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What changed 10-Q

Item 1. Financial Statements

2024-11-12 compared with 2024-08-09 · 691 added, 691 removed, 3309 unchanged (29% of the section changed)

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

2 unchanged sentences

TEUCRIUM COMMODITY TRUST

Combined Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023

Combined Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023

Combined Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023

Combined Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023

Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023

Combined Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023

Combined Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023

Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Combined Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023

Notes to Combined Financial Statements

TEUCRIUM CORN FUND

Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023

Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023

Notes to Financial Statements

TEUCRIUM SOYBEAN FUND

Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023

Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023

Notes to Financial Statements

TEUCRIUM SUGAR FUND

Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023

Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023

Notes to Financial Statements

TEUCRIUM WHEAT FUND

Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023

Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023

Notes to Financial Statements

TEUCRIUM AGRICULTURAL FUND

Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023

Notes to Financial Statements

HASHDEX BITCOIN FUTURES ETF

Statements of Assets and Liabilities at June 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at June 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023

Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023

Notes to Financial Statements

1 unchanged sentence

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2024

September 30, 2024

December 31, 2023

3 unchanged sentences

256,632 410,596

227,492 5,362

Equity in trading accounts:

10 unchanged sentences

126,719 242,982

Payable for shares redeemed

Equity in trading accounts:

7 unchanged sentences

COMBINED SCHEDULE OF INVESTMENTS

June 30, 2024

September 30, 2024

Percentage of

9 unchanged sentences

Commercial Paper

Bell Canada, Inc.

November 4, 2024

4.830 % $ 9,947,112 $ 9,955,044 4.03 %

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.

July 16, 2024

October 29, 2024

5.460 % 4,950,122 4,979,156 2.01 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

July 30, 2024

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

August 1, 2024

October 31, 2024

5.163 % 9,932,268 9,957,668 4.03 10,000,000

Crown Castle Inc.

August 1, 2024

November 15, 2024

5.140 % 4,950,202 4,968,438 2.01 5,000,000

FMC Corporation

July 19, 2024

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.

August 5, 2024

November 8, 2024

5.206 % 4,943,222 4,973,030 2.01 5,000,000

General Motors Financial Company, Inc.

September 5, 2024

November 21, 2024

5.142 % 7,418,990 7,446,344 3.01 7,500,000

Glencore Funding LLC

August 6, 2024

5.453 % 4,944,272 4,973,250 1.79 5,000,000

Harley-Davidson Financial Services, Inc.

5.735 % 2,478,497 2,500,000 0.90 2,500,000

Hyundai Capital America

August 23, 2024

October 31, 2024

5.234 % 4,948,600 4,978,584 2.01 5,000,000

July 23, 2024

Glencore Funding LLC

December 18, 2024

4.750 % 4,948,760 4,949,408 2.00 5,000,000

July 23, 2024

Glencore Funding LLC

December 20, 2024

4.751 % 9,891,033 9,896,223 4.00 10,000,000

VW Credit, Inc.

July 16, 2024

L3Harris Technologies, Inc.

October 24, 2024

5.303 % 4,955,136 4,983,356 2.02 5,000,000

VW Credit, Inc.

July 24, 2024

October 15, 2024

5.176 % 9,859,328 9,880,366 4.00 9,900,000

VW Credit, Inc.

August 7, 2024

October 17, 2024

5.104 % 4,980,440 4,988,822 2.02 5,000,000

VW Credit, Inc.

August 21, 2024

October 17, 2024

5.104 % 4,979,741 4,988,822 2.02 5,000,000

7 unchanged sentences

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

1 unchanged sentence

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

Percentage of

3 unchanged sentences

United States corn futures contracts

CBOT corn futures SEP24

1,070 $ 2,962,521 1.07 %

CBOT corn futures DEC25

970 $ 1,610,807 0.65 %

CBOT corn futures DEC25

989 1,869,932 0.67 22,524,475

United States soybean futures contracts

CBOT soybean futures NOV24

176 1,101,049 0.40 9,715,200

CBOT soybean futures JAN25

3 unchanged sentences

United States sugar futures contracts

ICE sugar futures MAR25

209 476,116 0.17 4,819,707

ICE sugar futures MAR26

ICE sugar futures JUL25

193 36,726 0.01 4,349,139

United States wheat futures contracts

CBOT wheat futures SEP24

1,665 1,051,828 0.38 47,743,875

CBOT wheat futures DEC24

CBOT wheat futures MAR25

1,595 387,246 0.16 48,188,937

175 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023*

September 30, 2024*

September 30, 2023*

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

1 unchanged sentence

$ ( 21,399,745 ) $ ( 42,896,164 ) $ ( 40,897,827 ) $ ( 85,437,409 )

Net change in unrealized depreciation on commodity and cryptocurrency futures contracts

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

20,349,853 11,792,810 2,340,515 ( 2,677,343 )

1 unchanged sentence

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 )

11 unchanged sentences

71,085 52,966 225,318 226,049

Other expenses

Total expenses

5 unchanged sentences

$ ( 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.

1 unchanged sentence

COMBINED STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

Three months ended

Three months ended

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023*

September 30, 2024*

September 30, 2023*

$ ( 55,906 ) $ ( 29,012,607 ) $ ( 34,492,480 ) $ ( 82,295,631 )

17 unchanged sentences

* 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.

1 unchanged sentence

COMBINED STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024*

September 30, 2023*

Cash flows from operating activities:

1 unchanged sentence

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

Net change in unrealized depreciation on commodity and cryptocurrency futures contracts

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

( 2,340,515 ) 2,677,343

5 unchanged sentences

( 35,032 ) ( 34,583 )

Due to broker

Management fee payable to Sponsor

( 82,675 ) ( 138,121 )

Payable for purchases of commercial paper

Other liabilities

20 unchanged sentences

* 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.

NOTES TO COMBINED FINANCIAL STATEMENTS

June 30, 2024

September 30, 2024

Note 1 – Organization and Operation

5 unchanged sentences

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

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

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.

39 unchanged sentences

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

The operating results for the three and six months ended June 30, 2024 , are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

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.

