Teucrium Commodity Trust 10-Q

Item 1. Financial Statements. Index to Financial Statements Documents Page TEUCRIUM COMMODITY TRUST Combined Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024 F-1 Combined Schedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024 F-2 Combined Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024 F-6 Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024 F-7 Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024 F-8 Teucrium Corn Fund Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024 F-9 Teucrium Corn Fund S chedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024 F-10 Teucrium Corn Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024 F-12 Teucrium Corn Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024 F-13 Teucrium Corn Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024 F-14 Teucrium Soybean Fund Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024 F-15 Teucrium Soybean Fund S chedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024 F-16 Teucrium Soybean Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024 F-18 Teucrium Soybean Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024 F-19 Teucrium Soybean Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024 F-20 Teucrium Sugar Fund Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024 F-21 Teucrium Sugar Fund S chedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024 F-22 Teucrium Sugar Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024 F-24 Teucrium Sugar Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024 F-25 Teucrium Sugar Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024 F-26 Teucrium Wheat Fund Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024 F-27 Teucrium Wheat Fund S chedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024 F-28 Teucrium Wheat Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024 F-30 Teucrium Wheat Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024 F-31 Teucrium Wheat Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024 F-32 Teucrium Agricultural Fund Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024 F-33 Teucrium Agricultural Fund S chedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024 F-34 Teucrium Agricultural Fund S tatements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024 F-36 Teucrium Agricultural Fund S tatements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024 F-37 Teucrium Agricultural Fund S tatements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024 F-38 Notes to Combined Financial Statements F-39 3 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF ASSETS AND LIABILITIES March 31, 2025 December 31, 2024 (Unaudited) Assets Cash and cash equivalents $ 191,152,522 $ 210,940,353 Interest receivable 176,889 208,251 Other assets 45,878 16,778 Equity in trading accounts: Commodity futures contracts 299,290 1,936,572 Due from broker 27,086,189 28,593,300 Total equity in trading accounts 27,385,479 30,529,872 Total assets $ 218,760,768 $ 241,695,254 Liabilities Management fee payable to Sponsor $ 181,423 $ 189,332 Other liabilities 180,025 47,382 Equity in trading accounts: Commodity futures contracts 15,314,925 16,811,122 Total liabilities 15,676,373 $ 17,047,836 Net Assets $ 203,084,395 $ 224,647,418 The accompanying notes are an integral part of these financial statements. F-1 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 6,824,082 $ 6,824,082 3.36 % 6,824,082 Goldman Sachs Financial Square Government Fund - Institutional Class 4.255 % 55,154,399 55,154,399 27.16 55,154,399 Total money market funds $ 61,978,481 $ 61,978,481 30.52 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. April 8, 2025 4.361 % $ 7,452,522 $ 7,493,730 3.69 % 7,500,000 Brookfield Infrastructure Holdings (Canada) Inc. April 1, 2025 4.470 % 7,431,250 7,500,000 3.69 7,500,000 Brookfield Infrastructure Holdings (Canada) Inc. April 10, 2025 4.469 % 4,956,000 4,994,500 2.46 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. June 18, 2025 4.731 % 4,945,104 4,949,625 2.44 5,000,000 Crown Castle Inc. May 1, 2025 4.664 % 9,955,280 9,961,668 4.91 10,000,000 FMC Corporation April 14, 2025 4.816 % 2,490,764 2,495,712 1.23 2,500,000 General Motors Financial Company, Inc. May 2, 2025 4.421 % 6,926,413 6,973,779 3.43 7,000,000 Glencore Funding LLC April 1, 2025 4.437 % 9,915,029 10,000,000 4.92 10,000,000 Glencore Funding LLC April 3, 2025 4.403 % 9,928,872 9,997,588 4.92 10,000,000 Harley-Davidson Financial Services, Inc. April 25, 2025 4.680 % 4,966,066 4,984,634 2.45 5,000,000 Harley-Davidson Financial Services, Inc. April 29, 2025 4.687 % 2,475,670 2,491,036 1.23 2,500,000 Harley-Davidson Financial Services, Inc. April 29, 2025 4.740 % 7,431,992 7,472,797 3.68 7,500,000 Harley-Davidson Financial Services, Inc. May 22, 2025 4.728 % 4,950,272 4,967,063 2.45 5,000,000 TELUS Corporation May 21, 2025 4.701 % 7,446,948 7,451,772 3.67 7,500,000 TELUS Corporation June 9, 2025 4.525 % 7,419,344 7,436,031 3.66 7,500,000 Total Commercial Paper $ 98,691,526 $ 99,169,935 48.83 % Total Cash Equivalents $ 161,148,416 79.35 % F- 2 Table of Contents Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT Corn Futures JUL25 785 $ 224,227 0.11 % $ 18,182,563 United States soybean futures contracts CBOT soybean futures NOV26 176 25,666 0.01 8,949,600 United States sugar futures contracts ICE sugar futures OCT25 157 20,670 0.01 3,311,067 ICE sugar futures MAR26 179 28,727 0.01 3,849,216 Total commodity futures contracts $ 299,290 0.14 % $ 34,292,446 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT Corn Futures SEP25 706 $ 417,714 0.21 % $ 15,346,675 CBOT Corn Futures DEC25 809 1,409,616 0.69 17,878,900 United States soybean futures contracts CBOT soybean futures JUL25 174 351,429 0.17 8,945,775 CBOT soybean futures NOV25 151 807,803 0.40 7,695,338 United States sugar futures contracts ICE sugar futures JUL25 184 98,165 0.05 3,843,392 United States wheat futures contracts CBOT wheat futures JUL25 1,463 1,829,556 0.90 40,269,075 CBOT wheat futures SEP25 1,218 1,740,739 0.86 34,484,625 CBOT wheat futures DEC25 1,367 8,659,903 4.26 40,275,238 Total commodity futures contracts $ 15,314,925 7.54 % $ 168,739,018 Percentage of Exchange-traded funds* Cost Fair Value Net Assets Shares Teucrium Corn Fund $ 3,357,873 $ 2,530,393 1.25 % 136,572 Teucrium Soybean Fund 3,131,696 2,518,169 1.24 118,077 Teucrium Sugar Fund 1,920,180 2,505,415 1.23 205,056 Teucrium Wheat Fund 3,784,513 2,535,538 1.25 541,504 Total exchange-traded funds $ 12,194,262 $ 10,089,515 4.97 % *The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the other four Funds (“Underlying Funds”) owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds. The accompanying notes are an integral part of these financial statements. F- 3 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 17,680,667 $ 17,680,667 7.87 % 17,680,667 Goldman Sachs Financial Square Government Fund - Institutional Class 4.410 % 64,495,946 64,495,946 28.71 64,495,946 Total money market funds $ 82,176,613 $ 82,176,613 36.58 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. February 4, 2025 4.588 % $ 6,950,784 $ 6,970,118 3.10 % 7,000,000 Brookfield Infrastructure Holdings (Canada) Inc. January 8, 2025 4.788 % 4,954,862 4,995,422 2.22 5,000,000 Brookfield Infrastructure Holdings (Canada) Inc. January 16, 2025 4.732 % 7,445,633 7,485,438 3.33 7,500,000 Brookfield Infrastructure Holdings (Canada) Inc. March 6, 2025 4.783 % 4,943,862 4,958,222 2.21 5,000,000 Energy Transfer Operating, L.P. January 24, 2025 4.454 % 17,446,548 17,450,825 7.77 17,500,000 General Motors Financial Company, Inc. January 28, 2025 4.595 % 4,949,150 4,983,050 2.22 5,000,000 General Motors Financial Company, Inc. March 14, 2025 4.524 % 7,421,205 7,433,256 3.31 7,500,000 Harley-Davidson Financial Services, Inc. February 3, 2025 4.791 % 12,369,167 12,446,030 5.54 12,500,000 Harley-Davidson Financial Services, Inc. February 18, 2025 4.860 % 7,411,484 7,452,261 3.32 7,500,000 Hyundai Capital America February 12, 2025 4.568 % 4,963,750 4,973,750 2.21 5,000,000 L3Harris Technologies, Inc. January 21, 2025 4.560 % 9,960,000 9,975,000 4.44 10,000,000 VW Credit, Inc. January 22, 2025 4.671 % 4,962,945 4,986,584 2.22 5,000,000 VW Credit, Inc. February 19, 2025 4.568 % 4,963,750 4,969,376 2.21 5,000,000 Total Commercial Paper $ 98,743,140 $ 99,079,332 44.10 % Total Cash Equivalents $ 181,255,945 80.68 % F- 4 Table of Contents Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures MAY25 974 $ 1,356,124 0.60 % $ 22,682,025 CBOT corn futures JUL25 829 580,448 0.26 19,429,688 Total commodity futures contracts $ 1,936,572 0.86 % $ 42,111,713 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures DEC25 1,019 $ 1,955,417 0.87 % $ 22,609,063 United States soybean futures contracts CBOT soybean futures MAR25 175 272,036 0.12 8,841,875 CBOT soybean futures MAY25 148 68,992 0.03 7,564,650 CBOT soybean futures NOV25 172 979,998 0.44 8,817,150 United States sugar futures contracts ICE sugar futures MAY25 219 617,425 0.27 4,378,248 ICE sugar futures JUL25 192 525,725 0.23 3,763,200 ICE sugar futures MAR26 222 417,145 0.19 4,400,928 United States wheat futures contracts CBOT wheat futures MAY25 1,518 2,977,940 1.33 42,693,750 CBOT wheat futures JUL25 1,286 358,378 0.16 36,618,850 CBOT wheat futures DEC25 1,430 8,638,066 3.85 42,792,750 Total commodity futures contracts $ 16,811,122 7.49 % $ 182,480,464 Percentage of Exchange-traded funds* Cost Fair Value Net Assets Shares Teucrium Corn Fund $ 3,436,783 $ 2,594,798 1.16 % 138,311 Teucrium Soybean Fund 2,085,431 2,619,232 1.17 122,016 Teucrium Sugar Fund 3,833,234 2,513,606 1.12 220,370 Teucrium Wheat Fund 3,276,853 2,616,822 1.16 542,032 Total exchange-traded funds $ 12,632,301 $ 10,344,458 4.61 % *The Trust eliminates the shares owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities due to the fact that these represent holdings of the Underlying Funds owned by the Teucrium Agricultural Fund, which are included as shares outstanding of the Underlying Funds. The accompanying notes are an integral part of these financial statements. F- 5 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024* Income Realized and unrealized gain (loss) on trading of commodity and cryptocurrency futures contracts: Realized gain (loss) on commodity and cryptocurrency futures contracts $ ( 3,349,573 ) $ ( 17,194,951 ) Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts ( 141,085 ) ( 7,969,968 ) Interest income 2,369,245 3,704,387 Total income (loss) ( 1,121,413 ) ( 21,460,532 ) Expenses Management fees 551,614 701,923 Professional fees 303,207 302,008 Distribution and marketing fees 902,682 947,591 Custodian fees and expenses 110,128 95,024 Business permits and licenses fees 71,729 56,338 General and administrative expenses 94,557 70,863 Other expenses 3,007 66 Total expenses 2,036,924 2,173,813 Expenses waived by the Sponsor ( 50,854 ) ( 131,847 ) Total expenses, net 1,986,070 2,041,966 Net income (loss) $ ( 3,107,483 ) $ ( 23,502,498 ) *The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation. The accompanying notes are an integral part of these financial statements. F-6 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024* Operations Net income (loss) $ ( 3,107,483 ) $ ( 23,502,498 ) Capital transactions Distribution of Net Assets to Acquiring Fund - ( 2,574,071 ) Issuance of Shares 6,949,563 13,002,447 Redemption of Shares ( 25,730,079 ) ( 26,854,784 ) Net change in the cost of the Underlying Funds 324,976 3,170,300 Total capital transactions ( 18,455,540 ) ( 13,256,108 ) Net change in net assets ( 21,563,023 ) ( 36,758,606 ) Net assets, beginning of period 224,647,418 314,547,414 Net assets, end of period $ 203,084,395 $ 277,788,808 * The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation. The accompanying notes are an integral part of these financial statements. F-7 Table of Contents TEUCRIUM COMMODITY TRUST COMBINED STATEMENTS OF CASH FLOWS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024* Cash flows from operating activities: Net income (loss) $ ( 3,107,483 ) $ ( 23,502,498 ) Adjustments to reconcile net income (loss) to net cash provided by (used) in operating activities: Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts 141,085 7,969,968 Changes in operating assets and liabilities: Due from broker 1,507,111 ( 10,080,944 ) Interest receivable 31,362 146,371 Other assets ( 29,100 ) ( 722 ) Management fee payable to Sponsor ( 7,909 ) ( 48,487 ) Other liabilities 132,643 38,132 Net cash provided by (used in) operating activities ( 1,332,291 ) ( 25,478,180 ) Cash flows from financing activities: Distribution to Acquiring Fund upon consummation of merger and liquidation agreement - see Note 1 to the financial statements - ( 2,381,545 ) Proceeds from sale of Shares 6,949,563 13,002,447 Redemption of Shares ( 25,730,079 ) ( 26,854,784 ) Net change in cost of the Underlying Funds 324,976 3,170,300 Net cash provided by (used in) financing activities ( 18,455,540 ) ( 13,063,582 ) Net change in cash and cash equivalents ( 19,787,831 ) ( 38,541,762 ) Cash and cash equivalents beginning of period 210,940,353 292,237,362 Cash and cash equivalents end of period $ 191,152,522 $ 253,695,600 * The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation. The accompanying notes are an integral part of these financial statements. F-8 Table of Contents TEUCRIUM CORN FUND STATEMENTS OF ASSETS AND LIABILITIES March 31, 2025 December 31, 2024 (Unaudited) Assets Cash and cash equivalents $ 48,896,299 $ 60,998,326 Interest receivable 57,310 78,840 Other assets 1,684 3,171 Equity in trading accounts: Commodity futures contracts 224,227 1,936,572 Due from broker 4,158,882 3,738,171 Total equity in trading accounts 4,383,109 5,674,743 Total assets 53,338,402 66,755,080 Liabilities Management fee payable to Sponsor 48,325 52,375 Other liabilities 47,775 23,050 Equity in trading accounts: Commodity futures contracts 1,827,330 1,955,417 Total liabilities 1,923,430 2,030,842 Net assets $ 51,414,972 $ 64,724,238 Shares outstanding 2,775,004 3,450,004 Shares Authorized * * Net asset value per share $ 18.53 $ 18.76 Market value per share $ 18.56 $ 18.77 * On April 7, 2022, the Teucrium Corn Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933. The accompanying notes are an integral part of these financial statements. F-9 Table of Contents TEUCRIUM CORN FUND SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 1,612,503 $ 1,612,503 3.14 % 1,612,503 Goldman Sachs Financial Square Government Fund - Institutional Class 4.255 % 8,932,887 8,932,887 17.37 8,932,887 Total money market funds $ 10,545,390 $ 10,545,390 20.51 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. April 8, 2025 4.361 % 2,484,174 $ 2,497,910 4.86 % 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. April 10, 2025 4.469 % 2,478,000 2,497,250 4.86 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. June 18, 2025 4.731 % 2,472,552 2,474,813 4.81 2,500,000 Crown Castle Inc. May 1, 2025 4.664 % 2,488,820 2,490,417 4.84 2,500,000 FMC Corporation April 14, 2025 4.816 % 2,490,764 2,495,712 4.85 2,500,000 General Motors Financial Company, Inc. May 2, 2025 4.421 % 2,473,719 2,490,635 4.84 2,500,000 Glencore Funding LLC April 1, 2025 4.437 % 2,478,757 2,500,000 4.87 2,500,000 Glencore Funding LLC April 3, 2025 4.403 % 2,482,218 2,499,397 4.86 2,500,000 Harley-Davidson Financial Services, Inc. May 22, 2025 4.728 % 2,475,136 2,483,531 4.83 2,500,000 TELUS Corporation May 21, 2025 4.701 % 2,482,316 2,483,924 4.83 2,500,000 TELUS Corporation June 9, 2025 4.525 % 2,473,115 2,478,677 4.82 2,500,000 Total Commercial Paper $ 27,279,571 $ 27,392,266 53.27 % Total Cash Equivalents $ 37,937,656 73.78 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT Corn Futures JUL25 785 $ 224,227 0.44 % $ 18,182,563 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT Corn Futures SEP25 706 $ 417,714 0.81 % $ 15,346,675 CBOT Corn Futures DEC25 809 1,409,616 2.73 17,878,900 Total commodity futures contracts $ 1,827,330 3.54 % $ 33,225,575 The accompanying notes are an integral part of these financial statements. F- 10 Table of Contents TEUCRIUM CORN FUND SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 10,269,737 $ 10,269,737 15.87 % 10,269,737 Goldman Sachs Financial Square Government Fund - Institutional Class 4.410 % 12,519,321 12,519,321 19.34 12,519,321 Total money market funds $ 22,789,058 $ 22,789,058 35.21 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. February 4, 2025 4.588 % $ 2,482,423 $ 2,489,328 3.85 % 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. March 6, 2025 4.783 % 2,471,931 2,479,111 3.83 2,500,000 Energy Transfer Operating, L.P. January 24, 2025 4.454 % 4,984,728 4,985,950 7.70 5,000,000 General Motors Financial Company, Inc. January 28, 2025 4.595 % 2,474,575 2,491,525 3.85 2,500,000 General Motors Financial Company, Inc. March 14, 2025 4.524 % 2,473,735 2,477,752 3.83 2,500,000 Harley-Davidson Financial Services, Inc. February 3, 2025 4.791 % 4,947,667 4,978,412 7.69 5,000,000 Hyundai Capital America February 12, 2025 4.568 % 2,481,875 2,486,875 3.84 2,500,000 L3Harris Technologies, Inc. January 21, 2025 4.560 % 2,490,000 2,493,750 3.85 2,500,000 VW Credit, Inc. February 19, 2025 4.568 % 2,481,875 2,484,688 3.84 2,500,000 Total Commercial Paper $ 27,288,809 $ 27,367,391 42.28 % Total Cash Equivalents $ 50,156,449 77.49 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures MAY25 974 $ 1,356,124 2.09 % $ 22,682,025 CBOT corn futures JUL25 829 580,448 0.90 19,429,688 Total commodity futures contracts $ 1,936,572 2.99 % $ 42,111,713 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States corn futures contracts CBOT corn futures DEC25 1,019 1,955,417 3.02 22,609,063 The accompanying notes are an integral part of these financial statements. F- 11 Table of Contents TEUCRIUM CORN FUND STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized gain (loss) on commodity futures contracts $ 986,143 $ ( 3,964,335 ) Net change in unrealized appreciation (depreciation) on commodity futures contracts ( 1,584,258 ) ( 1,596,170 ) Interest income 661,287 948,218 Total income (loss) 63,172 ( 4,612,287 ) Expenses Management fees 154,242 178,243 Professional fees 84,255 57,038 Distribution and marketing fees 246,416 205,464 Custodian fees and expenses 31,170 21,972 Business permits and licenses fees 12,339 7,130 General and administrative expenses 25,116 15,426 Total expenses 553,538 485,273 Total expenses, net 553,538 485,273 Net income (loss) $ ( 490,366 ) $ ( 5,097,560 ) Net increase (decrease) in net asset value per share $ ( 0.23 ) $ ( 1.39 ) Net income (loss) per weighted average share $ ( 0.15 ) $ ( 1.43 ) Weighted average shares outstanding 3,219,171 3,554,125 The accompanying notes are an integral part of these financial statements. F-12 Table of Contents TEUCRIUM CORN FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Operations Net income (loss) $ ( 490,366 ) $ ( 5,097,560 ) Capital transactions Issuance of Shares - 2,436,790 Redemption of Shares ( 12,818,900 ) ( 8,645,575 ) Total capital transactions ( 12,818,900 ) ( 6,208,785 ) Net change in net assets ( 13,309,266 ) ( 11,306,345 ) Net assets, beginning of period $ 64,724,238 $ 81,050,442 Net assets, end of period $ 51,414,972 $ 69,744,097 Net asset value per share at beginning of period $ 18.76 $ 21.61 Net asset value per share at end of period $ 18.53 $ 20.22 Creation of Shares - 125,000 Redemption of Shares 675,000 425,000 The accompanying notes are an integral part of these financial statements. F-13 Table of Contents TEUCRIUM CORN FUND STATEMENTS OF CASH FLOWS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Cash flows from operating activities: Net income (loss) $ ( 490,366 ) $ ( 5,097,560 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized depreciation (appreciation) on commodity futures contracts 1,584,258 1,596,170 Changes in operating assets and liabilities: Due from broker ( 420,711 ) ( 3,366,050 ) Interest receivable 21,530 29,733 Other assets 1,487 - Management fee payable to Sponsor ( 4,050 ) ( 13,195 ) Other liabilities 24,725 6,745 Net cash provided by (used in) operating activities 716,873 ( 6,844,157 ) Cash flows from financing activities: Proceeds from sale of Shares - 2,436,790 Redemption of Shares ( 12,818,900 ) ( 8,645,575 ) Net cash provided by (used in) financing activities ( 12,818,900 ) ( 6,208,785 ) Net change in cash and cash equivalents ( 12,102,027 ) ( 13,052,942 ) Cash and cash equivalents, beginning of period 60,998,326 76,745,471 Cash and cash equivalents, end of period $ 48,896,299 $ 63,692,529 The accompanying notes are an integral part of these financial statements. F-14 Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF ASSETS AND LIABILITIES March 31, 2025 December 31, 2024 (Unaudited) Assets Cash and cash equivalents $ 24,915,048 $ 23,806,400 Interest receivable 29,497 33,654 Other assets 8,055 4,286 Equity in trading accounts: Commodity futures contracts 25,666 - Due from broker 1,805,060 2,725,790 Total equity in trading accounts 1,830,726 2,725,790 Total assets 26,783,326 26,570,130 Liabilities Management fee payable to Sponsor 21,925 22,453 Other liabilities 10,257 3,608 Equity in trading accounts: Commodity futures contracts 1,159,232 1,321,026 Total liabilities 1,191,414 1,347,087 Net assets $ 25,591,912 $ 25,223,043 Shares outstanding 1,200,004 1,175,004 Shares authorized * * Net asset value per share $ 21.33 $ 21.47 Market value per share $ 21.34 $ 21.48 * On April 7, 2022, the Teucrium Soybean Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933. The accompanying notes are an integral part of these financial statements. F-15 Table of Contents TEUCRIUM SOYBEAN FUND SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 1,867,998 $ 1,867,998 7.30 % 1,867,998 Goldman Sachs Financial Square Government Fund - Institutional Class 4.255 % 7,327,438 7,327,438 28.63 7,327,438 Total money market funds $ 9,195,436 $ 9,195,436 35.93 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. April 8, 2025 4.361 % $ 2,484,174 $ 2,497,910 9.76 % 2,500,000 Crown Castle Inc. May 1, 2025 4.664 % 2,488,820 2,490,417 9.73 2,500,000 Glencore Funding LLC April 3, 2025 4.403 % 2,482,218 2,499,397 9.77 2,500,000 TELUS Corporation May 21, 2025 4.701 % 2,482,316 2,483,924 9.71 2,500,000 Total Commercial Paper $ 9,937,528 $ 9,971,648 38.97 % Total Cash Equivalents $ 19,167,084 74.90 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States soybean futures contracts CBOT soybean futures NOV26 176 $ 25,666 0.10 % $ 8,949,600 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States soybean futures contracts CBOT soybean futures JUL25 174 $ 351,429 1.37 % $ 8,945,775 CBOT soybean futures NOV25 151 807,803 3.16 7,695,338 Total commodity futures contracts $ 1,159,232 4.53 % $ 16,641,113 The accompanying notes are an integral part of these financial statements. F- 16 Table of Contents TEUCRIUM SOYBEAN FUND SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 1,007,365 $ 1,007,365 3.99 % 1,007,365 Goldman Sachs Financial Square Government Fund - Institutional Class 4.410 % 7,139,449 7,139,449 28.31 7,139,449 Total money market funds $ 8,146,814 $ 8,146,814 32.30 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Brookfield Infrastructure Holdings (Canada) Inc. January 8, 2025 4.788 % $ 2,477,431 $ 2,497,711 9.90 % 2,500,000 Energy Transfer Operating, L.P. January 24, 2025 4.454 % 4,984,728 4,985,950 19.77 5,000,000 Harley-Davidson Financial Services, Inc. February 3, 2025 4.791 % 2,473,833 2,489,206 9.87 2,500,000 Total Commercial Paper $ 9,935,992 $ 9,972,867 39.54 % Total Cash Equivalents $ 18,119,681 71.84 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States soybean futures contracts CBOT soybean futures MAR25 175 $ 272,036 1.08 % $ 8,841,875 CBOT soybean futures MAY25 148 68,992 0.27 7,564,650 CBOT soybean futures NOV25 172 979,998 3.89 8,817,150 Total commodity futures contracts $ 1,321,026 5.24 % $ 25,223,675 The accompanying notes are an integral part of these financial statements. F- 17 Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized gain (loss) on commodity futures contracts $ ( 374,212 ) $ ( 2,632,854 ) Net change in unrealized appreciation (depreciation) on commodity futures contracts 187,460 596,685 Interest income 280,709 380,411 Total income (loss) 93,957 ( 1,655,758 ) Expenses Management fees 65,432 70,722 Professional fees 43,803 38,420 Distribution and marketing fees 120,395 100,750 Custodian fees and expenses 16,358 8,486 Business permits and licenses fees 5,234 6,269 General and administrative expenses 13,086 7,072 Total expenses 264,308 231,719 Total expenses, net 264,308 231,719 Net income (loss) $ ( 170,351 ) $ ( 1,887,477 ) Net increase (decrease) in net asset value per share $ ( 0.14 ) $ ( 1.87 ) Net income (loss) per weighted average share $ ( 0.14 ) $ ( 1.67 ) Weighted average shares outstanding 1,219,726 1,129,400 The accompanying notes are an integral part of these financial statements. F-18 Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Operations Net income (loss) $ ( 170,351 ) $ ( 1,887,477 ) Capital transactions Issuance of Shares 1,616,453 8,094,215 Redemption of Shares ( 1,077,233 ) ( 1,295,995 ) Total capital transactions 539,220 6,798,220 Net change in net assets 368,869 4,910,743 Net assets, beginning of period $ 25,223,043 $ 29,056,020 Net assets, end of period $ 25,591,912 $ 33,966,763 Net asset value per share at beginning of period $ 21.47 $ 27.03 Net asset value per share at end of period $ 21.33 $ 25.16 Creation of Shares 75,000 325,000 Redemption of Shares 50,000 50,000 The accompanying