Teucrium Commodity Trust 10-Q

tags20240930_10q.htm Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2024 . OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _________ to _________ . Commission File Number: 001-34765 Teucrium Commodity Trust (Exact name of registrant as specified in its charter) Delaware 27-0724963 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Three Main Street, Suite 215 Burlington , VT 05401 (Address of principal executive offices) (Zip code) ( 802 ) 540-0019 (Registrant ’ s telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☒ Emerging growth company ☐ If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date. Total Number of Outstanding Shares as of November 11, 2024 Teucrium Corn Fund 3,425,004 Teucrium Sugar Fund 1,525,004 Teucrium Soybean Fund 1,275,004 Teucrium Wheat Fund 24,900,004 Teucrium Agricultural Fund 412,502 Table of Contents TEUCRIUM COMMODITY TRUST Table of Contents Page Part I. FINANCIAL INFORMATION Item 1. Financial Statements 3 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 4 Item 3. Quantitative and Qualitative Disclosures About Market Risk 49 Item 4. Controls and Procedures 53 Part II. OTHER INFORMATION Item 1. Legal Proceedings 54 Item 1A. Risk Factors 54 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3. Defaults Upon Senior Securities 57 Item 4. Mine Safety Disclosures 57 Item 5. Other Information 57 Item 6. Exhibits 58 2 Table of Contents Part I. FINANCIAL INFORMATION Item 1. Financial Statements. Index to Financial Statements Documents Page TEUCRIUM COMMODITY TRUST Combined Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023 F-1 Combined Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023 F-2 Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-6 Combined Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-7 Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023 F-8 Notes to Combined Financial Statements F-9 TEUCRIUM CORN FUND Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023 F-25 Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023 F-26 Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-28 Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-29 Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023 F-30 Notes to Financial Statements F-31 TEUCRIUM SOYBEAN FUND Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023 F-46 Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023 F-47 Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-49 Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-50 Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023 F-51 Notes to Financial Statements F-52 TEUCRIUM SUGAR FUND Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023 F-66 Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023 F-67 Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-69 Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-70 Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023 F-71 Notes to Financial Statements F-72 TEUCRIUM WHEAT FUND Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023 F-85 Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023 F-86 Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-88 Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-89 Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023 F-90 Notes to Financial Statements F-91 TEUCRIUM AGRICULTURAL FUND Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023 F-104 Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023 F-105 Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-107 Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023 F-108 Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023 F-109 Notes to Financial Statements F-110 3 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF ASSETS AND LIABILITIES September 30, 2024 December 31, 2023 (Unaudited) Assets Cash and cash equivalents $ 233,333,719 $ 292,237,362 Interest receivable 256,632 410,596 Other assets 50,691 5,362 Equity in trading accounts: Commodity and cryptocurrency futures contracts 2,854,932 2,367,012 Due from broker 20,905,606 30,935,806 Total equity in trading accounts 23,760,538 33,302,818 Total assets $ 257,401,580 $ 325,956,138 Liabilities Management fee payable to Sponsor $ 194,225 $ 276,900 Other liabilities 126,719 242,982 Payable for shares redeemed 657,430 - Equity in trading accounts: Commodity and cryptocurrency futures contracts 9,228,773 10,888,842 Total liabilities $ 10,207,147 $ 11,408,724 Net Assets $ 247,194,433 $ 314,547,414 The accompanying notes are an integral part of these financial statements. F-1 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED SCHEDULE OF INVESTMENTS September 30, 2024 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.700 % $ 32,441,635 $ 32,441,635 13.12 % 32,441,635 Goldman Sachs Financial Square Government Fund - Institutional Class 4.832 % 64,705,441 64,705,441 26.18 64,705,441 Total money market funds $ 97,147,076 $ 97,147,076 39.30 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. November 4, 2024 4.830 % $ 9,947,112 $ 9,955,044 4.03 % 10,000,000 Brookfield Infrastructure Holdings (Canada) Inc. October 3, 2024 5.770 % 4,932,516 4,998,430 2.02 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. October 8, 2024 5.559 % 2,479,146 2,497,346 1.01 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. October 29, 2024 5.460 % 4,950,122 4,979,156 2.01 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. November 21, 2024 5.296 % 4,948,000 4,963,167 2.01 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. November 21, 2024 5.253 % 2,475,275 2,481,725 1.00 2,500,000 CNH Industrial Capital LLC October 31, 2024 5.163 % 9,932,268 9,957,668 4.03 10,000,000 EIDP, Inc. November 15, 2024 5.140 % 4,950,202 4,968,438 2.01 5,000,000 General Motors Financial Company, Inc. November 4, 2024 5.355 % 4,934,376 4,975,208 2.01 5,000,000 General Motors Financial Company, Inc. November 8, 2024 5.206 % 4,943,222 4,973,030 2.01 5,000,000 General Motors Financial Company, Inc. November 21, 2024 5.142 % 7,418,990 7,446,344 3.01 7,500,000 Glencore Funding LLC October 31, 2024 5.234 % 4,948,600 4,978,584 2.01 5,000,000 Glencore Funding LLC December 18, 2024 4.750 % 4,948,760 4,949,408 2.00 5,000,000 Glencore Funding LLC December 20, 2024 4.751 % 9,891,033 9,896,223 4.00 10,000,000 L3Harris Technologies, Inc. October 24, 2024 5.303 % 4,955,136 4,983,356 2.02 5,000,000 VW Credit, Inc. October 15, 2024 5.176 % 9,859,328 9,880,366 4.00 9,900,000 VW Credit, Inc. October 17, 2024 5.104 % 4,980,440 4,988,822 2.02 5,000,000 VW Credit, Inc. October 17, 2024 5.104 % 4,979,741 4,988,822 2.02 5,000,000 Total Commercial Paper $ 106,474,267 $ 106,861,137 43.22 % Total Cash Equivalents $ 204,008,213 82.52 % F- 2 Table of Contents Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures MAR25 1,007 $ 852,132 0.34 % $ 22,216,938 CBOT corn futures MAY25 845 628,627 0.25 19,044,188 United States soybean futures contracts CBOT soybean futures MAR25 175 376,038 0.15 9,524,375 United States sugar futures contracts ICE sugar futures MAY25 215 274,403 0.11 5,068,840 ICE sugar futures MAR26 226 209,343 0.08 5,047,213 United States wheat futures contracts CBOT wheat futures MAY25 1,344 514,389 0.21 41,378,400 Total commodity futures contracts $ 2,854,932 1.14 % $ 102,279,954 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures DEC25 970 $ 1,610,807 0.65 % $ 22,019,000 United States soybean futures contracts CBOT soybean futures JAN25 207 916,886 0.37 11,128,838 CBOT soybean futures NOV25 202 500,925 0.20 11,056,975 United States sugar futures contracts ICE sugar futures JUL25 193 36,726 0.01 4,349,139 United States wheat futures contracts CBOT wheat futures MAR25 1,595 387,246 0.16 48,188,937 CBOT wheat futures DEC25 1,491 5,776,183 2.34 48,122,025 Total commodity futures contracts $ 9,228,773 3.73 % $ 144,864,914 Percentage of Exchange-traded funds* Cost Fair Value Net Assets Shares Teucrium Corn Fund $ 2,945,045 1.19 % 159,401 Teucrium Soybean Fund 2,964,805 1.20 128,582 Teucrium Sugar Fund 2,897,952 1.17 220,400 Teucrium Wheat Fund 2,943,893 1.19 562,112 Total exchange-traded funds $ 13,494,437 $ 11,751,695 4.75 % *The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the other four Funds (“Underlying Funds”) owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds. The accompanying notes are an integral part of these financial statements. F- 3 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED SCHEDULE OF INVESTMENTS December 31, 2023 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 5.270 % $ 39,325,186 $ 39,325,186 12.50 % 39,325,186 Goldman Sachs Financial Square Government Fund - Institutional Class 5.250 % 80,722,654 80,722,654 25.66 80,722,654 Total money market funds $ 120,047,840 $ 120,047,840 38.16 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Albemarle Corporation January 3, 2024 5.770 % $ 4,950,475 $ 4,998,428 1.59 % 5,000,000 Albemarle Corporation January 4, 2024 5.753 % 4,960,764 4,997,646 1.59 5,000,000 Albemarle Corporation January 8, 2024 5.738 % 4,952,302 4,994,526 1.59 5,000,000 Albemarle Corporation January 11, 2024 5.808 % 4,956,460 4,992,083 1.59 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. January 9, 2024 5.794 % 4,979,416 4,993,666 1.59 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. January 16, 2024 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 5.816 % 7,466,634 7,478,550 2.38 7,500,000 General Motors Financial Company, Inc. January 18, 2024 5.617 % 7,420,795 7,480,486 2.38 7,500,000 General Motors Financial Company, Inc. January 24, 2024 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 5.843 % 4,949,066 4,993,634 1.59 5,000,000 Harley-Davidson Financial Services, Inc. February 1, 2024 5.867 % 7,441,200 7,462,800 2.37 7,500,000 Harley-Davidson Financial Services, Inc. February 14, 2024 5.927 % 7,421,323 7,446,741 2.37 7,500,000 National Fuel Gas Company January 8, 2024 5.867 % 4,960,800 4,994,400 1.59 5,000,000 National Fuel Gas Company January 26, 2024 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 5.807 % 7,437,063 7,475,063 2.38 7,500,000 V.F. Corporation January 17, 2024 5.674 % 4,936,679 4,987,645 1.59 5,000,000 V.F. Corporation January 18, 2024 5.606 % 4,947,292 4,987,014 1.59 5,000,000 V.F. Corporation January 25, 2024 5.910 % 4,928,362 4,950,783 1.57 4,970,000 WGL Holdings, Inc. January 3, 2024 5.793 % 4,981,792 4,998,416 1.59 5,000,000 WGL Holdings, Inc. January 12, 2024 5.849 % 7,461,666 7,486,824 2.38 7,500,000 Walgreens Boots Alliance, Inc. January 12, 2024 6.028 % 7,950,009 7,985,529 2.54 8,000,000 Total Commercial Paper $ 142,223,286 $ 143,041,466 45.50 % Total Cash Equivalents $ 263,089,306 83.66 % F- 4 Table of Contents Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity and Cryptocurrency futures contracts United States wheat futures contracts CBOT wheat futures MAY24 2,018 $ 363,500 0.12 % $ 64,525,550 CBOT wheat futures JUL24 1,711 1,873,993 0.60 55,243,913 United States CME Bitcoin futures contracts CME Bitcoin futures JAN24 6 129,519 0.04 1,274,550 Total commodity and cryptocurrency futures contracts $ 2,367,012 0.76 % $ 121,044,013 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity and Cryptocurrency futures contracts United States corn futures contracts CBOT corn futures MAY24 1,171 $ 1,102,254 0.35 % $ 28,338,200 CBOT corn futures JUL24 983 384,407 0.12 24,280,100 CBOT corn futures DEC24 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 268 508,264 0.16 6,216,314 United States wheat futures contracts CBOT wheat futures DEC24 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 $ 10,888,842 3.45 % $ 193,412,278 Percentage of Exchange-traded funds* Cost Fair Value Net Assets Shares Teucrium Corn Fund $ 4,567,949 1.45 % 211,348 Teucrium Soybean Fund 4,546,758 1.45 168,219 Teucrium Sugar Fund 4,624,253 1.47 371,871 Teucrium Wheat Fund 4,662,940 1.48 779,782 Total exchange-traded funds $ 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. The accompanying notes are an integral part of these financial statements. F- 5 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023* September 30, 2024* September 30, 2023* Income Realized and unrealized gain (loss) on trading of commodity and cryptocurrency futures contracts: Realized loss on commodity and cryptocurrency futures contracts $ ( 21,399,745 ) $ ( 42,896,164 ) $ ( 40,897,827 ) $ ( 85,437,409 ) Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts 20,349,853 11,792,810 2,340,515 ( 2,677,343 ) Interest income 3,044,735 4,636,897 10,273,773 13,164,733 Total income (loss) 1,994,843 ( 26,466,457 ) ( 28,283,539 ) ( 74,950,019 ) Expenses Management fees 586,469 890,028 1,953,242 2,729,807 Professional fees 309,008 589,097 992,212 1,592,324 Distribution and marketing fees 996,530 1,024,521 2,892,948 2,928,637 Custodian fees and expenses 99,456 115,736 269,832 333,733 Business permits and licenses fees 28,751 42,299 120,079 113,427 General and administrative expenses 71,085 52,966 225,318 226,049 Other expenses 7 8 95 8 Total expenses 2,091,306 2,714,655 6,453,726 7,923,985 Expenses waived by the Sponsor ( 40,557 ) ( 168,505 ) ( 244,785 ) ( 578,373 ) Total expenses, net 2,050,749 2,546,150 6,208,941 7,345,612 Net loss $ ( 55,906 ) $ ( 29,012,607 ) $ ( 34,492,480 ) $ ( 82,295,631 ) *The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation. The accompanying notes are an integral part of these financial statements. F-6 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023* September 30, 2024* September 30, 2023* Operations Net loss $ ( 55,906 ) $ ( 29,012,607 ) $ ( 34,492,480 ) $ ( 82,295,631 ) Capital transactions Distribution of Net Assets to Acquiring Fund - - ( 2,574,071 ) - Issuance of Shares 30,198,694 86,241,260 65,166,260 140,135,089 Redemption of Shares ( 25,907,639 ) ( 36,803,533 ) ( 100,535,730 ) ( 198,374,229 ) Net change in the cost of the Underlying Funds 1,909,421 1,925,978 5,083,040 16,768,140 Total capital transactions 6,200,476 51,363,705 ( 32,860,501 ) ( 41,471,000 ) Net change in net assets $ 6,144,570 22,351,098 $ ( 67,352,981 ) ( 123,766,631 ) Net assets, beginning of period $ 241,049,863 319,257,869 $ 314,547,414 465,375,598 Net assets, end of period $ 247,194,433 $ 341,608,967 $ 247,194,433 $ 341,608,967 * The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation. The accompanying notes are an integral part of these financial statements. F-7 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF CASH FLOWS (Unaudited) Nine months ended Nine months ended September 30, 2024* September 30, 2023* Cash flows from operating activities: Net loss $ ( 34,492,480 ) $ ( 82,295,631 ) Adjustments to reconcile net loss to net cash used in operating activities: Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts ( 2,340,515 ) 2,677,343 Changes in operating assets and liabilities: Due from broker 10,030,200 17,682,300 Interest receivable 143,667 ( 211,372 ) Other assets ( 35,032 ) ( 34,583 ) Due to broker - 997,931 Management fee payable to Sponsor ( 82,675 ) ( 138,121 ) Other liabilities ( 116,263 ) 107,088 Net cash used in operating activities ( 26,893,098 ) ( 61,215,045 ) Cash flows from financing activities: Distribution to Acquiring Fund upon consummation of merger and liquidation agreement - see Note 1 to the financial statements ( 2,381,545 ) - Proceeds from sale of Shares 65,166,260 141,479,919 Redemption of Shares ( 99,878,300 ) ( 208,558,144 ) Net change in cost of the Underlying Funds 5,083,040 16,768,140 Net cash used in financing activities ( 32,010,545 ) ( 50,310,085 ) Net change in cash and cash equivalents ( 58,903,643 ) ( 111,525,130 ) Cash and cash equivalents beginning of period 292,237,362 434,062,296 Cash and cash equivalents end of period $ 233,333,719 $ 322,537,166 * The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation. The accompanying notes are an integral part of these financial statements. F-8 Table of Contents NOTES TO COMBINED FINANCIAL STATEMENTS September 30, 2024 (Unaudited) Note 1 – Organization and Operation Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund (“TAGS”). Hashdex Bitcoin Futures ETF (“DEFI”) was a series of the Trust prior to the merger closing on January 3, 2024. 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 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. A Form 15 was filed with the SEC to de-register the Acquired Fund under the Securities Exchange Act of 1934 (the "Exchange Act"), which terminates the Exchange Act reporting obligations of the Acquired Fund. While the Acquired Fund's financials are included in the combined Trust financials for historical periods and for the stub period from January 1, 2024, to January 3, 2024, separate financial statements for the Acquired Fund are not provided. All of these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Collectively, CORN, CANE, SOYB, WEAT, and TAGS are referred to as the “Agricultural Funds”. Each Fund is a commodity pool that is a series of the Trust. The Funds issue common units, called the “Shares,” representing fractional undivided beneficial interests in a Fund. Effective as of April 29, 2019, the Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”). On June 7, 2010, the initial Form S- 1 for CORN was declared effective by the U.S. Securities and Exchange Commission (“SEC”). On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 shares and $ 5,000,000 . CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010. The current registration statement for CORN was declared effective by the SEC on April 7, 2022. This registration statement for CORN registered an indeterminate number of shares. On June 13, 2011, the initial Forms S- 1 for CANE, SOYB, and WEAT were declared effective by the SEC. On September 16, 2011, two Creation Baskets were issued for each Fund, representing 100,000 shares and $ 2,500,000 , for CANE, SOYB, and WEAT. On September 19, 2011, CANE, SOYB, and WEAT started trading on the NYSE Arca. The current registration statements for CANE and SOYB were declared effective by the SEC on April 7, 2022. The registration statements for SOYB and CANE registered an indeterminate number of shares each. The current registration statement for WEAT was declared effective on March 9, 2022. This registration statement for WEAT registered an indeterminate number of shares. On February 10, 2012, the Form S- 1 for TAGS was declared effective by the SEC. On March 27, 2012, six Creation Baskets for TAGS were issued representing 300,000 shares and $ 15,000,000 . TAGS began trading on the NYSE Arca on March 28, 2012. The current registration statement for TAGS was declared effective by the SEC on April 7, 2022. This registration statement for TAGS registered an indeterminate number of shares. On September 14, 2022, the Form S- 1 for DEFI was declared effective by the SEC. This registration statement for DEFI registered an indeterminate number of shares. On September 15, 2022, five Creation Baskets for DEFI were issued representing 50,000 shares and $ 1,250,000 . DEFI began trading on the NYSE Arca on September 16, 2022. 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, 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. F- 9 Table of Contents Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as custodian fees and expenses on the combined statements of operations. A summary of these expenses is included below. The Sponsor employs PINE Distributors, LLC (“PINE” or the “Marketing Agent”) as the Marketing Agent for the Funds. The Distribution Services Agreement among the Marketing Agent and the Sponsor calls for the Marketing Agent 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 Marketing Agent 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 Marketing Agent, under Financial Industry Regulatory Authority (“FINRA”) rules. For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of each Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Funds, along with certain expense reimbursements. For its services under the SASA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 administration program fee. These services are recorded as distribution and marketing fees on the combined statements of operations. A summary of these expenses is included below. Marex Capital Markets, Inc. (“Marex”) 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 FCMs 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 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. A summary of these expenses can be found under the heading, Brokerage Commissions . F- 10 Table of Contents The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 from the Trust. These services are recorded in business permits and licenses fees on the combined statements of operations. A summary of these expenses is included below. Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Amount Recognized for Custody Services $ 99,456 $ 115,736 $ 269,832 $ 333,733 Amount of Custody Services Waived $ 3,772 $ 3,360 $ 12,757 $ 19,876 Amount Recognized for Distribution Services $ 24,432 $ 35,012 $ 98,333 $ 111,505 Amount of Distribution Services Waived $ 837 $ 1,835 $ 3,760 $ 6,771 Amount Recognized for Wilmington Trust $ - $ 3,300 $ - $ 3,300 Amount of Wilmington Trust Waived $ - $ 171 $ - $ 171 Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT, TAGS and DEFI. Refer to the accompanying separate financial statements for each Fund for more detailed information. The periods represented by the financial statements herein contain the results of CORN, SOYB, CANE, WEAT, TAGS and DEFI for the months during which each Fund was in operation, except for eliminations for TAGS as explained below. Given the investment objective of TAGS as described in Note 1 above, TAGS will buy, sell, and hold, as part of its normal operations, shares of the four Underlying Agricultural Funds. The Trust eliminates the shares of the other series of the Trust owned by TAGS from its combined statements of assets and liabilities. The Trust eliminates the net change in unrealized appreciation or depreciation on securities owned by TAGS from its combined statements of operations. The combined statements of changes in net assets and cash flows present a net presentation of the purchases and sales of the Underlying Funds by TAGS. F- 11 Table of Contents Revenue Recognition Commodity and cryptocurrency futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity and cryptocurrency futures contracts are reflected in the combined statements of operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the combined statements of operations. Interest on cash equivalents with financial institutions are recognized on an accrual basis. The Funds earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. The Sponsor invests a portion of cash in commercial paper, which is deemed a cash equivalent based on the rating and duration of contracts as described in the notes to the combined financial statements and reflected in cash and cash equivalents on the combined statements of assets and liabilities and on the combined statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the combined statements of operations. Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2024 and 2023 . CORN SOYB CANE WEAT TAGS DEFI TRUST Three months ended September 30, 2024 $ 17,785 $ 1,806 $ 2,913 $ 26,622 $ - $ - $ 49,126 Three months ended September 30, 2023 $ 23,697 $ 2,220 $ 3,707 $ 40,896 $ - $ 593 $ 71,113 Nine months ended September 30, 2024 $ 39,697 $ 8,151 $ 8,529 $ 62,986 $ - $ - $ 119,363 Nine months ended September 30, 2023 $ 54,865 $ 10,999 $ 19,661 $ 85,354 $ - $ 1,970 $ 172,849 Income Taxes The Trust is organized and will be operated as a Delaware statutory trust. For federal income tax purposes, each Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. Each Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. Therefore, the Funds do not record a provision for income taxes because the shareholders report their share of a Fund’s income or loss on their income tax returns. The financial statements reflect the Funds’ transactions without adjustment, if any, required for income tax purposes. F- 12 Table of Contents The Funds are required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds file income tax returns in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 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, 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. federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts. Bitcoin Futures Contracts more likely than not will be considered futures with respect to commodities for purposes of the qualifying income exception under section 7704 of the Code. Based on a CFTC determination that treats bitcoin as a commodity under the CEA, the Fund intends to take the position that Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code. Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund. The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 2024 and 2023 . The Funds may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. Creations and Redemptions Authorized Purchasers may purchase Creation Baskets from each Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m. (ET) time on the day the order to create the basket is received in good order. Authorized Purchasers may redeem shares from each Fund only in blocks of shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem the basket is received in good order. Each Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the statements of assets and liabilities as capital shares receivable. Amounts payable to Authorized Purchasers upon redemption are reflected in the statements of assets and liabilities as payable for shares redeemed. There are a minimum number of baskets and associated Shares specified for each Fund in the Fund’s respective prospectus, as amended from time to time. If a Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. These minimum levels are as follows: CORN: 50,000 shares representing 2 baskets SOYB: 50,000 shares representing 2 baskets CANE: 50,000 shares representing 2 baskets WEAT: 50,000 shares representing 2 baskets TAGS: 50,000 shares representing 4 baskets F- 13 Table of Contents Cash and Cash Equivalents Cash equivalents are highly liquid investments with original maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the combined statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Trust holds a balance in money market funds that is included in cash and cash equivalents on the combined statements of assets and liabilities. The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which are classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. September 30, 2024 December 31, 2023 Money Market Funds $ 97,147,076 $ 120,047,840 Demand Deposit Savings Accounts 29,325,506 29,148,056 Commercial Paper 106,861,137 143,041,466 Total cash and cash equivalents as presented on the combined Statement of Assets and Liabilities $ 233,333,719 $ 292,237,362 Payable for Purchases of Commercial Paper The amount recorded by the Trust for commercial paper transactions awaiting settlement represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. Due from/to Broker The amount recorded by the Trust for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. F- 14 Table of Contents When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Funds’ trading, the Funds (and not their shareholders personally) are subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Payable/Receivable for Securities Purchased/Sold Due from/to broker for investments in securities are securities transactions pending settlement. The Trust and the Funds are subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The management of the Trust and the Funds monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. The principal broker through which the Trust and TAGS can execute securities transactions for TAGS is U.S. Bank N.A. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency, compliance, and other necessary services to the Fund, including services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance, and trading activities. In some cases, at its discretion, the Sponsor may elect not to outsource certain of these expenses. In addition, the Agricultural Funds, except for TAGS, which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum. The Agricultural Funds generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to services provided by the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Funds and are, primarily, included as distribution and marketing fees on the statements of operations. These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing. F- 15 Table of Contents DEFI was contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94 % per annum. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Marketing Agent, Transfer Agent, licensors, accounting and audit fees expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K- 1 preparation and mailing fees, and report preparation and mailing expenses. These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses. Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Recognized Related Party Transactions $ 545,219 $ 566,723 $ 1,981,686 $ 1,889,702 Waived Related Party Transactions $ 18,684 $ 1,347 $ 47,589 $ 70,069 The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. The Sponsor has determined that there will be no recovery sought for the amounts below in any future period. CORN SOYB CANE WEAT TAGS DEFI TRUST Three months ended September 30, 2024 $ - $ - $ - $ - $ 40,557 $ - $ 40,557 Three months ended September 30, 2023 $ - $ - $ - $ - $ 77,482 $ 91,023 $ 168,505 Nine months ended September 30, 2024 $ - $ - $ - $ - $ 182,476 $ 62,309 $ 244,785 Nine months ended September 30, 2023 $ - $ - $ - $ - $ 355,731 $ 222,642 $ 578,373 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. F- 16 Table of Contents Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Trust uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 futures contracts held by CORN, SOYB, CANE, WEAT and DEFI, the securities of the Underlying Funds held by TAGS, and any other securities held by any Fund, together referenced throughout this filing as “financial instruments.” Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Trust’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Trust uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. For instance, when Corn Futures Contracts on the Chicago Board of Trade (“CBOT”) are not actively trading due to a “limit-up” or ‘limit-down” condition, meaning that the daily change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets. When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports. F- 17 Table of Contents On September 30, 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 and nine months ended September 30, 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. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts), which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. Investments in the securities of the Underlying Funds are freely traded and listed on the NYSE Arca. These investments are valued at the NAV of the Underlying Fund as of the valuation date as calculated by the administrator based on the exchange-quoted prices of the commodity futures contracts held by the Underlying Fund. Expenses Expenses are recorded using the accrual method of accounting. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 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. F- 18 Table of Contents Note 4 – Fair Value Measurements The Trust’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 3. The following table presents information about the Trust’s assets and liabilities measured at fair value as of September 30, 2024 and December 31, 2023 : Assets: Level 1 Level 2 Level 3 Balance as of September 30, 2024 Cash Equivalents $ 204,008,213 $ - $ - $ 204,008,213 Commodity Futures Contracts Corn futures contracts 1,480,759 - - 1,480,759 Soybean futures contracts 376,038 - - 376,038 Sugar futures contracts 483,746 - - 483,746 Wheat futures contracts 514,389 - - 514,389 Total $ 206,863,145 $ - $ - $ 206,863,145 F- 19 Table of Contents Liabilities Level 1 Level 2 Level 3 Balance as of September 30, 2024 Commodity Futures Contracts Corn futures contracts $ 1,610,807 $ - $ - $ 1,610,807 Soybean futures contracts 1,417,811 - - 1,417,811 Sugar futures contracts 36,726 - - 36,726 Wheat futures contracts 6,163,429 - - 6,163,429 Total $ 9,228,773 $ - $ - $ 9,228,773 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2023 Cash Equivalents $ 263,089,306 $ - $ - $ 263,089,306 Commodity and Cryptocurrency Futures Contracts Wheat futures contracts 2,237,493 - - 2,237,493 Bitcoin futures contracts 129,519 - - 129,519 Total $ 265,456,318 $ - $ - $ 265,456,318 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2023 Commodity and Cryptocurrency Futures Contracts Corn futures contracts $ 2,182,141 $ - $ - $ 2,182,141 Soybean futures contracts 1,391,661 - - 1,391,661 Sugar futures contracts 2,687,998 - - 2,687,998 Wheat futures contracts 4,575,666 - - 4,575,666 Bitcoin futures contracts 51,376 - - 51,376 Total $ 10,888,842 $ - $ - $ 10,888,842 For the three and nine months ended September 30, 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 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 In the normal course of business, the Funds utilize derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Funds’ derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts. For the three and nine months ended September 30, 2024 and year ended December 31, 2023 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund. F- 20 Table of Contents Futures Contracts The Funds are subject to commodity and cryptocurrency price risk in the normal course of pursuing their investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with an FCM. Subsequent payments (variation margin) are made or received by each Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by each Fund. Futures contracts may reduce the Funds’ exposure to counterparty risk since futures contracts are exchange-traded; and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to each Fund’s pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following table discloses information about offsetting assets and liabilities presented in the combined statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2011 - 11 “Balance Sheet (Topic 210 ): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex, and StoneX as of September 30, 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, 2024 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Corn futures contracts $ 1,480,759 $ - $ 1,480,759 $ 1,480,759 $ - $ - Soybean futures contracts $ 376,038 $ - $ 376,038 $ 376,038 $ - $ - Sugar futures contracts $ 483,746 $ - $ 483,746 $ 36,726 $ - $ 447,020 Wheat futures contracts $ 514,389 $ - $ 514,389 $ 514,389 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2024 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Corn futures contracts $ 1,610,807 $ - $ 1,610,807 $ 1,480,759 $ 130,048 $ - Soybean futures contracts $ 1,417,811 $ - $ 1,417,811 $ 376,038 $ 1,041,773 $ - Sugar futures contracts $ 36,726 $ - $ 36,726 $ 36,726 $ - $ - Wheat futures contracts $ 6,163,429 $ - $ 6,163,429 $ 514,389 $ 5,649,040 $ - F- 21 Table of Contents Offsetting of Financial Assets and Derivative Assets as of December 31, 2023 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity and Cryptocurrency Price Wheat futures contracts $ 2,237,493 $ - $ 2,237,493 $ 2,237,493 $ - $ - Bitcoin futures contracts $ 129,519 $ - $ 129,519 $ 51,376 $ - $ 78,143 Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity and Cryptocurrency Price Corn futures contracts $ 2,182,141 $ - $ 2,182,141 $ - $ 2,182,141 $ - Soybean futures contracts $ 1,391,661 $ - $ 1,391,661 $ - $ 1,391,661 $ - Sugar futures contracts $ 2,687,998 $ - $ 2,687,998 $ - $ 2,687,998 $ - Wheat futures contracts $ 4,575,666 $ - $ 4,575,666 $ 2,237,493 $ 2,338,173 $ - Bitcoin 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 September 30, 2024 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price and Cryptocurrency Price Corn futures contracts $ ( 8,288,179 ) $ 8,615,295 Soybeans futures contracts ( 1,997,318 ) 1,382,076 Sugar futures contracts ( 189,249 ) 1,013,355 Wheat futures contracts ( 10,924,999 ) 9,339,127 Total commodity and cryptocurrency futures contracts $ ( 21,399,745 ) $ 20,349,853 F- 22 Table of Contents 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 and Cryptocurrency Price Corn futures contracts $ ( 13,018,346 ) $ 11,306,711 Soybeans futures contracts 311,294 ( 507,789 ) Sugar futures contracts 2,271,032 934,750 Wheat futures contracts ( 32,283,536 ) 166,327 Bitcoin futures Contracts ( 176,608 ) ( 107,189 ) Total commodity and cryptocurrency futures contracts $ ( 42,896,164 ) $ 11,792,810 Nine months ended September 30, 2024 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts Commodity Price and Cryptocurrency Price Corn futures contracts $ ( 14,452,703 ) $ 2,052,093 Soybeans futures contracts ( 4,991,499 ) 349,888 Sugar futures contracts ( 2,341,549 ) 3,135,018 Wheat futures contracts ( 19,033,933 ) ( 3,310,867 ) Bitcoin futures Contracts ( 78,143 ) 114,383 Total commodity and cryptocurrency futures contracts $ ( 40,897,827 ) $ 2,340,515 Nine months ended September 30, 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 $ ( 24,479,726 ) $ ( 739,577 ) Soybeans futures contracts 270,814 ( 2,895,763 ) Sugar futures contracts 11,018,654 933,062 Wheat futures contracts ( 72,771,330 ) 34,604 Bitcoin futures Contracts 524,179 ( 9,669 ) Total commodity and cryptocurrency futures contracts $ ( 85,437,409 ) $ ( 2,677,343 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for the futures contracts held was $ 235.2 million and $ 258.7 million respectively for the three and nine months ended September 30, 2024 and $ 352.7 million and $ 353.3 million respectively for the three and nine months ended September 30, 2023 . Note 6 - Organizational and Offering Costs Expenses incurred in organizing of the Trust and the initial offering of the shares of the Funds, including applicable SEC registration fees, were borne directly by the Sponsor for the Funds, and will be borne directly by the Sponsor for any series of the Trust which is not yet operating or will be issued in the future. The Trust will not be obligated to reimburse the Sponsor. Note 7 – Detail of the net assets and shares outstanding of the Funds that are a series of the Trust The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust: September 30, 2024 Outstanding Shares Net Assets Teucrium Corn Fund 3,425,004 $ 63,279,409 Teucrium Soybean Fund 1,375,004 31,704,444 Teucrium Sugar Fund 1,100,004 14,463,660 Teucrium Wheat Fund 26,300,004 137,737,170 Teucrium Agricultural Fund: 437,502 Net assets including the investment in the Underlying Funds 11,761,445 Less: Investment in the Underlying Funds ( 11,751,695 ) Net for the Fund in the combined net assets of the Trust 9,750 Total $ 247,194,433 F- 23 Table of Contents December 31, 2023 Outstanding Shares Net Assets Teucrium Corn Fund 3,750,004 $ 81,050,442 Teucrium Soybean Fund 1,075,004 29,056,020 Teucrium Sugar Fund 1,425,004 17,720,099 Teucrium Wheat Fund 30,800,004 184,176,669 Hashdex Bitcoin Futures ETF 50,000 2,536,958 Teucrium Agricultural Fund: 625,002 Net assets including the investment in the Underlying Funds 18,409,126 Less: Investment in the Underlying Funds ( 18,401,900 ) Net for the Fund in the combined net assets of the Trust 7,226 Total $ 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, 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: Trust: Nothing to report CORN: Nothing to report. SOYB: Nothing to report. CANE: The net assets of the fund increased by $ 4,678,224 , or 32.3 %, for the period September 30, 2024 to November 11, 2024. This was driven by an increase in the shares outstanding by 38.6 % and partially offset by a decrease in the NAV per share of ( 4.5 )%. WEAT: Nothing to report. TAGS: Nothing to report. F-24 Table of Contents TEUCRIUM CORN FUND STATEMENTS OF ASSETS AND LIABILITIES September 30, 2024 December 31, 2023 (Unaudited) Assets Cash and cash equivalents $ 59,392,761 $ 76,745,471 Interest receivable 78,992 105,283 Other assets 17,368 - Equity in trading accounts: Commodity futures contracts 1,480,759 - Due from broker 3,990,195 6,533,938 Total equity in trading accounts 