12 unchanged sentences

A summary of these expenses is included below.

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

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

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

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

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

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.

1 unchanged sentence

Marex Capital Markets, Inc.

(“Marex”), StoneX Financial Inc.

(“StoneX”) and Phillip Capital Inc.

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

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

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

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.

10 unchanged sentences

A summary of these expenses is included below.

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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

35 unchanged sentences

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

The below table shows the amounts included on the combined statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2024 and 2023 .

Three months ended June 30, 2024

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 .

Three months ended September 30, 2024

$ 17,785 $ 1,806 $ 2,913 $ 26,622 $ - $ - $ 49,126

Three months ended June 30, 2023

Three months ended September 30, 2023

$ 23,697 $ 2,220 $ 3,707 $ 40,896 $ - $ 593 $ 71,113

Six months ended June 30, 2024

Nine months ended September 30, 2024

$ 39,697 $ 8,151 $ 8,529 $ 62,986 $ - $ - $ 119,363

Six months ended June 30, 2023

Nine months ended September 30, 2023

$ 54,865 $ 10,999 $ 19,661 $ 85,354 $ - $ 1,970 $ 172,849

14 unchanged sentences

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

Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of June 30, 2024 , and for the years ended December 31, 2023 , 2022 and 2021 .

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.

5 unchanged sentences

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

No interest expense or penalties have been recognized as of and for the three and six months ended June 30, 2024 and 2023 .

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.

30 unchanged sentences

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

June 30, 2024

September 30, 2024

December 31, 2023

44 unchanged sentences

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

These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.

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;

2 unchanged sentences

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, Distributor, Transfer Agent, licensors, accounting and audit fees expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K- 1 preparation and mailing fees, and report preparation and mailing expenses.

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.

3 unchanged sentences

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

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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

6 unchanged sentences

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

Three months ended June 30, 2024

Three months ended September 30, 2024

$ - $ - $ - $ - $ 40,557 $ - $ 40,557

Three months ended June 30, 2023

Three months ended September 30, 2023

$ - $ - $ - $ - $ 77,482 $ 91,023 $ 168,505

Six months ended June 30, 2024

Nine months ended September 30, 2024

$ - $ - $ - $ - $ 182,476 $ 62,309 $ 244,785

Six months ended June 30, 2023

Nine months ended September 30, 2023

$ - $ - $ - $ - $ 355,731 $ 222,642 $ 578,373

30 unchanged sentences

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

On June 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 six months ended June 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.

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.

19 unchanged sentences

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

The following table presents information about the Trust’s assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 :

Balance as of June 30, 2024

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 :

Balance as of September 30, 2024

Cash Equivalents

1 unchanged sentence

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

Balance as of June 30, 2024

$ 206,863,145 $ - $ - $ 206,863,145

Balance as of September 30, 2024

Commodity Futures Contracts

30 unchanged sentences

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

For the three and six months ended June 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.

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.

7 unchanged sentences

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

For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund.

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.

Futures Contracts

14 unchanged sentences

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

The following table also identifies the fair value amounts of derivative instruments included in the combined statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex, and StoneX as of June 30, 2024 , and December 31, 2023 .

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 June 30, 2024

Offsetting of Financial Assets and Derivative Assets as of September 30, 2024

(iii) = (i-ii)

7 unchanged sentences

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

Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2024

Wheat futures contracts

$ 514,389 $ - $ 514,389 $ 514,389 $ - $ -

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2024

(iii) = (i-ii)

50 unchanged sentences

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

Three months ended June 30, 2024

Realized (Loss) Gain on Commodity Futures Contracts

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

Commodity Price

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

6 unchanged sentences

( 10,924,999 ) 9,339,127

Total commodity futures contracts

Total commodity and cryptocurrency futures contracts

$ ( 21,399,745 ) $ 20,349,853

Three months ended June 30, 2023

Three months ended September 30, 2023

Realized (Loss) Gain on Commodity Futures Contracts

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

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

Commodity Price and Cryptocurrency Price

9 unchanged sentences

( 176,608 ) ( 107,189 )

Total commodity futures contracts

Total commodity and cryptocurrency futures contracts

$ ( 42,896,164 ) $ 11,792,810

Six months ended June 30, 2024

Nine months ended September 30, 2024

Realized Loss on Commodity Futures Contracts

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

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

Commodity Price and Cryptocurrency Price

11 unchanged sentences

$ ( 40,897,827 ) $ 2,340,515

Six months ended June 30, 2023

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

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

12 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 263.1 million and $ 270.5 million respectively for the three and six months ended June 30, 2024 and $ 324.9 million and $ 353.6 million respectively for the three and six months ended June 30, 2023 .

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

3 unchanged sentences

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

June 30, 2024

September 30, 2024

Teucrium Corn Fund

31 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 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:

On July 22, 2024, Pine Distributors, LLC (the “Marketing Agent”) replaced ACA Foreside as the Marketing Agent for the Trust and Funds.

Pursuant to the agreement as detailed in Form 8 -K filed with the SEC on June 14, 2024, the Marketing Agent began to work with the Transfer Agent in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising materials.

The Marketing Agent and Teucrium Trading, LLC have also entered into a Registered Representative Services Agreement under which certain employees and officers of the Sponsor are licensed as registered representatives or registered principals of the Marketing Agent, under “FINRA” rules (“Registered Representatives”).

As Registered Representatives of the Marketing Agent, these persons are permitted to engage in certain marketing activities for the Fund that they would otherwise not be permitted to engage in.

Under the Registered Representative Services Agreement, the Sponsor is obligated to ensure that such marketing activities comply with applicable law and are permitted by the Registered Representative Services Agreement and the Marketing Agent’s internal procedures.

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:

Nothing to report

1 unchanged sentence

Nothing to report.

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 )%.

Nothing to report.