notes are an integral part of these financial statements. F-19 Table of Contents TEUCRIUM SOYBEAN FUND STATEMENTS OF CASH FLOWS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Cash flows from operating activities: Net income (loss) $ ( 170,351 ) $ ( 1,887,477 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized depreciation (appreciation) on commodity futures contracts ( 187,460 ) ( 596,685 ) Changes in operating assets and liabilities: Due from broker 920,730 219,407 Interest receivable 4,157 ( 16,607 ) Other assets ( 3,769 ) ( 883 ) Management fee payable to Sponsor ( 528 ) 1,096 Other liabilities 6,649 28,247 Net cash provided by (used in) operating activities 569,428 ( 2,252,902 ) Cash flows from financing activities: Proceeds from sale of Shares 1,616,453 8,094,215 Redemption of Shares ( 1,077,233 ) ( 1,295,995 ) Net cash provided by (used in) financing activities 539,220 6,798,220 Net change in cash and cash equivalents 1,108,648 4,545,318 Cash and cash equivalents beginning of period 23,806,400 28,107,189 Cash and cash equivalents end of period $ 24,915,048 $ 32,652,507 The accompanying notes are an integral part of these financial statements. F-20 Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF ASSETS AND LIABILITIES March 31, 2025 December 31, 2024 (Unaudited) Assets Cash and cash equivalents $ 10,500,196 $ 11,831,089 Interest receivable 18,807 28,954 Other assets 22,956 7,436 Equity in trading accounts: Commodity futures contracts 49,397 - Due from broker 518,239 2,255,054 Total equity in trading accounts 567,636 2,255,054 Total assets 11,109,595 14,122,533 Liabilities Management fee payable to Sponsor 10,254 12,357 Other liabilities 4,766 2,904 Equity in trading accounts: Commodity futures contracts 98,165 1,560,295 Total liabilities 113,185 1,575,556 Net assets $ 10,996,410 $ 12,546,977 Shares outstanding 900,004 1,100,004 Shares authorized * * Net asset value per share $ 12.22 $ 11.41 Market value per share $ 12.21 $ 11.43 * On April 7, 2022, the Teucrium Sugar Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933. The accompanying notes are an integral part of these financial statements. F-21 Table of Contents TEUCRIUM SUGAR FUND SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 1,574,825 $ 1,574,825 14.32 % 1,574,825 Goldman Sachs Financial Square Government Fund - Institutional Class 4.255 % 1,533,125 1,533,125 13.94 1,533,125 Total Money Market Funds $ 3,107,950 $ 3,107,950 28.26 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. April 8, 2025 4.361 % $ 2,484,174 $ 2,497,910 22.72 % 2,500,000 Crown Castle Inc. May 1, 2025 4.664 % 2,488,820 2,490,417 22.65 2,500,000 Total Commercial Paper $ 4,972,994 $ 4,988,327 45.37 % Total Cash Equivalents $ 8,096,277 73.63 % Number of Percentage of Notional Amount Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States sugar futures contracts ICE sugar futures OCT25 157 $ 20,670 0.19 $ 3,311,067 ICE sugar futures MAR26 179 28,727 0.26 3,849,216 Total commodity futures contracts $ 49,397 0.45 % $ 7,160,283 Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States sugar futures contracts ICE sugar futures JUL25 184 $ 98,165 0.89 % $ 3,843,392 The accompanying notes are an integral part of these financial statements. F- 22 Table of Contents TEUCRIUM SUGAR FUND SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 3,002,313 $ 3,002,313 23.93 % 3,002,313 Goldman Sachs Financial Square Government Fund - Institutional Class 4.410 % 1,459,785 1,459,785 11.63 1,459,785 Total Money Market Funds $ 4,462,098 $ 4,462,098 35.56 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Brookfield Infrastructure Holdings (Canada) Inc. January 8, 2025 4.788 % $ 2,477,431 $ 2,497,711 19.91 % 2,500,000 Energy Transfer Operating, L.P. January 24, 2025 4.454 % 2,492,364 2,492,975 19.87 2,500,000 Total Commercial Paper $ 4,969,795 $ 4,990,686 39.78 % Total Cash Equivalents $ 9,452,784 75.34 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States sugar futures contracts ICE sugar futures MAY25 219 $ 617,425 4.92 % $ 4,378,248 ICE sugar futures JUL25 192 525,725 4.19 3,763,200 ICE sugar futures MAR26 222 417,145 3.33 4,400,928 Total commodity futures contracts $ 1,560,295 12.44 % $ 12,542,376 The accompanying notes are an integral part of these financial statements. F- 23 Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized gain (loss) on commodity futures contracts $ ( 501,254 ) $ ( 482,314 ) Net change in unrealized appreciation (depreciation) on commodity futures contracts 1,511,527 1,873,597 Interest income 132,719 224,625 Total income (loss) 1,142,992 1,615,908 Expenses Management fees 31,316 42,559 Professional fees 27,581 27,663 Distribution and marketing fees 71,423 82,545 Custodian fees and expenses 7,829 8,512 Business permits and licenses fees 2,505 5,631 General and administrative expenses 6,263 5,107 Total expenses 146,917 172,017 Total expenses, net 146,917 172,017 Net income (loss) $ 996,075 $ 1,443,891 Net increase (decrease) in net asset value per share $ 0.81 $ 1.05 Net income (loss) per weighted average share $ 0.93 $ 1.12 Weighted average shares outstanding 1,073,337 1,287,641 The accompanying notes are an integral part of these financial statements. F-24 Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Operations Net income (loss) $ 996,075 $ 1,443,891 Capital transactions Issuance of Shares 2,287,380 - Redemption of Shares ( 4,834,022 ) ( 2,634,818 ) Total capital transactions ( 2,546,642 ) ( 2,634,818 ) Net change in net assets ( 1,550,567 ) ( 1,190,927 ) Net assets, beginning of period $ 12,546,977 $ 17,720,099 Net assets, end of period $ 10,996,410 $ 16,529,172 Net asset value per share at beginning of period $ 11.41 $ 12.44 Net asset value per share at end of period $ 12.22 $ 13.49 Creation of Shares 200,000 - Redemption of Shares 400,000 200,000 The accompanying notes are an integral part of these financial statements. F-25 Table of Contents TEUCRIUM SUGAR FUND STATEMENTS OF CASH FLOWS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Cash flows from operating activities: Net income (loss) $ 996,075 $ 1,443,891 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized depreciation (appreciation) on commodity futures contracts ( 1,511,527 ) ( 1,873,597 ) Changes in operating assets and liabilities: Due from broker 1,736,815 1,586,659 Interest receivable 10,147 9,817 Other assets ( 15,520 ) ( 8,279 ) Management fee payable to Sponsor ( 2,103 ) ( 3,808 ) Other liabilities 1,862 ( 9,651 ) Net cash provided by (used in) operating activities 1,215,749 1,145,032 Cash flows from financing activities: Proceeds from sale of Shares 2,287,380 - Redemption of Shares ( 4,834,022 ) ( 2,634,818 ) Net cash provided by (used in) financing activities ( 2,546,642 ) ( 2,634,818 ) Net change in cash and cash equivalents ( 1,330,893 ) ( 1,489,786 ) Cash and cash equivalents beginning of period 11,831,089 16,773,745 Cash and cash equivalents end of period $ 10,500,196 $ 15,283,959 The accompanying notes are an integral part of these financial statements. F-26 Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF ASSETS AND LIABILITIES March 31, 2025 December 31, 2024 (Unaudited) Assets Cash and cash equivalents $ 106,828,837 $ 114,295,968 Interest receivable 71,235 66,768 Other assets 13,183 705 Equity in trading accounts: Due from broker 20,604,008 19,874,285 Total assets 127,517,263 134,237,726 Liabilities Management fee payable to Sponsor 100,919 102,147 Other liabilities 115,013 16,988 Equity in trading accounts: Commodity futures contracts 12,230,198 11,974,384 Total liabilities 12,446,130 12,093,519 Net assets $ 115,071,133 $ 122,144,207 Shares outstanding 24,575,004 25,300,004 Shares authorized * * Net asset value per share $ 4.68 $ 4.83 Market value per share $ 4.68 $ 4.82 * On March 9, 2022, the Teucrium Wheat Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933. The accompanying notes are an integral part of these financial statements. F-27 Table of Contents TEUCRIUM WHEAT FUND SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 1,756,614 $ 1,756,614 1.53 % 1,756,614 Goldman Sachs Financial Square Government Fund - Institutional Class 4.255 % 37,360,949 37,360,949 32.47 37,360,949 Total money market funds $ 39,117,563 $ 39,117,563 34.00 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Brookfield Infrastructure Holdings (Canada) Inc. April 1, 2025 4.470 % $ 7,431,250 $ 7,500,000 6.52 % 7,500,000 Brookfield Infrastructure Holdings (Canada) Inc. April 10, 2025 4.469 % 2,478,000 2,497,250 2.17 2,500,000 Brookfield Infrastructure Holdings (Canada) Inc. June 18, 2025 4.731 % 2,472,552 2,474,812 2.15 2,500,000 Crown Castle Inc. May 1, 2025 4.664 % 2,488,820 2,490,417 2.16 2,500,000 General Motors Financial Company, Inc. May 2, 2025 4.421 % 4,452,694 4,483,144 3.90 4,500,000 Glencore Funding LLC April 1, 2025 4.437 % 7,436,272 7,500,000 6.52 7,500,000 Glencore Funding LLC April 3, 2025 4.403 % 4,964,436 4,998,794 4.34 5,000,000 Harley-Davidson Financial Services, Inc. April 25, 2025 4.680 % 4,966,066 4,984,634 4.33 5,000,000 Harley-Davidson Financial Services, Inc. April 29, 2025 4.687 % 2,475,670 2,491,036 2.16 2,500,000 Harley-Davidson Financial Services, Inc. April 29, 2025 4.740 % 7,431,992 7,472,797 6.49 7,500,000 Harley-Davidson Financial Services, Inc. May 22, 2025 4.728 % 2,475,136 2,483,532 2.16 2,500,000 TELUS Corporation May 21, 2025 4.701 % 2,482,316 2,483,924 2.16 2,500,000 TELUS Corporation June 9, 2025 4.525 % 4,946,229 4,957,354 4.31 5,000,000 Total Commercial Paper $ 56,501,433 $ 56,817,694 49.37 % Total Cash Equivalents $ 95,935,257 83.37 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States wheat futures contracts CBOT wheat futures JUL25 1,463 $ 1,829,556 1.59 % $ 40,269,075 CBOT wheat futures SEP25 1,218 1,740,739 1.51 34,484,625 CBOT wheat futures DEC25 1,367 8,659,903 7.53 40,275,238 Total commodity futures contracts $ 12,230,198 10.63 % $ 115,028,938 The accompanying notes are an integral part of these financial statements. F- 28 Table of Contents TEUCRIUM WHEAT FUND SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 3,392,682 $ 3,392,682 2.78 % 3,392,682 Goldman Sachs Financial Square Government Fund - Institutional Class 4.410 % 43,377,391 43,377,391 35.51 43,377,391 Total money market funds $ 46,770,073 $ 46,770,073 38.29 % Maturity Percentage of Principal Date Yield Cost Fair Value Net Assets Amount Commercial Paper Bell Canada, Inc. February 4, 2025 4.588 % $ 4,468,361 $ 4,480,790 3.67 % 4,500,000 Brookfield Infrastructure Holdings (Canada) Inc. January 16, 2025 4.732 % 7,445,633 7,485,438 6.13 7,500,000 Brookfield Infrastructure Holdings (Canada) Inc. March 6, 2025 4.783 % 2,471,931 2,479,111 2.03 2,500,000 Energy Transfer Operating, L.P. January 24, 2025 4.454 % 4,984,728 4,985,950 4.08 5,000,000 General Motors Financial Company, Inc. January 28, 2025 4.595 % 2,474,575 2,491,525 2.04 2,500,000 General Motors Financial Company, Inc. March 14, 2025 4.524 % 4,947,470 4,955,504 4.06 5,000,000 Harley-Davidson Financial Services, Inc. February 3, 2025 4.791 % 4,947,667 4,978,412 4.08 5,000,000 Harley-Davidson Financial Services, Inc. February 18, 2025 4.860 % 7,411,484 7,452,261 6.10 7,500,000 Hyundai Capital America February 12, 2025 4.568 % 2,481,875 2,486,875 2.04 2,500,000 L3Harris Technologies, Inc. January 21, 2025 4.560 % 7,470,000 7,481,250 6.12 7,500,000 VW Credit, Inc. January 22, 2025 4.671 % 4,962,945 4,986,584 4.08 5,000,000 VW Credit, Inc. February 19, 2025 4.568 % 2,481,875 2,484,688 2.03 2,500,000 Total Commercial Paper $ 56,548,544 $ 56,748,388 46.46 % Total Cash Equivalents $ 103,518,461 84.75 % Number of Percentage of Notional Amount Description: Liabilities Contracts Fair Value Net Assets (Long Exposure) Commodity futures contracts United States wheat futures contracts CBOT wheat futures MAY25 1,518 $ 2,977,940 2.44 % $ 42,693,750 CBOT wheat futures JUL25 1,286 358,378 0.29 36,618,850 CBOT wheat futures DEC25 1,430 8,638,066 7.07 42,792,750 Total commodity futures contracts $ 11,974,384 9.80 % $ 122,105,350 The accompanying notes are an integral part of these financial statements. F- 29 Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Income Realized and unrealized gain (loss) on trading of commodity futures contracts: Realized gain (loss) on commodity futures contracts $ ( 3,460,250 ) $ ( 10,037,305 ) Net change in unrealized appreciation (depreciation) on commodity futures contracts ( 255,814 ) ( 8,958,463 ) Interest income 1,294,423 2,149,924 Total income (loss) ( 2,421,641 ) ( 16,845,844 ) Expenses Management fees 300,624 410,199 Professional fees 136,099 109,035 Distribution and marketing fees 436,779 521,828 Custodian fees and expenses 52,311 50,520 Business permits and licenses fees 41,826 16,408 General and administrative expenses 48,100 41,020 Other expenses 3,006 - Total expenses 1,018,745 1,149,010 Total expenses, net 1,018,745 1,149,010 Net income (loss) $ ( 3,440,386 ) $ ( 17,994,854 ) Net increase (decrease) in net asset value per share $ ( 0.15 ) $ ( 0.59 ) Net income (loss) per weighted average share $ ( 0.14 ) $ ( 0.60 ) Weighted average shares outstanding 24,850,560 29,990,663 The accompanying notes are an integral part of these financial statements. F-30 Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Operations Net income (loss) $ ( 3,440,386 ) $ ( 17,994,854 ) Capital transactions Issuance of Shares 3,045,730 2,471,442 Redemption of Shares ( 6,678,418 ) ( 11,115,948 ) Total capital transactions ( 3,632,688 ) ( 8,644,506 ) Net change in net assets ( 7,073,074 ) ( 26,639,360 ) Net assets, beginning of period $ 122,144,207 $ 184,176,669 Net assets, end of period $ 115,071,133 $ 157,537,309 Net asset value per share at beginning of period $ 4.83 $ 5.98 Net asset value per share at end of period $ 4.68 $ 5.39 Creation of Shares 625,000 475,000 Redemption of Shares 1,350,000 2,025,000 The accompanying notes are an integral part of these financial statements. F-31 Table of Contents TEUCRIUM WHEAT FUND STATEMENTS OF CASH FLOWS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Cash flows from operating activities: Net income (loss) $ ( 3,440,386 ) $ ( 17,994,854 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized depreciation (appreciation) on commodity futures contracts 255,814 8,958,463 Changes in operating assets and liabilities: Due from broker ( 729,723 ) ( 9,103,868 ) Interest receivable ( 4,467 ) 123,407 Other assets ( 12,478 ) 3,714 Management fee payable to Sponsor ( 1,228 ) ( 30,527 ) Other liabilities 98,025 12,989 Net cash provided by (used in) operating activities ( 3,834,443 ) ( 18,030,676 ) Cash flows from financing activities: Proceeds from sale of Shares 3,045,730 2,471,442 Redemption of Shares ( 6,678,418 ) ( 11,115,948 ) Net cash provided by (used in) financing activities ( 3,632,688 ) ( 8,644,506 ) Net change in cash and cash equivalents ( 7,467,131 ) ( 26,675,182 ) Cash and cash equivalents, beginning of period 114,295,968 168,732,086 Cash and cash equivalents, end of period $ 106,828,837 $ 142,056,904 The accompanying notes are an integral part of these financial statements. F-32 Table of Contents T TEUCRIUM AGRICULTURAL FUND STATEMENTS OF ASSETS AND LIABILITIES March 31, 2025 December 31, 2024 (Unaudited) Assets Cash equivalents $ 12,142 $ 8,570 Interest receivable 40 35 Other assets - 1,180 Equity in trading accounts: Investments in securities, at fair value (cost $ 12,194,262 and $ 12,632,301 as of March 31, 2025 and December 31, 2024, respectively) 10,089,515 10,344,458 Total assets 10,101,697 10,354,243 Liabilities Other liabilities 2,214 832 Net assets $ 10,099,483 $ 10,353,411 Shares outstanding 400,002 412,502 Shares authorized * * Net asset value per share $ 25.25 $ 25.10 Market value per share $ 25.24 $ 25.12 * On April 7, 2022, the Teucrium Agricultural Fund registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933. The accompanying notes are an integral part of these financial statements. F-33 Table of Contents TEUCRIUM AGRICULTURAL FUND SCHEDULE OF INVESTMENTS March 31, 2025 (Unaudited) Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Exchange-traded funds Teucrium Corn Fund $ 3,357,873 $ 2,530,393 25.05 % 136,572 Teucrium Soybean Fund 3,131,696 2,518,169 24.93 118,077 Teucrium Sugar Fund 1,920,180 2,505,415 24.81 205,056 Teucrium Wheat Fund 3,784,513 2,535,538 25.11 541,504 Total exchange-traded funds $ 12,194,262 $ 10,089,515 99.90 % Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 12,142 $ 12,142 0.12 % 12,142 The accompanying notes are an integral part of these financial statements. F- 34 Table of Contents TEUCRIUM AGRICULTURAL FUND SCHEDULE OF INVESTMENTS December 31, 2024 Percentage of Description: Assets Yield Cost Fair Value Net Assets Shares Exchange-traded funds Teucrium Corn Fund $ 3,436,783 $ 2,594,798 25.06 % 138,311 Teucrium Soybean Fund 2,085,431 2,619,232 25.30 122,016 Teucrium Sugar Fund 3,833,234 2,513,606 24.28 220,370 Teucrium Wheat Fund 3,276,853 2,616,822 25.27 542,032 Total exchange-traded funds $ 12,632,301 $ 10,344,458 99.91 % Cash equivalents Money market funds U.S. Bank Deposit Account 4.200 % $ 8,570 $ 8,570 0.08 % 8,570 The accompanying notes are an integral part of these financial statements. F- 35 Table of Contents TEUCRIUM AGRICULTURAL FUND STATEMENTS OF OPERATIONS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Income Realized and unrealized gain (loss) on trading of securities: Realized gain (loss) on securities $ ( 113,063 ) $ ( 230,630 ) Net change in unrealized appreciation (depreciation) on securities 183,096 ( 485,554 ) Interest income 107 136 Total income (loss) 70,140 ( 716,048 ) Expenses Professional fees 11,469 21,363 Distribution and marketing fees 27,669 36,178 Custodian fees and expenses 2,460 3,615 Business permits and licenses fees 9,825 9,825 General and administrative expenses 1,992 2,238 Other expenses 1 66 Total expenses 53,416 73,285 Expenses waived by the Sponsor ( 50,854 ) ( 69,538 ) Total expenses, net 2,562 3,747 Net income (loss) $ 67,578 $ ( 719,795 ) Net increase (decrease) in net asset value per share $ 0.15 $ ( 1.10 ) Net income (loss) per weighted average share $ 0.17 $ ( 1.22 ) Weighted average shares outstanding 403,613 590,524 The accompanying notes are an integral part of these financial statements. F-36 Table of Contents TEUCRIUM AGRICULTURAL FUND STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Operations Net income (loss) $ 67,578 $ ( 719,795 ) Capital transactions Redemption of Shares ( 321,506 ) ( 3,162,448 ) Total capital transactions ( 321,506 ) ( 3,162,448 ) Net change in net assets ( 253,928 ) ( 3,882,243 ) Net assets, beginning of period $ 10,353,411 $ 18,409,126 Net assets, end of period $ 10,099,483 $ 14,526,883 Net asset value per share at beginning of period $ 25.10 $ 29.45 Net asset value per share at end of period $ 25.25 $ 28.35 Creation of Shares - - Redemption of Shares 12,500 112,500 The accompanying notes are an integral part of these financial statements. F-37 Table of Contents TEUCRIUM AGRICULTURAL FUND STATEMENTS OF CASH FLOWS (Unaudited) Three months ended Three months ended March 31, 2025 March 31, 2024 Cash flows from operating activities: Net income (loss) $ 67,578 $ ( 719,795 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized depreciation (appreciation) on securities ( 183,096 ) 485,554 Changes in operating assets and liabilities: Net sale of investments in securities 438,039 3,400,930 Interest receivable ( 5 ) 21 Other assets 1,180 ( 5,571 ) Other liabilities 1,382 ( 198 ) Net cash provided by (used in) operating activities 325,078 3,160,941 Cash flows from financing activities: Redemption of Shares ( 321,506 ) ( 3,162,448 ) Net cash provided by (used in) financing activities ( 321,506 ) ( 3,162,448 ) Net change in cash equivalents 3,572 ( 1,507 ) Cash equivalents, beginning of period 8,570 11,208 Cash equivalents, end of period $ 12,142 $ 9,701 The accompanying notes are an integral part of these financial statements. F-38 Table of Contents NOTES TO COMBINED FINANCIAL STATEMENTS March 31, 2025 (Unaudited) Note 1 – Organization and Operation Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund (“TAGS”). Hashdex Bitcoin Futures ETF (“DEFI”) was a series of the Trust prior to the merger closing on January 3, 2024. As discussed elsewhere in this Form 10 -Q, the Trust, on behalf of its series, Hashdex Bitcoin Futures Fund ("Acquired Fund"), and Tidal Commodities Trust I, on behalf of its series, Hashdex Bitcoin Futures Fund, entered into an Agreement and Plan of Merger and Liquidation dated as of October 30, 2023 ( "Plan of Merger"). The Merger closed on January 3, 2024. Upon such closing, the Plan of Merger caused all of the Acquired Fund's shares to be canceled and the Acquired Fund to be liquidated. A Form 15 was filed with the SEC to de-register the Acquired Fund under the Securities Exchange Act of 1934 (the "Exchange Act"), which terminates the Exchange Act reporting obligations of the Acquired Fund. While the Acquired Fund's financials are included in the combined Trust financials for historical periods and for the stub period from January 1, 2024, to January 3, 2024, separate financial statements for the Acquired Fund are not provided. All of these series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Collectively, CORN, CANE, SOYB, WEAT, and TAGS are referred to as the “Agricultural Funds”. Each Fund is a commodity pool that is a series of the Trust. The Funds issue common units, called the “Shares,” representing fractional undivided beneficial interests in a Fund. Effective as of April 29, 2019, the Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”). On June 7, 2010, the initial Form S- 1 for CORN was declared effective by the U.S. Securities and Exchange Commission (“SEC”). On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 shares and $ 5,000,000 . CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010. The current registration statement for CORN was declared effective by the SEC on April 7, 2022. This registration statement for CORN registered an indeterminate number of shares. On June 13, 2011, the initial Forms S- 1 for CANE, SOYB, and WEAT were declared effective by the SEC. On September 16, 2011, two Creation Baskets were issued for each Fund, representing 100,000 shares and $ 2,500,000 , for CANE, SOYB, and WEAT. On September 19, 2011, CANE, SOYB, and WEAT started trading on the NYSE Arca. The current registration statements for CANE and SOYB were declared effective by the SEC on April 7, 2022. The registration statements for SOYB and CANE registered an indeterminate number of shares each. The current registration statement for WEAT was declared effective on March 9, 2022. This registration statement for WEAT registered an indeterminate number of shares. On February 10, 2012, the Form S- 1 for TAGS was declared effective by the SEC. On March 27, 2012, six Creation Baskets for TAGS were issued representing 300,000 shares and $ 15,000,000 . TAGS began trading on the NYSE Arca on March 28, 2012. The current registration statement for TAGS was declared effective by the SEC on April 7, 2022. This registration statement for TAGS registered an indeterminate number of shares. On September 14, 2022, the Form S- 1 for DEFI was declared effective by the SEC. This registration statement for DEFI registered an indeterminate number of Shares. On September 15, 2022, five Creation Baskets for DEFI were issued representing 50,000 Shares and $ 1,250,000 . DEFI began trading on the NYSE Arca on September 16, 2022. As reported by the registrant on a Form 8 -K filed with the Securities and Exchange Commission on November 7, 2023 ( File No. 001 - 34765 ), Teucrium Commodity Trust (the “Teucrium Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquired Fund”), and Tidal Commodities Trust I (“Acquiring Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquiring Fund”), entered into an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 ( the “Plan of Merger”). The Merger closed on January 3, 2024 ( the “Closing Date”). Pursuant to the Plan of Merger, each Acquired Fund shareholder received one share of the Acquiring Fund for every one share of the Acquired Fund held on the Closing Date based on the net asset value per share of the Acquiring Fund being equal to the net asset value per share of the Acquired Fund determined immediately prior to the Merger closing. Upon the Merger closing, the Acquiring Fund acquired all the assets of the Acquired Fund and assumed all the liabilities of the Acquired Fund via distribution. Upon the Merger closing, the Plan of Merger caused all of the Acquired Fund’s shares to be cancelled and the Acquired Fund to be liquidated. The sponsor of the Teucrium Trust, Teucrium Trading, LLC ("Teucrium" or "Sponsor"), has not received any compensation dependent on the consummation of the Merger. Teucrium Trading, LLC is the Sponsor of the Trust. The Sponsor is a member of the National Futures Association (the “NFA”) and became a commodity pool operator (“CPO”) registered with the Commodity Futures Trading Commission (the “CFTC”) effective November 10, 2009. The Sponsor registered as a Commodity Trading Advisor (“CTA”) with the CFTC effective September 8, 2017. The specific investment objective of each Fund and information regarding the organization and operation of each Fund are included in each Fund’s financial statements and accompanying notes, as well as in other sections of this Form 10 -K filing. In general, the investment objective of each Fund is to have the daily changes in the Net Asset Value (“NAV”) of each Fund’s Shares reflect the daily changes in the specified commodity