5,470,954 6,533,938 Total assets 64,960,075 83,384,692 Liabilities Management fee payable to Sponsor 48,376 71,506 Other liabilities 21,483 80,603 Equity in trading accounts: Commodity futures contracts 1,610,807 2,182,141 Total liabilities 1,680,666 2,334,250 Net assets $ 63,279,409 $ 81,050,442 Shares outstanding 3,425,004 3,750,004 Shares Authorized * * Net asset value per share $ 18.48 $ 21.61 Market value per share $ 18.49 $ 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. F-25 Table of Contents TEUCRIUM CORN FUND SCHEDULE OF INVESTMENTS September 30, 2024 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.700 % $ 9,275,673 $ 9,275,673 14.66 % 9,275,673 Goldman Sachs Financial Square Government Fund - Institutional Class 4.832 % 12,025,925 12,025,925 19.00 12,025,925 Total money market funds $ 21,301,598 $ 21,301,598 33.66 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. November 4, 2024 4.830 % 2,486,778 $ 2,488,761 3.93 % 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. October 3, 2024 5.770 % 2,466,258 2,499,215 3.95 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. October 29, 2024 5.460 % 2,475,061 2,489,578 3.93 2,500,000 EIDP, Inc. November 15, 2024 5.140 % 2,475,101 2,484,219 3.93 2,500,000 General Motors Financial Company, Inc. November 4, 2024 5.355 % 2,467,188 2,487,604 3.93 2,500,000 General Motors Financial Company, Inc. November 8, 2024 5.206 % 2,471,611 2,486,515 3.93 2,500,000 Glencore Funding LLC October 31, 2024 5.234 % 2,474,300 2,489,292 3.93 2,500,000 Glencore Funding LLC December 20, 2024 4.751 % 2,472,758 2,474,056 3.92 2,500,000 L3Harris Technologies, Inc. October 24, 2024 5.303 % 2,477,568 2,491,678 3.94 2,500,000 VW Credit, Inc. October 15, 2024 5.176 % 2,489,729 2,495,042 3.94 2,500,000 VW Credit, Inc. October 17, 2024 5.104 % 2,490,220 2,494,411 3.94 2,500,000 Total Commercial Paper $ 27,246,572 $ 27,380,371 43.27 % Total Cash Equivalents $ 48,681,969 76.93 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures MAR25 1,007 $ 852,132 1.35 % $ 22,216,938 CBOT corn futures MAY25 845 628,627 0.99 19,044,188 Total commodity futures contracts $ 1,480,759 2.34 % $ 41,261,126 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures DEC25 970 $ 1,610,807 2.55 % 22,019,000 The accompanying notes are an integral part of these financial statements. F- 26 Table of Contents TEUCRIUM CORN FUND SCHEDULE OF INVESTMENTS December 31, 2023 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 5.270 % $ 7,523,423 $ 7,523,423 9.28 % 7,523,423 Goldman Sachs Financial Square Government Fund - Institutional Class 5.250 % 19,050,119 19,050,119 23.51 19,050,119 Total money market funds $ 26,573,542 $ 26,573,542 32.79 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Albemarle Corporation January 3, 2024 5.770 % $ 4,950,475 $ 4,998,428 6.17 % 5,000,000 Albemarle Corporation January 11, 2024 5.808 % 2,478,230 2,496,042 3.08 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. January 9, 2024 5.794 % 2,489,708 2,496,833 3.08 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. January 16, 2024 5.853 % 2,466,575 2,494,031 3.08 2,500,000 Entergy Corporation March 1, 2024 5.665 % 2,467,625 2,476,875 3.06 2,500,000 FMC Corporation January 19, 2024 5.816 % 2,488,878 2,492,850 3.07 2,500,000 Harley-Davidson Financial Services, Inc. January 9, 2024 5.843 % 2,474,533 2,496,817 3.08 2,500,000 Harley-Davidson Financial Services, Inc. February 1, 2024 5.867 % 2,480,400 2,487,600 3.07 2,500,000 Harley-Davidson Financial Services, Inc. February 14, 2024 5.927 % 2,473,774 2,482,247 3.06 2,500,000 National Fuel Gas Company January 8, 2024 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 V.F. Corporation January 18, 2024 5.606 % 2,473,646 2,493,507 3.08 2,500,000 WGL Holdings, Inc. January 3, 2024 5.793 % 2,490,896 2,499,208 3.08 2,500,000 WGL Holdings, Inc. January 12, 2024 5.849 % 2,487,222 2,495,608 3.08 2,500,000 Walgreens Boots Alliance, Inc. January 12, 2024 6.028 % 2,484,378 2,495,478 3.08 2,500,000 Total Commercial Paper $ 39,654,192 $ 39,878,124 49.20 % Total Cash Equivalents $ 66,451,666 81.99 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures MAY24 1,171 $ 1,102,254 1.36 % $ 28,338,200 CBOT corn futures JUL24 983 384,407 0.47 24,280,100 CBOT corn futures DEC24 1,128 695,480 0.86 28,397,400 Total commodity futures contracts $ 2,182,141 2.69 % $ 81,015,700 The accompanying notes are an integral part of these financial statements. F- 27 Table of Contents TEUCRIUM CORN FUND STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized loss on commodity futures contracts $ ( 8,288,179 ) $ ( 13,018,346 ) $ ( 14,452,703 ) $ ( 24,479,726 ) Net change in unrealized depreciation on commodity futures contracts 8,615,295 11,306,711 2,052,093 ( 739,577 ) Interest income 775,889 1,291,003 2,661,171 4,013,603 Total income (loss) 1,103,005 ( 420,632 ) ( 9,739,439 ) ( 21,205,700 ) Expenses Management fees 148,919 246,675 502,651 831,119 Professional fees 76,499 109,970 213,601 301,580 Distribution and marketing fees 235,662 279,911 649,591 786,923 Custodian fees and expenses 20,327 34,535 61,603 89,338 Business permits and licenses fees 7,446 12,333 19,841 21,631 General and administrative expenses 15,860 12,334 48,834 58,541 Total expenses 504,713 695,758 1,496,121 2,089,132 Total expenses, net 504,713 695,758 1,496,121 2,089,132 Net income (loss) $ 598,292 $ ( 1,116,390 ) $ ( 11,235,560 ) $ ( 23,294,832 ) Net increase (decrease) in net asset value per share $ 0.18 $ ( 0.16 ) $ ( 3.13 ) $ ( 4.84 ) Net gain (loss) per weighted average share $ 0.18 $ ( 0.26 ) $ ( 3.24 ) $ ( 5.10 ) Weighted average shares outstanding 3,312,232 4,325,276 3,462,778 4,571,341 The accompanying notes are an integral part of these financial statements. F-28 Table of Contents TEUCRIUM CORN FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operations Net income (loss) $ 598,292 $ ( 1,116,390 ) $ ( 11,235,560 ) $ ( 23,294,832 ) Capital transactions Issuance of Shares 8,924,939 13,027,105 22,986,162 19,420,213 Redemption of Shares ( 9,372,272 ) ( 14,239,215 ) ( 29,521,635 ) ( 58,315,410 ) Total capital transactions ( 447,333 ) ( 1,212,110 ) ( 6,535,473 ) ( 38,895,197 ) Net change in net assets 150,959 ( 2,328,500 ) ( 17,771,033 ) ( 62,190,029 ) Net assets, beginning of period $ 63,128,450 $ 92,776,876 $ 81,050,442 $ 152,638,405 Net assets, end of period $ 63,279,409 $ 90,448,376 $ 63,279,409 $ 90,448,376 Net asset value per share at beginning of period $ 18.30 $ 22.22 $ 21.61 $ 26.90 Net asset value per share at end of period $ 18.48 $ 22.06 $ 18.48 $ 22.06 Creation of Shares 500,000 550,000 1,200,000 800,000 Redemption of Shares 525,000 625,000 1,525,000 2,375,000 The accompanying notes are an integral part of these financial statements. F-29 Table of Contents TEUCRIUM CORN FUND STATEMENTS OF CASH FLOWS (Unaudited) Nine months ended Nine months ended September 30, 2024 September 30, 2023 Cash flows from operating activities: Net income (loss) $ ( 11,235,560 ) $ ( 23,294,832 ) Adjustments to reconcile net loss to net cash used in operating activities: Net change in unrealized depreciation on commodity futures contracts ( 2,052,093 ) 739,577 Changes in operating assets and liabilities: Due from broker 2,543,743 4,408,609 Interest receivable 26,291 ( 16,233 ) Other assets ( 17,368 ) ( 31,377 ) Management fee payable to Sponsor ( 23,130 ) ( 67,590 ) Other liabilities ( 59,120 ) 29,018 Net cash used in operating activities ( 10,817,237 ) ( 18,232,828 ) Cash flows from financing activities: Proceeds from sale of Shares 22,986,162 20,765,043 Redemption of Shares ( 29,521,635 ) ( 59,660,240 ) Net cash used in financing activities ( 6,535,473 ) ( 38,895,197 ) Net change in cash and cash equivalents ( 17,352,710 ) ( 57,128,025 ) Cash and cash equivalents, beginning of period 76,745,471 142,434,737 Cash and cash equivalents, end of period $ 59,392,761 $ 85,306,712 The accompanying notes are an integral part of these financial statements. F-30 Table of Contents NOTES TO FINANCIAL STATEMENTS September 30, 2024 (Unaudited) Note 1 – Organization and Operation Teucrium Corn Fund (referred to herein as “CORN,” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through PINE Distributors, which is the marketing agent for the Fund (the “Marketing Agent”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CORN,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for corn interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. The investment objective of CORN is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the corn market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): CORN Benchmark CBOT Corn Futures Contract Weighting Second to expire 35 % Third to expire 30 % December following the third to expire 35 % The Fund commenced investment operations on June 9, 2010 and has a fiscal year ending on December 31. The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”). The Sponsor is responsible for the management of the Fund. The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). On June 7, 2010, the initial Form S- 1 for CORN was declared effective by the U.S. Securities and Exchange Commission (“SEC”). On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 shares and $ 5,000,000 . CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010. The current registration statement for CORN was declared effective by the SEC on April 7, 2022. This registration statement for CORN registered an indeterminate number of shares. The accompanying unaudited financial statements have been prepared in accordance with Rule 10 - 01 of Regulation S- X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable. The operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. F- 31 Table of Contents Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent. However, no level of losses will require the Sponsor to terminate a Fund. Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as custodian fees and expenses on the statements of operations. A summary of these expenses is included below. The Sponsor employs PINE Distributors, LLC (“PINE” or the “Marketing Agent”) as the Marketing Agent for the Funds. The Distribution Services Agreement among the Marketing Agent and the Sponsor calls for the Marketing Agent 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 Marketing Agent 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 Marketing Agent, under Financial Industry Regulatory Authority (“FINRA”) rules. For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of each Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Funds, along with certain expense reimbursements. For its services under the SASA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 administration program fee. 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 FCMs 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 . F- 32 Table of Contents The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. A summary of these expenses is included below. Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Amount Recognized for Custody Services $ 20,327 $ 34,535 $ 61,603 $ 89,338 Amount of Custody Services Waived $ - $ - $ - $ - Amount Recognized for Distribution Services $ 6,057 $ 9,202 $ 22,929 $ 29,157 Amount of Distribution Services Waived $ - $ - $ - $ - Amount Recognized for Wilmington Trust $ - $ 860 $ - $ 860 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. The Fund seeks to earn interest on its assets denominated in U.S. dollars on deposits with the Futures Commission Merchant. In addition, the Fund earns interest on funds held at the custodian and at other financial institutions at prevailing market rates for such investments. The Sponsor invests a portion of cash in commercial paper, which is deemed a cash equivalent based on the rating and duration of contracts as described in the notes to the financial statements and reflected in cash and cash equivalents on the statements of assets and liabilities and statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. F- 33 Table of Contents Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2024 and 2023 . CORN Three months ended September 30, 2024 $ 17,785 Three months ended September 30, 2023 $ 23,697 Nine months ended September 30, 2024 $ 39,697 Nine months ended September 30, 2023 $ 54,865 Income Taxes For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 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 September 30, 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. F- 34 Table of Contents The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 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 CORN. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m. (ET) on the day the order to create the basket is received in good order. Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem the basket is received in good order. The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S- 1 filing, 50,000 shares represent two Redemption Baskets for the Fund and a minimum level of shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. Cash and Cash Equivalents Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. September 30, 2024 December 31, 2023 Money Market Funds $ 21,301,598 $ 26,573,542 Demand Deposit Savings Accounts 10,710,792 10,293,805 Commercial Paper 27,380,371 39,878,124 Total cash and cash equivalents as presented on the Statements of Assets and Liabilities $ 59,392,761 $ 76,745,471 F- 35 Table of Contents Payable for Purchases of Commercial Paper The amount recorded by the Fund for commercial paper transactions awaiting settlement, represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. F- 36 Table of Contents Calculation of Net Asset Value The Fund’s NAV is calculated by: ● Taking the current market value of its total assets and ● Subtracting any liabilities. The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). In determining the value of Corn Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The value of over-the-counter corn interests is determined based on the value of the commodity or futures contract underlying such corn interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such corn interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Short term Treasury securities held by the Fund are valued by the administrator using values received from recognized third -party vendors and dealer quotes. NAV includes any unrealized profit or loss on open corn interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum. The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent, 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 September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Recognized Related Party Transactions $ 134,321 $ 153,884 $ 463,527 $ 505,154 Waived Related Party Transactions $ - $ - $ - $ - F- 37 Table of Contents The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. There were no expenses waived for the three and nine months ended September 30, 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 GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. F- 38 Table of Contents The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. For instance, when Corn Futures Contracts on the CBOT are not actively trading due to a “limit-up” or limit-down” condition, meaning that the daily change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets. When such a situation exists on a quarter close, the Sponsor will calculate the Net Asset Value (“NAV”) on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports. On September 30, 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, 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. F- 39 Table of Contents Expenses Expenses are recorded using the accrual method of accounting. Net Income (Loss) per Share Net income (loss) per share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 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. F- 40 Table of Contents Note 4 – Fair Value Measurements The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2024 and December 31, 2023 : September 30, 2024 Balance as of Assets: Level 1 Level 2 Level 3 September 30, 2024 Cash Equivalents $ 48,681,969 $ - $ - $ 48,681,969 Commodity Futures Contracts Corn futures contracts 1,480,759 - - 1,480,759 Total $ 50,162,728 $ - $ - $ 50,162,728 Balance as of Liabilities Level 1 Level 2 Level 3 September 30, 2024 Commodity Futures Contracts Corn futures contracts $ 1,610,807 $ - $ - $ 1,610,807 December 31, 2023 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2023 Cash Equivalents $ 66,451,666 $ - $ - $ 66,451,666 Balance as of Liabilities Level 1 Level 2 Level 3 December 31, 2023 Commodity Futures Contracts Corn futures contracts $ 2,182,141 $ - $ - $ 2,182,141 F- 41 Table of Contents For the three and nine months ended September 30, 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 and nine months ended September 30, 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.” F- 42 Table of Contents The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of September 30, 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, 2024 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Corn futures contracts $ 1,480,759 $ - $ 1,480,759 $ 1,480,759 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2024 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Corn futures contracts $ 1,610,807 $ - $ 1,610,807 $ 1,480,759 $ 130,048 $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Corn futures contracts $ 2,182,141 $ - $ 2,182,141 $ - $ 2,182,141 $ - F- 43 Table of Contents The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk: Three months ended September 30, 2024 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ ( 8,288,179 ) $ 8,615,295 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 Nine months ended September 30, 2024 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ ( 14,452,703 ) $ 2,052,093 Nine months ended September 30, 2023 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Corn futures contracts $ ( 24,479,726 ) $ ( 739,577 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for the futures contracts held was $ 59.5 million and $ 66.1 million respectively for the three and nine months ended September 30, 2024 and $ 96.6 million and $ 106.5 million respectively for the three and nine months ended September 30, 2023 . F- 44 Table of Contents Note 6 – Financial Highlights The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 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, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Per Share Operation Performance Net asset value at beginning of period $ 18.30 $ 22.22 $ 21.61 $ 26.90 Income from investment operations: Interest income 0.23 0.30 0.77 0.88 Net realized and unrealized gain (loss) on commodity futures contracts 0.10 ( 0.30 ) ( 3.47 ) ( 5.26 ) Total expenses, net ( 0.15 ) ( 0.16 ) ( 0.43 ) ( 0.46 ) Net increase (decrease) in net asset value 0.18 ( 0.16 ) ( 3.13 ) ( 4.84 ) Net asset value at end of period $ 18.48 $ 22.06 $ 18.48 $ 22.06 Total Return 0.97 % - 0.73 % - 14.52 % - 17.98 % Ratios to Average Net Assets (Annualized) Total expenses 3.39 % 2.82 % 2.98 % 2.51 % Total expenses, net 3.39 % 2.82 % 2.98 % 2.51 % Net investment income 1.82 % 2.41 % 2.32 % 2.32 % 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 September 30, 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. F-45 Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF ASSETS AND LIABILITIES September 30, 2024 December 31, 2023 (Unaudited) Assets Cash and cash equivalents $ 30,650,655 $ 28,107,189 Interest receivable 44,090 36,662 Other assets 16,653 - Equity in trading accounts: Commodity futures contracts 376,038 - Due from broker 2,073,719 2,385,040 Total equity in trading accounts 2,449,757 2,385,040 Total assets 33,161,155 30,528,891 Liabilities Management fee payable to Sponsor 22,610 25,659 Other liabilities 16,290 55,551 Equity in trading accounts: Commodity futures contracts 1,417,811 1,391,661 Total liabilities 1,456,711 1,472,871 Net assets $ 31,704,444 $ 29,056,020 Shares outstanding 1,375,004 1,075,004 Shares authorized * * Net asset value per share $ 23.06 $ 27.03 Market value per share $ 23.05 $ 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. F-46 