2 unchanged sentences

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2024

September 30, 2024

December 31, 2023

4 unchanged sentences

Equity in trading accounts:

Commodity futures contracts

Due from broker

3,990,195 6,533,938

Total equity in trading accounts

5,470,954 6,533,938

64,960,075 83,384,692

Management fee payable to Sponsor

1 unchanged sentence

Other liabilities

21,483 80,603

Equity in trading accounts:

15 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2024

September 30, 2024

Percentage of

9 unchanged sentences

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

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

CNH Industrial Capital LLC

August 1, 2024

Brookfield Infrastructure Holdings (Canada) Inc.

October 29, 2024

5.460 % 2,475,061 2,489,578 3.93 2,500,000

FMC Corporation

July 19, 2024

November 15, 2024

5.140 % 2,475,101 2,484,219 3.93 2,500,000

General Motors Financial Company, Inc.

August 5, 2024

November 4, 2024

5.355 % 2,467,188 2,487,604 3.93 2,500,000

General Motors Financial Company, Inc.

September 5, 2024

November 8, 2024

5.206 % 2,471,611 2,486,515 3.93 2,500,000

Glencore Funding LLC

August 6, 2024

October 31, 2024

5.234 % 2,474,300 2,489,292 3.93 2,500,000

Hyundai Capital America

August 23, 2024

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.

July 16, 2024

October 15, 2024

5.176 % 2,489,729 2,495,042 3.94 2,500,000

VW Credit, Inc.

July 24, 2024

October 17, 2024

5.104 % 2,490,220 2,494,411 3.94 2,500,000

8 unchanged sentences

United States corn futures contracts

CBOT corn futures SEP24

1,070 $ 2,962,521 4.69 % $ 21,801,250

CBOT corn futures DEC24

CBOT corn futures MAR25

1,007 $ 852,132 1.35 % $ 22,216,938

CBOT corn futures DEC25

CBOT corn futures MAY25

845 628,627 0.99 19,044,188

1 unchanged sentence

$ 1,480,759 2.34 % $ 41,261,126

Percentage of

Notional Amount

(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.

79 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

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

5 unchanged sentences

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 )

15 unchanged sentences

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 decrease in net asset value per share

Net increase (decrease) in net asset value per share

$ 0.18 $ ( 0.16 ) $ ( 3.13 ) $ ( 4.84 )

Net loss per weighted average share

Net gain (loss) per weighted average share

$ 0.18 $ ( 0.26 ) $ ( 3.24 ) $ ( 5.10 )

4 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

Three months ended

Three months ended

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Net income (loss)

$ 598,292 $ ( 1,116,390 ) $ ( 11,235,560 ) $ ( 23,294,832 )

23 unchanged sentences

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

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 )

10 unchanged sentences

( 23,130 ) ( 67,590 )

Payable for purchases of commercial paper

Other liabilities

17 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

September 30, 2024

Note 1 – Organization and Operation

1 unchanged sentence

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

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

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.

21 unchanged sentences

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

The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

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.

12 unchanged sentences

A summary of these expenses is included below.

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

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

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

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

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

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.

17 unchanged sentences

A summary of these expenses is included below.

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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 unchanged sentences

Amount of Wilmington Trust Waived

$ - $ - $ - $ -

Note 3 – Summary of Significant Accounting Policies

18 unchanged sentences

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

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2024 and 2023 .

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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 .

Three months ended September 30, 2024

Three months ended September 30, 2023

Nine months ended September 30, 2024

Nine months ended September 30, 2023

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

12 unchanged sentences

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

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .

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 six months ended June 30, 2024 and 2023 .

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.

26 unchanged sentences

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

June 30, 2024

September 30, 2024

December 31, 2023

52 unchanged sentences

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

These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.

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;

1 unchanged sentence

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

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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

5 unchanged sentences

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 six months ended June 30, 2024 and 2023.

There were no expenses waived for the three and nine months ended September 30, 2024 and 2023.

Use of Estimates

29 unchanged sentences

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

On June 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.

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 six months ended June 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.

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.

21 unchanged sentences

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 :

June 30, 2024

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

June 30, 2024

September 30, 2024

Cash Equivalents

$ 48,681,969 $ - $ - $ 48,681,969

Commodity Futures Contracts

Corn futures contracts

1,480,759 - - 1,480,759

$ 50,162,728 $ - $ - $ 50,162,728

Balance as of

June 30, 2024

September 30, 2024

Commodity Futures Contracts

11 unchanged sentences

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

For the three and six months ended June 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.

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.

5 unchanged sentences

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

For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures 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

14 unchanged sentences

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

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of June 30, 2024 , and December 31, 2023 .

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 Liabilities and Derivative Liabilities as of June 30, 2024

Offsetting of Financial Assets and Derivative Assets as of September 30, 2024

(iii) = (i)-(ii)

1 unchanged sentence

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Corn futures contracts

$ 1,480,759 $ - $ 1,480,759 $ 1,480,759 $ - $ -

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2024

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

19 unchanged sentences

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

Three months ended June 30, 2024

Three months ended September 30, 2024

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 8,288,179 ) $ 8,615,295

Three months ended June 30, 2023

Three months ended September 30, 2023

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 13,018,346 ) $ 11,306,711

Six months ended June 30, 2024

Nine months ended September 30, 2024

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 14,452,703 ) $ 2,052,093

Six months ended June 30, 2023

Nine months ended September 30, 2023

Realized Loss on Commodity Futures Contracts

4 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for the futures contracts held was $ 69.3 million and $ 69.3 million respectively for the three and six months ended June 30, 2024 and $ 96.6 million and $ 111.5 million respectively for the three and six months ended June 30, 2023 .

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 .

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2024 and 2023 .

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.

1 unchanged sentence

Three months ended

Six months ended

Six months ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Per Share Operation Performance

4 unchanged sentences

0.23 0.30 0.77 0.88

Net realized and unrealized loss on commodity futures contracts

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

0.10 ( 0.30 ) ( 3.47 ) ( 5.26 )

1 unchanged sentence

( 0.15 ) ( 0.16 ) ( 0.43 ) ( 0.46 )

Net decrease in net asset value

Net increase (decrease) in net asset value

0.18 ( 0.16 ) ( 3.13 ) ( 4.84 )

14 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 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.

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.