market for future delivery as measured by the Benchmark. The investment objective of TAGS is to have the daily changes in percentage terms of NAV of its Shares reflect the daily changes in percentage terms of a weighted average (the “Underlying Fund Average”) of the NAVs per share of the four agricultural commodity pools that are series of the Trust and are sponsored by the Sponsor: CORN, WEAT, SOYB, and CANE (collectively, the “Underlying Funds”). The Underlying Fund Average will have a weighting of 25 % to each Underlying Fund, and the Fund’s assets will be rebalanced to maintain the approximate 25% allocation to each Underlying Fund. Subject to the terms of the Trust Agreement, Teucrium Trading, LLC in its capacity as the Sponsor may terminate a Fund at any time, regardless of whether the Fund has incurred losses, including, for instance, if it determines that the Fund’s aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent. However, no level of losses will require the Sponsor to terminate a Fund. F- 39 Table of Contents Note 2 – Principal Contracts and Agreements The Sponsor employs U.S. Bank, N.A. as the Custodian for the Funds. The principal business address for U.S. Bank, N.A is 5065 Wooster Rd, Cincinnati, Ohio 45226. U.S. Bank, N.A. is a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota. The principal address for U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (“Global Fund Services”) is 615 E. Michigan Street, Milwaukee, WI 53202. In addition, effective on the Conversion Date, Global Fund Services, a wholly owned subsidiary of U.S. Bank, N.A. commenced serving as administrator for each Fund, performing certain administrative, accounting services, and preparing certain SEC reports on behalf of the Funds, and also became the registrar and transfer agent for each Fund’s Shares. For such services, U.S. Bank N.A. and Global Fund Services will receive an asset-based fee, subject to a minimum annual fee. For custody services, the Funds will pay to U.S. Bank, N.A. 0.0075 % of average gross assets up to $1 billion, and 0.0050 % 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 in custodian fees and expenses on the statements of operations. A summary of these expenses is included below. The Sponsor employs PINE Distributors LLC, ("PINE" or the "Marketing Agent") as the Marketing Agent for the Funds. The Distribution Services Agreement among the Marketing Agent, the Sponsor, and the Trust calls for the Marketing Agent 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 the Sponsor have also entered into an agreement under which certain employees and officers of the Sponsor are licensed as registered representatives of the Marketing Agent. These persons engage in certain marketing activities for the Funds. For its services as the Marketing Agent, PINE receives a fee of 0.0075 % of the Fund’s average daily net assets and an aggregate annual fee of $ 75,000 for all Teucrium Funds. For its services under the Registered Representative Service Agreement ("RRSA"), PINE receives a fee of $ 3,500 per registered representative and $ 7,500 per registered location. These services are recorded in distribution and marketing fees on the statements of operations. A summary of these expenses is included below. Marex Capital Markets, Inc. (“Marex”) and StoneX Financial Inc. (“StoneX”) serve as the Funds’ clearing brokers to execute and clear futures contracts and provide other brokerage-related services. Marex and StoneX are each registered as futures commission merchants (“FCM”) with the U.S. CFTC and are members of the NFA. The clearing brokers are registered as broker-dealers with the SEC and are each a member of FINRA. Marex, and StoneX are each clearing members of ICE Futures U.S., Inc., Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange, and all other major United States commodity exchanges. For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 8.00 per round turn. StoneX is paid $ 9.00 per round turn. 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, and a full turn is recognized as a realized loss on the statements of operations when a contract is sold. A summary of these expenses can be found below under the heading, Brokerage Commissions . F- 40 Table of Contents The sole Trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. For its services, the Trustee receives an annual fee of $ 3,300 from the Trust. These services are recorded in business permits and licenses fees on the statements of operations. A summary of these expenses is included below. Three months ended March 31, 2025 CORN SOYB CANE WEAT TAGS TRUST Amount Recognized for Custody Services $ 31,170 $ 16,358 $ 7,829 $ 52,311 $ 2,460 $ 110,128 Amount of Custody Services Waived $ - $ - $ - $ - $ 2,460 $ 2,460 Amount Recognized for Distribution Services $ 9,287 $ 4,688 $ 2,979 $ 14,862 $ 1,020 $ 32,836 Amount of Distribution Services Waived $ - $ - $ - $ - $ 1,020 $ 1,020 Amount Recognized for Wilmington Trust $ - $ - $ - $ - $ - $ - Amount of Wilmington Trust Waived $ - $ - $ - $ - $ - $ - Three months ended March 31, 2024 CORN SOYB CANE WEAT TAGS DEFI TRUST Amount Recognized for Custody Services $ 21,972 $ 8,486 $ 8,512 $ 50,520 $ 3,615 $ 1,919 $ 95,024 Amount of Custody Services Waived $ - $ - $ - $ - $ 3,615 $ 1,919 $ 5,534 Amount Recognized for Distribution Services $ 8,128 $ 3,063 $ 3,491 $ 20,330 $ 1,527 $ - $ 36,539 Amount of Distribution Services Waived $ - $ - $ - $ - $ 1,527 $ - $ 1,527 Amount Recognized for Wilmington Trust $ - $ - $ - $ - $ - $ - $ - Amount of Wilmington Trust Waived $ - $ - $ - $ - $ - $ - $ - Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared on a combined basis in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification and include the accounts of the Trust, CORN, CANE, SOYB, WEAT, TAGS and DEFI. Refer to the accompanying separate financial statements for each Fund for more detailed information. The periods represented by the financial statements herein contain the results of CORN, SOYB, CANE, WEAT, TAGS and DEFI for the months during which each Fund was in operation, except for eliminations for TAGS as explained below. Given the investment objective of TAGS as described in Note 1 above, TAGS will buy, sell, and hold, as part of its normal operations, shares of the four Underlying Agricultural Funds. The Trust eliminates the shares of the other series of the Trust owned by TAGS from its combined statements of assets and liabilities. The Trust eliminates the net change in unrealized appreciation or depreciation on securities owned by TAGS from its combined statements of operations. The combined statements of changes in net assets and cash flows present a net presentation of the purchases and sales of the Underlying Funds by TAGS. The Trust and Funds qualify as an investment company solely for accounting purposes and not for any other purpose and follow the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but are not registered, and are not required to be registered, as an investment company under the Investment Company Act of 1940, as amended. F- 41 Table of Contents Revenue Recognition Commodity and cryptocurrency futures contracts are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity and cryptocurrency futures contracts are reflected in the statements of operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Interest on cash equivalents with financial institutions are recognized on an accrual basis. The Funds earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments. The Sponsor may invest a portion of cash in commercial paper, which is deemed a cash equivalent based on the rating and duration of contracts as described in the notes to the financial statements and reflected in cash and cash equivalents on the statements of assets and liabilities and in cash and cash equivalents on the statements of cash flows. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts. Accretion on these investments is recognized using the effective interest method in U.S. dollars and included in interest income on the statements of operations. Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the three months ended March 31, 2025 and 2024 . CORN SOYB CANE WEAT TAGS DEFI TRUST Three months ended March 31, 2025 $ 10,071 $ 3,340 $ 3,148 $ 13,934 $ - $ - $ 30,493 Three months ended March 31, 2024 $ 9,706 $ 4,158 $ 2,008 $ 15,580 $ - $ 192 $ 31,644 Income Taxes The Trust is organized and will be operated as a Delaware statutory trust. For federal income tax purposes, each Fund will be treated as a publicly traded partnership. A publicly traded partnership is generally treated as a corporation for federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704 (d) of the Internal Revenue Code of 1986, as amended. Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. Each Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for federal income tax purposes. Therefore, the Funds do not record a provision for income taxes because the shareholders report their share of a Fund’s income or loss on their income tax returns. The financial statements reflect the Funds’ transactions without adjustment, if any, required for income tax purposes. F- 42 Table of Contents The Funds are required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds file income tax returns in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. For all tax years 2022 to 2024, the Funds remain subject to income tax examinations by major taxing authorities. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Funds recording a tax liability that reduces net assets. Based on their analysis, the Funds have determined that they have not incurred any liability for unrecognized tax benefits as of March 31, 2025 , and for the years ended December 31, 2024 , 2023 and 2022 . However, the Funds’ conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of and changes to tax laws, regulations, and interpretations thereof. There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts. Bitcoin Futures Contracts more likely than not will be considered futures with respect to commodities for purposes of the qualifying income exception under section 7704 of the Code. Based on a CFTC determination that treats bitcoin as a commodity under the CEA, the Fund intends to take the position that Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code. Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund. The Funds recognize interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the three months ended March 31, 2025 and 2024 . The Funds may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. Creations and Redemptions Authorized Purchasers may purchase Creation Baskets from each Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the shares in the Creation Basket determined as of 4:00 p.m. (ET) time on the day the order to create the basket is received in good order. Authorized Purchasers may redeem shares from each Fund only in blocks of shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem the basket is received in good order. Each Fund receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Purchasers are reflected in the statements of assets and liabilities as capital shares receivable. Amounts payable to Authorized Purchasers upon redemption are reflected in the statements of assets and liabilities as payable for shares redeemed. There are a minimum number of baskets and associated Shares specified for each Fund in the Fund’s respective prospectus, as amended from time to time. If a Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. These minimum levels are as follows: CORN: 50,000 shares representing 2 baskets SOYB: 50,000 shares representing 2 baskets CANE: 50,000 shares representing 2 baskets WEAT: 50,000 shares representing 2 baskets TAGS: 50,000 shares representing 4 baskets F- 43 Table of Contents Cash and Cash Equivalents Cash equivalents are highly liquid investments with original maturity dates of 90 days or less when acquired. The Trust reported its cash equivalents in the combined statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions. The Trust holds a balance in money market funds that is included in cash and cash equivalents on the combined statements of assets and liabilities. The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which are classified as cash and not as cash equivalents. Assets deposited with the bank may, at times, exceed federally insured limits. The Sponsor invests a portion of the available cash for the Funds in investment grade commercial paper with durations of 90 days or less, which is classified as a cash equivalent and is not FDIC insured. The Sponsor may invest a portion of the cash held by the broker in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured. March 31, 2025 CORN SOYB CANE WEAT TAGS TRUST Money Market Funds $ 10,545,390 $ 9,195,436 $ 3,107,950 $ 39,117,563 $ 12,142 $ 61,978,481 Demand Deposit Savings Accounts 10,958,643 5,747,964 2,403,919 10,893,580 - 30,004,106 Commercial Paper 27,392,266 9,971,648 4,988,327 56,817,694 - 99,169,935 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 48,896,299 $ 24,915,048 $ 10,500,196 $ 106,828,837 $ 12,142 $ 191,152,522 December 31, 2024 CORN SOYB CANE WEAT TAGS TRUST Money Market Funds $ 22,789,058 $ 8,146,814 $ 4,462,098 $ 46,770,073 $ 8,570 $ 82,176,613 Demand Deposit Savings Accounts 10,841,877 5,686,719 2,378,305 10,777,507 - 29,684,408 Commercial Paper 27,367,391 9,972,867 4,990,686 56,748,388 - 99,079,332 Total cash and cash equivalents as presented on the Statement of Assets and Liabilities $ 60,998,326 $ 23,806,400 $ 11,831,089 $ 114,295,968 $ 8,570 $ 210,940,353 Payable for Purchases of Commercial Paper The amount recorded by the Trust for commercial paper transactions awaiting settlement represents the amount payable for contracts purchased but not yet settled as of the reporting date. The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability. Due from/to Broker The amount recorded by the Trust for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for commodities futures accounts liquidating to an equity balance on the clearing broker’s records, and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. F- 44 Table of Contents When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Funds’ trading, the Funds (and not their shareholders personally) are subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Payable/Receivable for Securities Purchased/Sold Due from/to broker for investments in securities are securities transactions pending settlement. The Trust and the Funds are subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The management of the Trust and the Funds monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. The principal broker through which the Trust and TAGS can execute securities transactions for TAGS is U.S. Bank, N.A. Sponsor Fee, Allocation of Expenses and Related Party Transactions The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency, compliance, and other necessary services to the Fund, including services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance, and trading activities. In some cases, at its discretion, the Sponsor may elect not to outsource certain of these expenses. In addition, the Agricultural Funds, except for TAGS, which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00 % per annum. The Agricultural Funds generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to services provided by the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Funds and are, primarily, included as distribution and marketing fees on the statements of operations. These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing. F- 45 Table of Contents DEFI was contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.94 % per annum. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Marketing Agent, Transfer Agent, licensors, accounting and audit fees expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K- 1 preparation and mailing fees, and report preparation and mailing expenses. These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses. Three months ended March 31, 2025 CORN SOYB CANE WEAT TAGS TRUST Recognized Related Party Transactions $ 160,255 $ 80,137 $ 52,042 $ 257,914 $ 17,829 $ 568,177 Waived Related Party Transactions $ - $ - $ - $ - $ 17,829 $ 17,829 Three months ended March 31, 2024 CORN SOYB CANE WEAT TAGS TRUST Recognized Related Party Transactions $ 136,525 $ 51,460 $ 58,527 $ 342,309 $ 25,585 $ 614,406 Waived Related Party Transactions $ - $ - $ - $ - $ 25,585 $ 25,585 The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and Management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. The Sponsor has determined that there will be no recovery sought for the amounts below in any future period. CORN SOYB CANE WEAT TAGS DEFI TRUST Three months ended March 31, 2025 $ - $ - $ - $ - $ 50,854 $ - $ 50,854 Three months ended March 31, 2024 $ - $ - $ - $ - $ 69,538 $ 62,309 $ 131,847 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. F- 46 Table of Contents Fair Value - Definition and Hierarchy In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Trust uses various valuation approaches. In accordance with U.S. GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 futures contracts held by CORN, SOYB, CANE, WEAT and DEFI, the securities of the Underlying Funds held by TAGS, and any other securities held by any Fund, together referenced throughout this filing as “financial instruments.” Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Trust’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Trust uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This condition could cause a financial instrument to be reclassified to a lower level within the fair value hierarchy. For instance, when Corn Futures Contracts on the Chicago Board of Trade (“CBOT”) are not actively trading due to a “limit-up” or ‘limit-down” condition, meaning that the daily change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets. When such a situation exists on a quarter close, the Sponsor will calculate the NAV on a particular day using the Level 1 valuation but will later recalculate the NAV for the impacted Fund based upon the valuation inputs from these alternative verifiable sources (Level 2 or Level 3 ) and will report such NAV in its applicable financial statements and reports. F- 47 Table of Contents On March 31, 2025 and December 31, 2024 , in the opinion of the Trust, the reported value at the close of the market for each commodity and cryptocurrency contract fairly reflected the value of the futures and no alternative valuations were required. For the three months ended March 31, 2025 and year ended December 31, 2024 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. The Funds and the Trust record their derivative activities at fair value. Gains and losses from derivative contracts are included in the statements of operations. Derivative contracts include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts), which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. Investments in the securities of the Underlying Funds are freely traded and listed on the NYSE Arca. These investments are valued at the NAV of the Underlying Fund as of the valuation date as calculated by the administrator based on the exchange-quoted prices of the commodity futures contracts held by the Underlying Fund. Expenses Expenses are recorded using the accrual method of accounting. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024 - 03 – Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 - 40 ). The amendments require an entity to disaggregate certain income statement line-items within the Notes to the Financial Statements. The Sponsor is evaluating the impacts to the financial statements and disclosures to the Trust and the Funds, and will plan to adopt at or before the effective date for the 10K for the period ending December 31, 2026. The FASB issued ASU 2023 - 07, Segment Reporting (Topic 280Improvements to Reportable Segment Disclosures (“ASU 2023 - 07” ), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023 - 07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023 - 07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Trust and the Funds have adopted ASU 2023 - 07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its financial statements. F- 48 Table of Contents Note 4 – Fair Value Measurements The Trust’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 3. The following table presents information about the Trust’s assets and liabilities measured at fair value as of March 31, 2025 and December 31, 2024 : Assets: Level 1 Level 2 Level 3 Balance as of March 31, 2025 Cash Equivalents $ 161,148,416 $ - $ - $ 161,148,416 Commodity Futures Contracts Corn futures contracts 224,227 - - 224,227 Soybean futures contracts 25,666 - - 25,666 Sugar futures contracts 49,397 - - 49,397 Total $ 161,447,706 $ - $ - $ 161,447,706 Liabilities Level 1 Level 2 Level 3 Balance as of March 31, 2025 Commodity Futures Contracts Corn futures contracts $ 1,827,330 $ - $ - $ 1,827,330 Soybean futures contracts 1,159,232 - - 1,159,232 Sugar futures contracts 98,165 - - 98,165 Wheat futures contracts 12,230,198 - - 12,230,198 Total $ 15,314,925 $ - $ - $ 15,314,925 Assets: Level 1 Level 2 Level 3 Balance as of December 31, 2024 Cash Equivalents $ 181,255,945 $ - $ - $ 181,255,945 Commodity Futures Contracts Corn futures contracts 1,936,572 - - 1,936,572 Total $ 183,192,517 $ - $ - $ 183,192,517 Liabilities Level 1 Level 2 Level 3 Balance as of December 31, 2024 Commodity Futures Contracts Corn futures contracts $ 1,955,417 $ - $ - $ 1,955,417 Soybean futures contracts 1,321,026 - - 1,321,026 Sugar futures contracts 1,560,295 - - 1,560,295 Wheat futures contracts 11,974,384 - - 11,974,384 Total $ 16,811,122 $ - $ - $ 16,811,122 F- 49 Table of Contents Teucrium Corn Fund Balance as of Assets: Level 1 Level 2 Level 3 March 31, 2025 Cash Equivalents $ 37,937,656 $ - $ - $ 37,937,656 Commodity Futures Contracts Corn futures contracts 224,227 - - 224,227 Total $ 38,161,883 $ - $ - $ 38,161,883 Balance as of Liabilities Level 1 Level 2 Level 3 March 31, 2025 Commodity Futures Contracts Corn futures contracts $ 1,827,330 $ - $ - $ 1,827,330 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2024 Cash Equivalents $ 50,156,449 $ - $ - $ 50,156,449 Commodity Futures Contracts Corn futures contracts 1,936,572 - - 1,936,572 Total $ 52,093,021 $ - $ - $ 52,093,021 Balance as of Liabilities Level 1 Level 2 Level 3 December 31, 2024 Commodity Futures Contracts Corn futures contracts $ 1,955,417 $ - $ - $ 1,955,417 F- 50 Table of Contents Teucrium Soybean Fund Balance as of Assets: Level 1 Level 2 Level 3 March 31, 2025 Cash Equivalents $ 19,167,084 $ - $ - $ 19,167,084 Commodity Futures Contracts Soybean futures contracts 25,666 - - 25,666 Total $ 19,192,750 $ - $ - $ 19,192,750 Balance as of Liabilities Level 1 Level 2 Level 3 March 31, 2025 Commodity Futures Contracts Soybean futures contracts $ 1,159,232 $ - $ - $ 1,159,232 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2024 Cash Equivalents $ 18,119,681 $ - $ - $ 18,119,681 Balance as of Liabilities Level 1 Level 2 Level 3 December 31, 2024 Commodity Futures Contracts Soybean futures contracts $ 1,321,026 $ - $ - $ 1,321,026 F- 51 Table of Contents Teucrium Sugar Fund Balance as of Assets: Level 1 Level 2 Level 3 March 31, 2025 Cash Equivalents $ 8,096,277 $ - $ - $ 8,096,277 Commodity Futures Contracts Sugar futures contracts 49,397 - - 49,397 Total $ 8,145,674 $ - $ - $ 8,145,674 Balance as of Liabilities Level 1 Level 2 Level 3 March 31, 2025 Commodity Futures Contracts Sugar futures contracts $ 98,165 $ - $ - $ 98,165 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2024 Cash Equivalents $ 9,452,784 $ - $ - $ 9,452,784 Balance as of Liabilities Level 1 Level 2 Level 3 December 31, 2024 Commodity Futures Contracts Sugar futures contracts $ 1,560,295 $ - $ - $ 1,560,295 F- 52 Table of Contents Teucrium Wheat Fund Balance as of Assets: Level 1 Level 2 Level 3 March 31, 2025 Cash Equivalents $ 95,935,257 $ - $ - $ 95,935,257 Balance as of Liabilities Level 1 Level 2 Level 3 March 31, 2025 Commodity Futures Contracts Wheat futures contracts $ 12,230,198 $ - $ - $ 12,230,198 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2024 Cash Equivalents $ 103,518,461 $ - $ - $ 103,518,461 Balance as of Liabilities Level 1 Level 2 Level 3 December 31, 2024 Commodity Futures Contracts Wheat futures contracts $ 11,974,384 $ - $ - $ 11,974,384 F- 53 Table of Contents Teucrium Agricultural Fund Balance as of Assets: Level 1 Level 2 Level 3 March 31, 2025 Exchange Traded Funds $ 10,089,515 $ - $ - $ 10,089,515 Cash Equivalents 12,142 - - 12,142 Total $ 10,101,657 $ - $ - $ 10,101,657 Balance as of Assets: Level 1 Level 2 Level 3 December 31, 2024 Exchange Traded Funds $ 10,344,458 $ - $ - $ 10,344,458 Cash Equivalents 8,570 - - 8,570 Total $ 10,353,028 $ - $ - $ 10,353,028 For the three months ended March 31, 2025 and year ended December 31, 2024 , the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Funds consider the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported. See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy. Note 5 – Derivative Instruments and Hedging Activities In the normal course of business, the Funds utilize derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Funds’ derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Funds are also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts. For the three months ended March 31, 2025 and year