Table of Contents TEUCRIUM SOYBEAN FUND SCHEDULE OF INVESTMENTS September 30, 2024 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.700 % $ 8,125,652 $ 8,125,652 25.63 % 8,125,652 Goldman Sachs Financial Square Government Fund - Institutional Class 4.832 % 4,447,057 4,447,057 14.03 4,447,057 Total money market funds $ 12,572,709 $ 12,572,709 39.66 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. November 4, 2024 4.830 % $ 2,486,778 $ 2,488,761 7.85 % 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. October 8, 2024 5.559 % 2,479,146 2,497,346 7.88 2,500,000 CNH Industrial Capital LLC October 31, 2024 5.163 % 4,966,134 4,978,834 15.70 5,000,000 VW Credit, Inc. October 15, 2024 5.176 % 2,489,729 2,495,042 7.87 2,500,000 Total Commercial Paper $ 12,421,787 $ 12,459,983 39.30 % Total Cash Equivalents $ 25,032,692 78.96 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States soybean futures contracts CBOT soybean futures MAR25 175 $ 376,038 1.19 % $ 9,524,375 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States soybean futures contracts CBOT soybean futures JAN25 207 $ 916,886 2.89 % $ 11,128,838 CBOT soybean futures NOV25 202 500,925 1.58 11,056,975 Total commodity futures contracts $ 1,417,811 4.47 % $ 22,185,813 The accompanying notes are an integral part of these financial statements. F- 47 Table of Contents TEUCRIUM SOYBEAN FUND SCHEDULE OF INVESTMENTS December 31, 2023 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 5.270 % $ 1,075,007 $ 1,075,007 3.70 % 1,075,007 Goldman Sachs Financial Square Government Fund - Institutional Class 5.250 % 6,671,092 6,671,092 22.96 6,671,092 Total money market funds $ 7,746,099 $ 7,746,099 26.66 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Albemarle Corporation January 8, 2024 5.738 % $ 2,476,151 $ 2,497,263 8.59 % 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. January 9, 2024 5.794 % 2,489,708 2,496,833 8.59 2,500,000 FMC Corporation January 19, 2024 5.816 % 2,488,878 2,492,850 8.58 2,500,000 Harley-Davidson Financial Services, Inc. February 1, 2024 5.867 % 2,480,400 2,487,600 8.56 2,500,000 Stanley Black & Decker, Inc. January 22, 2024 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 $ 14,901,380 $ 14,961,842 51.49 % Total Cash Equivalents $ 22,707,941 78.15 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States soybean futures contracts CBOT soybean futures MAR24 156 $ 617,118 2.12 % $ 10,124,400 CBOT soybean futures MAY24 133 633,749 2.18 8,693,213 CBOT soybean futures NOV24 164 140,794 0.48 10,215,150 Total commodity futures contracts $ 1,391,661 4.78 % $ 29,032,763 The accompanying notes are an integral part of these financial statements. F- 48 Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized loss on commodity futures contracts $ ( 1,997,318 ) $ 311,294 $ ( 4,991,499 ) $ 270,814 Net change in unrealized appreciation (depreciation) on commodity futures contracts 1,382,076 ( 507,789 ) 349,888 ( 2,895,763 ) Interest income 346,084 481,521 1,151,359 1,426,307 Total (loss) income ( 269,158 ) 285,026 ( 3,490,252 ) ( 1,198,642 ) Expenses Management fees 66,249 91,704 217,155 293,109 Professional fees 28,760 71,553 95,920 225,562 Distribution and marketing fees 117,109 130,302 311,910 302,041 Custodian fees and expenses 9,708 14,186 26,213 31,501 Business permits and licenses fees 4,638 8,973 16,130 19,938 General and administrative expenses 7,529 11,005 21,016 21,970 Total expenses 233,993 327,723 688,344 894,121 Total expenses, net 233,993 327,723 688,344 894,121 Net loss $ ( 503,151 ) $ ( 42,697 ) $ ( 4,178,596 ) $ ( 2,092,763 ) Net decrease in net asset value per share $ ( 0.60 ) $ ( 0.22 ) $ ( 3.97 ) $ ( 1.39 ) Net loss per weighted average share $ ( 0.43 ) $ ( 0.03 ) $ ( 3.48 ) $ ( 1.46 ) Weighted average shares outstanding 1,176,363 1,296,471 1,199,183 1,429,674 The accompanying notes are an integral part of these financial statements. F-49 Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operations Net loss $ ( 503,151 ) $ ( 42,697 ) $ ( 4,178,596 ) $ ( 2,092,763 ) Capital transactions Issuance of Shares 5,574,487 2,731,420 17,429,510 9,394,540 Redemption of Shares ( 1,164,960 ) ( 8,406,912 ) ( 10,602,490 ) ( 34,555,367 ) Total capital transactions 4,409,527 ( 5,675,492 ) 6,827,020 ( 25,160,827 ) Net change in net assets 3,906,376 ( 5,718,189 ) 2,648,424 ( 27,253,590 ) Net assets, beginning of period $ 27,798,068 $ 36,894,584 $ 29,056,020 $ 58,429,985 Net assets, end of period $ 31,704,444 $ 31,176,395 $ 31,704,444 $ 31,176,395 Net asset value per share at beginning of period $ 23.66 $ 27.33 $ 27.03 $ 28.50 Net asset value per share at end of period $ 23.06 $ 27.11 $ 23.06 $ 27.11 Creation of Shares 250,000 100,000 725,000 350,000 Redemption of Shares 50,000 300,000 425,000 1,250,000 The accompanying notes are an integral part of these financial statements. F-50 Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF CASH FLOWS (Unaudited) Nine months ended Nine months ended September 30, 2024 September 30, 2023 Cash flows from operating activities: Net loss $ ( 4,178,596 ) $ ( 2,092,763 ) Adjustments to reconcile net loss to net cash used in operating activities: Net change in unrealized depreciation on commodity futures contracts ( 349,888 ) 2,895,763 Changes in operating assets and liabilities: Due from broker 311,321 ( 1,095,281 ) Interest receivable ( 7,428 ) 15,952 Other assets ( 16,653 ) 403 Management fee payable to Sponsor ( 3,049 ) ( 26,414 ) Other liabilities ( 39,261 ) 30,635 Net cash used in operating activities ( 4,283,554 ) ( 271,705 ) Cash flows from financing activities: Proceeds from sale of Shares 17,429,510 9,394,540 Redemption of Shares ( 10,602,490 ) ( 37,405,627 ) Net cash provided by (used in) financing activities 6,827,020 ( 28,011,087 ) Net change in cash and cash equivalents 2,543,466 ( 28,282,792 ) Cash and cash equivalents beginning of period 28,107,189 58,212,569 Cash and cash equivalents end of period $ 30,650,655 $ 29,929,777 The accompanying notes are an integral part of these financial statements. F-51 Table of Contents NOTES TO FINANCIAL STATEMENTS September 30, 2024 (Unaudited) Note 1 – Organization and Operation Teucrium Soybean Fund (referred to herein as “SOYB” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the marketing agent for the Fund (the “Marketing Agent”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “SOYB,” to the public at per Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for soybean interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. The investment objective of SOYB is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the soybean market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for soybeans (“Soybean Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): SOYB Benchmark CBOT Soybean Futures Contract Weighting Second to expire (excluding August & September) 35 % Third to expire (excluding August & September) 30 % Expiring in the November following the expiration of the third to expire contract 35 % The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31. The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”). The Sponsor is responsible for the management of the Fund. The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). On June 13, 2011, the initial Form S- 1 for SOYB was declared effective by the SEC. On September 16, 2011, two Creation Baskets were issued representing 100,000 shares and $ 2,500,000 . On September 19, 2011, SOYB started trading on the NYSE Arca. The current registration statement for SOYB was declared effective by the SEC on April 7, 2022. This registration statement for SOYB registered an indeterminate number of shares. The accompanying unaudited financial statements have been prepared in accordance with Rule 10 - 01 of Regulation S- X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable. The operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. F- 52 Table of Contents Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent. However, no level of losses will require the Sponsor to terminate a Fund. Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as custodian fees and expenses on the statements of operations. A summary of these expenses is included below. The Sponsor employs PINE Distributors, LLC (“PINE” or the “Marketing Agent”) as the Marketing Agent for the Funds. The Distribution Services Agreement among the Marketing Agent and the Sponsor calls for the Marketing Agent 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 Marketing Agent 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 Marketing Agent, under Financial Industry Regulatory Authority (“FINRA”) rules. For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of each Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Funds, along with certain expense reimbursements. For its services under the SASA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 administration program fee. 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 FCMs 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 . F- 53 Table of Contents The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. A summary of these expenses is included below. Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Amount Recognized for Custody Services $ 9,708 $ 14,186 $ 26,213 $ 31,501 Amount of Custody Services Waived $ - $ - $ - $ - Amount Recognized for Distribution Services $ 3,316 $ 3,636 $ 10,672 $ 10,808 Amount of Distribution Services Waived $ - $ - $ - $ - Amount Recognized for Wilmington Trust $ - $ 317 $ - $ 317 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. The Fund seeks to earn interest on its assets denominated in U.S. dollars on deposits with the Futures Commission Merchant. In addition, the Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. The Sponsor invests a portion of cash in commercial paper, which is deemed a cash equivalent based on the rating and duration of contracts as described in the notes to the financial statements and reflected in cash and cash equivalents on the statements of assets and liabilities and on the statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor invests a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. F- 54 Table of Contents Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2024 and 2023 . SOYB Three months ended September 30, 2024 $ 1,806 Three months ended September 30, 2023 $ 2,220 Nine months ended September 30, 2024 $ 8,151 Nine months ended September 30, 2023 $ 10,999 Income Taxes For federal income tax purposes, each Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 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 September 30, 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, 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. F- 55 Table of Contents Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 shares from the Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m. (ET) on the day the order to create the basket is received in good order. Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem the basket is received in good order. The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S- 1 filing, 50,000 shares represent two Redemption Baskets for the Fund and a minimum level of shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. Cash and Cash Equivalents Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the FCM in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. September 30, 2024 December 31, 2023 Money Market Funds $ 12,572,709 $ 7,746,099 Demand Deposit Savings Accounts 5,617,963 5,399,248 Commercial Paper 12,459,983 14,961,842 Total cash and cash equivalents as presented on the Statements of Assets and Liabilities $ 30,650,655 $ 28,107,189 F- 56 Table of Contents Payable for Purchases of Commercial Paper The amount recorded by the Fund for commercial paper transactions awaiting settlement, represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Calculation of Net Asset Value The Fund’s NAV is calculated by: • Taking the current market value of its total assets and • Subtracting any liabilities. The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). F- 57 Table of Contents In determining the value of Soybean Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The value of over-the-counter soybean interests is determined based on the value of the commodity or futures contract underlying such soybean interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such soybean interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Short term Treasury securities held by the Fund are valued by the administrator using values received from recognized third -party vendors and dealer quotes. NAV includes any unrealized profit or loss on open soybean interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum. The Fund pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent, 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 September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Recognized Related Party Transactions $ 69,975 $ 59,564 $ 218,266 $ 185,249 Waived Related Party Transactions $ - $ - $ - $ - F- 58 Table of Contents The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. There were no expenses waived for the three and nine months ended September 30, 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. F- 59 Table of Contents Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports. On September 30, 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, 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 Expenses are recorded using the accrual method of accounting. Net Income (Loss) per Share Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share. The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) issued ASU 2023 - 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. F- 60 Table of Contents 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. F- 61 Table of Contents Note 4 – Fair Value Measurements The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2024 and December 31, 2023 : September 30, 2024 Balance as of Assets: Level 1 Level 2 Level 3 September 30, 2024 Cash Equivalents $ 25,032,692 $ - $ - $ 25,032,692 Commodity Futures Contracts Soybean futures contracts 376,038 - - 376,038 Total $ 25,408,730 $ - $ - $ 25,408,730 Balance as of Liabilities Level 1 Level 2 Level 3 September 30, 2024 Commodity Futures Contracts Soybean futures contracts $ 1,417,811 $ - $ - $ 1,417,811 December 31, 2023 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2023 Cash Equivalents $ 22,707,941 $ - $ - $ 22,707,941 Balance as of Liabilities Level 1 Level 2 Level 3 December 31, 2023 Commodity Futures Contracts Soybean futures contracts $ 1,391,661 $ - $ - $ 1,391,661 For the three and nine months ended September 30, 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 and nine months ended September 30, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures contracts. F- 62 Table of Contents Futures Contracts The Fund is subject to commodity price risk in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with an FCM. Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded; and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB ASU No. 2011 - 11 “Balance Sheet (Topic 210 ): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of September 30, 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, 2024 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Soybean futures contracts $ 376,038 $ - $ 376,038 $ 376,038 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2024 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Soybean futures contracts $ 1,417,811 $ - $ 1,417,811 $ 376,038 $ 1,041,773 $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Soybean futures contracts $ 1,391,661 $ - $ 1,391,661 $ - $ 1,391,661 $ - F- 63 Table of Contents The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Fund: Three months ended September 30, 2024 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Soybean futures contracts $ ( 1,997,318 ) $ 1,382,076 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 ) Nine months ended September 30, 2024 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Soybean futures contracts $ ( 4,991,499 ) $ 349,888 Nine 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 $ 270,814 $ ( 2,895,763 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $ 27.1 million and $ 29.0 million respectively for the three and nine months ended September 30, 2024 and $ 34.7 million and $ 37.2 million respectively for the three and nine months ended September 30, 2023 . F- 64 Table of Contents Note 6 – Financial Highlights The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 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, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Per Share Operation Performance Net asset value at beginning of period $ 23.66 $ 27.33 $ 27.03 $ 28.50 Income from investment operations: Interest income 0.29 0.37 0.96 1.00 Net realized and unrealized loss on commodity futures contracts ( 0.69 ) ( 0.34 ) ( 4.36 ) ( 1.76 ) Total expenses, net ( 0.20 ) ( 0.25 ) ( 0.57 ) ( 0.63 ) Net decrease in net asset value ( 0.60 ) ( 0.22 ) ( 3.97 ) ( 1.39 ) Net asset value at end of period $ 23.06 $ 27.11 $ 23.06 $ 27.11 Total Return - 2.54 % - 0.80 % - 14.69 % - 4.89 % Ratios to Average Net Assets (Annualized) Total expenses 3.53 % 3.57 % 3.17 % 3.05 % Total expenses, net 3.53 % 3.57 % 3.17 % 3.05 % Net investment income 1.69 % 1.68 % 2.13 % 1.81 % 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 September 30, 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. F-65 Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF ASSETS AND LIABILITIES September 30, 2024 December 31, 2023 (Unaudited) Assets Cash and cash equivalents $ 14,627,660 $ 16,773,745 Interest receivable 24,373 31,551 Other assets 6,147 835 Equity in trading accounts: Commodity futures contracts 483,746 - Due from broker 33,424 3,650,191 Total equity in trading accounts 517,170 3,650,191 Total assets 15,175,350 20,456,322 Liabilities Payable for shares redeemed 657,430 - Management fee payable to Sponsor 10,107 17,451 Other liabilities 7,427 30,774 Equity in trading accounts: Commodity futures contracts 36,726 2,687,998 Total liabilities 711,690 2,736,223 Net assets $ 14,463,660 $ 17,720,099 Shares outstanding 1,100,004 1,425,004 Shares authorized * * Net asset value per share $ 13.15 $ 12.44 Market value per share $ 13.22 $ 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. The accompanying notes are an integral part of these financial statements. F-66 Table of Contents TEUCRIUM SUGAR FUND SCHEDULE OF INVESTMENTS September 30, 2024 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.700 % $ 5,905,457 $ 5,905,457 40.83 % 5,905,457 Goldman Sachs Financial Square Government Fund - Institutional Class 4.832 % 1,394,475 1,394,475 9.64 1,394,475 Total Money Market Funds $ 7,299,932 $ 7,299,932 50.47 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. November 4, 2024 4.830 % $ 2,486,778 $ 2,488,761 17.21 % 2,500,000 CNH Industrial Capital LLC October 31, 2024 5.163 % 2,483,067 2,489,417 17.21 2,500,000 Total Commercial Paper $ 4,969,845 $ 4,978,178 34.42 % Total Cash Equivalents $ 12,278,110 84.89 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States sugar futures contracts ICE sugar futures MAY25 215 $ 274,403 1.90 % $ 5,068,840 ICE sugar futures MAR26 226 209,343 1.44 5,047,213 Total commodity futures contracts $ 483,746 3.34 % $ 10,116,053 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States sugar futures contracts ICE sugar futures JUL25 193 $ 36,726 0.25 % $ 4,349,139 The accompanying notes are an integral part of these financial statements. F- 67 Table of Contents TEUCRIUM SUGAR FUND SCHEDULE OF INVESTMENTS December 31, 2023 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 5.270 % $ 1,532,232 $ 1,532,232 8.65 % 1,532,232 Goldman Sachs Financial Square Government Fund - Institutional Class 5.250 % 1,501,006 1,501,006 8.47 1,501,006 Total Money Market Funds $ 3,033,238 $ 3,033,238 17.12 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Albemarle Corporation January 4, 2024 5.753 % $ 2,480,382 $ 2,498,823 14.10 % 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. January 