TEUCRIUM SOYBEAN FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2024

September 30, 2024

December 31, 2023

4 unchanged sentences

Equity in trading accounts:

Commodity futures contracts

Due from broker

2,073,719 2,385,040

Total equity in trading accounts

2,449,757 2,385,040

33,161,155 30,528,891

Management fee payable to Sponsor

19 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2024

September 30, 2024

Percentage of

9 unchanged sentences

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

July 30, 2024

Bell Canada, Inc.

November 4, 2024

4.830 % $ 2,486,778 $ 2,488,761 7.85 % 2,500,000

Crown Castle Inc.

August 1, 2024

Brookfield Infrastructure Holdings (Canada) Inc.

October 8, 2024

5.559 % 2,479,146 2,497,346 7.88 2,500,000

VW Credit, Inc.

July 16, 2024

CNH Industrial Capital LLC

October 31, 2024

5.163 % 4,966,134 4,978,834 15.70 5,000,000

VW Credit, Inc.

August 7, 2024

October 15, 2024

5.176 % 2,489,729 2,495,042 7.87 2,500,000

8 unchanged sentences

United States soybean futures contracts

CBOT soybean futures NOV24

CBOT soybean futures MAR25

175 $ 376,038 1.19 % $ 9,524,375

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States soybean futures contracts

CBOT soybean futures JAN25

59 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

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

1 unchanged sentence

$ ( 1,997,318 ) $ 311,294 $ ( 4,991,499 ) $ 270,814

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

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

1,382,076 ( 507,789 ) 349,888 ( 2,895,763 )

17 unchanged sentences

233,993 327,723 688,344 894,121

Expenses waived by the Sponsor

Total expenses, net

233,993 327,723 688,344 894,121

Net (loss) income

$ ( 503,151 ) $ ( 42,697 ) $ ( 4,178,596 ) $ ( 2,092,763 )

Net (decrease) increase in net asset value per share

Net decrease in net asset value per share

$ ( 0.60 ) $ ( 0.22 ) $ ( 3.97 ) $ ( 1.39 )

Net (loss) income per weighted average share

Net loss per weighted average share

$ ( 0.43 ) $ ( 0.03 ) $ ( 3.48 ) $ ( 1.46 )

4 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

Three months ended

Three months ended

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

$ ( 503,151 ) $ ( 42,697 ) $ ( 4,178,596 ) $ ( 2,092,763 )

23 unchanged sentences

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

Cash flows from operating activities:

8 unchanged sentences

( 7,428 ) 15,952

( 16,653 ) 403

Management fee payable to Sponsor

19 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

September 30, 2024

Note 1 – Organization and Operation

1 unchanged sentence

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

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

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.

20 unchanged sentences

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

The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

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.

12 unchanged sentences

A summary of these expenses is included below.

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

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

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

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

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

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.

7 unchanged sentences

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

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

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

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

8 unchanged sentences

A summary of these expenses is included below.

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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

30 unchanged sentences

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

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2024 and 2023 .

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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 .

Three months ended September 30, 2024

Three months ended September 30, 2023

Nine months ended September 30, 2024

Nine months ended September 30, 2023

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

12 unchanged sentences

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

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .

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 six months ended June 30, 2024 and 2023 .

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.

26 unchanged sentences

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

June 30, 2024

September 30, 2024

December 31, 2023

52 unchanged sentences

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

These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.

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;

1 unchanged sentence

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

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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

5 unchanged sentences

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 six months ended June 30, 2024 and 2023.

There were no expenses waived for the three and nine months ended September 30, 2024 and 2023.

Use of Estimates

29 unchanged sentences

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

On June 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.

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 six months ended June 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.

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.

21 unchanged sentences

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 :

June 30, 2024

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

June 30, 2024

September 30, 2024

Cash Equivalents

$ 25,032,692 $ - $ - $ 25,032,692

Commodity Futures Contracts

Soybean futures contracts

376,038 - - 376,038

$ 25,408,730 $ - $ - $ 25,408,730

Balance as of

June 30, 2024

September 30, 2024

Commodity Futures Contracts

11 unchanged sentences

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

For the three and six months ended June 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.

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.

5 unchanged sentences

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

For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures 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

14 unchanged sentences

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

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of June 30, 2024 , and December 31, 2023 .

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 Liabilities and Derivative Liabilities as of June 30, 2024

Offsetting of Financial Assets and Derivative Assets as of September 30, 2024

(iii) = (i)-(ii)

1 unchanged sentence

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Soybean futures contracts

$ 376,038 $ - $ 376,038 $ 376,038 $ - $ -

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2024

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

19 unchanged sentences

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

Three months ended June 30, 2024

Three months ended September 30, 2024

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 1,997,318 ) $ 1,382,076

Three months ended June 30, 2023

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Three months ended September 30, 2023

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ 311,294 $ ( 507,789 )

Six months ended June 30, 2024

Nine months ended September 30, 2024

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 4,991,499 ) $ 349,888

Six months ended June 30, 2023

Realized Loss on Commodity Futures Contracts

Nine months ended September 30, 2023

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

3 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 30.6 million and $ 29.9 million respectively for the three and six months ended June 30, 2024 and $ 34.2 million and $ 38.4 million respectively for the three and six months ended June 30, 2023 .

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 .

Note 6 – Financial Highlights

The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2024 and 2023 .

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.

1 unchanged sentence

Three months ended

Six months ended

Six months ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Per Share Operation Performance

4 unchanged sentences

0.29 0.37 0.96 1.00

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

Net realized and unrealized loss on commodity futures contracts

( 0.69 ) ( 0.34 ) ( 4.36 ) ( 1.76 )

1 unchanged sentence

( 0.20 ) ( 0.25 ) ( 0.57 ) ( 0.63 )

Net (decrease) increase in net asset value

Net decrease in net asset value

( 0.60 ) ( 0.22 ) ( 3.97 ) ( 1.39 )

14 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 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.

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.

TEUCRIUM SUGAR FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2024

September 30, 2024

December 31, 2023

10 unchanged sentences

15,175,350 20,456,322

Payable for shares redeemed

Management fee payable to Sponsor

18 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2024

September 30, 2024

Percentage of

9 unchanged sentences

Commercial Paper

Brookfield Infrastructure Holdings (Canada) Inc.