ended December 31, 2024 , the Funds invested only in commodity and cryptocurrency futures contracts specifically related to each Fund. F- 54 Table of Contents Futures Contracts The Funds are subject to commodity and cryptocurrency price risk in the normal course of pursuing their investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with an FCM. Subsequent payments (variation margin) are made or received by each Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by each Fund. Futures contracts may reduce the Funds’ exposure to counterparty risk since futures contracts are exchange-traded; and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to each Fund’s pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2011 - 11 “Balance Sheet (Topic 210 ): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013 - 01 “Balance Sheet (Topic 210 ): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by the FCMs, Marex, and StoneX as of March 31, 2025 , and December 31, 2024 . *The amount of collateral presented in Collateral, Due from Broker, is limited to the liability for the futures contracts and accordingly does not include the excess collateral pledged. Offsetting of Financial Assets and Derivative Assets as of March 31, 2025 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Teucrium Corn Fund: Corn futures contracts $ 224,227 $ - $ 224,227 $ 224,227 $ - $ - Teucrium Soybean Fund: Soybean futures contracts 25,666 - 25,666 25,666 - - Teucrium Sugar Fund: Sugar futures contracts 49,397 - 49,397 49,397 - - Teucrium Commodity Trust Total $ 299,290 $ - $ 299,290 $ 299,290 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2025 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Teucrium Corn Fund: Corn futures contracts $ 1,827,330 $ - $ 1,827,330 $ 224,227 $ 1,603,103 $ - Teucrium Soybean Fund: Soybean futures contracts 1,159,232 - 1,159,232 25,666 1,133,566 - Teucrium Sugar Fund: Sugar futures contracts 98,165 - 98,165 49,397 48,768 - Teucrium Wheat Fund: Wheat futures contracts 12,230,198 - 12,230,198 - 12,230,198 - Teucrium Commodity Trust Total $ 15,314,925 $ - $ 15,314,925 $ 299,290 $ 15,015,635 $ - F- 55 Table of Contents Offsetting of Financial Assets and Derivative Assets as of December 31, 2024 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Assets Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker Net Amount Commodity Price Teucrium Corn Fund: Corn futures contracts $ 1,936,572 $ - $ 1,936,572 $ 1,936,572 $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2024 (i) (ii) (iii) = (i-ii) (iv) (v) = (iii)-(iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description Gross Amount of Recognized Liabilities Gross Amount Offset in the Statement of Assets and Liabilities Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due from Broker* Net Amount Commodity Price Teucrium Corn Fund: Corn futures contracts $ 1,955,417 $ - $ 1,955,417 $ 1,936,572 $ 18,845 $ - Teucrium Soybean Fund: Soybean futures contracts 1,321,026 - 1,321,026 - 1,321,026 - Teucrium Sugar Fund: Sugar futures contracts 1,560,295 - 1,560,295 - 1,560,295 - Teucrium Wheat Fund: Wheat futures contracts 11,974,384 - 11,974,384 - 11,974,384 - Teucrium Commodity Trust Total $ 16,811,122 $ - $ 16,811,122 $ 1,936,572 $ 14,874,550 $ - The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust: Three months ended March 31, 2025 Realized Gain (Loss) on Commodity Futures Contracts Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts Commodity Price Corn futures contracts $ 986,143 $ ( 1,584,258 ) Soybeans futures contracts ( 374,212 ) 187,460 Sugar futures contracts ( 501,254 ) 1,511,527 Wheat futures contracts ( 3,460,250 ) ( 255,814 ) Total commodity futures contracts $ ( 3,349,573 ) $ ( 141,085 ) F- 56 Table of Contents Three months ended March 31, 2024 Realized Gain (Loss) on Commodity Futures Contracts Net Change in Unrealized Appreciation (Depreciation) on Commodity Futures Contracts Commodity Price and Cryptocurrency Price Corn futures contracts $ ( 3,964,335 ) $ ( 1,596,170 ) Soybeans futures contracts ( 2,632,854 ) 596,685 Sugar futures contracts ( 482,314 ) 1,873,597 Wheat futures contracts ( 10,037,305 ) ( 8,958,463 ) Bitcoin futures Contracts ( 78,143 ) 114,383 Total commodity and cryptocurrency futures contracts $ ( 17,194,951 ) $ ( 7,969,968 ) Volume of Derivative Activities The average notional market value categorized by primary underlying risk for the futures contracts held for the three months ended March 31, 2025 and for the three months ended March 31, 2024 . CORN SOYB CANE WEAT TRUST Three Months Ended March 31, 2025 53,720,483 26,755,671 12,313,668 105,489,813 198,279,635 Three Months Ended March 31, 2024 69,350,300 29,126,413 16,949,785 162,415,838 277,842,336 Note 6 - Organizational and Offering Costs Expenses incurred in organizing the Trust and the initial offering of the shares of the Funds, including applicable SEC registration fees, were borne directly by the Sponsor for the Funds, and will be borne directly by the Sponsor for any series of the Trust which is not yet operating or will be issued in the future. The Trust will not be obligated to reimburse the Sponsor. F- 57 Table of Contents Note 7 – Financial Highlights The following tables present per unit performance data and other supplemental financial data for the Three Months Ended March 31, 2025 and 2024 .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. Teucrium Corn Fund: Three months ended Three months ended March 31, 2025 March 31, 2024 Per Share Operation Performance Net asset value at beginning of period $ 18.76 $ 21.61 Income from investment operations: Interest income 0.21 0.27 Net realized and unrealized gain (loss) on commodity futures contracts ( 0.27 ) ( 1.53 ) Total expenses, net ( 0.17 ) ( 0.13 ) Net increase (decrease) in net asset value ( 0.23 ) ( 1.39 ) Net asset value at end of period $ 18.53 $ 20.22 Total Return - 1.24 % - 6.47 % Ratios to Average Net Assets (Annualized) Total expenses 3.59 % 2.72 % Total expenses, net 3.59 % 2.72 % Net investment income 0.70 % 2.60 % Teucrium Soybean Fund: Three months ended Three months ended March 31, 2025 March 31, 2024 Per Share Operation Performance Net asset value at beginning of period $ 21.47 $ 27.03 Income from investment operations: Interest income 0.23 0.34 Net realized and unrealized gain (loss) on commodity futures contracts ( 0.15 ) ( 2.00 ) Total expenses, net ( 0.22 ) ( 0.21 ) Net increase (decrease) in net asset value ( 0.14 ) ( 1.87 ) Net asset value at end of period $ 21.33 $ 25.16 Total Return - 0.65 % - 6.91 % Ratios to Average Net Assets (Annualized) Total expenses 4.04 % 3.28 % Total expenses, net 4.04 % 3.28 % Net investment income 0.25 % 2.10 % F- 58 Table of Contents Teucrium Sugar Fund: Three months ended Three months ended March 31, 2025 March 31, 2024 Per Share Operation Performance Net asset value at beginning of period $ 11.41 $ 12.44 Income (loss) from investment operations: Interest income 0.12 0.17 Net realized and unrealized gain (loss) on commodity futures contracts 0.83 1.01 Total expenses, net ( 0.14 ) ( 0.13 ) Net increase (decrease) in net asset value 0.81 1.05 Net asset value at end of period $ 12.22 $ 13.49 Total Return 7.12 % 8.51 % Ratios to Average Net Assets (Annualized) Total expenses 4.69 % 4.04 % Total expenses, net 4.69 % 4.04 % Net investment income - 0.45 % 1.24 % Teucrium Wheat Fund: Three months ended Three months ended March 31, 2025 March 31, 2024 Per Share Operation Performance Net asset value at beginning of period $ 4.83 $ 5.98 Income (loss) from investment operations: Interest income 0.05 0.07 Net realized and unrealized gain (loss) on commodity futures contracts ( 0.16 ) ( 0.62 ) Total expenses, net ( 0.04 ) ( 0.04 ) Net increase (decrease) in net asset value ( 0.15 ) ( 0.59 ) Net asset value at end of period $ 4.68 $ 5.39 Total Return - 3.01 % - 9.93 % Ratios to Average Net Assets (Annualized) Total expenses 3.39 % 2.80 % Total expenses, net 3.39 % 2.80 % Net investment income 0.92 % 2.45 % F- 59 Table of Contents Teucrium Agricultural Fund: Three months ended Three months ended March 31, 2025 March 31, 2024 Per Share Operation Performance Net asset value at beginning of period $ 25.10 $ 29.45 Income (loss) from investment operations: Net realized and unrealized gain (loss) on investment transactions 0.16 ( 1.09 ) Total expenses, net ( 0.01 ) ( 0.01 ) Net increase (decrease) in net asset value 0.15 ( 1.10 ) Net asset value at end of period $ 25.25 $ 28.35 Total Return 0.60 % - 3.77 % Ratios to Average Net Assets (Annualized) Total expenses 2.08 % 1.76 % Total expenses, net 0.10 % 0.09 % Net investment loss - 0.10 % - 0.09 % The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses. Note 8 – Detail of the net assets and shares outstanding of the Funds that are a series of the Trust The following are the net assets and shares outstanding of each Fund that is a series of the Trust and, thus, in total, comprise the combined net assets of the Trust: March 31, 2025 Outstanding Shares Net Assets Teucrium Corn Fund 2,775,004 $ 51,414,972 Teucrium Soybean Fund 1,200,004 25,591,912 Teucrium Sugar Fund 900,004 10,996,410 Teucrium Wheat Fund 24,575,004 115,071,133 Teucrium Agricultural Fund: 437,502 Net assets including the investment in the Underlying Funds 10,099,483 Less: Investment in the Underlying Funds ( 10,089,515 ) Net for the Fund in the combined net assets of the Trust 9,968 Teucrium Commodity Trust Total $ 203,084,395 F- 60 Table of Contents December 31, 2024 Outstanding Shares Net Assets Teucrium Corn Fund 3,450,004 $ 64,724,238 Teucrium Soybean Fund 1,175,004 25,223,043 Teucrium Sugar Fund 1,100,004 12,546,977 Teucrium Wheat Fund 25,300,004 122,144,207 Teucrium Agricultural Fund: 412,502 Net assets including the investment in the Underlying Funds 10,353,411 Less: Investment in the Underlying Funds ( 10,344,458 ) Net for the Fund in the combined net assets of the Trust 8,953 Teucrium Commodity Trust Total $ 224,647,418 The detailed information for the subscriptions and redemptions, and other financial information for each Fund that is a series of the Trust are included in the accompanying financial statements of each Fund. Note 9 – Segment Reporting (ASC Topic 280 ) The Trust adopted ASU 2023 - 07 during the reporting period ending December 31, 2024. The adoption of ASU 2023 - 07 impacts financial statement disclosures only and does not affect the Trust’s combined financial position, results of operations, or cash flows. Each Fund that is a series of the Trust is considered a separate reportable segment and the Sponsor’s chief executive officer, chief financial officer, and chief operating officer act as the Trust’s and each of the Fund's CODM. Each of the Funds' CODM monitors the operating results of each Fund on a standalone basis, with each Fund's strategic asset allocation guided by its investment objective and principal investment strategies as described in its prospectus and executed by the Sponsor. The combined financial information reviewed by the Trust’s CODM is consistent with the information presented in each Funds' financial statements. The Trust is a series trust consisting of five series, CORN, CANE, SOYB, WEAT and TAGS, each is a Fund separately managed by the Sponsor and as a series of the Trust, each Fund is a reportable segment of the Trust. The sixth series of the Trust, the DEFI Fund, was managed by the sponsor and is a reportable segment of the Trust through its merger with Hashdex Bitcoin Futures Fund based on a Plan of Merger through January 3, 2024, on which day the DEFI Fund was sold and liquidated out of the Trust. Each Fund operates with the goal of meeting its respective investment objective, refer to Note 1 for description of investment objectives of each of the Funds. Refer to Note 2 and Note 3 for descriptions of the accounting policies of each of the Funds which are described and are managed by the Sponsor of the Funds. For the three months ended March 31, 2025 and March 31, 2024 and for the years ended December 31, 2024, 2023, and 2022, the CODM of each Fund, and therefore the CODM of the Trust, evaluates the performance of the Trust by evaluating each Funds' performance. The CODM assesses relative asset levels as presented in the Fund's statements of assets and liabilities as well as interest income, and the expense categories as presented in the Fund’s statement of operations in determining resources allocation and overall management decisions of that Fund. The Trust eliminates intercompany balances to report the combined results on a Trust level, which primarily relates to TAGS investment in the Underlying Funds. F- 61 Table of Contents Note 10 – Subsequent Events Management has evaluated the financial statements for the quarter-ended March 31, 2025 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below: Trust: Nothing to report CORN: Nothing to report. SOYB: Nothing to report. CANE: Nothing to report. WEAT: Nothing to report. TAGS: Nothing to report. F- 62 Table of Contents Item 2. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations. This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report (the “ Report ” ). The discussion and analysis which follows may contain trend analysis and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 which reflect our current views with respect to future events and financial results. Words such as “ anticipate, ” “ expect, ” “ intend, ” “ plan, ” “ believe, ” “ seek, ” “ outlook ” and “ estimate, ” as well as similar words and phrases, signify forward-looking statements. Teucrium Commodity Trust ’ s (the “ Trust ’ s ” ) forward-looking statements are not a guarantee of future results and conditions, and important factors, risks and uncertainties may cause our actual results to differ materially from those expressed in our forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, Teucrium Trading, LLC (the “ Sponsor ” ) undertakes no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report. Overview/Introduction Teucrium Commodity Trust (“Trust”), a Delaware statutory trust organized on September 11, 2009, is a series trust consisting of five series: Teucrium Corn Fund (“CORN”), Teucrium Sugar Fund (“CANE”), Teucrium Soybean Fund (“SOYB”), Teucrium Wheat Fund (“WEAT”), and Teucrium Agricultural Fund ("TAGS") (collectively, “the Agricultural Funds”). All of the series of the Trust are collectively referred to as the “Funds” and singularly as the “Fund.” Each Fund is a commodity pool that is a series of the Trust. The Funds issue common units, called the “Shares,” representing fractional undivided beneficial interests in a Fund. Effective as of April 26, 2019, the Trust and the Funds operate pursuant to the Trust’s Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”). On June 7, 2010, the initial Form S-1 for CORN was declared effective by the U.S. Securities and Exchange Commission (“SEC”). On June 8, 2010, four Creation Baskets for CORN were issued representing 200,000 shares and $5,000,000. CORN began trading on the New York Stock Exchange (“NYSE”) Arca on June 9, 2010. The current registration statement for CORN was declared effective by the SEC on April 7, 2022. This registration statement for CORN registered an indeterminate number of shares. On June 13, 2011, the initial Forms S-1 for CANE, SOYB, and WEAT were declared effective by the SEC. On September 16, 2011, two Creation Baskets were issued for each Fund, representing 100,000 shares and $2,500,000, for CANE, SOYB, and WEAT. On September 19, 2011, CANE, SOYB, and WEAT started trading on the NYSE Arca. The current registration statements for SOYB and CANE were declared effective by the SEC on April 7, 2022. The registration statements for SOYB and CANE registered an indeterminate number of shares each. The current registration statement for WEAT was declared effective on March 9, 2022. This registration statement for WEAT registered an indeterminate number of shares. On February 10, 2012, the Form S-1 for TAGS was declared effective by the SEC. On March 27, 2012, six Creation Baskets for TAGS were issued representing 300,000 shares and $15,000,000. TAGS began trading on the NYSE Arca on March 28, 2012. The current registration statement for TAGS was declared effective by the SEC on April 7, 2022. This registration statement for TAGS registered an indeterminate number of shares. As reported by the registrant on a Form 8-K filed with the Securities and Exchange Commission on November 7, 2023 (File No. 001-34765), Teucrium Commodity Trust (the “Teucrium Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquired Fund”), and Tidal Commodities Trust I (“Acquiring Trust”), on behalf of its series, Hashdex Bitcoin Futures ETF (“Acquiring Fund”), entered into an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 (the “Plan of Merger”). The Merger closed on January 3, 2024 (the “Closing Date”). Pursuant to the Plan of Merger, each Acquired Fund shareholder received one share of the Acquiring Fund for every one share of the Acquired Fund held on the Closing Date based on the net asset value per share of the Acquiring Fund being equal to the net asset value per share of the Acquired Fund determined immediately prior to the Merger closing. Upon the Merger closing, the Acquiring Fund acquired all the assets of the Acquired Fund and assumed all the liabilities of the Acquired Fund via distribution. Upon the Merger closing, the Plan of Merger caused all of the Acquired Fund’s shares to be cancelled and the Acquired Fund to be liquidated. The Sponsor of the Teucrium Trust, Teucrium Trading, LLC (“Teucrium”), has not received any compensation dependent on the consummation of the Merger. F-63 Table of Contents Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), can be highly disruptive to economies and markets. Such events can, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Fund. Recent macroeconomic conditions have been adversely impacted by geopolitical instability and military hostilities in multiple geographies. Geopolitical conflict, including war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, conflicts in the Middle East, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers, global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Fund. For example, in late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west. The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in commodity prices including energy and grain prices, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions. These events are unpredictable and may lead to extended periods of price volatility. F-64 Table of Contents The Investment Objective of the Funds The investment objective of CORN is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the corn market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): CORN Benchmark CBOT Corn Futures Contract Weighting Second to expire 35 % Third to expire 30 % December following the third to expire 35 % The investment objective of SOYB is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the soybean market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for soybeans (“Soybean Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): SOYB Benchmark CBOT Soybean Futures Contract Weighting Second to expire (excluding August & September) 35 % Third to expire (excluding August & September) 30 % Expiring in the November following the expiration of the third to expire contract 35 % The investment objective of CANE is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the sugar market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for No. 11 sugar (“Sugar Futures Contracts”) that are traded on the ICE Futures US (“ICE”): CANE Benchmark ICE Sugar Futures Contract Weighting Second to expire 35 % Third to expire 30 % Expiring in the March following the expiration of the third to expire contract 35 % The investment objective of WEAT is to have the daily changes in the NAV of the Fund’s Shares reflect the daily changes in the wheat market for future delivery as measured by the Benchmark. The Benchmark is a weighted average of the closing settlement prices for three futures contracts for wheat (“Wheat Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”): WEAT Benchmark CBOT Wheat Futures Contract Weighting Second to expire 35 % Third to expire 30 % December following the third to expire 35 % The investment objective of TAGS is to provide daily investment results that reflect the combined daily performance of the Underlying Funds. Under normal market conditions, the Fund seeks to achieve its investment objective generally by investing equally in Shares of each Underlying Fund and, to a lesser extent, cash equivalents. The Fund’s investments in Shares of Underlying Funds are rebalanced, generally on a daily basis, in order to maintain approximately a 25% allocation of the Fund’s assets to each Underlying Fund: TAGS Benchmark Underlying Fund Weighting CORN 25 % SOYB 25 % CANE 25 % WEAT 25 % F-65 Table of Contents The notional amount of each Benchmark Component Futures Contract included in each Benchmark is intended to reflect the changes in market value of each such Benchmark Component Futures Contract within the Benchmark. The closing level of each Benchmark is calculated on each business day by U.S. Bank Global Fund Services (“Global Fund Services”) based on the closing price of the futures contracts for each of the underlying Benchmark Component Futures Contracts and the notional amounts of such Benchmark Component Futures Contracts. Each Benchmark is rebalanced periodically to ensure that each of the Benchmark Component Futures Contracts is weighted in the same proportion as in the investment objective for each Fund. The following tables reflect the March 31, 2025, Benchmark Component Futures Contracts weights for each of the Funds, the contract held is identified by the generally accepted nomenclature of contract month and year, which may differ from the month in which the contract expires: CORN Benchmark Component Futures Contracts NOTIONAL AMT. WEIGHT (%) CBOT corn futures JUL25 (785 contracts) $ 18,182,563 35 % CBOT corn futures SEP25 (706 contracts) $ 15,346,675 30 % CBOT corn futures DEC25 (809 contracts) $ 17,878,900 35 % TOTAL $ 51,408,138 100 % SOYB Benchmark Component Futures Contracts NOTIONAL AMT. WEIGHT (%) CBOT soybean futures JUL25 (174 contracts) $ 8,945,775 35 % CBOT soybean futures NOV25 (151 contracts) $ 7,695,338 30 % CBOT soybean futures NOV26 (176 contracts) $ 8,949,600 35 % TOTAL $ 25,590,713 100 % CANE Benchmark Component Futures Contracts NOTIONAL AMT. WEIGHT (%) ICE sugar futures JUL25 (184 contracts) $ 3,843,392 35 % ICE sugar futures OCT25 (157 contracts) $ 3,311,067 30 % ICE sugar futures MAR26 (179 contracts) $ 3,849,216 35 % TOTAL $ 11,003,675 100 % WEAT Benchmark Component Futures Contracts NOTIONAL AMT. WEIGHT (%) CBOT wheat futures JUL25 (1,463 contracts) $ 40,269,075 35 % CBOT wheat futures SEP25 (1,218 contracts) 34,484,625 30 % CBOT wheat futures DEC25 (1,367 contracts) $ 40,275,238 35 % TOTAL $ 115,028,938 100 % TAGS Benchmark Component Shares FAIR VALUE WEIGHT (%) Teucrium Corn Fund $ 2,530,393 25 % Teucrium Soybean Fund $ 2,518,169 25 % Teucrium Wheat Fund $ 2,535,538 25 % Teucrium Sugar Fund $ 2,505,415 25 % TOTAL $ 10,089,515 100 % F-66 Table of Contents The price relationship between the near month Futures Contract to expire and the Benchmark Component Futures Contracts will vary and may impact both the total return of each Fund over time and the degree to which such total return tracks the total return of the price indices related to the commodity of each Fund. In cases in which the near month contract’s price is lower than later expiring contracts’ prices (a situation known as “contango” in the futures markets), then absent the impact of the overall movement in commodity prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration. In cases in which the near month contract’s price is higher than later expiring contracts’ prices (a situation known as “backwardation” in the futures markets), then absent the impact of the overall movement in a Fund’s prices the value of the Benchmark Component Futures Contracts would tend to rise as they approach expiration, all other things being equal. The total portfolio composition for each Fund is disclosed each business day that the NYSE Arca is open for trading on the Sponsor’s website. The website for the Agricultural Funds and the Sponsor is www.teucrium.com. The website(s) are accessible at no charge. The website disclosure of portfolio holdings is made daily and includes, as applicable, the name and value of each Futures Contract, other commodity or cryptocurrency interests and the amount of cash and cash equivalents held in the Fund’s portfolio. The specific types of other commodity interests held (if any, which may include options on futures contracts and derivative contracts such as swaps) collectively, “Other Commodity Interests,” and together with Futures Contracts, “Commodity Interests” or “Interests” in addition to futures contracts, options on futures contracts and derivative contracts that are tied to various commodities are entered into outside of public exchanges. These “over the counter” contracts are entered into between two parties in private contracts, or on a recently formed swap execution facility (“SEF”) for standardized swaps. For example, unlike Futures Contracts, which are guaranteed by a clearing organization, each party to an over the counter derivative contract bears the credit risk of the other party (unless such over the counter swap is cleared through a derivatives clearing organization (“DCO”), i.e., the risk that the other party will not be able to perform its obligations under its contract, and characteristics of such Other Commodity Interests. Consistent with achieving a Fund’s investment objective of closely tracking the Benchmark, the Sponsor may for certain reasons cause a Fund to enter into or hold Futures Contracts other than the Benchmark Component Futures Contracts and/or Other Commodity Interests. Other Commodity Interests that do not have standardized terms and are not exchange traded, referred to as “over the counter” Commodity Interests, can generally be structured as the parties to the Commodity Interest contract desire. Therefore, each Fund might enter into multiple and/or over the counter Interests intended to replicate the performance of each of the Benchmark Component Futures Contracts for a Fund, or a single over the counter Interest designed to replicate the performance of the Benchmark as a whole. Assuming that there is no default by a counterparty to an over the counter Commodity Interest, the performance of the Commodity Interest will necessarily correlate with the performance of the Benchmark or the applicable Benchmark Component Futures Contract. Each Fund might also enter into or hold Interests other than Benchmark Component Futures Contracts to facilitate effective trading, consistent with the discussion of the Fund’s “roll” strategy. In addition, each Fund might enter into or hold Interests that would be expected to alleviate overall deviation between the Fund’s performance and that of the Benchmark that may result from certain market and trading inefficiencies or other reasons. By utilizing certain or all of the investments described above, the Sponsor will endeavor to cause the Fund’s performance to closely track that of the Benchmark of each Fund. F-67 Table of Contents An “exchange for related position” (“EFRP”) can be used by each Agricultural Fund as a technique to facilitate the exchanging of a futures hedge position against a creation or redemption order, and thus each Fund may use an EFRP transaction in connection with the creation and redemption of shares. The market specialist/market maker that is the ultimate purchaser or seller of shares in connection with the creation or redemption basket, respectively, agrees to sell or purchase a corresponding offsetting futures position which is then settled on the same business day as a cleared futures transaction by the FCMs. The Fund will become subject to the credit risk of the market specialist/market maker until the EFRP is settled within the business day, which is typically 7 hours or less. Each Fund reports all activity related to EFRP transactions under the procedures and guidelines of the CFTC and the exchanges on which the futures are traded. The Funds seek to earn interest and other income (“interest income”) from cash equivalents that it purchases and, on the cash it holds through the Custodian or other financial institutions. The Sponsor anticipates that the interest income will increase the NAV of each Fund. The Funds apply the interest income to the acquisition of additional investments or use it to pay its expenses. If the Fund reinvests the earned interest income, it makes investments that are consistent with its investment objectives as disclosed. Any cash equivalent invested by a Fund will have original maturity dates of three and nine months or less at inception. Any cash equivalent invested by a Fund will be deemed by the Sponsor to be of investment grade quality. As of March 31, 2025, available cash balances in each of the Funds were invested in the U.S. Bank Demand Deposit Account, Goldman Sachs Financial Square Government Fund, and in commercial paper with maturities of ninety days or less. Additionally, the CORN, SOYB, CANE, and WEAT may invest a portion of the amount of funds required to be deposited with the FCM as initial margin in U.S. Treasury obligations with time to maturity of 90 days or less. The obligations are purchased and held in the respective Fund accounts through the FCM. In managing the assets of the Funds, the Sponsor does not use a technical trading system that automatically issues buy and sell orders. Instead, the Sponsor will purchase or sell the specific underlying Commodity or Cryptocurrency Interests with an aggregate market value that approximates the amount of cash received or paid upon the purchase or redemption of Shares. The Sponsor anticipates managing each Fund in a way that tracks the stated benchmark. The Agricultural Funds’ benchmarks do not hold spot futures and therefore do not anticipate letting the commodity Futures Contracts of any Fund expire, thus avoiding delivery of the underlying commodity. Instead, the Sponsor will close out existing positions, for instance, in response to ordinary scheduled changes in the Benchmark or, if at the Sponsor’s sole discretion, it otherwise determines it would be appropriate to do so, will reinvest the proceeds in new Commodity or Cryptocurrency Interests. Positions may also be closed out to meet redemption orders, in which case the proceeds from closing the positions are not reinvested. The Sponsor employs a “neutral” investment strategy intended to track the changes in the Benchmark of each Fund regardless of whether the Benchmark goes up or goes down. The Fund’s “neutral” investment strategy is designed to permit investors generally to purchase and sell the Fund’s Shares for the purpose of investing indirectly in the commodity specific market in a cost-effective manner. Such investors may include participants in the specific industry and other industries seeking to hedge the risk of losses in their commodity specific related transactions, as well as investors seeking exposure to that commodity market. Accordingly, depending on the investment objective of an individual investor, the risks generally associated with investing in the commodity or cryptocurrency specific market and/or the risks involved in hedging may exist. In addition, an investment in a Fund involves the risk that the changes in the price of the Fund’s Shares will not accurately track the changes in the Benchmark, and that changes in the Benchmark will not closely correlate with changes in the price of the commodity or cryptocurrency on the spot market. The Sponsor does not intend to operate each Fund in a fashion such that its per share NAV equals, in dollar terms, the spot price of the commodity or the price of any particular commodity or cryptocurrency specific Futures Contract. The Sponsor Teucrium Trading, LLC (the “Sponsor”) is the sponsor of the Trust and each of the series of the Trust. The Sponsor is a Delaware limited liability company, formed on July 28, 2009. The principal office is located at Three Main Street, Suite 215, Burlington, Vermont 05401. The Sponsor is registered as a commodity pool operator (“CPO”) and a commodity trading adviser (“CTA”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). Teucrium Investment Advisors, LLC, a wholly owned subsidiary of the Sponsor, is a Delaware limited liability company, which was formed on January 4, 2022. Teucrium Investment Advisors, LLC is a U.S. Securities and Exchange Commission (“SEC”) registered investment advisor. Teucrium Investment Advisors, LLC was registered with the CFTC as a CPO on May 2, 2022, a CTA on May 2, 2022, and a Swap Firm on May 9, 2022. Teucrium Investment Advisors, LLC became a member of the NFA on May 9, 2022. Effective July 2, 2023, ConvexityShares LLC ("ConvexityShares") resigned from its position as sponsor of the ConvexityShares Trust (the “ConvexityShares Trust”) and Teucrium Trading, LLC was appointed concurrently as the new sponsor of the ConvexityShares Trust. The ConvexityShares Trust filed a current report on Form 8-K on July 3, 2023, describing the transactions pursuant to which Teucrium Trading, LLC, replaced ConvexityShares as sponsor of the ConvexityShares Trust. The Form 8-K can be found here: https://www.sec.gov/ix?doc=/Archives/edgar/data/1817218/000121390023053886/ea181271-8k_convexity.htm . Additionally, Teucrium Trading LLC, as the sponsor of ConvexityShares Trust, announced in a press release dated November 1, 2023 that it will close the ConvexityShares Daily 1.5 SPIKES Futures ETF and ConvexityShares 1x SPIKES Futures ETF (together, the “ConvexityShares Funds”). Teucrium Trading, LLC, determined that the closure of the ConvexityShares Funds is advisable because of a recent announcement by the Minneapolis Grain Exchange, LLC (“MGEX”) that the SPIKES™ Volatility Index Futures (“SPIKES Futures”) in which the ConvexityShares Funds invest will cease trading at close of trading (4:00pm CT) on Friday, December 29, 2023. Therefore, MGEX has filed to suspend trading and clearing of certain previously listed SPIKES Futures contracts that expire in or after January 2024. Further detail may be obtained by accessing the Form 8-K filed by the Teucrium Commodities Trust on November 1, 2023, available here: https://www.sec.gov/ix?doc=/Archives/edgar/data/1817218/000121390023081930/ea187567-8k_convexity.htm. A settlement agreement (“Agreement”), by and among Teucrium Trading, Salvatore Gilbertie, Carl Miller III, Cory Mullen-Rusin, Steve Kahler, and Dale and Barbara Riker, was entered into as of April 26, 2024 and became effective on May 10, 2024. The Agreement resolves all of the claims raised in the actions captioned Dale Riker v. Sal Gilbertie et al. , C.A. 656794/2020 (N.Y. Supreme Court), Sal Gilbertie, et. al. v. Dale Riker, et al. , C.A. 2020 - 1018 -LWW (Del. Ch.) and Dale Riker, et al. v. Teucrium Trading, LLC , C.A. 2022 - 1030 -LWW (Del. Ch.). On May 10, 2024, Van Eck Associates Corporation replaced Dale Riker as a Class A member of the Sponsor. F-68 Table of Contents The Trust and the Funds operate pursuant to the Trust Agreement. Under the Trust Agreement, the Sponsor is solely responsible for management and conducts or directs the conduct of the business of the Trust, the Fund, and any series of the Trust that may from time to time be established and designated by the Sponsor. The Sponsor is required to oversee the purchase and sale of Shares by Authorized Purchasers and to manage the Fund’s investments, including to evaluate the credit risk of FCMs and swap counterparties and to review daily positions and margin/collateral requirements. The Sponsor has the power to enter into agreements as may be necessary or appropriate for the offer and sale of the Fund’s Shares and the oversight of the Trust’s activities. Accordingly, the Sponsor is responsible for selecting the Trustee, Administrator, Marketing Agent, the independent registered public accounting firm of the Trust, and any legal counsel employed by the Trust. The Sponsor is also responsible for preparing and filing periodic reports on behalf of the Trust with the SEC and will provide any required certification for such reports. No person other than the Sponsor and its principals was involved in the organization of the Trust or the Fund. The Sponsor designs the Funds to offer liquidity, transparency, and capacity in single-commodity investing for a variety of investors, including institutions and individuals, in an exchange-traded product format. The Funds have also been designed to mitigate the impacts of contango and backwardation, situations that can occur in the course of commodity trading which can affect the potential returns to investors. Backwardation is defined as a market condition in which a futures price of a commodity is lower in the distant delivery months than in the near delivery months, while contango, the opposite of backwardation, is defined as a condition in which distant delivery prices for futures exceed spot prices, often due to the costs of storing and insuring the underlying commodity. The Sponsor has a patent on certain business methods and procedures used with respect to the Funds. Performance Summary This report covers the periods from January 1 to March 31, 2025 for CORN, SOYB, CANE, WEAT, and TAGS. Total expenses are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”). CORN Per Share Operation Performance Net asset value at beginning of period $ 18.76 Income from investment operations: Investment income 0.21 Net realized and unrealized loss on commodity futures contracts (0.27 ) Total expenses (0.17 ) Net decrease in net asset value (0.23 ) Net asset value end of period $ 18.53 Total Return -1.24 % Ratios to Average Net Assets (Annualized) Total expenses 3.59 % Total expenses, net 3.59 % Net investment income 0.70 % SOYB Per Share Operation Performance Net asset value at beginning of period $ 21.47 Income from investment operations: Investment income 0.23 Net realized and unrealized loss on commodity futures contracts (0.15 ) Total expenses, net (0.22 ) Net decrease in net asset value (0.14 ) Net asset value at end of period $ 21.33 Total Return -0.65 % Ratios to Average Net Assets (Annualized) Total expenses 4.04 % Total expenses, net 4.04 % Net investment income 0.25 % F-69 Table of Contents CANE Per Share Operation Performance Net asset value at beginning of period $ 11.41 Income (loss) from investment operations: Investment income 0.12 Net realized and unrealized gain on commodity futures contracts 0.83 Total expenses, net (0.14 ) Net increase in net asset value 0.81 Net asset value at end of period $ 12.22 Total Return 7.12 % Ratios to Average Net Assets (Annualized) Total expenses 4.69 % Total expenses, net 4.69 % Net investment income -0.45 % WEAT Per Share Operation Performance Net asset value at beginning of period $ 4.83 Income (loss) from investment operations: Investment income 0.05 Net realized and unrealized loss on commodity futures contracts (0.16 ) Total expenses, net (0.04 ) Net decrease in net asset value (0.15 ) Net asset value at end of period $ 4.68 Total Return -3.01 % Ratios to Average Net Assets (Annualized) Total expenses 3.39 % Total expenses, net 3.39 % Net investment income 0.92 % TAGS Per Share Operation Performance Net asset value at beginning of period $ 25.10 Income from investment operations: Net realized and unrealized loss on investment transactions 0.16 Total expenses (0.01 ) Net decrease in net asset value 0.15 Net asset value at end of period $ 25.25 Total Return 0.60 % Ratios to Average Net Assets (Annualized) Total expenses 2.08 % Total expenses, net 0.10 % Net investment loss -0.10 % Past performance of a Fund is not necessarily indicative of future performance. F-70 Table of Contents Results of Operations The following includes a section for each Fund of the Trust. The discussion below addresses the material changes in the results of operations for the three months ended March 31, 2025 compared to the same period in 2024. The following includes a section for each Fund of the Trust for the periods in which each Fund was in operation. CORN, SOYB, WEAT, CANE and TAGS each operated for the entirety of all periods. Total expenses for the current and comparative periods are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”). For all expenses waived in 2023 and 2024, the Sponsor has determined that no reimbursement will be sought in future periods. “Total expenses, net” is after the impact of any expenses waived by the Sponsor, are presented in the same manner as previously reported. There is, therefore, no impact to or change in the Net gain or Net loss in any period for the Trust and each Fund as a result of this change in presentation. The Sponsor is responsible for investing the assets of the Funds in accordance with the objectives and policies of each Fund. In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency, compliance, and other necessary services to the Fund, including services directly attributable to the Funds such as accounting, financial reporting, regulatory compliance, and trading activities. In some cases, at its discretion, the Sponsor may elect not to outsource certain of these expenses. In addition, the Agricultural Funds, except for TAGS, which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. The Agricultural Funds generally pay for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, the Financial Industry Regulatory Authority (“FINRA”), or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. Each Fund also pays its portion of the fees and expenses associated with the Trust’s tax accounting and reporting requirements. Certain aggregate expenses common to all Funds within the Trust are allocated by the Sponsor to the respective funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent, which are included in the related line item in the statements of operations. A portion of these aggregate common expenses are related to services provided by the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Funds and are, primarily, included as distribution and marketing fees on the statements of operations. These amounts, for the Trust and for each Fund, are detailed in the notes to the financial statements included in Part I of this filing. The Sponsor has the ability to elect to pay certain expenses on behalf of the Funds or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor and management fees waived by the Sponsor are, if applicable, presented as waived expenses in the statements of operations for each Fund. F-71 Table of Contents Teucrium Corn Fund The Teucrium Corn Fund ("CORN") commenced investment operations on June 9, 2010. The investment objective of CORN is to have the daily changes in percentage terms of the Shares’ NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”), specifically (1) the second to expire CBOT Corn Futures Contract, weighted 35%, (2) the third to expire CBOT Corn Futures Contract, weighted 30%, and (3) the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract, weighted 35%. The Fund does not track the spot price of corn. On March 31, 2025, CORN held a total of 2,300 CBOT Corn Futures contracts with a notional value of $51,408,138. The contracts had an asset fair value of $224,227 and had a liability fair value of $1,827,330. The weighting of the notional value of the contracts is as follows: (1) 35% to the JUL25 contracts, the second to expire CBOT Corn Futures Contract, (2) 30% to SEP25 CBOT contracts, the third to expire CBOT Corn Futures Contract, and (3) 35% to DEC25 CBOT contracts, the CBOT Corn Futures Contract expiring in the December following the expiration month of the third to expire contract. Quarter Ending Quarter Ending Year Ending March 31, 2025 March 31, 2024 December 31, 2024 Total Net Assets $ 51,414,972 $ 69,744,097 $ 64,724,238 Shares Outstanding 2,775,004 3,450,004 $ 3,450,004 Net Asset Value per share $ 18.53 $ 20.22 $ 18.76 Closing Price $ 18.56 $ 20.18 $ 18.77 Total net assets for the Fund decreased year over year by (26%), driven by a combination of a decrease in total shares outstanding of (675,000) shares or (20%) and a decrease in the NAV per share of ($1.69) or (8%). The net assets for the Fund decreased by (21%) when comparing March 31, 2025, to December 31, 2024. The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by excess supply estimates, and mandates for plant-based renewable fuels contributing to weakness. For the Three Months Ended March 31, 2025, compared to the Three Months Ended March 31, 2024 Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 Average daily total net assets $ 62,553,870 $ 71,689,282 Net realized and unrealized (loss) gain on futures contracts $ (598,115 ) $ (5,560,505 ) Interest income earned on cash equivalents $ 661,287 $ 948,218 Annualized interest yield based on average daily total net assets 1.06 % 1.32 % Net Income (Loss) $ (490,366 ) $ (5,097,560 ) Weighted average share outstanding 3,219,171 3,554,125 Management Fees $ 154,242 $ 178,243 Total gross fees and other expenses excluding management fees $ 399,296 $ 307,030 Brokerage Commissions $ 10,071 $ 9,706 Total gross expense ratio 3.59 % 2.72 % Total expense ratio net of expenses waived by the Sponsor 3.59 % 2.72 % Net investment gain 0.70 % 2.60 % Creation of Shares - 125,000 Redemption of Shares 675,000 425,000 F-72 Table of Contents Realized gain or loss on trading of commodity futures contracts is a function of: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned. The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis. Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month. The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares. The decrease in interest and other income year over year was due to lower average net assets and declining interest rates. As a result, the amount of interest income earned was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point. The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day-to-day operation of the Fund and the necessary functions related to regulatory compliance. These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management. The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced. However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations. The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to the allocation of expenses and total net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period. F-73 Table of Contents The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2025 and serves to illustrate the relative changes of these components. The seasonality patterns for corn futures prices are impacted by a variety of factors. These include, but are not limited to, the harvest in the fall, the planting conditions in the spring, and the weather throughout the critical germination and growing periods. Prices for corn futures are affected by the availability and demand for substitute agricultural commodities, including soybeans and wheat, and the demand for corn as an additive for fuel, through the prod uction of ethanol. The price of corn futures contracts is also influenced by global economic conditions, including the demand for exports to other countries. Such factors will impact the performance of the Fund and the results of operations on an ongoing basis. The Sponsor cannot predict the impact of such factors. Teucrium Soybean Fund The Teucrium Soybean Fund ("SOYB") commenced investment operations on September 19, 2011. The investment objective of the Fund is to have the daily changes in percentage terms of the Shares’ Net Asset Value (“NAV”) reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for soybeans (“Soybean Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”). The three Soybean Futures Contracts, excluding August a nd September, will be: (1) 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%. F-74 Table of Contents On March 31, 2025, the Fund held a total of 501 CBOT soybean futures contracts with a notional value of $25,590,713. The contracts had an asset fair value of $25,666 and had a liability fair value of $1,159,232. The weighting of the notional value of the contracts is as follows: (1) 35% to JUL25 CBOT contracts, (2) 30% to NOV25 CBOT contracts, and (3) 35% to NOV26 CBOT contracts. Quarter Ending Quarter Ending Quarter Ending March 31, 2025 March 31, 2024 December 31, 2024 Total Net Assets $ 25,591,912 $ 33,966,763 $ 25,223,043 Shares Outstanding 1,200,004 1,350,004 1,175,004 Net Asset Value per share $ 21.33 $ 25.16 $ 21.47 Closing Price $ 21.34 $ 25.21 $ 21.48 Total net assets for the Fund decreased year over year by (25%), driven by a combination of a decrease in total shares outstanding of (150,000) shares or (11%) and by a decrease in the NAV per share of ($3.83) or (15%). The net assets for the Fund increased by 1% when comparing March 31, 2025, to December 31, 2024. The change in total net assets year over year, in the opinion of management, was generally due to a combination of a depreciation of commodity prices and investor out-flows which was driven by excess supply estimates, and mandates for plant-based renewable fuels contributing to weakness. For the Three Months Ended March 31, 2025, compared to the Three Months Ended March 31, 2024 Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 Average daily total net assets $ 26,536,325 $ 28,444,136 Net realized and unrealized loss on futures contracts $ (186,752 ) $ (2,036,169 ) Interest income earned on cash and cash equivalents $ 280,709 $ 380,411 Annualized interest yield based on average daily total net assets 1.06 % 1.34 % Net Loss $ (170,351 ) $ (1,887,477 ) Weighted average share outstanding 1,219,726 1,129,400 Management Fees $ 65,432 $ 70,722 Total gross fees and other expenses excluding management fees $ 198,876 $ 160,997 Brokerage Commissions $ 3,340 $ 4,158 Total gross expense ratio 4.04 % 3.28 % Total expense ratio net of expenses waived by the Sponsor 4.04 % 3.28 % Net investment gain 0.25 % 2.10 % Creation of Shares 75,000 325,000 Redemption of Shares 50,000 50,000 Realized gain or loss on trading of commodity futures contracts is a function of: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned. The Fund recognized the expense for brokerage commissions for futures contract trades on a per trade basis. Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month. The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares. F-75 Table of Contents The decrease in interest and other income year over year was due to lower average net assets and declining interest rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point. The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day-to-day operation of the Fund and the necessary functions related to regulatory compliance. These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management. The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced. However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations. The increase in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to the average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period. The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2025 and serves to illustrate the relative changes of these components. F-76 Table of Contents The seasonality patterns for soybean futures prices are impacted by a variety of factors. These include, but are not limited to, the harvest in the fall, the planting conditions in the spring, and the weather throughout the critical germination and growing periods. Prices for soybean futures are affected by the availability and demand for substitute agricultural commodities, including corn and wheat. The price of soybean futures contracts is also influenced by global economic conditions, including the demand for exports to other countries. Such factors will impact the performance of the Fund and the results of operations on an ongoing basis. The Sponsor cannot predict the impact of such factors. Teucrium Sugar Fund The Teucrium Sugar Fund ("CANE") commenced investment operations on September 19, 2011. The investment objective of the Fund is to have the daily changes in percentage terms of the Shares’ Net Asset Value (“NAV”) reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for sugar (“Sugar Futures Contracts”) that are traded on ICE Futures US (“ICE Futures”), specifically: (1) the second to expire Sugar No. 11 Futures Contract (a “Sugar No. 11 Futures Contract”), weighted 35%, (2) the third to expire Sugar No. 11 Futures Contract, weighted 30%, and (3) the Sugar No. 11 Futures Contract expiring in the March following the expiration month of the third to expire contract, weighted 35%. On March 31, 2025, the Fund held a total of 520 ICE sugar futures contracts with a notional value of $11,003,675. The contracts had an asset fair value of $49,397 and a liability fair value of $98,165. The weighting of the notional value of the contracts is as follows: (1) 35% to the JUL25 ICE No 11 contracts, (2) 30% to the OCT25 ICE No 11 contracts, and (3) 35% to the MAR26 ICE No 11 contracts. Quarter Ending Quarter Ending Year Ending March 31, 2025 March 31, 2024 December 31, 2024 Total Net Assets $ 10,996,410 $ 16,529,172 $ 12,546,977 Shares Outstanding 900,004 1,225,004 1,100,004 Net Asset Value per share $ 12.22 $ 13.49 $ 11.41 Closing Price $ 12.21 $ 13.49 $ 11.43 Total net assets for the Fund decreased year over year by (33%), driven by a combination of a decrease in total shares outstanding of (325,000) or (27%) and a decrease in the NAV per share of ($1.27) or (9%). The net assets for the Fund decreased by (12%) when comparing March 31, 2025, to December 31, 2024. This change was, in the opinion of management, due to the stabilization of prices worldwide, strong demand and with modestly higher production which accelerated investor interest. For the Three Months Ended March 31, 2025, compared to the Three Months Ended March 31, 2024 Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 Average daily total net assets $ 12,700,236 $ 17,117,195 Net realized and unrealized gain on futures contracts $ 1,010,273 $ 1,391,283 Interest income earned on cash and cash equivalents $ 132,719 $ 224,625 Annualized interest yield based on average daily total net assets 1.05 % 1.31 % Net Income $ 996,075 $ 1,443,891 Weighted average share outstanding 1,073,337 1,287,641 Management Fees $ 31,316 $ 42,559 Total gross fees and other expenses excluding management fees $ 115,601 $ 129,458 Brokerage Commissions $ 3,148 $ 2,008 Total gross expense ratio 4.69 % 4.04 % Total expense ratio net of expenses waived by the Sponsor 4.69 % 4.04 % Net investment gain (0.45 )% 1.24 % Creation of Shares 200,000 - Redemption of Shares 400,000 200,000 F-77 Table of Contents Realized gain or loss on trading of commodity futures contracts is a function of: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned. The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis. Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month. The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares. The decrease in interest and other income year over year was due to declining interest rates, and lower average net assets. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point. The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day-to-day operation of the Fund and the necessary functions related to regulatory compliance. These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management. The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced. However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations. The decrease in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025, respectively, compared to the three months ended March 31, 2024 was generally due to lower average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period. F-78 Table of Contents The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2025 and serves to illustrate the relative changes of these components. The seasonality patterns for sugar cane futures prices are impacted by a variety of factors. In the futures market, contracts expiring during the harvest season are typically priced lower than contracts expiring in the winter and spring. While the sugar harvest seasons varies from country to country, prices of Sugar Futures Contracts tend to be lowest in the late spring and early summer, reflecting the harvest season in Brazil, the world’s leading producer of sugarcane. Thus, seasonal fluctuations could result in an investor incurring losses upon the sale of Fund Shares, particularly if the investor needs to sell Shares when the Benchmark Component Futures Contracts are, in whole or part, Sugar Futures Contracts expiring in the late spring or early summer. The price of sugar futures contracts is also influenced by global economic conditions, including the demand for imports and exports to other countries. Such factors will impact the performance of the Fund and the results of operations on an ongoing basis. The Sponsor cannot predict the impact of such factors. Teucrium Wheat Fund The Teucrium Wheat Fund ("WEAT") commenced investment operations on September 19, 2011. The investment objective of the Fund is to have the daily changes in percentage terms of the Shares’ Net Asset Value reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for wheat (“Wheat Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”), specifically: (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%. On March 31, 2025, the Fund held a total of 4,048 CBOT wheat futures contracts with a notional value of $115,028,938. The contracts had an asset fair value of $0 and a liability fair value of $12,230,198. The weighting of the notional value contracts is as follows: (1) 35% to JUL 25 CBOT contracts, (2) 30% to SEP25 CBOT contracts, and (3) 35% to DEC25 CBOT contracts. Quarter Ending Quarter Ending Year Ending March 31, 2025 March 31, 2024 December 31, 2024 Total Net Assets $ 115,071,133 $ 157,537,309 $ 122,144,207 Shares Outstanding 24,575,004 29,250,004 25,300,004 Net Asset Value per share $ 4.68 $ 5.39 $ 4.83 Closing Price $ 4.68 $ 5.41 $ 4.82 F-79 Table of Contents Total net assets for the Fund decreased year over year by (27%), driven by a decrease in the shares outstanding of (4,675,000) or (27%), and a decrease in the NAV per share of ($0.70) or (13%). The net assets for the Fund decreased by (6%) when comparing March 31, 2025 to December 31, 2024. The change in total net assets year over year, in the opinion of management, was generally due to a combination of the depreciation of commodity prices and investor out-flows which may be attributed to ample wheat stocks from Russia and record exports flowing from the Black Sea continue to weigh on global wheat prices. For the Three Months Ended March 31, 2025, compared to the Three Months Ended March 31, 2024 Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 Average daily total net assets $ 121,919,730 $ 164,981,213 Net realized and unrealized loss on futures contracts $ (3,716,064 ) $ (18,995,768 ) Interest income earned on cash and cash equivalents $ 1,294,423 $ 2,149,924 Annualized interest yield based on average daily total net assets 1.06 % 1.30 % Net Loss $ (3,440,386 ) $ (17,994,854 ) Weighted average share outstanding 24,850,560 29,990,663 Management Fees $ 300,624 $ 410,199 Total gross fees and other expenses excluding management fees $ 718,121 $ 738,811 Brokerage Commissions $ 13,934 $ 15,580 Total gross expense ratio 3.39 % 2.80 % Total expense ratio net of expenses waived by the Sponsor 3.39 % 2.80 % Net investment gain 0.92 % 2.45 % Creation of Shares 625,000 475,000 Redemption of Shares 1,350,000 2,025,000 Realized gain or loss on trading of commodity futures contracts is a function of: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned. The Fund recognized the expense for brokerage commissions for futures contract trades on a per trade basis. Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month. The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares. The decrease in interest and other income year over year was due to a decrease in average net assets and declining interest rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was lower and slightly higher in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The Fund seeks to earn interest and other income in investment grade, short-duration instruments or deposits associated with the pool’s cash management strategy that may be used to offset expenses. These investments may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point. The decrease in management fee paid to the Sponsor is a result of lower average net assets. As a result of the decline in the amount of assets of the Fund, the amount of management fees was lower in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The management fee is calculated at an annual rate of 1% of the Fund’s daily average net assets. Other than the management fee to the Sponsor and the brokerage commissions, most of the expenses incurred by the Fund are associated with the day-to-day operation of the Fund and the necessary functions related to regulatory compliance. These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management. The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced. However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations. F-80 Table of Contents The decrease in total gross fees and other expenses excluding management fees for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to a decrease in average net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period. The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2025 and serves to illustrate the relative changes of these components. The seasonality patterns for wheat futures prices are impacted by a variety of factors. These include, but are not limited to, the harvest in summer and fall, the planting conditions, and the weather throughout the critical germination and growing periods. Prices for wheat futures are affected by the availability and demand for substitute agricultural commodities, including corn and other feed grains. The price of wheat futures contracts is also influenced by global economic conditions, including the demand for exports to other countries. Such factors will impact the performance of the Fund and the results of operations on an ongoing basis. The Sponsor cannot predict the impact of such factors. F-81 Table of Contents Teucrium Agricultural Fund The Teucrium Agricultural Fund ("TAGS") commenced operation on March 28, 2012. The investment objective of the Fund is to have the daily changes in percentage terms of the Net Asset Value (“NAV”) of its common units (“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 (“CORN”), the Teucrium Wheat Fund (“WEAT”), the Teucrium Soybean Fund (“SOYB”) and the Teucrium Sugar Fund (“CANE”) (collectively, the “Underlying Funds”). The Underlying Fund Average will have a weighting of 25% to each Underlying Fund, and the Fund’s assets will be rebalanced, generally on a daily basis, to maintain the approximate 25% allocation to each Underlying Fund. The Fund does not intend to invest directly in futures contracts (“Futures Contracts”), although it reserves the right to do so in the future, including if an Underlying Fund ceases operation. The investment objective of each Underlying Fund is to have the daily changes in percentage terms of its shares’ NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for certain Futures Contracts for the commodity specified in the Underlying Fund’s name. (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 CORN'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%. WEAT’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%. SOYB’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 SOYB’s Benchmark because of the less liquid market for these Futures Contracts. CANE’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%. On March 31, 2025, the Fund held: 1) 136,572 shares of CORN with a fair value of $2,530,393; 2) 541,504 shares of WEAT with a fair value of $2,535,538; 3) 118,077 shares of SOYB with a fair value of $2,518,169; and 4) 205,056 shares of CANE with a fair value of $2,505,415. The weighting on March 31, 2025 was 25% to CORN, 25% to WEAT, 25% to SOYB and 25% to CANE. Quarter Ending Quarter Ending Year Ending March 31, 2025 March 31, 2024 December 31, 2024 Total Net Assets $ 10,099,483 $ 14,526,883 $ 10,353,411 Shares Outstanding 400,002 512,502 412,502 Net Asset Value per share $ 25.25 $ 28.35 $ 25.10 Closing Price $ 25.24 $ 28.36 $ 25.12 Total net assets for the Fund decreased year over year by (30%), driven by a decrease in shares outstanding of (112,500) shares or (22%) and a decrease in the NAV/share of ($3.10) or (11%). The net assets for the Fund decreased by (2%) when comparing March 31, 2025 to December 31, 2024. The change in total net assets year over year, in the opinion of management, was generally due to a combination of depreciation of commodity prices and investor out-flows which was driven by the ample supply estimates and stabilization of prices worldwide. F-82 Table of Contents For the Three Months Ended March 31, 2025, compared to the Three Months Ended March 31, 2024 Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 Average daily total net assets $ 10,392,425 $ 16,742,854 Net realized and unrealized gain (loss) on securities $ 70,033 $ (716,184 ) Interest income earned on cash equivalents $ 107 $ 136 Annualized interest yield based on average daily total net assets 0.00 % 0.00 % Net Income (loss) $ 67,578 $ (719,795 ) Weighted average share outstanding 403,613 590,524 Total gross fees and other expenses $ 53,416 $ 73,285 Expenses waived by the Sponsor $ (50,854 ) $ (69,538 ) Total gross expense ratio 2.08 % 1.76 % Total expense ratio net of expenses waived by the Sponsor 0.10 % 0.09 % Net investment loss (0.10 )% (0.09 )% Creation of Shares - - Redemption of Shares 12,500 112,500 F-83 Table of Contents Realized gain or loss on the securities of the Underlying Funds is a function of 1) the change in the price of particular contracts sold in relation to redemption of shares, 2) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark and 3) the full-turn brokerage commission fee recognized on a per trade basis. Unrealized gain or loss on the securities of the Underlying Funds is a function of the change in the price of shares held on the final date of the period versus the purchase price for each and the number held. The Sponsor has a static benchmark as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares. Other than the brokerage commissions, most of the expenses incurred by the Fund are associated with the day-to-day operation of the Fund and the necessary functions related to regulatory compliance. These are generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management. The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses that may allow the total expense ratio to be reduced. However, if total net assets for the Fund fall, the total expense ratio of the Fund will increase unless additional reductions are made by the Sponsor to the daily expense accruals. The Sponsor can elect to adjust the daily expense accruals at its discretion based on market conditions and other Fund considerations. The decrease in total gross fees and other expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was generally due to the decrease in average net assets and the net assets relative to the other Funds. The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. The Sponsor has determined that no reimbursement will be sought in future periods for those expenses which have been waived for the period. F-84 Table of Contents The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2025 and serves to illustrate the relative changes of these components. F-85 Table of Contents Market Outlook The Corn Market Corn is currently the most widely produced livestock feed grain in the United States. The two largest demands of the United States’ corn crop are used in livestock feed and ethanol production. Corn is also processed into food and industrial products, including starch, sweeteners, corn oil, beverages, and industrial alcohol. The United States Department of Agriculture (“USDA”) publishes weekly, monthly, quarterly, and annual updates for U.S. domestic and worldwide corn production and consumption, and for other grains such as soybeans and wheat which can be used in some cases as a substitute for corn. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided below is from the April 2025 USDA report. As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations. For example, in late February 2022, Russia invaded Ukraine, significantly amplifying existing geopolitical tensions among Russia and other countries in the region and in the west. The responses of countries and political bodies to Russia’s actions, Ukraine’s military response and the potential for wider conflict may increase financial market volatility. Generally, these adverse effects may cause continued volatility in the price of corn, corn futures, and the share price of the Fund. The price per bushel of corn in the United States is primarily a function of both U.S. and global production and demand. Long term impacts from sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict between Russia and Ukraine could further disrupt the availability of corn supplies. These impacts remain important to track as both countries have played important roles in supplying grain to other parts of the world. F-86 Table of Contents Recent geopolitical, economic and inflationary events may have impacted the level of “backwardation” that the Fund's holdings experienced and potentially placed upward pressure on the prices of a wide variety of commodities. As a result, near to expire contracts can trade at a higher price than longer to expire contracts, a situation referred to as “backwardation.” Putting aside the impact of the overall movement in prices of corn and corn futures, the Benchmark Component Futures Contracts (the corn futures contracts that the Fund invests in to achieve its investment objective) would tend to rise as they approach expiration. This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis. Conversely, in the event of a corn futures market where near to expire contracts trade at a lower price than longer to expire contracts, a situation referred to as “contango,” then absent the impact of the overall movement in corn prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration. If the price of corn and corn futures were to decline, the Fund would experience the negative impact of contango. The United States is the world’s leading producer and exporter of corn. For the Crop Year 2024-25, the USDA estimates that the U.S. will produce approximately 31% of all the corn globally, of which about 17% will be exported. For 2024-2025, based on the April 2025, USDA reports, global consumption of 1,242 Million Metric Tons (MMT) is expected to be slightly higher than global production of 1,215 MMT. If the global demand for corn is not equal to global supply, this may have an impact on the price of corn. Besides the United States, other principal world corn exporters include Argentina, Brazil, Russia, South Africa, and Ukraine. Major import nations include Mexico, Japan, the European Union (EU), South Korea, Egypt, and parts of Southeast Asia. China’s production at 295 MMT is approximately 6% less than its domestic usage. According to the USDA, global corn consumption has increased just over 636% from crop years 1960/1961 to 2024/2025 as demonstrated by the graph below and is projected to continue to grow in coming years. Consumption growth is the result of a combination of many factors including: 1) global population growth, which, according to the U.S. Census Department, is estimated to reach 9.7 billion by 2050; 2) a growing global middle class which is increasing the demand for protein and meat-based products globally and most significantly in developing countries; and 3) increased use of biofuels, including ethanol in the United States. Global corn consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, international trade policy. Corn is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. F-87 Table of Contents While global consumption of corn has increased over the 1960/1961-2024/2025 period, so has production, driven by increases in acres planted and yield per acre. However, according to the USDA and United Nations, future growth in planted acres and yield may be inhibited by lower productive land, and lack of infrastructure and transportation. In addition, agricultural crops such as corn are highly weather dependent for yield and therefore susceptible to changing weather patterns. In addition, given the current production/consumption patterns, nearly 100% of all corn produced globally is consumed which leaves minimal excess inventory if production issues arise. The price per bushel of corn in the United States is primarily a function of both U.S. and global production, as well as U.S. and global demand. The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2025. F-88 Table of Contents On April 10, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2024-25. The exhibit below provides a summary of historical and current information for United States corn production. U.S. Corn Supply/Demand Balance Marketing Year September - August Million Bushels Apr 10 Est. 23-24 to Apr 10 Est. 24-25 to USDA 22-23 USDA 23-24 Crop Year 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 % Change 24-25 % Change Planted Acres 95.4 90.6 88.0 94.0 90.2 88.9 89.7 90.7 92.9 88.2 94.6 7% 90.6 -4% Harvested Acres 87.5 83.1 80.8 86.7 82.7 81.3 81.3 82.3 85.0 78.7 86.5 10% 82.9 -4% Difference 7.9 7.5 7.2 7.3 7.5 7.6 8.4 8.4 7.9 9.5 8.1 -15% 7.7 -5% Yield 158.1 171.0 168.4 174.6 176.6 176.4 167.5 171.4 176.7 173.4 177.3 2% 179.3 1% Beginning Stocks 821 1,232 1,731 1,737 2,293 2,140 2,221 1,919 1,235 1,377 1,360 -1% 1,763 30% Production 13,829 14,216 13,602 15,148 14,609 14,340 13,620 14,111 15,018 13,651 15,341 12% 14,867 -3% Imports 36 32 68 57 36 28 42 24 24 39 28 -28% 25 -11% Total Supply 14,686 15,479 15,401 16,942 16,939 16,509 15,883 16,055 16,277 15,066 16,729 11% 16,655 0% Feed 5,040 5,280 5,114 5,470 5,304 5,429 5,900 5,607 5,671 5,486 5,805 6% 5,750 -1% Food/Seed/Industrial 6,493 6,601 6,648 6,885 7,057 6,793 6,286 6,467 6,757 6,558 6,868 5% 6,890 0% Ethanol for Fuel(incld above) 5,124 5,200 5,224 5,432 5,605 5,378 4,857 5,028 5,320 5,176 5,478 6% 5,500 0% Exports 1,920 1,867 1,901 2,294 2,438 2,066 1,777 2,747 2,472 1,662 2,292 38% 2,550 11% Total Usage 13,454 13,748 13,664 14,650 14,798 14,288 13,963 14,821 14,900 13,706 14,966 9% 15,190 1% Ending Stocks (Inventory) 1,232 1,731 1,737 2,293 2,140 2,221 1,919 1,235 1,377 1,360 1,763 30% 1,465 -17% Stocks/Use Ratio 9% 13% 13% 16% 14% 16% 14% 8% 9% 10% 12% 19% 10% -18% farm Price ($/bushel) $ 4.46 $ 3.70 $ 3.61 $ 3.36 $3.36 $3.61 $3.56 $4.53 $6.00 $6.54 $4.55 $4.35 Calculations: Demand per day (incld expt) ¹ 36.9 37.7 37.4 40.1 40.5 39.1 38.3 40.6 40.8 37.6 41.0 9% 41.6 1% Carry-out days supply 33.4 46.0 46.4 57.1 52.8 56.7 50.2 30.4 33.7 36.2 43.0 19% 35.2 -18% ¹ in millions of bushels per day Standard Corn Futures Contracts trade on the CBOT in units of 5,000 bushels. Three grades of corn are deliverable under CBOT Corn Futures Contracts: Number 1 yellow, which may be delivered at 1.5 cents over the contract price; Number 2 yellow, which may be delivered at the contract price; and Number 3 yellow, between a 2 and 4 cents per bushel under contract price depending on broken corn and foreign material and damage grade factors. There are five months each year in which CBOT Corn Futures Contracts expire: March, May, July, September, and December. If the futures market is in a state of backwardation (i.e., when the price of corn in the future is expected to be less than the current price), the Fund will buy later to expire contracts for a lower price than the sooner to expire contracts that it sells. Hypothetically, and assuming no changes to either prevailing corn prices or the price relationship between immediate delivery, soon to expire contracts and later to expire contracts, the value of a contract will rise as it approaches expiration. Over time, if backwardation remained constant, the differences would continue to increase. If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells. Hypothetically, and assuming no other changes to either prevailing corn prices or the price relationship between the spot price, soon to expire contracts and later to expire contracts, the value of a contract will fall as it approaches expiration. Over time, if contango remained constant, the difference would continue to increase. Historically, the corn futures markets have experienced periods of both contango and backwardation. Frequently, whether contango or backwardation exists is a function, among other factors, of the seasonality of the corn market and the corn harvest cycle. All other things being equal, a situation involving prolonged periods of contango may adversely impact the returns of the Fund; conversely a situation involving prolonged periods of backwardation may positively impact the returns of the Fund. Futures contracts may be either bought or sold, long or short. The CFTC weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market. Market participants may use this report to gauge market sentiment. The Soybean Market Global soybean production is concentrated in the U.S., Brazil, Argentina, and China. The USDA has estimated that, for the Crop Year 2024-25, the United States will produce approximately 119 MMT of soybeans or approximately 28% of estimated world production, with Brazil production at 169 MMT. Argentina is projected to produce about 49 MMT. For 2024-25, based on the April 2025 USDA report, global consumption of 403 MMT is estimated slightly lower than global production of 429 MMT. If the global demand for soybeans is not equal to global supply, this may have an impact on the price of soybeans. Global soybean consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, and international trade policy. Soybeans are a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. The USDA publishes weekly, monthly, quarterly, and annual updates for U.S. domestic and worldwide soybean production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided below is from the April 2025 USDA report. F-89 Table of Contents As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations. For example, in late February 2022, Russia invaded Ukraine, significantly amplifying existing geopolitical tensions among Russia and other countries in the region and in the west. Global response to Russia’s actions, the larger overarching tensions, and Ukraine’s military response may increase financial market volatility generally, have severe adverse effects on global economic markets, and cause volatility in the price of agricultural products, including agricultural futures, and the share price of the Fund. The price per bushel of soybeans in the United States is primarily a function of both U.S. and global production and demand. The price per bushel of soybeans can be affected by the price of corn; because corn and soybeans are planted on the same acres, farmers must choose which crop to plant each year. If corn prices rise enough to incentivize the planting of corn over soybeans, the supply and price of soybeans could be affected. Long term impacts from sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict between Russia and Ukraine could further disrupt the availability of agricultural products and supplies. China remains the largest importer of soybeans in the world. Volatility, trading volumes, and prices in global corn and soybean markets have risen dramatically and are expected to continue indefinitely at elevated levels. Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside. Recent geopolitical, economic and inflationary events may have impacted the level of “backwardation” that the Fund's holdings experienced and potentially placed upward pressure on the prices of a wide variety of commodities. As a result, near to expire contracts trade at a higher price than longer to expire contracts, a situation referred to as “backwardation.” Putting aside the impact of the overall movement in prices of soybeans and soybean futures, the Benchmark Component Futures Contracts (the soybean futures contracts that the Fund invests in to achieve its investment objective) would tend to rise as they approach expiration. This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis. Conversely, in the event of a soybean futures market where near to expire contracts trade at a lower price than longer to expire contracts, a situation referred to as “contango,” then absent the impact of the overall movement in soybean prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration. If the prices of soybeans and soybean futures were to decline, for example the Fund would experience the negative impact of contango. The soybean processing industry converts soybeans into soybean meal, soybean hulls, and soybean oil. Soybean meal and soybean hulls are processed into soy flour or soy protein, which are used, along with other commodities, by livestock producers and the fish farming industry as feed. Soybean oil is sold in multiple grades and is used by the food, petroleum, and chemical industries. The food industry uses soybean oil in cooking and salad dressings, baking and frying fats, and butter substitutes, among other uses. In addition, the soybean industry continues to introduce soy-based products as substitutes to various petroleum-based products including lubricants, plastics, inks, crayons, and candles. Soybean oil is also converted to biodiesel and renewable diesel for use as fuel. Standard Soybean Futures Contracts trade on the CBOT in units of 5,000 bushels, although 1,000 bushel “mini-sized” Soybean Futures Contracts also trade. Three grades of soybeans are deliverable under CBOT Soybean Futures Contracts: Number 1 yellow, which may be delivered at 6 cents per bushel over the contract price; Number 2 yellow, which may be delivered at the contract price; and Number 3 yellow, which may be delivered at 6 cents per bushel under the contract price. There are seven months each year in which CBOT Soybean Futures Contracts expire: January, March, May, July, August, September, and November. If the futures market is in a state of backwardation (i.e., when the price of soybeans in the future is expected to be less than the current price), the Fund will buy later to expire contracts for a lower price than the sooner to expire contracts that it sells. Hypothetically, and assuming no changes to either prevailing soybean prices or the price relationship between immediate delivery, soon to expire contracts and later to expire contracts, the value of a contract will rise as it approaches expiration. If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells. Hypothetically, and assuming no other changes to either prevailing soybean prices or the price relationship between the spot price, soon to expire contracts and later to expire contracts, the value of a contract will fall as it approaches expiration. Historically, the soybeans futures markets have experienced periods of both contango and backwardation. Frequently, whether contango or backwardation exists is a function, among other factors, of the seasonality of the soybean market and the soybean harvest cycle. All other things being equal, a situation involving prolonged periods of contango may adversely impact the returns of the Fund; conversely a situation involving prolonged periods of backwardation may positively impact the returns of the Fund. F-90 Table of Contents The price per bushel of soybeans in the United States is primarily a function of both U.S. and global production, as well as U.S. and global demand. The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2025. On April 10, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2024-25. The exhibit below provides a summary of historical and current information for United States soybean production. U.S. Soybean Supply/Demand Balance Marketing Year September - August Million Bushels April 10 Est. 23-24 to April 10 Est. 24-25 to USDA 22-23 USDA 23-24 Crop Year 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 % Change 24-25 % Change Planted Acres 76.8 83.3 82.7 83.5 90.2 89.2 76.1 83.4 87.2 87.5 83.6 -4% 87.1 4% Harvested Acres 76.3 82.6 81.7 82.7 89.5 87.6 74.9 82.6 86.3 86.2 82.3 -5% 86.1 5% Difference 0.5 0.7 1.0 0.8 0.7 1.6 1.2 0.8 0.9 1.3 1.3 0% 1.0 -23% Yield 44.0 47.5 48.0 51.9 49.3 50.6 47.4 51.0 51.7 49.6 50.6 2% 50.7 0% Beginning Stocks 141 92 191 197 302 438 909 525 257 274 264 -4% 342 30% Production 3,358 3,927 3,926 4,296 4,412 4,428 3,552 4,216 4,464 4,270 4,162 -3% 4,366 5% Imports 72 33 24 22 22 14 15 20 16 25 21 -16% 25 19% Total Supply 3,570 4,052 4,140 4,516 4,735 4,880 4,476 4,761 4,737 4,569 4,447 -3% 4,734 6% Crushings 1,734 1,873 1,886 1,901 2,055 2,092 2,165 2,141 2,204 2,212 2,285 3% 2,420 6% Seed, Feed and Residual 107 146 115 147 109 127 108 97 107 113 124 10% 114 -8% Exports 1,638 1,842 1,942 2,166 2,134 1,752 1,679 2,266 2,152 1,980 1,695 -14% 1,825 8% Total Usage 3,478 3,862 3,944 4,214 4,297 3,971 3,952 4,504 4,463 4,305 4,105 -5% 4,359 6% Ending Stocks (Inventory) 92 191 197 302 438 909 525 257 274 264 342 30% 375 10% Stocks/Use Ratio 2.6% 4.9% 5.0% 7.2% 10.2% 22.9% 13.3% 5.7% 6.1% 6.1% 8% 36% 8.6% 3% farm Price ($/bushel) $ 13.00 $ 10.10 $ 8.95 $ 9.47 $9.33 $8.48 $8.57 $10.80 $13.30 $14.20 $12.40 $9.95 Calculations: Demand per day (incld expt) ¹ 9.5 10.6 10.8 11.5 11.8 10.9 10.8 12.3 12.2 11.8 11.2 -5% 11.9 6% Carry-out days supply 9.7 18.1 18.2 26.2 37.2 83.6 48.5 20.8 22.4 22.4 30.4 36% 31.4 3% ¹ in millions of bushels per day F-91 Table of Contents The Sugar Market Sugarcane accounts for nearly 80% of the world’s sugar production, while sugar beets account for the remainder of the world’s sugar production. Sugar manufacturers use sugar beets and sugarcane as the raw material from which refined sugar (sucrose) for industrial and consumer use is produced. Sugar is produced in various forms, including granulated, powdered, liquid, brown, and molasses. The food industry (in particular, producers of baked goods, beverages, cereal, confections, and dairy products) uses sugar and sugarcane molasses to make sugar-containing food products. Sugar beet pulp and molasses products are used as animal feed ingredients. Ethanol is an important by-product of sugarcane processing. Additionally, the material that is left over after sugarcane is processed is used to manufacture paper, cardboard, and “environmentally friendly” eating utensils. As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations. For example, in late February 2022, Russia invaded Ukraine, significantly amplifying existing geopolitical tensions among Russia and other countries in the region and in the west. The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict may increase financial market volatility generally, have severe adverse effects on global economic markets, and cause volatility in the price of agricultural products, including agricultural futures, and the share price of the Fund. The price per pound of sugar in the United States is primarily a function of both U.S. and global production and demand as well as expansive protectionist policies implemented by the US Government. Long term impacts from sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict between Russia and Ukraine could further disrupt the availability of agricultural products and supplies. Russian production of sugar comes primarily from sugar beets. Ukraine’s sugar production is small and relatively inconsequential to global sugar markets. Now at question is the ability of farmers in both countries to plant this season’s sugar beet crop. Volatility, trading volumes, and prices in global sugar markets have risen dramatically and are expected to continue indefinitely at extreme elevated levels. Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside. Recent geopolitical, economic and inflationary events may have impacted the level of “backwardation” that the Fund's holdings experienced and potentially placed upward pressure on the prices of a wide variety of commodities. As a result, near to expire contracts trade at a higher price than longer to expire contracts, a situation referred to as “backwardation.” Putting aside the impact of the overall movement in prices of sugar and sugar futures, the Benchmark Component Futures Contracts (the sugar futures contracts that the Fund invests in to achieve its investment objective) would tend to rise as they approach expiration. This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis . Conversely, in the event of a sugar futures market where near to expire contracts trade at a lower price than longer to expire contracts, a situation referred to as “contango,” then absent the impact of the overall movement in sugar prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration. If the prices of sugar and sugar futures were to decline the Fund would experience the negative impact of contango. The Sugar No. 11 Futures Contract is the world benchmark contract for raw sugar trading. This contract prices the physical delivery of raw cane sugar, delivered to the receiver’s vessel at a specified port within the country of origin of the sugar. Sugar No. 11 Futures Contracts trade on ICE Futures US and the NYMEX in units of 112,000 pounds. The USDA publishes two major reports annually on U.S. domestic and worldwide sugar production and consumption. These are usually released in November and May. In addition, the USDA publishes periodic, but not as comprehensive, reports on sugar monthly. These reports are available on the USDA’s website, www.usda.gov, at no charge. The USDA’s November 2024 report for the 2024-25 Marketing year estimated global production of 186.6 MMT with higher production in China, India and Thailand expected to more than offset declines in Brazil. Consumption is expected to rise due to growth in markets such as India. Stocks are forecast lower as reduced stocks in Thailand are projected to offset a rise in stocks in India. Sugar is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. F-92 Table of Contents Source: https://apps.fas.usda.gov/psdonline/circulars/sugar.pdf If the futures market is in a state of backwardation (i.e., when the price of sugar in the future is expected to be less than the current price), the Fund will buy later to expire contracts for a lower price than the sooner to expire contracts that it sells. Hypothetically, and assuming no changes to either prevailing sugar prices or the price relationship between immediate delivery, soon to expire contracts and later to expire contracts, the value of a contract will rise as it approaches expiration. If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells. Hypothetically, and assuming no other changes to either prevailing sugar prices or the price relationship between the spot price, soon to expire contracts and later to expire contracts, the value of a contract will fall as it approaches expiration. Historically, the sugar futures markets have experienced periods of both contango and backwardation. Frequently, whether contango or backwardation exists is a function, among other factors, of the seasonality of the sugar market and the sugar harvest cycle. All other things being equal, a situation involving prolonged periods of contango may adversely impact the returns of the Funds; conversely a situation involving prolonged periods of backwardation may positively impact the returns of the Funds. Futures contracts may be either bought or sold long or short. The CFTC weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market. Market participants may use this report to gauge market sentiment. The Wheat Market Wheat is used to produce flour, the key ingredient for breads, pasta, crackers, and many other food products, as well as several industrial products such as starches and adhesives. Wheat by-products are used in livestock feeds. Wheat is the principal food grain produced in the United States, and the United States’ output of wheat is typically exceeded only by that of China, the European Union, Russia, and India. The USDA estimates that for 2024-25, the principal global producers of wheat will be the EU, Russia, Ukraine, China, India, the United States, Australia, and Canada. The U.S. generates approximately 7% of global production, with approximately 42% of that being exported. For 2024-25, based on the April 2025 USDA report, global consumption of 805 MMT is estimated to be slightly higher than production of 797 MMT. If the global demand for wheat is not equal to global supply, this may have an impact on the price of wheat. Global wheat consumption may fluctuate year over year due to any number of reasons which may include, but is not limited to, economic conditions, global health concerns, international trade policy. Wheat is a staple commodity used pervasively across the globe so that any contractions in consumption may only be temporary as has historically been the case. The USDA publishes weekly, monthly, quarterly, and annual updates for U.S. domestic and worldwide wheat production and consumption. These reports are available on the USDA’s website, www.usda.gov, at no charge. The outlook provided herein is from the April 2025 USDA report. As a general matter, the occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical events, outbreak, or public health emergency as declared by the World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have significant adverse effects on the Fund and its investments and alter current assumptions and expectations. For example, in late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west. The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, Ukraine’s military response may increase financial market volatility. The results can have severe adverse effects on global economic markets, and cause volatility in the price of wheat, wheat futures and the share price of the Fund. F-93 Table of Contents The price per bushel of wheat in the United States is primarily a function of both U.S. and global wheat production and demand. Russia and Ukraine, historically, have constituted the top export supply of wheat by volume (approximately 30 percent of total global wheat exports) to the world. The escalating conflict between the two countries, including but not limited to, sanctions, shipping disruptions, and collateral war damage could further disrupt the availability of wheat supplies. The conflict has greatly impacted exports of the wheat crop that was harvested last season and is currently in storage. In addition, the ability of farmers in both countries to plant fall crops could be greatly impacted. As such, volatility, trading volumes, and prices in global wheat markets have risen dramatically and are expected to continue indefinitely at extreme elevated levels. Given all of the above factors, the Sponsor has no ability to discern when current high levels of volatility will subside. Recent geopolitical, economic and inflationary events may have impacted the level of “backwardation” that the Fund’s holdings experienced and potentially placed upward pressure on the prices of a wide variety of commodities. As a result, near to expire contracts trade at a higher price than longer to expire contracts, a situation referred to as “backwardation.” Putting aside the impact of the overall movement in prices of wheat and wheat futures, the Benchmark Component Futures Contracts (the wheat futures contracts that the Fund invests in to achieve its investment objective) would tend to rise as they approach expiration. This backwardation may benefit the Fund because it will sell more expensive contracts and buy less expensive contracts on an ongoing basis. Conversely, in the event of a wheat futures market where near to expire contracts trade at a lower price than longer to expire contracts, a situation referred to as “contango,” then absent the impact of the overall movement in wheat prices the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration. If the prices of wheat and wheat futures were to decline, for example, the Fund would experience the negative impact of contango. There are several types of wheat grown in the U.S., which are classified in terms of color, hardness, and growing season. CBOT Wheat Futures Contracts call for delivery of #2 soft red winter wheat, which is generally grown in the eastern third of the United States, but other types and grades of wheat may also be delivered (Grade #1 soft red winter wheat, Hard Red Winter, Dark Northern Spring and Northern Spring wheat may be delivered at 3 cents premium per bushel over the contract price and #2 soft red winter wheat, Hard Red Winter, Dark Northern Spring and Northern Spring wheat may be delivered at the contract price.) Winter wheat is planted in the fall and is harvested in the late spring or early summer of the following year, while spring wheat is planted in the spring and harvested in late summer or fall of the same year. Standard Wheat Futures Contracts trade on the CBOT in units of 5,000 bushels. There are five months each year in which CBOT Wheat Futures Contracts expire: March, May, July, September, and December. If the futures market is in a state of backwardation (i.e., when the price of wheat in the future is expected to be less than the current price), the Fund will buy later to expire contracts for a lower price than the sooner to expire contracts that it sells. Hypothetically, and assuming no changes to either prevailing wheat prices or the price relationship between immediate delivery, soon to expire contracts and later to expire contracts, the value of a contract will rise as it approaches expiration. If the futures market is in contango, the Fund will buy later to expire contracts for a higher price than the sooner to expire contracts that it sells. Hypothetically, and assuming no other changes to either prevailing wheat prices or the price relationship between the spot price, soon to expire contracts and later to expire contracts, the value of a contract will fall as it approaches expiration. Historically, the wheat futures markets have experienced periods of both contango and backwardation. Frequently, whether contango or backwardation exists is a function, among other factors, of the seasonality of the wheat market and the wheat harvest cycle. All other things being equal, a situation involving prolonged periods of contango may adversely impact the returns of the Fund; conversely a situation involving prolonged periods of backwardation may positively impact the returns of the Fund. Futures contracts may be either bought or sold, long or short. The CFTC weekly releases the “Commitment of Traders” (COT) report, which depicts the open interest as well as long and short positions in the market. Market participants may use this report to gauge market sentiment. F-94 Table of Contents The price per bushel of wheat in the United States is primarily a function of both U.S. and global production, as well as U.S. and global demand. The graph below shows the USDA published price per bushel by month for the period January 2007 to February 2025. On April 10, 2025, the USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) for the Crop Year 2024-25. The exhibit below provides a summary of historical and current information for United States wheat production. U.S. Wheat Supply/Demand Balance Marketing Year June - May Million Bushels April 10 Est. 23-24 to April 10 Est. 24-25 to USDA 22-23 USDA 23-24 Crop Year 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 % Change 24-25 % Change Planted Acres 56.2 56.8 55.0 50.1 46.1 47.8 45.5 44.5 46.7 45.8 49.6 8% 46.1 -7% Harvested Acres 45.3 46.4 47.3 43.8 37.6 39.6 37.4 36.8 37.1 35.5 37.1 5% 38.5 4% Difference 10.9 10.4 7.7 6.3 8.5 8.2 8.1 7.7 9.6 10.3 12.5 21% 7.6 -39% Yield 47.1 43.7 43.6 52.7 46.4 47.6 51.7 49.7 44.3 46.5 48.7 5% 51.2 5% Beginning Stocks 718 590 752 976 1,181 1,099 1,080 1,028 845 674 570 -15% 696 22% Production 2,135 2,026 2,062 2,309 1,741 1,885 1,932 1,828 1,646 1,650 1,804 9% 1,971 9% Imports 173 151 113 118 158 135 104 100 96 122 138 13% 150 9% Total Supply 3,026 2,768 2,927 3,402 3,080 3,119 3,116 2,956 2,588 2,446 2,512 3% 2,818 12% Food 955 958 957 949 964 954 962 961 971 972 961 -1% 970 1% Seed 77 79 67 61 63 59 62 64 58 68 62 -9% 62 0% Feed and residual 228 114 149 160 47 88 95 93 88 74 85 15% 120 41% Exports 1,176 864 778 1,051 906 937 969 994 796 762 707 -7% 820 16% Total Usage 2,436 2,015 1,951 2,222 1,981 2,039 2,087 2,111 1,913 1,876 1,815 -3% 1,972 9% Ending Stocks (Inventory) 590 752 976 1,181 1,099 1,080 1,028 845 674 570 696 22% 846 22% Stocks/Use Ratio 24.2% 37.3% 50.0% 53.2% 55.5% 53.0% 49.3% 40.0% 35.2% 30.4% 38.3% 26% 42.9% 12% farm Price ($/bushel) $ 6.87 $ 5.99 $ 4.89 $ 3.89 $4.72 $5.16 $4.58 $5.05 $7.63 $8.83 $6.96 $5.50 Calculations: Demand per day (incld expt) ¹ 6.7 5.5 5.3 6.1 5.4 5.6 5.7 5.8 5.2 5.1 5.0 -3% 5.4 9% Carry-out days supply 88.4 136.2 182.6 194.0 202.5 193.3 179.8 146.1 128.6 110.9 140.0 26% 156.6 12% ¹ in millions of bushels per day F-95 Table of Contents Calculating the Net Asset Value The NAV of each Fund is calculated by: • taking the current market value of its total assets, and • subtracting any liabilities. The Administrator calculates the NAV of the Fund once each trading day. It calculates NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET). The NAV for a particular trading day is released after 4:15 p.m. (ET). In determining the value of the Futures Contracts for each Fund, the Administrator uses the closing price on the exchange on which the commodity or cryptocurrency is traded, commonly referred to as the