30, 2024 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 5.816 % 2,488,878 2,492,850 14.07 2,500,000 National Fuel Gas Company January 8, 2024 5.867 % 2,480,400 2,497,200 14.09 2,500,000 Total Commercial Paper $ 10,468,148 $ 10,518,195 59.36 % Total Cash Equivalents $ 13,551,433 76.47 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States sugar futures contracts ICE sugar futures MAY24 270 $ 1,051,261 5.93 % $ 6,175,008 ICE sugar futures JUL24 233 1,128,473 6.37 5,326,193 ICE sugar futures MAR25 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. F- 68 Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized (loss) gain on commodity futures contracts $ ( 189,249 ) $ 2,271,032 $ ( 2,341,549 ) $ 11,018,654 Net change in unrealized appreciation on commodity futures contracts 1,013,355 934,750 3,135,018 933,062 Interest income 157,396 304,744 553,337 1,007,430 Total income 981,502 3,510,526 1,346,806 12,959,146 Expenses Management fees 30,254 57,990 105,349 205,623 Professional fees 18,757 61,655 67,257 207,709 Distribution and marketing fees 67,067 67,563 219,201 166,254 Custodian fees and expenses 6,556 5,799 21,575 18,037 Business permits and licenses fees 3,025 3,479 20,997 14,600 General and administrative expenses 4,995 2,900 14,859 13,304 Total expenses 130,654 199,386 449,238 625,527 Total expenses, net 130,654 199,386 449,238 625,527 Net income $ 850,848 $ 3,311,140 $ 897,568 $ 12,333,619 Net increase in net asset value per share $ 0.97 $ 2.06 $ 0.71 $ 5.24 Net increase per weighted average share $ 0.84 $ 1.98 $ 0.79 $ 5.50 Weighted average shares outstanding 1,017,124 1,672,558 1,133,854 2,241,121 The accompanying notes are an integral part of these financial statements. F-69 Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operations Net income $ 850,848 $ 3,311,140 $ 897,568 $ 12,333,619 Capital transactions Issuance of Shares 4,079,473 4,666,413 4,662,728 18,605,025 Redemption of Shares ( 4,172,210 ) ( 6,805,625 ) ( 8,816,735 ) ( 30,849,505 ) Total capital transactions ( 92,737 ) ( 2,139,212 ) ( 4,154,007 ) ( 12,244,480 ) Net change in net assets 758,111 1,171,928 ( 3,256,439 ) 89,139 Net assets, beginning of period $ 13,705,549 $ 23,179,570 $ 17,720,099 $ 24,262,359 Net assets, end of period $ 14,463,660 $ 24,351,498 $ 14,463,660 $ 24,351,498 Net asset value per share at beginning of period $ 12.18 $ 12.70 $ 12.44 $ 9.51 Net asset value per share at end of period $ 13.15 $ 14.76 $ 13.15 $ 14.76 Creation of Shares 325,000 325,000 375,000 1,525,000 Redemption of Shares 350,000 500,000 700,000 2,425,000 The accompanying notes are an integral part of these financial statements. F-70 Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF CASH FLOWS (Unaudited) Nine months ended Nine months ended September 30, 2024 September 30, 2023 Cash flows from operating activities: Net income $ 897,568 $ 12,333,619 Adjustments to reconcile net income to net cash provided by operating activities: Net change in unrealized appreciation on commodity futures contracts ( 3,135,018 ) ( 933,062 ) Changes in operating assets and liabilities: Due from broker 3,616,767 447,801 Interest receivable 7,178 ( 13,698 ) Other assets ( 5,312 ) ( 4,531 ) Due to broker - 997,931 Management fee payable to Sponsor ( 7,344 ) ( 1,270 ) Other liabilities ( 23,347 ) 12,162 Net cash provided by operating activities 1,350,492 12,838,952 Cash flows from financing activities: Proceeds from sale of Shares 4,662,728 18,605,025 Redemption of Shares ( 8,159,305 ) ( 30,849,505 ) Net cash used in financing activities ( 3,496,577 ) ( 12,244,480 ) Net change in cash and cash equivalents ( 2,146,085 ) 594,472 Cash and cash equivalents beginning of period 16,773,745 22,977,480 Cash and cash equivalents end of period $ 14,627,660 $ 23,571,952 The accompanying notes are an integral part of these financial statements. F-71 Table of Contents NOTES TO FINANCIAL STATEMENTS September 30, 2024 (Unaudited) Note 1 – Organization and Operation Teucrium Sugar Fund (referred to herein as “CANE” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the distributor for the Fund (the “Marketing Agent”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “CANE,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for sugar interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. The investment objective of CANE is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the sugar market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for No. 11 sugar (“Sugar Futures Contracts”) that are traded on the ICE Futures US (“ICE”): CANE Benchmark ICE Sugar Futures Contract Weighting Second to expire 35 % Third to expire 30 % Expiring in the March following the expiration of the third to expire contract 35 % The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31. The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”). The Sponsor is responsible for the management of the Fund. The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). On June 13, 2011, the initial Form S- 1 for CANE was declared effective by the SEC. On September 16, 2011, two Creation Baskets were issued representing 100,000 shares and $ 2,500,000 . On September 19, 2011, CANE started trading on the NYSE Arca. The current registration statement for CANE was declared effective by the SEC on April 7, 2022. This registration statement for CANE registered an indeterminate number of shares. The accompanying unaudited financial statements have been prepared in accordance with Rule 10 - 01 of Regulation S- X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable. The operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. F- 72 Table of Contents Subject to the terms of the Trust Agreement, Teucrium Trading, LLC, in its capacity as the Sponsor (“Sponsor”), may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent. However, no level of losses will require the Sponsor to terminate a Fund. Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), for Transfer Agency, Fund Accounting and Fund Administration services. The principal address for Global Fund Services is 615 E. Michigan Street, Milwaukee, WI 53202. For custody services, the Funds will pay to U.S. Bank N.A. 0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as custodian fees and expenses on the statements of operations. A summary of these expenses is included below. The Sponsor employs PINE Distributors, LLC (“PINE” or the “Marketing Agent”) as the Marketing Agent for the Funds. The Distribution Services Agreement among the Marketing Agent and the Sponsor calls for the Marketing Agent 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 Marketing Agent 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 Marketing Agent, under Financial Industry Regulatory Authority (“FINRA”) rules. For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of each Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Funds, along with certain expense reimbursements. For its services under the SASA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 administration program fee. These services are recorded as distribution and marketing fees on the statements of operations. A summary of these expenses is included below. Marex Capital Markets, Inc. (“Marex”) and StoneX Financial Inc. (“StoneX”) serve as the Funds’ clearing brokers to execute and clear the futures contracts and provide other brokerage-related services. Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S. CFTC and are members of the NFA. The FCMs 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 . F- 73 Table of Contents The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. A summary of these expenses is included below. Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Amount Recognized for Custody Services $ 6,556 $ 5,799 $ 21,575 $ 18,037 Amount of Custody Services Waived $ - $ - $ - $ - Amount Recognized for Distribution Services $ 1,752 $ 2,439 $ 7,814 $ 6,146 Amount of Distribution Services Waived $ - $ - $ - $ - Amount Recognized for Wilmington Trust $ - $ 232 $ - $ 232 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. F- 74 Table of Contents Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and nine months ended September 30, 2024 and 2023 . CANE Three months ended September 30, 2024 $ 2,913 Three months ended September 30, 2023 $ 3,707 Nine months ended September 30, 2024 $ 8,529 Nine months ended September 30, 2023 $ 19,661 Income Taxes For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 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 September 30, 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, 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. F- 75 Table of Contents Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 shares from the Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m. (ET) on the day the order to create the basket is received in good order. Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem the basket is received in good order. The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S- 1 filing, 50,000 shares represents two Redemption Baskets for the Fund and a minimum level of shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. Cash and Cash Equivalents Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. September 30, 2024 December 31, 2023 Money Market Funds $ 7,299,932 $ 3,033,238 Demand Deposit Savings Accounts 2,349,550 3,222,312 Commercial Paper 4,978,178 10,518,195 Total cash and cash equivalents as presented on the Statements of Assets and Liabilities $ 14,627,660 $ 16,773,745 F- 76 Table of Contents Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Calculation of Net Asset Value The Fund’s NAV is calculated by: • Taking the current market value of its total assets and • Subtracting any liabilities. The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). In determining the value of Sugar Futures Contracts, the administrator uses the ICE closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The value of over-the-counter sugar interests is determined based on the value of the commodity or futures contract underlying such sugar interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such sugar interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract closes at its price fluctuation limit for the day. Short term Treasury securities held by the Fund are valued by the administrator using values received from recognized third -party vendors and dealer quotes. NAV includes any unrealized profit or loss on open sugar interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund. F- 77 Table of Contents Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds. In addition, the Sponsor has elected not to outsource services directly attributable to the Trust and the Funds such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor performs itself. In addition, the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum. The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Fund based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent, 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 September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Recognized Related Party Transactions $ 40,915 $ 38,672 $ 153,058 $ 110,304 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 and nine months ended September 30, 2024 and 2023. F- 78 Table of Contents Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value – Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports. F- 79 Table of Contents On September 30, 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 and nine months ended September 30, 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 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. F- 80 Table of Contents Note 4 – Fair Value Measurements The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2024 and December 31, 2023 : September 30, 2024 Balance as of Assets: Level 1 Level 2 Level 3 September 30, 2024 Cash Equivalents $ 12,278,110 $ - $ - $ 12,278,110 Commodity Futures Contracts Sugar futures contracts 483,746 - - 483,746 Total $ 12,761,856 $ - $ - $ 12,761,856 Balance as of Liabilities Level 1 Level 2 Level 3 September 30, 2024 Commodity Futures Contracts Sugar futures contracts $ 36,726 $ - $ - $ 36,726 December 31, 2023 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2023 Cash Equivalents $ 13,551,433 $ - $ - $ 13,551,433 Balance as of Liabilities Level 1 Level 2 Level 3 December 31, 2023 Commodity Futures Contracts Sugar futures contracts $ 2,687,998 $ - $ - $ 2,687,998 For the three and nine months ended September 30, 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 and nine months ended September 30, 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. F- 81 Table of Contents The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB ASU No. 2011 - 11 “Balance Sheet (Topic 210 ): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of September 30, 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, 2024 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Sugar futures contracts $ 483,746 $ - $ 483,746 $ 36,726 $ - $ 447,020 Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2024 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Sugar futures contracts $ 36,726 $ - $ 36,726 $ 36,726 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Sugar futures contracts $ 2,687,998 $ - $ 2,687,998 $ - $ 2,687,998 $ - F- 82 Table of Contents The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk: Three months ended September 30, 2024 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ ( 189,249 ) $ 1,013,355 Three months ended September 30, 2023 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ 2,271,032 $ 934,750 Nine months ended September 30, 2024 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ ( 2,341,549 ) $ 3,135,018 Nine months ended September 30, 2023 Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Sugar futures contracts $ 11,018,654 $ 933,062 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held were $ 12.4 million and $ 14.1 million respectively for the three and nine months ended September 30, 2024 and $ 23.6 million and $ 27.3 million respectively for the three and nine months ended September 30, 2023 . F- 83 Table of Contents Note 6 – Financial Highlights The following table presents per unit performance data and other supplemental financial data for the three and nine months ended September 30, 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, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Per Share Operation Performance Net asset value at beginning of period $ 12.18 $ 12.70 $ 12.44 $ 9.51 Income (loss) from investment operations: Interest income 0.16 0.18 0.49 0.45 Net realized and unrealized gain on commodity futures contracts 0.94 2.00 0.62 5.08 Total expenses, net ( 0.13 ) ( 0.12 ) ( 0.40 ) ( 0.28 ) Net increase in net asset value 0.97 2.06 0.71 5.25 Net asset value at end of period $ 13.15 $ 14.76 $ 13.15 $ 14.76 Total Return 7.93 % 16.20 % 5.70 % 55.11 % Ratios to Average Net Assets (Annualized) Total expenses 4.32 % 3.44 % 4.26 % 3.04 % Total expenses, net 4.32 % 3.44 % 4.26 % 3.04 % Net investment income 0.88 % 1.82 % 0.99 % 1.86 % 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 September 30, 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 noted below: The net assets of the fund increased by $ 4,678,224 , or 32.3 %, for the period September 30, 2024 to November 11, 2024. This was driven by an increase in the shares outstanding by 38.6 % and partially offset by a decrease in the NAV per share of ( 4.5 )%. F-84 Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF ASSETS AND LIABILITIES September 30, 2024 December 31, 2023 (Unaudited) Assets Cash and cash equivalents $ 128,652,135 $ 168,732,086 Interest receivable 109,134 226,748 Other assets 8,855 4,527 Equity in trading accounts: Commodity futures contracts 514,389 2,237,493 Due from broker 14,808,268 17,783,729 Total equity in trading accounts 15,322,657 20,021,222 Total assets 144,092,781 188,984,583 Liabilities Management fee payable to Sponsor 113,132 160,231 Other liabilities 79,050 72,017 Equity in trading accounts: Commodity futures contracts 6,163,429 4,575,666 Total liabilities 6,355,611 4,807,914 Net assets $ 137,737,170 $ 184,176,669 Shares outstanding 26,300,004 30,800,004 Shares authorized * * Net asset value per share $ 5.24 $ 5.98 Market value per share $ 5.24 $ 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. F-85 Table of Contents TEUCRIUM WHEAT FUND SCHEDULE OF INVESTMENTS September 30, 2024 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.700 % $ 9,124,345 $ 9,124,345 6.62 % 9,124,345 Goldman Sachs Financial Square Government Fund - Institutional Class 4.832 % 46,837,984 46,837,984 34.01 46,837,984 Total money market funds $ 55,962,329 $ 55,962,329 40.63 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. November 4, 2024 4.830 % $ 2,486,778 $ 2,488,761 1.81 % 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. October 3, 2024 5.770 % 2,466,258 2,499,215 1.81 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. October 29, 2024 5.460 % 2,475,061 2,489,578 1.81 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. November 21, 2024 5.296 % 4,948,000 4,963,167 3.60 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. November 21, 2024 5.253 % 2,475,275 2,481,725 1.80 2,500,000 CNH Industrial Capital LLC October 31, 2024 5.163 % 2,483,067 2,489,417 1.81 2,500,000 EIDP, Inc. November 15, 2024 5.140 % 2,475,101 2,484,219 1.80 2,500,000 General Motors Financial Company, Inc. November 4, 2024 5.355 % 2,467,188 2,487,604 1.81 2,500,000 General Motors Financial Company, Inc. November 8, 2024 5.206 % 2,471,611 2,486,515 1.81 2,500,000 General Motors Financial Company, Inc. November 21, 2024 5.142 % 7,418,990 7,446,344 5.41 7,500,000 Glencore Funding LLC October 31, 2024 5.234 % 2,474,300 2,489,292 1.81 2,500,000 Glencore Funding LLC December 18, 2024 4.750 % 4,948,760 4,949,408 3.59 5,000,000 Glencore Funding LLC December 20, 2024 4.751 % 7,418,275 7,422,167 5.39 7,500,000 L3Harris Technologies, Inc. October 24, 2024 5.303 % 2,477,568 2,491,678 1.81 2,500,000 VW Credit, Inc. October 15, 2024 5.176 % 4,879,870 4,890,282 3.55 4,900,000 VW Credit, Inc. October 17, 2024 5.104 % 2,490,220 2,494,411 1.81 2,500,000 VW Credit, Inc. October 17, 2024 5.104 % 4,979,741 4,988,822 3.62 5,000,000 Total Commercial Paper $ 61,836,063 $ 62,042,605 45.05 % Total Cash Equivalents $ 118,004,934 85.68 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States wheat futures contracts CBOT wheat futures MAY25 1,344 $ 514,389 0.37 % $ 41,378,400 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States wheat futures contracts CBOT wheat futures MAR25 1,595 $ 387,246 0.28 % $ 48,188,937 CBOT wheat futures DEC25 1,491 5,776,183 4.19 48,122,025 Total commodity futures contracts $ 6,163,429 4.47 % $ 96,310,962 The accompanying notes are an integral part of these financial statements. F- 86 Table of Contents TEUCRIUM WHEAT FUND SCHEDULE OF INVESTMENTS December 31, 2023 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. 