July 30, 2024

Bell Canada, Inc.

November 4, 2024

4.830 % $ 2,486,778 $ 2,488,761 17.21 % 2,500,000

Crown Castle Inc.

August 1, 2024

CNH Industrial Capital LLC

October 31, 2024

5.163 % 2,483,067 2,489,417 17.21 2,500,000

10 unchanged sentences

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

Percentage of

3 unchanged sentences

United States sugar futures contracts

ICE sugar futures MAR25

209 $ 476,116 3.47 % $ 4,819,707

ICE sugar futures MAR26

228 114,811 0.84 4,775,232

Total commodity futures contracts

ICE sugar futures JUL25

193 $ 36,726 0.25 % $ 4,349,139

51 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

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

1 unchanged sentence

$ ( 189,249 ) $ 2,271,032 $ ( 2,341,549 ) $ 11,018,654

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

Net change in unrealized appreciation on commodity futures contracts

1,013,355 934,750 3,135,018 933,062

1 unchanged sentence

157,396 304,744 553,337 1,007,430

Total (loss) income

981,502 3,510,526 1,346,806 12,959,146

13 unchanged sentences

130,654 199,386 449,238 625,527

Expenses waived by the Sponsor

Total expenses, net

130,654 199,386 449,238 625,527

Net (loss) income

$ 850,848 $ 3,311,140 $ 897,568 $ 12,333,619

Net (decrease)/increase in net asset value per share

Net increase in net asset value per share

$ 0.97 $ 2.06 $ 0.71 $ 5.24

Net (loss) income per weighted average share

Net increase per weighted average share

$ 0.84 $ 1.98 $ 0.79 $ 5.50

4 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

Three months ended

Three months ended

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

$ 850,848 $ 3,311,140 $ 897,568 $ 12,333,619

23 unchanged sentences

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

Cash flows from operating activities:

1 unchanged sentence

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

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

Net change in unrealized appreciation on commodity futures contracts

( 3,135,018 ) ( 933,062 )

5 unchanged sentences

( 5,312 ) ( 4,531 )

Due to broker

Management fee payable to Sponsor

19 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

September 30, 2024

Note 1 – Organization and Operation

1 unchanged sentence

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

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

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.

21 unchanged sentences

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

The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

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.

12 unchanged sentences

A summary of these expenses is included below.

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

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

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

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

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

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.

18 unchanged sentences

A summary of these expenses is included below.

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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

29 unchanged sentences

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

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2024 and 2023 .

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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 .

Three months ended September 30, 2024

Three months ended September 30, 2023

Nine months ended September 30, 2024

Nine months ended September 30, 2023

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

12 unchanged sentences

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

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2024 and for the years ended December 31, 2023 , 2022 , and 2021 .

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 six months ended June 30, 2024 and 2023 .

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.

26 unchanged sentences

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

June 30, 2024

September 30, 2024

December 31, 2023

49 unchanged sentences

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

These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.

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;

1 unchanged sentence

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

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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

5 unchanged sentences

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 six months ended June 30, 2024 and 2023.

There were no expenses waived for the three and nine months ended September 30, 2024 and 2023.

Use of Estimates

29 unchanged sentences

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

On June 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.

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 six months ended June 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.

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.

21 unchanged sentences

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 :

June 30, 2024

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

June 30, 2024

September 30, 2024

Cash Equivalents

5 unchanged sentences

Balance as of

June 30, 2024

September 30, 2024

Commodity Futures Contracts

11 unchanged sentences

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

For the three and six months ended June 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.

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.

5 unchanged sentences

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

For the three and six months ended June 30, 2024 and year ended December 31, 2023 , the Fund invested only in commodity futures 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

14 unchanged sentences

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

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of June 30, 2024 , and December 31, 2023 .

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

(iii) = (i)-(ii)

9 unchanged sentences

$ 483,746 $ - $ 483,746 $ 36,726 $ - $ 447,020

Offsetting of Financial Liabilities and Derivative Liabilities as of June 30, 2024

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2024

(iii) = (i)-(ii)

22 unchanged sentences

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

Three months ended June 30, 2024

Three months ended September 30, 2024

Realized Loss on Commodity Futures Contracts

3 unchanged sentences

$ ( 189,249 ) $ 1,013,355

Three months ended June 30, 2023

Three months ended September 30, 2023

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ 2,271,032 $ 934,750

Six months ended June 30, 2024

Nine months ended September 30, 2024

Realized Loss on Commodity Futures Contracts

3 unchanged sentences

$ ( 2,341,549 ) $ 3,135,018

Six months ended June 30, 2023

Nine months ended September 30, 2023

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

2 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held were $ 12.9 million and $ 14.9 million respectively for the three and six months ended June 30, 2024 and $ 32.6 million and $ 29.1 million respectively for the three and six months ended June 30, 2023 .

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 .

Note 6 – Financial Highlights

The following table presents per unit performance data and other supplemental financial data for the three and six months ended June 30, 2024 and 2023 .

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.

1 unchanged sentence

Three months ended

Six months ended

Six months ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Per Share Operation Performance

4 unchanged sentences

0.16 0.18 0.49 0.45

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

Net realized and unrealized gain on commodity futures contracts

0.94 2.00 0.62 5.08

1 unchanged sentence

( 0.13 ) ( 0.12 ) ( 0.40 ) ( 0.28 )

Net (decrease)/increase in net asset value

Net increase in net asset value

0.97 2.06 0.71 5.25

14 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 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.

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 )%.

TEUCRIUM WHEAT FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2024

September 30, 2024

December 31, 2023

3 unchanged sentences

109,134 226,748

142,314 4,527

Equity in trading accounts:

Commodity futures contracts

514,389 2,237,493

Due from broker

6 unchanged sentences

Other liabilities

79,050 72,017

Equity in trading accounts:

15 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2024

September 30, 2024

Percentage of

2 unchanged sentences

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 %

Percentage of

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.

