar, and Wheat Futures Contracts Marex is paid $ 3.00 per round turn exclusive of pass-through fees for the exchange and the NFA.

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 16.5 % return on the StoneX Capital Requirement at 9.6 % of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month.

These expenses are recognized on a per-trade basis.

The half-turn is recognized as an unrealized loss on the statements of operations for contracts that have been purchased since the change in recognition, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold.

A summary of these expenses can be found under the heading, Brokerage Commissions .

The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation.

The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act.

For its services, the Trustee receives an annual fee of $ 3,300 from the Trust.

These services are recorded in business permits and licenses fees on the statements of operations.

A summary of these expenses is included below.

Three months ended March 31, 2024

Three months ended March 31, 2023

Amount Recognized for Custody Services

$ 3,615 $ 7,070

Amount of Custody Services Waived

$ 3,615 $ 7,070

Amount Recognized for Distribution Services

$ 1,527 $ 2,262

Amount of Distribution Services Waived

$ 1,527 $ 2,262

Amount Recognized for Wilmington Trust

Amount of Wilmington Trust Waived

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification.

Revenue Recognition

Investment transactions are accounted for on a trade-date basis.

All such transactions are recorded on the identified cost basis and marked to market daily.

Unrealized appreciation or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements.

Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

Brokerage Commissions

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

For federal income tax purposes, the Fund will be treated as a publicly traded partnership.

A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended.

Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.

In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.

The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes.

The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns.

The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.

The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position.

The Fund files an income tax return in the U.S.

federal jurisdiction and may file income tax returns in various U.S.

states and foreign jurisdictions.

For all tax years 2021 to December 31, 2023 , the Fund remains subject to income tax examinations by major taxing authorities.

The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces net assets.

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 March 31, 2024 and for the years ended December 31, 2023 , 2022 and 2021 .

However, the Fund’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof.

The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.

No interest expense or penalties have been recognized as of and for the three months ended March 31, 2024 and 2023 .

The Fund may be subject to potential examination by U.S.

federal, U.S.

state, or foreign jurisdictional authorities in the area of income taxes.

These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S.

federal, U.S.

state and foreign tax laws.

Creations and Redemptions

Effective August 28, 2018, the Sponsor filed a prospectus supplement updating the Creation and Redemption Basket size to 12,500 shares.

Prior to this prospectus supplement, the basket size for Creations and Redemptions was 25,000 shares.

Authorized Purchasers may purchase Creation Baskets consisting of 12,500 shares from the Fund.

The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.

(ET) on the day the order to create the basket is received in good order.

Authorized Purchasers may redeem shares from the Fund only in blocks of 12,500 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m.

(ET) on the day the order to redeem the basket is received in good order.

The Fund will receive the proceeds from shares sold or will pay for redeemed shares within three business days after the trade date of the purchase or redemption, respectively.

The amounts due from Authorized Purchasers will be reflected in the Fund’s statements of assets and liabilities as capital shares receivable.

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 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.

Allocation of Shareholder Income and Losses

Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month.

Cash Equivalents

Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired.

The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short term maturities.

The Fund has these balances of its assets on deposit with banks.

Assets deposited with a financial institution may, at times, exceed federally insured limits.

TAGS had a balance of $ 9,701 and $ 11,208 in money market funds at March 31, 2024 and December 31, 2023 , respectively;

these balances are included in cash equivalents on the statements of assets and liabilities.

Payable/Receivable for Securities Purchased/Sold

Due from/to broker for investments in securities are securities transactions pending settlement.

The Fund is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf.

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.