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 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount 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 V.F. Corporation January 17, 2024 5.674 % 4,936,679 4,987,645 2.71 5,000,000 V.F. Corporation January 18, 2024 5.606 % 2,473,646 2,493,507 1.35 2,500,000 V.F. Corporation 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 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (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 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States wheat futures contracts CBOT wheat futures DEC24 1,924 $ 4,575,666 2.48 % $ 64,357,800 The accompanying notes are an integral part of these financial statements. F- 87 Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized loss on commodity futures contracts $ ( 10,924,999 ) $ ( 32,283,536 ) $ ( 19,033,933 ) $ ( 72,771,330 ) Net change in unrealized appreciation (depreciation) on commodity futures contracts 9,339,127 166,327 ( 3,310,867 ) 34,604 Interest income 1,765,233 2,538,278 5,906,447 6,660,873 Total income (loss) 179,361 ( 29,578,931 ) ( 16,438,353 ) ( 66,075,853 ) Expenses Management fees 341,047 489,455 1,127,887 1,387,465 Professional fees 178,295 223,818 512,783 474,219 Distribution and marketing fees 545,759 504,760 1,605,264 1,524,159 Custodian fees and expenses 59,093 56,664 147,684 173,789 Business permits and licenses fees 13,642 14,683 40,364 27,831 General and administrative expenses 40,893 24,473 131,456 116,608 Total expenses 1,178,729 1,313,853 3,565,438 3,704,071 Total expenses, net 1,178,729 1,313,853 3,565,438 3,704,071 Net loss $ ( 999,368 ) $ ( 30,892,784 ) $ ( 20,003,791 ) $ ( 69,779,924 ) Net decrease in net asset value per share $ ( 0.05 ) $ ( 0.89 ) $ ( 0.74 ) $ ( 2.42 ) Net loss per weighted average share $ ( 0.04 ) $ ( 1.00 ) $ ( 0.72 ) $ ( 2.53 ) Weighted average shares outstanding 26,707,884 30,905,167 27,659,858 27,538,649 The accompanying notes are an integral part of these financial statements. F-88 Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operations Net loss $ ( 999,368 ) $ ( 30,892,784 ) $ ( 20,003,791 ) $ ( 69,779,924 ) Capital transactions Issuance of Shares 11,619,795 65,816,322 20,087,860 92,347,622 Redemption of Shares ( 9,289,343 ) ( 5,424,385 ) ( 46,523,568 ) ( 57,590,037 ) Total capital transactions 2,330,452 60,391,937 ( 26,435,708 ) 34,757,585 Net change in net assets 1,331,084 29,499,153 ( 46,439,499 ) ( 35,022,339 ) Net assets, beginning of period $ 136,406,086 $ 164,450,547 $ 184,176,669 $ 228,972,039 Net assets, end of period $ 137,737,170 $ 193,949,700 $ 137,737,170 $ 193,949,700 Net asset value per share at beginning of period $ 5.29 $ 6.46 $ 5.98 $ 7.99 Net asset value per share at end of period $ 5.24 $ 5.57 $ 5.24 $ 5.57 Creation of Shares 2,325,000 10,225,000 3,850,000 14,200,000 Redemption of Shares 1,800,000 850,000 8,350,000 8,050,000 The accompanying notes are an integral part of these financial statements. F-89 Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF CASH FLOWS (Unaudited) Nine months ended Nine months ended September 30, 2024 September 30, 2023 Cash flows from operating activities: Net loss $ ( 20,003,791 ) $ ( 69,779,924 ) Adjustments to reconcile net loss to net cash used in operating activities: Net change in unrealized depreciation (appreciation) on commodity futures contracts 3,310,867 ( 34,604 ) Changes in operating assets and liabilities: Due from broker 2,975,461 14,050,040 Interest receivable 117,614 ( 194,165 ) Other assets ( 4,328 ) 2,690 Management fee payable to Sponsor ( 47,099 ) ( 43,245 ) Other liabilities 7,033 36,367 Net cash used in operating activities ( 13,644,243 ) ( 55,962,841 ) Cash flows from financing activities: Proceeds from sale of Shares 20,087,860 92,347,622 Redemption of Shares ( 46,523,568 ) ( 63,578,862 ) Net cash (used in) provided by financing activities ( 26,435,708 ) 28,768,760 Net change in cash and cash equivalents ( 40,079,951 ) ( 27,194,081 ) Cash and cash equivalents, beginning of period 168,732,086 209,730,825 Cash and cash equivalents, end of period $ 128,652,135 $ 182,536,744 The accompanying notes are an integral part of these financial statements. F-90 Table of Contents NOTES TO FINANCIAL STATEMENTS September 30, 2024 (Unaudited) Note 1 – Organization and Operation Teucrium Wheat Fund (referred to herein as “WEAT” or the “Fund”) is a commodity pool that is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust formed on September 11, 2009. The Fund issues common units, called the “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through Foreside Fund Services, LLC, which is the marketing agent for the Fund (the “Marketing Agent”). Authorized Purchasers sell such Shares, which are listed on the New York Stock Exchange (“NYSE”) Arca under the symbol “WEAT,” to the public at per-Share offering prices that reflect, among other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the markets for wheat interests. The Fund’s Shares trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share. The investment objective of WEAT is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the wheat market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for wheat (“Wheat Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): WEAT Benchmark CBOT Wheat Futures Contract Weighting Second to expire 35 % Third to expire 30 % December following the third to expire 35 % The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31. The Fund’s sponsor is Teucrium Trading, LLC (the “Sponsor”). The Sponsor is responsible for the management of the Fund. The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). On June 13, 2011, the Fund’s initial registration of 10,000,000 shares on Form S1 was declared effective by the SEC. On September 19, 2011, the Fund listed its shares on the NYSE Arca under the ticker symbol “WEAT.” On the business day prior to that, the Fund issued 100,000 shares in exchange for $ 2,500,000 at the Fund’s initial NAV of $ 25 per share. The Fund also commenced investment operations on September 19, 2011 by purchasing commodity futures contracts traded on the CBOT. On December 31, 2010, the Fund had four shares outstanding, which were owned by the Sponsor. The current registration statement for WEAT was declared effective on March 9, 2022. This registration statement for WEAT registered an indeterminate number of shares. The accompanying unaudited financial statements have been prepared in accordance with Rule 10 - 01 of Regulation S- X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10 -K, as well as the most recent Form S- 1 filing, as applicable. The operating results for the three and nine months ended September 30, 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. Bank N.A. 0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as custodian fees and expenses on the statements of operations. A summary of these expenses is included below. F- 91 Table of Contents The Sponsor employs PINE Distributors, LLC (“PINE” or the “Marketing Agent”) as the Marketing Agent for the Funds. The Distribution Services Agreement among the Marketing Agent and the Sponsor calls for the Marketing Agent 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 Marketing Agent 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 Marketing Agent, under Financial Industry Regulatory Authority (“FINRA”) rules. For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of each Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Funds, along with certain expense reimbursements. For its services under the SASA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 administration program fee. 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 FCMs 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 September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Amount Recognized for Custody Services $ 59,093 $ 56,664 $ 147,684 $ 173,789 Amount of Custody Services Waived $ - $ - $ - $ - Amount Recognized for Distribution Services $ 12,470 $ 17,900 $ 53,158 $ 58,623 Amount of Distribution Services Waived $ - $ - $ - $ - Amount Recognized for Wilmington Trust $ - $ 1,720 $ - $ 1,720 Amount of Wilmington Trust Waived $ - $ - $ - $ - F- 92 Table of Contents Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. Revenue Recognition Commodity futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statements of operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents with financial institutions are recognized on 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 and nine months ended September 30, 2024 and 2023 . WEAT Three months ended September 30, 2024 $ 26,622 Three months ended September 30, 2023 $ 40,896 Nine months ended September 30, 2024 $ 62,986 Nine months ended September 30, 2023 $ 85,354 F- 93 Table of Contents Income Taxes For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 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 September 30, 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, 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. F- 94 Table of Contents Creations and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 25,000 shares from the Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m.(ET) on the day the order to create the basket is properly received. Authorized Purchasers may redeem shares from the Fund only in blocks of 25,000 shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem the basket is properly received. The Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the Fund’s statements of assets and liabilities as capital shares receivable. Amounts payable to Authorized Purchasers upon redemption are reflected in the Fund’s statements of assets and liabilities as payable for shares redeemed. As outlined in the most recent Form S- 1 filing, 50,000 shares represent two Redemption Baskets for the Fund and a minimum level of shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. Allocation of Shareholder Income and Losses Profit or loss is allocated among the shareholders of the Fund in proportion to the number of shares each shareholder holds as of the close of each month. Cash and Cash Equivalents Cash equivalents are highly liquid investments with maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities. The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which is classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. September 30, 2024 December 31, 2023 Money Market Funds $ 55,962,329 $ 80,816,091 Demand Deposit Savings Accounts 10,647,201 10,232,690 Commercial Paper 62,042,605 77,683,305 Total cash and cash equivalents as presented on the Statements of Assets and Liabilities $ 128,652,135 $ 168,732,086 F- 95 Table of Contents Payable for Purchases of Commercial Paper The amount recorded by the Fund for commercial paper transactions awaiting settlement, represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Calculation of Net Asset Value The Fund’s NAV is calculated by: • Taking the current market value of its total assets and • Subtracting any liabilities. F- 96 Table of Contents The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). In determining the value of Wheat Futures Contracts, the administrator uses the CBOT closing price. The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m. (ET). The value of over-the-counter wheat interests is determined based on the value of the commodity or futures contract underlying such wheat interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit risk relating to the counterparty to such wheat 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 Marketing Agent, 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 September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Recognized Related Party Transactions $ 281,324 $ 288,121 $ 1,072,245 $ 983,183 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 and nine months ended September 30, 2024 and 2023. F- 97 Table of Contents Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. F- 98 Table of Contents Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports. On September 30, 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 and nine months ended September 30, 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 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. F- 99 Table of Contents Note 4 – Fair Value Measurements The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2024 and December 31, 2023 : September 30, 2024 Balance as of Assets: Level 1 Level 2 Level 3 September 30, 2024 Cash Equivalents $ 118,004,934 $ - $ - $ 118,004,934 Commodity Futures Contracts Wheat futures contracts 514,389 - - 514,389 Total $ 118,519,323 $ - $ - $ 118,519,323 Balance as of Liabilities Level 1 Level 2 Level 3 September 30, 2024 Commodity Futures Contracts Wheat futures contracts $ 6,163,429 $ - $ - $ 6,163,429 December 31, 2023 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2023 Cash Equivalents $ 158,499,396 $ - $ - $ 158,499,396 Commodity Futures Contracts Wheat futures contracts 2,237,493 - - 2,237,493 Total $ 160,736,889 $ - $ - $ 160,736,889 Balance as of Liabilities Level 1 Level 2 Level 3 December 31, 2023 Commodity Futures Contracts Wheat futures contracts $ 4,575,666 $ - $ - $ 4,575,666 For the three and nine months ended September 30, 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 and nine months ended September 30, 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. F- 100 Table of Contents 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 September 30, 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, 2024 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Wheat futures contracts $ 514,389 $ - $ 514,389 $ 514,389 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2024 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Wheat futures contracts $ 6,163,429 $ - $ 6,163,429 $ 514,389 $ 5,649,040 $ - F- 101 Table of Contents Offsetting of Financial Assets and Derivative Assets as of December 31, 2023 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Wheat futures contracts $ 2,237,493 $ - $ 2,237,493 $ 2,237,493 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2023 (i) (ii) (iii) = (i)-(ii) (iv) (v)=(iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price 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 September 30, 2024 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ ( 10,924,999 ) $ 9,339,127 Three months ended September 30, 2023 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ ( 32,283,536 ) $ 166,327 Nine months ended September 30, 2024 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ ( 19,033,933 ) $ ( 3,310,867 ) Nine months ended September 30, 2023 Realized Loss on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Commodity Price Wheat futures contracts $ ( 72,771,330 ) $ 34,604 F- 102 Table of Contents Volume of Derivative Activities The average notional market value categorized by primary underlying risk for all futures contracts held was $ 136.1 million and $ 150.0 million respectively for the three and nine months ended September 30, 2024 and $ 196.1 million and $ 180.5 million respectively for the three and nine months ended September 30, 2023 . 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, 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, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Per Share Operation Performance Net asset value at beginning of period $ 5.29 $ 6.46 $ 5.98 $ 7.99 Income (loss) from investment operations: Interest income 0.07 0.08 0.22 0.23 Net realized and unrealized loss on commodity futures contracts ( 0.08 ) ( 0.93 ) ( 0.83 ) ( 2.52 ) Total expenses, net ( 0.04 ) ( 0.04 ) ( 0.13 ) ( 0.13 ) Net decrease in net asset value ( 0.05 ) ( 0.89 ) ( 0.74 ) ( 2.42 ) Net asset value at end of period $ 5.24 $ 5.57 $ 5.24 $ 5.57 Total Return - 1.04 % - 13.81 % - 12.42 % - 30.25 % Ratios to Average Net Assets (Annualized) Total expenses 3.46 % 2.68 % 3.16 % 2.67 % Total expenses, net 3.46 % 2.68 % 3.16 % 2.67 % Net investment income 1.72 % 2.50 % 2.08 % 2.13 % 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 September 30, 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. F-103 Table of Contents TEUCRIUM AGRICULTURAL FUND STATEMENTS OF ASSETS AND LIABILITIES September 30, 2024 December 31, 2023 (Unaudited) Assets Cash equivalents $ 10,508 $ 11,208 Interest receivable 43 55 Other assets 1,668 - Equity in trading accounts: Investments in securities, at fair value (cost $ 13,494,437 and $ 19,469,359 as of September 30, 2024 and December 31, 2023, respectively) 11,751,695 18,401,900 Total assets 11,763,914 18,413,163 Liabilities Other liabilities 2,469 4,037 Net assets $ 11,761,445 $ 18,409,126 Shares outstanding 437,502 625,002 Shares authorized * * Net asset value per share $ 26.88 $ 29.45 Market value per share $ 26.90 $ 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. F-104 Table of Contents TEUCRIUM AGRICULTURAL FUND SCHEDULE OF INVESTMENTS September 30, 2024 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Exchange-traded funds Teucrium Corn Fund $ 2,945,045 25.04 % 159,401 Teucrium Soybean Fund 2,964,805 25.21 128,582 Teucrium Sugar Fund 2,897,952 24.64 220,400 Teucrium Wheat Fund 2,943,893 25.03 562,112 Total exchange-traded funds $ 13,494,437 $ 11,751,695 99.92 % Cash equivalents Money market funds U.S. Bank Deposit Account 4.700 % $ 10,508 $ 10,508 0.09 % 10,508 The accompanying notes are an integral part of these financial statements. F- 105 Table of Contents TEUCRIUM AGRICULTURAL FUND SCHEDULE OF INVESTMENTS December 31, 2023 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Exchange-traded funds Teucrium Corn Fund $ 4,567,949 24.81 % 211,348 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 U.S. Bank Deposit Account 5.270 % $ 11,208 $ 11,208 0.06 % 11,208 The accompanying notes are an integral part of these financial statements. F- 106 Table of Contents TEUCRIUM AGRICULTURAL FUND STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Income Realized and unrealized gain (loss) on trading of securities: Realized (loss) gain on securities $ ( 277,309 ) $ 27,457 $ ( 891,882 ) $ 183,856 Net change in unrealized appreciation (depreciation) on securities 375,396 5,075 ( 675,283 ) ( 1,012,507 ) Interest income 133 149 386 421 Total income (loss) 98,220 32,681 ( 1,566,779 ) ( 828,230 ) Expenses Professional fees 6,697 34,565 54,162 186,614 Distribution and marketing fees 30,933 40,140 106,156 142,674 Custodian fees and expenses 3,772 3,942 10,838 19,341 Business permits and licenses fees - 1,805 11,672 12,240 General and administrative expenses 1,808 2,248 9,153 15,124 Other expenses 7 8 95 8 Total expenses 43,217 82,708 192,076 376,001 Expenses waived by the Sponsor ( 40,557 ) ( 77,482 ) ( 182,476 ) ( 355,731 ) Total expenses, net 2,660 5,226 9,600 20,270 Net income (loss) $ 95,560 $ 27,455 $ ( 1,576,379 ) $ ( 848,500 ) Net increase (decrease) in net asset value per share $ 0.39 $ 0.00 $ ( 2.57 ) $ ( 1.02 ) Net increase (loss) per weighted average share $ 0.21 $ 0.04 $ ( 3.03 ) $ ( 0.87 ) Weighted average shares outstanding 460,056 739,540 520,805 972,896 The accompanying notes are an integral part of these financial statements. F-107 Table of Contents TEUCRIUM AGRICULTURAL FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended Nine months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operations Net income (loss) $ 95,560 $ 27,455 $ ( 1,576,379 ) $ ( 848,500 ) Capital transactions Redemption of Shares ( 1,908,854 ) ( 1,927,396 ) ( 5,071,302 ) ( 16,739,970 ) Total capital transactions ( 1,908,854 ) ( 1,927,396 ) ( 5,071,302 ) ( 16,739,970 ) Net change in net assets ( 1,813,294 ) ( 1,899,941 ) ( 6,647,681 ) ( 17,588,470 ) Net assets, beginning of period $ 13,574,739 $ 23,886,716 $ 18,409,126 $ 39,575,245 Net assets, end of period $ 11,761,445 $ 21,986,775 $ 11,761,445 $ 21,986,775 Net asset value per share at beginning of period $ 26.49 $ 30.33 $ 29.45 $ 31.35 Net asset value per share at end of period $ 26.88 $ 30.33 $ 26.88 $ 30.33 Creation of Shares - - - - Redemption of Shares 75,000 62,500 187,500 537,500 The accompanying notes are an integral part of these financial statements. F-108 Table of Contents TEUCRIUM AGRICULTURAL FUND STATEMENTS OF CASH FLOWS (Unaudited) Nine months ended Nine months ended September 30, 2024 September 30, 2023 Cash flows from operating activities: Net income (loss) $ ( 1,576,379 ) $ ( 848,500 ) Adjustments to reconcile net loss to net cash provided by operating activities: Net change in unrealized depreciation on securities 675,283 1,012,507 Changes in operating assets and liabilities: Net sale of investments in securities 5,974,922 16,584,284 Interest receivable 12 ( 16 ) Other assets ( 1,668 ) ( 1,768 ) Other liabilities ( 1,568 ) ( 1,094 ) Net cash provided by operating activities 5,070,602 16,745,413 Cash flows from financing activities: Redemption of Shares ( 5,071,302 ) ( 16,739,970 ) Net cash used in financing activities ( 5,071,302 ) ( 16,739,970 ) Net change in cash equivalents ( 700 ) 5,443 Cash equivalents, beginning of period 11,208 4,716 Cash equivalents, end of period $ 10,508 $ 10,159 The accompanying notes are an integral part of these financial statements. F-109 Table of Contents NOTES TO FINANCIAL STATEMENTS September 30, 2024 (Unaudited) 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 Weighting CORN 25 % SOYB 25 % CANE 25 % WEAT 25 % 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 %. F- 110 Table of Contents 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 and nine months ended September 30, 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. Bank N.A. 0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges. For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually. A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund. These services are recorded as custodian fees and expenses on the statements of operations. A summary of these expenses is included below. F- 111 Table of Contents The Sponsor employs PINE Distributors, LLC (“PINE” or the “Marketing Agent”) as the Marketing Agent for the Funds. The Distribution Services Agreement among the Marketing Agent and the Sponsor calls for the Marketing Agent 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 Marketing Agent 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 Marketing Agent, under Financial Industry Regulatory Authority (“FINRA”) rules. For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of each Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Funds, along with certain expense reimbursements. For its services under the SASA, PINE receives a fee of $ 3,500 per registered representative and $ 7,500 administration program fee. 