July 16, 2024

November 21, 2024

5.296 % 4,948,000 4,963,167 3.60 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

July 30, 2024

Crown Castle Inc.

August 1, 2024

FMC Corporation

July 19, 2024

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

November 15, 2024

5.140 % 2,475,101 2,484,219 1.80 2,500,000

General Motors Financial Company, Inc.

August 5, 2024

November 4, 2024

5.355 % 2,467,188 2,487,604 1.81 2,500,000

General Motors Financial Company, Inc.

September 5, 2024

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

August 6, 2024

Harley-Davidson Financial Services, Inc.

Hyundai Capital America

August 23, 2024

July 23, 2024

July 23, 2024

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.

July 16, 2024

October 15, 2024

5.176 % 4,879,870 4,890,282 3.55 4,900,000

VW Credit, Inc.

August 7, 2024

October 17, 2024

5.104 % 2,490,220 2,494,411 1.81 2,500,000

VW Credit, Inc.

August 21, 2024

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 %

Percentage of

3 unchanged sentences

United States wheat futures contracts

CBOT wheat futures SEP24

CBOT wheat futures DEC24

CBOT wheat futures MAY25

1,344 $ 514,389 0.37 % $ 41,378,400

Percentage of

Notional Amount

(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.

6 unchanged sentences

Bank Deposit Account

5.270 % $ 27,315,653 $ 27,315,653 14.83 % 27,315,653

Goldman Sachs Financial Square Government Fund - Institutional Class

5.250 % 53,500,438 53,500,438 29.05 53,500,438

Total money market funds

$ 80,816,091 $ 80,816,091 43.88 %

Percentage of

2 unchanged sentences

January 4, 2024

5.753 % $ 2,480,382 $ 2,498,823 1.36 % 2,500,000

Albemarle Corporation

January 8, 2024

5.738 % 2,476,151 2,497,263 1.36 2,500,000

Albemarle Corporation

January 11, 2024

5.808 % 2,478,230 2,496,041 1.36 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

January 16, 2024

5.853 % 2,466,575 2,494,031 1.35 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

January 30, 2024

5.814 % 2,481,364 2,488,501 1.35 2,500,000

Entergy Corporation

March 1, 2024

5.665 % 2,467,625 2,476,875 1.34 2,500,000

General Motors Financial Company, Inc.

January 18, 2024

5.617 % 7,420,795 7,480,486 4.06 7,500,000

General Motors Financial Company, Inc.

January 24, 2024

5.661 % 4,941,417 4,982,271 2.71 5,000,000

General Motors Financial Company, Inc.

February 9, 2024

5.700 % 7,397,667 7,454,648 4.05 7,500,000

Harley-Davidson Financial Services, Inc.

January 9, 2024

5.843 % 2,474,533 2,496,817 1.36 2,500,000

Harley-Davidson Financial Services, Inc.

February 1, 2024

5.867 % 2,480,400 2,487,600 1.35 2,500,000

Harley-Davidson Financial Services, Inc.

February 14, 2024

5.927 % 4,947,549 4,964,494 2.70 5,000,000

National Fuel Gas Company

January 26, 2024

5.941 % 2,478,948 2,489,879 1.35 2,500,000

Oracle Corporation

March 6, 2024

5.562 % 2,467,452 2,475,399 1.34 2,500,000

Stanley Black & Decker, Inc.

January 22, 2024

5.807 % 4,958,042 4,983,375 2.71 5,000,000

January 17, 2024

5.674 % 4,936,679 4,987,645 2.71 5,000,000

January 18, 2024

5.606 % 2,473,646 2,493,507 1.35 2,500,000

January 25, 2024

5.910 % 4,928,362 4,950,783 2.69 4,970,000

WGL Holdings, Inc.

January 3, 2024

5.793 % 2,490,896 2,499,208 1.36 2,500,000

WGL Holdings, Inc.

January 12, 2024

5.849 % 2,487,222 2,495,608 1.36 2,500,000

Walgreens Boots Alliance, Inc.

January 12, 2024

6.028 % 5,465,631 5,490,051 2.98 5,500,000

Total Commercial Paper

$ 77,199,566 $ 77,683,305 42.20 %

Total Cash Equivalents

$ 158,499,396 86.08 %

Percentage of

4 unchanged sentences

CBOT wheat futures MAY24

2,018 $ 363,500 0.20 % $ 64,525,550

CBOT wheat futures JUL24

1,711 1,873,993 1.02 55,243,913

Total commodity futures contracts

$ 2,237,493 1.22 % $ 119,769,463

Percentage of

4 unchanged sentences

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.

3 unchanged sentences

Three months ended

Six months ended

Six months ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

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

Realized gain (loss) on 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 (depreciation) appreciation on commodity futures contracts

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

9,339,127 166,327 ( 3,310,867 ) 34,604

17 unchanged sentences

1,178,729 1,313,853 3,565,438 3,704,071

Expenses waived by the Sponsor

Total expenses, net

10 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

Three months ended

Three months ended

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

$ ( 999,368 ) $ ( 30,892,784 ) $ ( 20,003,791 ) $ ( 69,779,924 )

23 unchanged sentences

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

Cash flows from operating activities:

1 unchanged sentence

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

Net change in unrealized depreciation on commodity futures contracts

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

3,310,867 ( 34,604 )

5 unchanged sentences

( 4,328 ) 2,690

Payable for purchases of commercial paper

Management fee payable to Sponsor

1 unchanged sentence

Other liabilities

( 70,732 ) ( 29,529 )

Net cash used in operating activities

5 unchanged sentences

( 46,523,568 ) ( 63,578,862 )

Net cash used in financing activities

Net cash (used in) provided by financing activities

( 26,435,708 ) 28,768,760

7 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

September 30, 2024

Note 1 – Organization and Operation

1 unchanged sentence

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

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

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.

21 unchanged sentences

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

The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

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.

12 unchanged sentences

A summary of these expenses is included below.

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

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

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

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

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

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.

18 unchanged sentences

A summary of these expenses is included below.