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 FCMs 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 September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Amount Recognized for Custody Services $ 3,772 $ 3,942 $ 10,838 $ 19,341 Amount of Custody Services Waived $ 3,772 $ 2,750 $ 10,838 $ 18,149 Amount Recognized for Distribution Services $ 837 $ 1,619 $ 3,760 $ 6,271 Amount of Distribution Services Waived $ 837 $ 1,619 $ 3,760 $ 6,271 Amount Recognized for Wilmington Trust $ - $ 145 $ - $ 145 Amount of Wilmington Trust Waived $ - $ 145 $ - $ 145 F- 112 Table of Contents Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification. Revenue Recognition 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. Income Taxes For federal income tax purposes, the Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. The Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. The Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 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 September 30, 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. F- 113 Table of Contents The Fund recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three and nine months ended September 30, 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. F- 114 Table of Contents 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 $ 10,508 and $ 11,208 in money market funds at September 30, 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. The management of the Fund monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. 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, will calculate the NAV of the Fund once each trading day. It will calculate the NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET). The NAV for a particular trading day will be released after 4:15 p.m. (ET). For purposes of determining the Fund’s NAV, the Fund’s investments in the Underlying Funds will be valued based on the Underlying Funds’ NAVs. In turn, in determining the value of the Futures Contracts held by the Underlying Funds, the Administrator will use the closing price on the exchange on which they are traded. The Administrator will determine the value of all other Funds and Underlying Fund investments as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET), in accordance with the current Services Agreement between the Administrator and the Trust. The value of over-the-counter Commodity Interests will be determined based on the value of the commodity or Futures Contract underlying such Commodity Interest, except that a fair value may be determined if the Sponsor believes that the Underlying Fund is subject to significant credit risk relating to the counterparty to such Commodity Interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV of an Underlying Fund where necessary to reflect the “fair value” of a Futures Contract held by an Underlying Fund when a Futures Contract held by the Underlying Fund closes at its price fluctuation limit for the day. Short term Treasury Securities held by the Fund or Underlying Funds will be valued by the Administrator using values received from recognized third -party vendors (such as Reuters) and dealer quotes. NAV will include any unrealized profit or loss on open Commodity Interests and any other credit or debit 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. The Sponsor does not receive a management fee from the Fund. The Sponsor receives a management fee from each Underlying Fund at the annual rate of 1.00 % of such Underlying Fund’s average daily net assets, payable monthly. The Sponsor can elect to waive the payment of this fee for any Underlying Fund in any amount at its sole discretion, at any time and from time to time, in order to reduce the Fund’s expenses or for any other purpose. F- 115 Table of Contents The Fund generally pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. 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 Marketing Agent, 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 on the statements of operations. All asset-based fees and expenses for the Funds are calculated on the prior day’s net assets. Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Recognized Related Party Transactions $ 18,684 $ 26,482 $ 74,590 $ 105,812 Waived Related Party Transactions $ 18,684 $ 1,347 $ 47,589 $ 70,069 The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. The Sponsor has determined that there will be no recovery sought for the amounts below in any future period: TAGS Three months ended September 30, 2024 $ 40,557 Three months ended September 30, 2023 $ 77,482 Nine months ended September 30, 2024 $ 182,476 Nine months ended September 30, 2023 $ 355,731 Expenses Expenses are recorded using the accrual method of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. F- 116 Table of Contents 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. F- 117 Table of Contents Fair Value - Definition and Hierarchy In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments of the Underlying Funds and securities of the Fund, together the “financial instruments”. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. F- 118 Table of Contents On September 30, 2024 and December 31, 2023 , the reported value at the close of the market for each commodity futures contract of the Underlying Funds fairly reflected the value of the futures and no alternative valuations were required. 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. 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, 2024 and December 31, 2023 : September 30, 2024 Balance as of Assets: Level 1 Level 2 Level 3 September 30, 2024 Exchange Traded Funds $ 11,751,695 $ - $ - $ 11,751,695 Cash Equivalents 10,508 - - 10,508 Total $ 11,762,203 $ - $ - $ 11,762,203 December 31, 2023 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2023 Exchange Traded Funds $ 18,401,900 $ - $ - $ 18,401,900 Cash Equivalents 11,208 - - 11,208 Total $ 18,413,108 $ - $ - $ 18,413,108 For the three and nine months ended September 30, 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. F- 119 Table of Contents Note 5 – Financial Highlights The following table presents per unit performance data and other supplemental financial data for the three and nine months ended September 30, 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, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Per Share Operation Performance Net asset value at beginning of period $ 26.49 $ 30.33 $ 29.45 $ 31.35 Income (loss) from investment operations: Net realized and unrealized gain (loss) on investment transactions 0.40 0.00 ( 2.55 ) ( 1.00 ) Total expenses, net ( 0.01 ) 0.00 ( 0.02 ) ( 0.02 ) Net increase (decrease) in net asset value 0.39 - ( 2.57 ) ( 1.02 ) Net asset value at end of period $ 26.88 $ 30.33 $ 26.88 $ 30.33 Total Return 1.50 % - 0.02 % - 8.73 % - 3.25 % Ratios to Average Net Assets (Annualized) Total expenses 1.46 % 1.42 % 1.80 % 1.67 % Total expenses, net 0.09 % 0.09 % 0.09 % 0.09 % Net investment loss - 0.09 % - 0.09 % - 0.09 % - 0.09 % The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. Note 6 – 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 7 – Subsequent Events Management has evaluated the financial statements for the quarter-ended September 30, 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. F-120 Table of Contents Item 2. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations. This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report (the “ Report ” ). The discussion and analysis which follows may contain trend analysis and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 which reflect our current views with respect to future events and financial results. Words such as “ anticipate, ” “ expect, ” “ intend, ” “ plan, ” “ believe, ” “ seek, ” “ outlook ” and “ estimate, ” as well as similar words and phrases, signify forward-looking statements. Teucrium Commodity Trust ’ s (the “ Trust ’ s ” ) forward-looking statements are not a guarantee of future results and conditions, and important factors, risks and uncertainties may cause our actual results to differ materially from those expressed in our forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, Teucrium Trading, LLC (the “ Sponsor ” ) undertakes no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report. Overview/Introduction Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund (collectively, “the Agricultural Funds”). All of the series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Each Fund is a commodity pool that is a series of the Trust. The Funds issue common units, called the “Shares,” representing fractional undivided beneficial interests in a Fund. Effective as of April 26, 2019, the Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”). On June 7, 2010, the initial Form S-1 for CORN was declared effective by the U.S. Securities and Exchange Commission (“SEC”). On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 shares and $5,000,000. CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010. The current registration statement for CORN was declared effective by the SEC on April 7, 2022. This registration statement for CORN registered an indeterminate number of shares. On June 13, 2011, the initial Forms S-1 for CANE, SOYB, and WEAT were declared effective by the SEC. On September 16, 2011, two Creation Baskets were issued for each Fund, representing 100,000 shares and $2,500,000, for CANE, SOYB, and WEAT. On September 19, 2011, CANE, SOYB, and WEAT started trading on the NYSE Arca. The current registration statements for SOYB and CANE were declared effective by the SEC on April 7, 2022. The registration statements for SOYB and CANE registered an indeterminate number of shares each. The current registration statement for WEAT was declared effective on March 9, 2022. This registration statement for WEAT registered an indeterminate number of shares. On February 10, 2012, the Form S-1 for TAGS was declared effective by the SEC. On March 27, 2012, six Creation Baskets for TAGS were issued representing 300,000 shares and $15,000,000. TAGS began trading on the NYSE Arca on March 28, 2012. The current registration statement for TAGS was declared effective by the SEC on April 7, 2022. This registration statement for TAGS registered an indeterminate number of shares. As reported by the registrant on a Form 8-K filed with the Securities and Exchange Commission on November 7, 2023 (File No. 001-34765), Teucrium Commodity Trust (the “Teucrium Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquired Fund”), and Tidal Commodities Trust I (“Acquiring Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquiring Fund”), entered into an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 (the “Plan of Merger”). The Merger closed on January 3, 2024 (the “Closing Date”). Pursuant to the Plan of Merger, each Acquired Fund shareholder received one share of the Acquiring Fund for every one share of the Acquired Fund held on the Closing Date based on the net asset value per share of the Acquiring Fund being equal to the net asset value per share of the Acquired Fund determined immediately prior to the Merger closing. Upon the Merger closing, the Acquiring Fund acquired all the assets of the Acquired Fund and assumed all the liabilities of the Acquired Fund. Upon the Merger closing, the Plan of Merger caused all of the Acquired Fund’s shares to be cancelled and the Acquired Fund to be liquidated. The sponsor of the Teucrium Trust, Teucrium Trading, LLC (“Teucrium”), is not receiving any compensation dependent on the consummation of the Merger. Pursuant to a certain Amended and Restated ‘33 Act Fund Platform Support Agreement, as amended (the “Support Agreement”) among Tidal Investments LLC (f/k/a Toroso Investments, LLC) (“Tidal”), Tidal ETF Services, LLC, Hashdex Asset Management Ltd., and Teucrium, Tidal has agreed to provide Teucrium after the Merger with a monthly amount equal to the greater of seven percent (7%) of the management fee paid to Tidal from the Acquiring Fund and 0.04% of monthly average net assets of the Acquiring Fund (“Teucrium Compensation”). Any payment of the Teucrium Compensation will be made from the resources of Tidal and not from the assets of the Acquiring Fund. 4 Table of Contents The occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on an Agricultural Fund and its investments and alter current assumptions and expectations. For example, in late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west. The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in the price of agricultural commodities, agricultural futures, and the share price of an Agricultural Funds. The types of events discussed above, including the contagion of the COVID-19 virus and other infectious viruses or diseases, as well as any attendant climate of uncertainty and panic, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Funds may have difficulty achieving their investment objectives, which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds’ Sponsor and third-party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors could cause substantial market volatility, exchange trading suspensions and closures that could impact the ability of the Funds to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, resulting in losses to your investment. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses. 5 Table of Contents The Investment Objective of the Funds The investment objective of CORN is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the corn market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): CORN Benchmark CBOT Corn Futures Contract Weighting Second to expire 35 % Third to expire 30 % December following the third to expire 35 % The investment objective of SOYB is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the soybean market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for soybeans (“Soybean Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): SOYB Benchmark CBOT Soybean Futures Contract Weighting Second to expire (excluding August & September) 35 % Third to expire (excluding August & September) 30 % Expiring in the November following the expiration of the third to expire contract 35 % The investment objective of CANE is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the sugar market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for No. 11 sugar (“Sugar Futures Contracts”) that are traded on the ICE Futures US (“ICE”): CANE Benchmark ICE Sugar Futures Contract Weighting Second to expire 35 % Third to expire 30 % Expiring in the March following the expiration of the third to expire contract 35 % The investment objective of WEAT is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the wheat market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for wheat (“Wheat Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): WEAT Benchmark CBOT Wheat Futures Contract Weighting Second to expire 35 % Third to expire 30 % December following the third to expire 35 % The investment objective of TAGS is to provide daily investment results that reflect the combined daily performance of four other commodity pools, specifically CORN, SOYB, CANE and WEAT (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 Underlying Funds are rebalanced, generally on a daily basis, in order to maintain approximately a 25% allocation of the Fund’s assets to each Underlying Fund: TAGS Benchmark Underlying Fund Weighting CORN 25 % SOYB 25 % CANE 25 % WEAT 25 % 6 Table of Contents The notional amount of each Benchmark Component Futures Contract included in each Benchmark is intended to reflect the changes in market value of each such Benchmark Component Futures Contract within the Benchmark. The closing level of each Benchmark is calculated on each business day by U.S. Bank Global Fund Services (“Global Fund Services”) based on the closing price of the futures contracts for each of the underlying Benchmark Component Futures Contracts and the notional amounts of such Benchmark Component Futures Contracts. Each Benchmark is rebalanced periodically to ensure that each of the Benchmark Component Futures Contracts is weighted in the same proportion as in the investment objective for each Fund. The following tables reflect the September 30, 2024, Benchmark Component Futures Contracts weights for each of the Funds, the contract held is identified by the generally accepted nomenclature of contract month and year, which may differ from the month in which the contract expires: CORN Benchmark Component Futures Contracts Notional Value Weight (%) CBOT Corn Futures (1,007 contracts, MAR25) $ 22,216,938 35 % CBOT Corn Futures (845 contracts, MAY25) 19,044,188 30 CBOT Corn Futures (970 contracts, DEC25) 22,019,000 35 Total at September 30, 2024 $ 63,280,126 100 % SOYB Benchmark Component Futures Contracts Notional Value Weight (%) CBOT Soybean Futures (207 contracts, JAN25) $ 11,128,838 35 % CBOT Soybean Futures (175 contracts, MAR5) 9,524,375 30 CBOT Soybean Futures (202 contracts, NOV25) 11,056,975 35 Total at September 30, 2024 $ 31,710,188 100 % CANE Benchmark Component Futures Contracts Notional Value Weight (%) ICE Sugar Futures (215 contracts, MAY25) $ 5,068,840 35 % ICE Sugar Futures (193 contracts, JUL25) 4,349,139 30 ICE Sugar Futures (226 contracts, MAR26) 5,047,213 35 Total at September 30, 2024 $ 14,465,192 100 % WEAT Benchmark Component Futures Contracts Notional Value Weight (%) CBOT Wheat Futures (1,595 contracts, MAR25) $ 48,188,937 35 % CBOT Wheat Futures (1,344 contracts, MAY25) 41,378,400 30 CBOT Wheat Futures (1,491 contracts, DEC25) 48,122,025 35 Total at September 30, 2024 $ 137,689,362 100 % TAGS Benchmark Component Futures Contracts Fair Value Weight (%) Shares of Teucrium Corn Fund (159,401 shares) $ 2,945,045 25 % Shares of Teucrium Soybean Fund (128,582 shares) 2,964,805 25 Shares of Teucrium Wheat Fund (562,112 shares) 2,943,893 25 Shares of Teucrium Sugar Fund (220,400 shares) 2,897,952 25 Total at September 30, 2024 $ 11,751,695 100 % 7 Table of Contents The price relationship between the near month Futures Contract to expire and the Benchmark Component Futures Contracts will vary and may impact both the total return of each Fund over time and the degree to which such total return tracks the total return of the price indices related to the commodity of each Fund. In cases in which the near month contract’s price is lower than later expiring contracts’ prices (a situation known as “contango” in the futures markets), then absent the impact of the overall movement in commodity prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration. In cases in which the near month contract’s price is higher than later expiring contracts’ prices (a situation known as “backwardation” in the futures markets), then absent the impact of the overall movement in a Fund’s prices the value of the Benchmark Component Futures Contracts would tend to rise as they approach expiration, all other things being equal. The total portfolio composition for each Fund is disclosed each business day that the NYSE Arca is open for trading on the Sponsor’s website. The website for the Agricultural Funds and the Sponsor is www.teucrium.com. The website(s) are accessible at no charge. The website disclosure of portfolio holdings is made daily and includes, as applicable, the name and value of each Futures Contract, other commodity or cryptocurrency interests and the amount of cash and cash equivalents held in the Fund’s portfolio. The specific types of other commodity interests held (if any, which may include options on futures contracts and derivative contracts such as swaps) collectively, “Other Commodity Interests,” and together with Futures Contracts, “Commodity Interests” or “Interests” in addition to futures contracts, options on futures contracts and derivative contracts that are tied to various commodities are entered into outside of public exchanges. These “over the counter” contracts are entered into between two parties in private contracts, or on a recently formed swap execution facility (“SEF”) for standardized swaps. For example, unlike Futures Contracts, which are guaranteed by a clearing organization, each party to an over the counter derivative contract bears the credit risk of the other party (unless such over the counter swap is cleared through a derivatives clearing organization (“DCO”), i.e., the risk that the other party will not be able to perform its obligations under its contract, and characteristics of such Other Commodity Interests. Consistent with achieving a Fund’s investment objective of closely tracking the Benchmark, the Sponsor may for certain reasons cause a Fund to enter into or hold Futures Contracts other than the Benchmark Component Futures Contracts and/or Other Commodity or Cryptocurrency Interests. Other Commodity or Cryptocurrency Interests that do not have standardized terms and are not exchange traded, referred to as “over the counter” Commodity or Cryptocurrency Interests, can generally be structured as the parties to the Commodity or Cryptocurrency Interest contract desire. Therefore, each Fund might enter into multiple and/or over the counter Interests intended to replicate the performance of each of the Benchmark Component Futures Contracts for a Fund, or a single over the counter Interest designed to replicate the performance of the Benchmark as a whole. Assuming that there is no default by a counterparty to an over the counter Interest, the performance of the Interest will necessarily correlate with the performance of the Benchmark or the applicable Benchmark Component Futures Contract. Each Fund might also enter into or hold Interests other than Benchmark Component Futures Contracts to facilitate effective trading, consistent with the discussion of the Fund’s “roll” strategy. In addition, each Fund might enter into or hold Interests that would be expected to alleviate overall deviation between the Fund’s performance and that of the Benchmark that may result from certain market and trading inefficiencies or other reasons. By utilizing certain or all of the investments described above, the Sponsor will endeavor to cause the Fund’s performance to closely track that of the Benchmark of each Fund. 8 Table of Contents An “exchange for related position” (“EFRP”) can be used by each Agricultural Fund as a technique to facilitate the exchanging of a futures hedge position against a creation or redemption order, and thus each Fund may use an EFRP transaction in connection with the creation and redemption of shares. The market specialist/market maker that is the ultimate purchaser or seller of shares in connection with the creation or redemption basket, respectively, agrees to sell or purchase a corresponding offsetting futures position which is then settled on the same business day as a cleared futures transaction by the FCMs. The Fund will become subject to the credit risk of the market specialist/market maker until the EFRP is settled within the business day, which is typically 7 hours or less. Each Fund reports all activity related to EFRP transactions under the procedures and guidelines of the CFTC and the exchanges on which the futures are traded. The Funds seek to earn interest and other income (“interest income”) from cash equivalents that it purchases and, on the cash it holds through the Custodian or other financial institutions. The Sponsor anticipates that the interest income will increase the NAV of each Fund. The Funds apply the interest income to the acquisition of additional investments or use it to pay its expenses. If the Fund reinvests the earned interest income, it makes investments that are consistent with its investment objectives as disclosed. Any cash equivalent invested by a Fund will have original maturity dates of three and nine months or less at inception. Any cash equivalent invested by a Fund will be deemed by the Sponsor to be of investment grade quality. As of September 30, 2024, available cash balances in each of the Funds were invested in the U.S. Bank Demand Deposit Account, Goldman Sachs Financial Square Government Fund, and in commercial paper with maturities of ninety days or less. Additionally, the CORN, SOYB, CANE, and WEAT may invest a portion of the amount of funds required to be deposited with the FCM as initial margin in U.S. Treasury obligations with time to maturity of 90 days or less. The obligations are purchased and held in the respective Fund accounts through the FCM. In managing the assets of the Funds, the Sponsor does not use a technical trading system that automatically issues buy and sell orders. Instead, the Sponsor will purchase or sell the specific underlying Commodity or Cryptocurrency Interests with an aggregate market value that approximates the amount of cash received or paid upon the purchase or redemption of Shares. The Sponsor anticipates managing each Fund in a way that tracks the stated benchmark. The Agricultural Funds’ benchmarks do not hold spot futures and therefore do not anticipate letting the commodity Futures Contracts of any Fund expire, thus avoiding delivery of the underlying commodity. instead, the Sponsor will close out existing positions, for instance, in response to ordinary scheduled changes in the Benchmark or, if at the Sponsor’s sole discretion, it otherwise determines it would be appropriate to do so, will reinvest the proceeds in new Commodity or Cryptocurrency Interests. Positions may also be closed out to meet redemption orders, in which case the proceeds from closing the positions are not reinvested. The Sponsor employs a “neutral” investment strategy intended to track the changes in the Benchmark of each Fund regardless of whether the Benchmark goes up or goes down. The Fund’s “neutral” investment strategy is designed to permit investors generally to purchase and sell the Fund’s Shares for the purpose of investing indirectly in the commodity specific market in a cost-effective manner. Such investors may include participants in the specific industry and other industries seeking to hedge the risk of losses in their commodity specific related transactions, as well as investors seeking exposure to that commodity market. Accordingly, depending on the investment objective of an individual investor, the risks generally associated with investing in the commodity or cryptocurrency specific market and/or the risks involved in hedging may exist. In addition, an investment in a Fund involves the risk that the changes in the price of the Fund’s Shares will not accurately track the changes in the Benchmark, and that changes in the Benchmark will not closely correlate with changes in the price of the commodity or cryptocurrency on the spot market. The Sponsor does not intend to operate each Fund in a fashion such that its per share NAV equals, in dollar terms, the spot price of the commodity or the price of any particular commodity or cryptocurrency specific Futures Contract. The Sponsor Teucrium Trading, LLC is the sponsor of the Trust and each of the series of the Trust. The Sponsor is a Delaware limited liability company, formed on July 28, 2009. The principal office is located at Three Main Street, Suite 215, Burlington, Vermont 05401. 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”). Teucrium Investment Advisors, LLC, a wholly owned subsidiary of Teucrium Trading, LLC, is a Delaware limited liability company, which was formed on January 4, 2022. Teucrium Investment Advisors, LLC is a U.S. SEC registered investment advisor. Teucrium Investment Advisors, LLC was registered with the CFTC as a CPO on May 2, 2022, a CTA on May 2, 2022, and a Swap Firm on May 9, 2022. Teucrium Investment Advisors, LLC became a member of the NFA on May 9, 2022. Teucrium became a listed principal of Teucrium Investment Advisors, LLC on May 20, 2022. Effective July 2, 2023, ConvexityShares LLC ("ConvexityShares") resigned from its position as sponsor of the ConvexityShares Trust (the “ConvexityShares Trust”) and Teucrium Trading, LLC was appointed concurrently as the new sponsor of the ConvexityShares Trust. The ConvexityShares Trust filed a current report on Form 8-K on July 3, 2023, describing the transactions pursuant to which Teucrium Trading, LLC, replaced ConvexityShares as sponsor of the ConvexityShares Trust. The Form 8-K can be found here: https://www.sec.gov/ix?doc=/Archives/edgar/data/1817218/000121390023053886/ea181271-8k_convexity.htm . Additionally, Teucrium Trading LLC, as the sponsor of ConvexityShares Trust, announced in a press release dated November 1, 2023 that it will close the ConvexityShares Daily 1.5 SPIKES Futures ETF and ConvexityShares 1x SPIKES Futures ETF (together, the “ConvexityShares Funds”). Teucrium Trading, LLC, determined that the closure of the ConvexityShares Funds is advisable because of a recent announcement by the Minneapolis Grain Exchange, LLC (“MGEX”) that the SPIKES™ Volatility Index Futures (“SPIKES Futures”) in which the ConvexityShares Funds invest will cease trading at close of trading (4:00pm CT) on Friday, December 29, 2023. Therefore, MGEX has filed to suspend trading and clearing of certain previously listed SPIKES Futures contracts that expire in or after January 2024. Further detail may be obtained by accessing the Form 8-K filed by the Teucrium Commodities Trust on November 1, 2023, available here: https://www.sec.gov/ix?doc=/Archives/edgar/data/1817218/000121390023081930/ea187567-8k_convexity.htm. A settlement agreement (“Agreement”), by and among Teucrium Trading, Salvatore Gilbertie, Carl Miller III, Cory Mullen-Rusin, Steve Kahler, and Dale and Barbara Riker, was entered into as of April 26, 2024 and became effective on May 10, 2024. The Agreement resolves all of the claims raised in the actions captioned Dale Riker v. Sal Gilbertie et al. , C.A. 656794/2020 (N.Y. Supreme Court), Sal Gilbertie, et. al. v. Dale Riker, et al. , C.A. 2020 - 1018 -LWW (Del. Ch.) and Dale Riker, et al. v. Teucrium Trading, LLC , C.A. 2022 - 1030 -LWW (Del. Ch.). On May 10, 2024, Van Eck Associates Corporation replaced Dale Riker as a Class A member of the Sponsor. 9 Table of Contents The Trust and the Funds operate pursuant to the Trust Agreement. Under the Trust Agreement, the Sponsor is solely responsible for management and conducts or directs the conduct of the business of the Trust, the Fund, and any series of the Trust that may from time to time be established and designated by the Sponsor. The Sponsor is required to oversee the purchase and sale of Shares by Authorized Purchasers and to manage the Fund’s investments, including to evaluate the credit risk of FCMs and swap counterparties and to review daily positions and margin/collateral requirements. The Sponsor has the power to enter into agreements as may be necessary or appropriate for the offer and sale of the Fund’s Shares and the oversight of the Trust’s activities. Accordingly, the Sponsor is responsible for selecting the Trustee, Administrator, Marketing Agent, the independent registered public accounting firm of the Trust, and any legal counsel employed by the Trust. The Sponsor is also responsible for preparing and filing periodic reports on behalf of the Trust with the SEC and will provide any required certification for such reports. No person other than the Sponsor and its principals was involved in the organization of the Trust or the Fund. Teucrium Trading, LLC designs the Funds to offer liquidity, transparency, and capacity in single-commodity investing for a variety of investors, including institutions and individuals, in an exchange-traded product format. The Funds have also been designed to mitigate the impacts of contango and backwardation, situations that can occur in the course of commodity trading which can affect the potential returns to investors. Backwardation is defined as a market condition in which a futures price of a commodity is lower in the distant delivery months than in the near delivery months, while contango, the opposite of backwardation, is defined as a condition in which distant delivery prices for futures exceed spot prices, often due to the costs of storing and insuring the underlying commodity. The Sponsor has a patent on certain business methods and procedures used with respect to the Funds. Performance Summary This report covers the periods from January 1 to September 30, 2024 for CORN, SOYB, CANE, WEAT, and TAGS. Total expenses are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”). CORN Per Share Operation Performance Net asset value at beginning of period $ 21.61 Income from investment operations: Investment income 0.77 Net realized and unrealized loss on commodity futures contracts (3.47 ) Total expenses (0.43 ) Net decrease in net asset value (3.13 ) Net asset value end of period $ 18.48 Total Return -14.52 % Ratios to Average Net Assets (Annualized) Total expenses 2.98 % Total expenses, net 2.98 % Net investment income 2.32 % SOYB Per Share Operation Performance Net asset value at beginning of period $ 27.03 Income from investment operations: Investment income 0.96 Net realized and unrealized loss on commodity futures contracts (4.36 ) Total expenses, net (0.57 ) Net decrease in net asset value (3.97 ) Net asset value at end of period $ 23.06 Total Return -14.69 % Ratios to Average Net Assets (Annualized) Total expenses 3.17 % Total expenses, net 3.17 % Net investment income 2.13 % 10 Table of Contents CANE Per Share Operation Performance Net asset value at beginning of period $ 12.44 Income (loss) from investment operations: Investment income 0.49 Net realized and unrealized gain on commodity futures contracts 0.62 Total expenses, net (0.40 ) Net increase in net asset value 0.71 Net asset value at end of period $ 13.15 Total Return 5.70 % Ratios to Average Net Assets (Annualized) Total expenses 4.26 % Total expenses, net 4.26 % Net investment income 0.99 % WEAT Per Share Operation Performance Net asset value at beginning of period $ 5.98 Income (loss) from investment operations: Investment income 0.22 Net realized and unrealized loss on commodity futures contracts (0.83 ) Total expenses, net (0.13 ) Net decrease in net asset value (0.74 ) Net asset value at end of period $ 5.24 Total Return -12.42 % Ratios to Average Net Assets (Annualized) Total expenses 3.16 % Total expenses, net 3.16 % Net investment income 2.08 % TAGS Per Share Operation Performance Net asset value at beginning of period $ 29.45 Income from investment operations: Net realized and unrealized loss on investment transactions (2.55 ) Total expenses (0.02 ) Net decrease in net asset value (2.57 ) Net asset value at end of period 26.88 Total Return -8.73 % Ratios to Average Net Assets (Annualized) Total expenses 1.80 % Total expenses, net 0.09 % Net investment loss -0.09 % Past performance of a Fund is not necessarily indicative of future performance. 11 Table of Contents Results of Operations The following includes a section for each Fund of the Trust. The discussion below addresses the material changes in the results of operations for the three and nine months ended September 30, 2024 compared to the same period in 2023. The following includes a section for each Fund of the Trust for the periods in which each Fund was in operation. CORN, SOYB, WEAT, CANE and TAGS each operated for the entirety of all periods. Total expenses for the current and comparative periods are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”). For all expenses waived in 2023 and 2024, the Sponsor has determined that no reimbursement will be sought in future periods. “Total expenses, net” is after the impact of any expenses waived by the Sponsor, are presented in the same manner as previously reported. There is, therefore, no impact to or change in the Net gain or Net loss in any period for the Trust and each Fund as a result of this change in presentation. The Sponsor is responsible for investing the assets of the Funds in accordance with the objectives and policies of each Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency, compliance, and other necessary services to the Fund, including services directly attributable to the Funds such as accounting, financial reporting, regulatory compliance, and trading activities. In some cases, at its discretion, the Sponsor may elect not to outsource certain of these expenses. In addition, the Agricultural Funds, except for TAGS, which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. The Agricultural Funds generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to services provided by the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Funds and are, primarily, included as distribution and marketing fees on the statements of operations. These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing. 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. 12 Table of Contents Teucrium Corn Fund The Teucrium Corn Fund commenced investment operations on June 9, 2010. The investment objective of the Corn Fund is to have the daily changes in percentage terms of the Shares’ NAV reflect the daily changes in percentage terms of 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”), specifically (1) the second to expire CBOT Corn Futures Contract, 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 Fund does not track the spot price of corn. On September 30, 2024, the Corn Fund held a total of 2,822 CBOT Corn Futures contracts with a notional value of $63,280,126. The contracts had an asset fair value of $1,480,759 and had a liability fair value of $1,610,807. The weighting of the notional value of the contracts is as follows: (1) 35% to the MAR25 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to MAY25 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC25 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract. Quarter Ending Quarter Ending Quarter Ending September 30, 2024 September 30, 2023 June 30, 2024 Total Net Assets $ 63,279,409 $ 90,448,376 $ 63,128,450 Shares Outstanding 3,425,004 4,100,004 $ 3,450,004 Net Asset Value per share $ 18.48 $ 22.06 $ 18.30 Closing Price $ 18.49 $ 22.02 $ 18.31 Total net assets for the Fund decreased year over year by 30%, driven by a combination of a decrease in total shares outstanding of 675,000 shares or 16% and a decrease in the NAV per share of ($3.58) or 16%. The net assets for the Fund increased by 0.24% when comparing September 30, 2024, to June 30, 2024. The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by excess supply estimates, and mandates for plant-based renewable fuels contributing to weakness. For the Three Months Ended September 30, 2024, compared to the Three Months Ended September 30, 2023 Three Months Ended Three Months Ended September 30, 2024 September 30, 2023 Average daily total net assets $ 59,243,872 $ 97,865,799 Net realized and unrealized (loss) gain on futures contracts $ 327,116 $ (1,711,635 ) Interest income earned on cash equivalents $ 937,064 $ 1,291,003 Annualized interest yield based on average daily total net assets 1.58 % 1.32 % Net Income (Loss)