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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

29 unchanged sentences

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

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three and six months ended June 30, 2024 and 2023 .

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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 .

Three months ended September 30, 2024

Three months ended September 30, 2023

Nine months ended September 30, 2024

Nine months ended September 30, 2023

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

12 unchanged sentences

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

Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of June 30, 2024 and for the years ended December 31, 2023 , 2022 and 2021 .

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 six months ended June 30, 2024 and 2023 .

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.

25 unchanged sentences

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

June 30, 2024

September 30, 2024

December 31, 2023

52 unchanged sentences

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

These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Distributor, which are included in the related line item in the statements of operations.

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;

1 unchanged sentence

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

Three months ended June 30, 2024

Three months ended June 30, 2023

Six months ended June 30, 2024

Six months ended June 30, 2023

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

5 unchanged sentences

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 six months ended June 30, 2024 and 2023.

There were no expenses waived for the three and nine months ended September 30, 2024 and 2023.

Use of Estimates

29 unchanged sentences

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

On June 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.

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 six months ended June 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.

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.

21 unchanged sentences

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

The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2024 and December 31, 2023 :

June 30, 2024

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

June 30, 2024

September 30, 2024

Cash Equivalents

$ 118,004,934 $ - $ - $ 118,004,934

Commodity Futures Contracts

Wheat futures contracts

514,389 - - 514,389

$ 118,519,323 $ - $ - $ 118,519,323

Balance as of

June 30, 2024

September 30, 2024

Commodity Futures Contracts

15 unchanged sentences

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

For the three and six months ended June 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.

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.

5 unchanged sentences

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

For the three and six months ended June 30, 2024 and for the year ended December 31, 2023 , the Fund invested only in commodity futures 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

14 unchanged sentences

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

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex and StoneX as of June 30, 2024 and December 31, 2023 .

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 Liabilities and Derivative Liabilities as of June 30, 2024

Offsetting of Financial Assets and Derivative Assets as of September 30, 2024

(iii) = (i)-(ii)

1 unchanged sentence

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Wheat futures contracts

$ 514,389 $ - $ 514,389 $ 514,389 $ - $ -

Offsetting of Financial Liabilities and Derivative Liabilities as of September 30, 2024

(iii) = (i)-(ii)

(v)=(iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

31 unchanged sentences

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

Three months ended June 30, 2024

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Three months ended September 30, 2024

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

1 unchanged sentence

$ ( 10,924,999 ) $ 9,339,127

Three months ended June 30, 2023

Three months ended September 30, 2023

Realized Loss on Commodity Futures Contracts

3 unchanged sentences

$ ( 32,283,536 ) $ 166,327

Six months ended June 30, 2024

Nine months ended September 30, 2024

Realized Loss on Commodity Futures Contracts

3 unchanged sentences

$ ( 19,033,933 ) $ ( 3,310,867 )

Six months ended June 30, 2023

Nine months ended September 30, 2023

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

2 unchanged sentences

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 150.2 million and $ 156.3 million respectively for the three and six months ended June 30, 2024 and $ 159.5 million and $ 172.7 million respectively for the three and six months ended June 30, 2023 .

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 six months ended June 30, 2024 and 2023 .

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.

1 unchanged sentence

Three months ended

Six months ended

Six months ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Nine months ended

Nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Per Share Operation Performance

25 unchanged sentences

Note 8 – Subsequent Events

Management has evaluated the financial statements for the quarter-ended June 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.

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.

TEUCRIUM AGRICULTURAL FUND

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2024

September 30, 2024

December 31, 2023

3 unchanged sentences

Equity in trading accounts:

Investments in securities, at fair value (cost $ 15,681,167 and $ 19,469,359 as of June 30, 2024 and December 31, 2023, respectively)

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

13 unchanged sentences

SCHEDULE OF INVESTMENTS

June 30, 2024

September 30, 2024

Percentage of

37 unchanged sentences

STATEMENTS OF OPERATIONS

Three months ended

Three months ended

Six months ended

Six months ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

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

Realized (loss) gain on securities

$ ( 383,943 ) $ 216,493 $ ( 614,573 ) $ 156,399

Net change in unrealized depreciation on securities

( 565,125 ) ( 578,456 ) ( 1,050,679 ) ( 1,017,582 )

Interest income

117 160 253 272

( 948,951 ) ( 361,803 ) ( 1,664,999 ) ( 860,911 )

Professional fees

26,102 76,537 47,465 152,049

Distribution and marketing fees

39,045 63,325 75,223 102,534

Custodian fees and expenses

3,451 8,329 7,066 15,399

Business permits and licenses fees

1,847 2,122 11,672 10,435

General and administrative expenses

5,107 9,438 7,345 12,876

Other expenses

Total expenses

75,574 159,751 148,859 293,293

Expenses waived by the Sponsor

( 72,381 ) ( 152,755 ) ( 141,919 ) ( 278,249 )

Total expenses, net

3,193 6,996 6,940 15,044

$ ( 952,144 ) $ ( 368,799 ) $ ( 1,671,939 ) $ ( 875,955 )

Net decrease in net asset value per share

$ ( 1.86 ) $ ( 0.72 ) $ ( 2.96 ) $ ( 1.02 )

Net loss per weighted average share

$ ( 1.86 ) $ ( 0.37 ) $ ( 3.03 ) $ ( 0.80 )

Weighted average shares outstanding

512,502 1,006,870 551,513 1,091,508

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

TEUCRIUM AGRICULTURAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

$ ( 1,671,939 ) $ ( 875,955 )

Capital transactions

Redemption of Shares

( 3,162,448 ) ( 14,812,574 )

Total capital transactions

( 3,162,448 ) ( 14,812,574 )

Net change in net assets

( 4,834,387 ) ( 15,688,529 )

Net assets, beginning of period

$ 18,409,126 $ 39,575,245

Net assets, end of period

$ 13,574,739 $ 23,886,716

Net asset value per share at beginning of period

$ 29.45 $ 31.35

Net asset value per share at end of period

$ 26.49 $ 30.33

Creation of Shares

Redemption of Shares

112,500 475,000

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

TEUCRIUM AGRICULTURAL FUND

STATEMENTS OF CASH FLOWS

Six months ended

Six months ended

June 30, 2024

June 30, 2023

Cash flows from operating activities:

$ ( 1,671,939 ) $ ( 875,955 )

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

Net change in unrealized depreciation on securities

1,050,679 1,017,582

Changes in operating assets and liabilities:

Net sale of investments in securities

3,788,192 14,685,763

Interest receivable

( 3,595 ) ( 6,160 )

Other liabilities

( 2,300 ) ( 137 )

Net cash provided by operating activities

3,161,052 14,821,066

Cash flows from financing activities:

Redemption of Shares

( 3,162,448 ) ( 14,812,574 )

Net cash used in financing activities

( 3,162,448 ) ( 14,812,574 )

Net change in cash equivalents

( 1,396 ) 8,492

Cash equivalents, beginning of period

Cash equivalents, end of period

$ 9,812 $ 13,208

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

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

Note 1 – Organization and Operation

Teucrium Agricultural Fund (referred to herein as “TAGS” or the “Fund”) is a series of Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009.

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

The Fund was formed on March 29, 2011 and is managed and controlled by Teucrium Trading, LLC (the “Sponsor”).

The Sponsor is a limited liability company formed in Delaware on July 28, 2009.

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

On April 22, 2011, a registration statement was filed with the Securities and Exchange Commission (“SEC”).

On February 10, 2012, the Fund’s initial registration of 5,000,000 shares on Form S- 1 was declared effective by the SEC.

On March 28, 2012, the Fund listed its shares on the NYSE Arca under the ticker symbol “TAGS.” On the business day prior to that, the Fund issued 300,000 shares in exchange for $ 15,000,000 at the Fund’s initial NAV of $ 50 per share.

The Fund also commenced investment operations on March 28, 2012 by purchasing shares of the Underlying Funds.

On December 31, 2011, the Fund had two shares outstanding, which were owned by the Sponsor.

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

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

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

the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund and the Teucrium Sugar Fund (collectively, the “Underlying Funds”).

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

TAGS Benchmark

Underlying Fund

The Fund seeks to provide daily investment results that reflect the combined daily performance of the Underlying Funds.

Under normal market conditions, the Fund seeks to achieve its investment objective generally by investing equally in shares of each Underlying Fund and, to a lesser extent, cash equivalents.

The Fund’s investments in shares of the Underlying Funds is rebalanced, generally on a daily basis, in order to maintain approximately a 25 % allocation of the Fund’s assets to each Underlying Fund.

(This weighted average is referred to herein as the Underlying Fund’s “Benchmark,” the Futures Contracts that at any given time make up an Underlying Fund’s Benchmark are referred to herein as the Underlying Fund’s “Benchmark Component Futures Contracts,” and the commodity specified in the Underlying Fund’s name is referred to herein as its “Specified Commodity.”) Specifically, the Teucrium Corn Fund’s Benchmark is:

( 1 ) the second to expire Futures Contract for corn traded on the Chicago Board of Trade (“CBOT”), weighted 35 %, ( 2 ) the third to expire CBOT corn Futures Contract, weighted 30 %, and ( 3 ) the CBOT corn Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35 %.

The Teucrium Wheat Fund’s Benchmark is:

( 1 ) the second to expire CBOT wheat Futures Contract, weighted 35 %, ( 2 ) the third to expire CBOT wheat Futures Contract, weighted 30 %, and ( 3 ) the CBOT wheat Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35 %.

The Teucrium Soybean Fund’s Benchmark is:

( 1 ) the second to expire CBOT soybean Futures Contract, weighted 35 %, ( 2 ) the third to expire CBOT soybean Futures Contract, weighted 30 %, and ( 3 ) the CBOT soybean Futures Contract expiring in the November following the expiration month of the third to expire contract, weighted 35 %, except that CBOT soybean Futures Contracts expiring in August and September will not be part of the Teucrium Soybean Fund’s Benchmark because of the less liquid market for these Futures Contracts.

The Teucrium Sugar Fund’s Benchmark is:

( 1 ) the second to expire Sugar No.

11 Futures Contract traded on ICE Futures US (“ICE Futures”), weighted 35 %, ( 2 ) the third to expire ICE Futures Sugar No.

11 Futures Contract, weighted 30 %, and ( 3 ) the ICE Futures Sugar No.

11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35 %.

While the Fund expects to maintain substantially all of its assets in shares of the Underlying Funds at all times, the Fund may hold some residual amount of assets in obligations of the United States government (“Treasury Securities”) or cash equivalents, and/or merely hold such assets in cash (generally in interest-bearing accounts).

The Underlying Funds invest in Commodity Interests to the fullest extent possible without being leveraged or unable to satisfy their expected current or potential margin or collateral obligations with respect to their investments in Commodity Interests.

After fulfilling such margin and collateral requirements, the Underlying Funds will invest the remainder of the proceeds from the sale of baskets in short term Treasury Securities or cash equivalents, and/or merely hold such assets in cash.

Therefore, the focus of the Sponsor in managing the Underlying Funds is investing in Commodity Interests and in cash and/or cash equivalents.

The Fund and Underlying Funds will seek to earn interest income from the short-term Treasury Securities and/or cash equivalents that it purchases, and, on the cash, it holds through the Fund’s custodian.

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

The financial information included herein is unaudited;

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

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

The operating results for the three and six months ended June 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.

0.0075 % of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges.

For Transfer Agency, Fund Accounting and Fund Administration services, which are based on the total assets for all the Funds in the Trust, the Funds will pay to Global Fund Services 0.05 % of average gross assets on the first $500 million, 0.04 % on the next $500 million, 0.03 % on the next $2 billion and 0.02 % on the balance over $3 billion annually.

A combined minimum annual fee of up to $ 47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund.

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

A summary of these expenses is included below.

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

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

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

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

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

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

A summary of these expenses is included below.

Marex Capital Markets, Inc.

(“Marex”) and StoneX Financial Inc.

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

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

CFTC and are members of the NFA.

The 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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.