settlement price. The time of settlement for each exchange is determined by that exchange and may change from time to time. The current settlement time for each exchange can be found at the respective website for the CBOT, CME, or ICE, as the case may be, as follows: 1) for the CBOT (CORN, SOYB and WEAT) http://www.cmegroup.com/trading_hours/commodities-hours.html; 2) for ICE (CANE) http://www.theice.com/productguide/Search.shtml?tradingHours=. The Administrator determines the value of all other investments for each Fund as of the earlier of the close of the New York Stock Exchange or 4:00 p.m., (ET), in accordance with the current Services Agreement between the Administrator and the Trust. The value of over-the-counter Commodity Interests will be determined based on the value of the commodity or Futures Contract underlying such Commodity Interest, except that a fair value may be determined if the Sponsor believes that a Fund is subject to significant credit risk relating to the counterparty to such Commodity Interest. For purposes of financial statements and reports, the Sponsor will recalculate the NAV of a specific Fund where necessary to reflect the “fair value” of a Futures Contract when the Futures Contract of such Fund closes at its price fluctuation limit for the day. Treasury Securities held by the Fund are valued by the Administrator using values received from recognized third-party vendors (such as Reuters) and dealer quotes. The NAV includes any unrealized profit or loss on open Commodity Interests and any other credit or debit accruing to each Fund but unpaid or not received by the Fund. In addition, in order to provide updated information relating to the Funds for use by investors and market professionals, ICE Data Indices, LLC calculates and disseminates throughout the trading day an updated indicative fund value for each Fund. The indicative fund value is calculated by using the prior day’s closing NAV per share of the Fund as a base and updating that value throughout the trading day to reflect changes in the value of the Fund’s Commodity or Cryptocurrency Interests during the trading day. Changes in the value of short-term Treasury Securities and cash equivalents will not be included in the calculation of indicative value throughout the day. For this and other reasons, the indicative fund value disseminated during NYSE Arca trading hours should not be viewed as an actual real time update of the NAV for each Fund. The NAV is calculated only once at the end of each trading day. The indicative fund value is disseminated on a per Share basis every 15 seconds during regular NYSE Arca trading hours of 9:30 a.m., (ET), to 4:00 p.m., (ET). The CBOT, CME, and ICE are generally open for trading only during specified hours which vary by exchange and may be adjusted by the exchange. However, the futures markets on these exchanges do not currently operate twenty-four hours per day. In addition, there may be some trading hours which may be limited to electronic trading only. This means that there is a gap in time at the beginning and the end of each day during which the Fund’s Shares are traded on the NYSE Arca, when, for example, real-time CBOT trading prices for Corn Futures Contracts traded on such Exchange are not available. As a result, during those gaps there will be no update to the indicative fund values. The most current trading hours for each exchange may be found on the website of that exchange as listed above. ICE Data Indices, LLC disseminates the intraday indicative value (also referred to in this report as "approximate net asset value") of the Fund's Shares through the facilities of Consolidated Tape Association's Consolidated Quotation High Speed Lines (also known as the "CTA/QC High Speed Lines"). ICE Data Indices, LLC will make the Benchmark information available through online information services, such as Yahoo Finance, Bloomberg, and Reuters. F-96 Table of Contents Dissemination of the indicative fund value provides additional information that is not otherwise available to the public and is useful to investors and market professionals in connection with the trading of Fund Shares on the NYSE Arca. Investors and market professionals are able throughout the trading day to compare the market price of the Fund and the indicative fund value. If the market price of Fund Shares diverges significantly from the indicative fund value, market professionals may have an incentive to execute arbitrage trades. For example, if the Fund appears to be trading at a discount compared to the indicative fund value, a market professional could buy Fund Shares on the NYSE Arca, aggregate them into Redemption Baskets, and receive the NAV of such Shares by redeeming them to the Trust, provided that there is not a minimum number of shares outstanding for the Fund. Such arbitrage trades can tighten the tracking between the market price of the Fund and the indicative fund value. Critical Accounting Policies The Trust’s critical accounting policies for all the Funds are as follows: 1. Preparation of the financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the application of appropriate accounting rules and guidance, as well as the use of estimates, and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense and related disclosure of contingent assets and liabilities during the reporting period of the combined financial statements and accompanying notes. The Trust’s application of these policies involves judgments and actual results may differ from the estimates used. 2. The Sponsor has determined that the valuation of commodity or cryptocurrency interests that are not traded on a U.S. or internationally recognized futures exchange (such as swaps and other over the counter contracts) involves a critical accounting policy. The values which are used by the Funds for futures contracts will be provided by the broker who will use market prices when available, while over the counter contracts will be valued based on the present value of estimated future cash flows that would be received from or paid to a third party in settlement of these derivative contracts prior to their delivery date. Values will be determined on a daily basis. 3. Commodity or cryptocurrency futures contracts held by the Funds are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity or cryptocurrency futures contracts are reflected in the statement of operations as the difference between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statement of operations. Interest on cash equivalents and deposits are recognized on an accrual basis. The Funds earn interest on funds held at the custodian or other financial institutions at prevailing market rates for such investments. 4. Cash and cash equivalents are cash held at financial institutions in demand-deposit accounts or highly liquid investments with original maturity dates of three months or less at inception. The Funds report cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. The Funds have a substantial portion of assets on deposit with banks. Assets deposited with financial institutions may, at times, exceed federally insured limits. 5. The use of fair value to measure financial instruments, with related unrealized gains or losses recognized in earnings in each period is fundamental to the Trust’s financial statements. In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Trust uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels: a) Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 securities and financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities and financial instruments does not entail a significant degree of judgment, b) Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly, and c) Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. See the notes within the financial statements for further information. The Funds and the Trust record their derivative activities at fair value. Gains and losses from derivative contracts are included in the statement of operations. Derivative contracts include futures contracts related to commodity or cryptocurrency prices. Futures, which are listed on a national securities exchange, such as the CBOT, ICE, or CME, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy. F-97 Table of Contents 6. The Funds recognize brokerage commissions on a full trade basis. 7. Margin is the minimum amount of funds that must be deposited by a commodity or cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Funds’ clearing brokers, carrying accounts for traders in commodity or cryptocurrency interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out of the money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Funds’ trading, the Funds (and not its shareholders personally) are subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. 8. Due from/to broker for investments in financial instruments are securities transactions pending settlement. The Trust and TAGS are subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The management of the Trust and the Funds monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. The principal broker through which the Trust and TAGS has the ability to clear securities transactions for TAGS is U.S. Bank, N.A. 9. The Sponsor is responsible for investing the assets of the Funds in accordance with the objectives and policies of each Fund. CORN, SOYB, CANE, WEAT, and TAGS pays for all brokerage fees, taxes, and other expenses, including licensing fees for the use of intellectual property, registration or other fees paid to the SEC, FINRA, formally the National Association of Securities Dealers, or any other regulatory agency in connection with the offer and sale of subsequent Shares after its initial registration and all legal, accounting, printing and other expenses associated therewith. The Fund also pays its portion of the fees and expenses for services directly attributable to the Fund such as accounting, financial reporting, regulatory compliance, and trading activities, which the Sponsor elected not to outsource. Certain aggregate expenses common to all Teucrium Funds within the Trust are allocated by the Sponsor to the respective Funds based on activity drivers deemed most appropriate by the Sponsor for such expenses, including but not limited to relative assets under management and creation order activity. These aggregate common expenses include, but are not limited to, legal, auditing, accounting and financial reporting, tax-preparation, regulatory compliance, trading activities, and insurance costs, as well as fees paid to the Marketing Agent. A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor; these are necessary services to the Teucrium Funds, which are primarily the cost of performing certain accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund and are included, primarily, in distribution and marketing fees. In addition, the Agricultural Funds, except for TAGS which has no such fee, are contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 1.00% per annum. DEFI 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 each 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 and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses. These fees and expenses are not included in the breakeven table because they are paid for by the Sponsor through the proceeds from the Management Fee. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative, and other ordinary expenses are not deemed extraordinary expenses. F-98 Table of Contents 10. The investment objective of TAGS is to have the daily changes in percentage terms of the Net Asset Value (“NAV”) of its common units (“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. As such, TAGS will buy, sell, and hold as part of its normal operations shares of the four Underlying Funds. The Trust excludes the shares of the other series of the Trust owned by the Teucrium Agricultural Fund from its statements of assets and liabilities. The Trust excludes the net change in unrealized appreciation or depreciation on securities owned by the Teucrium Agricultural Fund from its statements of operations. Upon the sale of the Underlying Funds by the Teucrium Agricultural Fund, the Trust includes any realized gain or loss in its statements of operations. 11. For U.S. federal income tax purposes, the Funds will be treated as partnerships. Therefore, the Funds do not record a provision for income taxes because the partners report their share of a Fund’s income or loss on their income tax returns. The financial statements reflect the Funds’ transactions without adjustment, if any, required for income tax purposes. 12. For commercial paper, the Agricultural Commodity Funds use the effective interest method for calculating the actual interest rate in a period based on the amount of a financial instrument’s book value at the beginning of the accounting period. Accretion on these investments is recognized using the effective interest method in U.S. dollars and recognized in cash equivalents. All discounts on purchase prices of debt securities are accreted over the life of the respective security. Credit Risk When any of the Funds enter into Commodity or Cryptocurrency Interests, it will be exposed to the credit risk that the counterparty will not be able to meet its obligations. For purposes of credit risk, the counterparty for the Futures Contracts traded on the CBOT, ICE, and CME is the clearinghouse associated with those exchanges. In general, clearinghouses are backed by their members who may be required to share in the financial burden resulting from the nonperformance of one of their members, which should significantly reduce credit risk. Some foreign exchanges are not backed by their clearinghouse members but may be backed by a consortium of banks or other financial institutions. Unlike in the case of exchange traded futures contracts, the counterparty to an over-the-counter Commodity Interest contract is generally a single bank or other financial institution. As a result, there will be greater counterparty credit risk in over-the-counter transactions. There can be no assurance that any counterparty, clearinghouse, or their financial backers will satisfy their obligations to any of the Funds. The Commodity Funds may engage in off exchange transactions broadly called an “exchange for risk” transaction, also referred to as an “exchange for swap.” For purposes of the Dodd-Frank Act and related CFTC rules, an “exchange for risk” transaction is treated as a “swap.” An “exchange for risk” transaction, sometimes referred to as an “exchange for swap” or “exchange of futures for risk,” is a privately negotiated and simultaneous exchange of a futures contract position for a swap or other over the counter instrument on the corresponding commodity. An exchange for risk transaction can be used by the Commodity Funds as a technique to avoid taking physical delivery of a commodity futures contract, corn for example, in that a counterparty will take the Fund’s position in a Corn Futures Contract into its own account in exchange for a swap that does not by its terms call for physical delivery. The Funds will become subject to the credit risk of a counterparty when it acquires an over-the-counter position in an exchange for risk transaction. The Fund may use an “exchange for risk” transaction in connection with the creation and redemption of shares. These transactions must be carried out only in accordance with the rules of the applicable exchange where the futures contracts trade. The Sponsor will attempt to manage the credit risk of each Fund by following certain trading limitations and policies. In particular, each Fund intends to post margin and collateral and/or hold liquid assets that will be equal to approximately the face amount of the Interests it holds. The Sponsor will implement procedures that will include, but will not be limited to, executing, and clearing trades and entering into over-the-counter transactions only with parties it deems creditworthy and/or requiring the posting of collateral by such parties for the benefit of each Fund to limit its credit exposure. F-99 Table of Contents The CEA requires all FCMs, such as the Teucrium Funds’ clearing brokers, to meet and maintain specified fitness and financial requirements, to segregate customer funds from proprietary funds and account separately for all customers’ funds and positions, and to maintain specified books and records open to inspection by the staff of the CFTC. The CFTC has similar authority over introducing brokers, or persons who solicit or accept orders for commodity interest trades but who do not accept margin deposits for the execution of trades. The CEA authorizes the CFTC to regulate trading by FCMs and by their officers and directors, permits the CFTC to require action by exchanges in the event of market emergencies, and establishes an administrative procedure under which customers may institute complaints for damages arising from alleged violations of the CEA. The CEA also gives the states powers to enforce its provisions and the regulations of the CFTC. On November 14, 2013, the CFTC published final regulations that require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures and auditing and examination programs for FCMs. The rules are intended to afford greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and the SROs are monitoring the activities of FCMs in a thorough manner. Marex and StoneX serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services. The Commodity Funds, other than TAGS, will generally retain cash positions of approximately 95% of total net assets; this balance represents the total net assets less the initial margin requirements held by the FCM. These cash assets are either: 1) deposited by the Sponsor in demand deposit accounts of financial institutions which are deemed by the Sponsor to be of investment level quality, 2) held in a money-market fund which is deemed to be a cash equivalent under the most recent SEC definition, or 3) held in a cash equivalent with a maturity of 90 days or less that is deemed by the Sponsor to be of investment level quality. Liquidity and Capital Resources The Funds do not anticipate making use of borrowings or other lines of credit to meet their obligations. The Funds meet their liquidity needs in the normal course of business from the proceeds of the sale of their investments from the cash and cash equivalents that they intend to hold, and/or from the fee waivers provided by the Sponsor. The Funds’ liquidity needs include redeeming their shares, providing margin deposits for existing Futures Contracts or the purchase of additional Futures Contracts, posting collateral for over-the-counter Commodity Interests, and paying expenses. The Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash and cash equivalents. Generally, all of the net assets of the Funds are allocated to trading in Commodity or Cryptocurrency Interests. Most of the assets of the Funds are held in cash and/or cash equivalents. The percentage that such assets bear to the total net assets will vary from period to period as the market values of the Commodity or Cryptocurrency Interests change. Interest earned on interest-bearing assets of a Fund are paid to that Fund. During times of extreme market volatility and economic uncertainty, the Funds may experience a significant change in interest rates, and as such the Funds may experience a change in the breakeven point. The investments of a Fund in Commodity or Cryptocurrency Interests are subject to periods of illiquidity because of market conditions, regulatory considerations, and other reasons. For example, U.S. futures exchanges limit the fluctuations in the prices of certain Futures Contracts during a single day by regulations referred to as “daily limits.” During a single day, no trades may be executed at prices beyond the daily limit. Once the price of such a Futures Contract has increased or decreased by an amount equal to the daily limit, positions in the contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Such market conditions could prevent the Fund from promptly liquidating a position in Futures Contracts. War and other geopolitical events in eastern Europe, including but not limited to Russia and Ukraine, may cause volatility in commodity prices including energy and grain prices, due to the region’s importance to these markets, potential impacts to global transportation and shipping, and other supply chain disruptions. These events are unpredictable and may lead to extended periods of price volatility. F-100 Table of Contents More generally, a climate of uncertainty and panic, including the contagion of the COVID-19 virus and other infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Funds may have difficulty achieving their investment objectives which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds’ Sponsor and third-party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors could cause substantial market volatility, exchange trading suspensions and closures that could impact the ability of the Funds to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, resulting in losses to your investment. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses. Market Risk Trading in Commodity or Cryptocurrency Interests such as Futures Contracts will involve the Funds entering into contractual commitments to purchase or sell specific amounts of commodities or cryptocurrencies at a specified date in the future. The gross or face amount of the contracts is expected to significantly exceed the future cash requirements of each Fund as each Fund intends to close out any open positions prior to the contractual expiration date. As a result, each Fund’s market risk is the risk of loss arising from the decline in value of the contracts, not from the need to make delivery under the contracts. The Funds consider the “fair value” of derivative instruments to be the unrealized gain or loss on the contracts. The market risk associated with the commitment by the Funds to purchase a specific commodity or cryptocurrency will be limited to the aggregate face amount of the contracts held. The exposure of the Funds to market risk will depend on a number of factors including the markets for the specific commodity or cryptocurrency, the volatility of interest rates and foreign exchange rates, the liquidity of the Commodity or Cryptocurrency Specific Interests markets and the relationships among the contracts held by each Fund. Regulatory Considerations The regulation of futures markets, futures contracts, and futures exchanges has historically been comprehensive. The CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency including, for example, the retroactive implementation of speculative position limits, increased margin requirements, the establishment of daily price limits and the suspension of trading on an exchange or trading facility. Pursuant to authority in the CEA, the NFA has been formed and registered with the CFTC as a registered futures association. At the present time, the NFA is the only SRO for commodity interest professionals, other than futures exchanges. The CFTC has delegated to the NFA responsibility for the registration of CPOs and FCMs and their respective associated persons. The Sponsor and the Fund’s clearing broker are members of the NFA. As such, they will be subject to NFA standards relating to fair trade practices, financial condition, and consumer protection. The NFA also arbitrates disputes between members and their customers and conducts registration and fitness screening of applicants for membership and audits of its existing members. Neither the Trust nor the Teucrium Funds are required to become a member of the NFA. The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States. There is a possibility of future regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment in the Fund, or the ability of a Fund to continue to implement its investment strategy. In addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on the Teucrium Funds is impossible to predict but could be substantial and adverse. The CFTC possesses exclusive jurisdiction to regulate the activities of commodity pool operators and commodity trading advisors with respect to “commodity interests,” such as futures, swaps, and options, and has adopted regulations with respect to the activities of those persons and/or entities. Under the Commodity Exchange Act (“CEA”), a registered commodity pool operator, such as the Sponsor, is required to make annual filings with the CFTC and the NFA describing its organization, capital structure, management and controlling persons. In addition, the CEA authorizes the CFTC to require and review books and records of, and documents prepared by, registered commodity pool operators. Pursuant to this authority, the CFTC requires commodity pool operators to keep accurate, current, and orderly records for each pool that they operate. The CFTC may suspend the registration of a commodity pool operator (1) if the CFTC finds that the operator’s trading practices tend to disrupt orderly market conditions, (2) if any controlling person of the operator is subject to an order of the CFTC denying such person trading privileges on any exchange, and (3) in certain other circumstances. Suspension, restriction, or termination of the Sponsor’s registration as a commodity pool operator would prevent it, until that registration was to be reinstated, from managing the Fund, and might result in the termination of the Fund if a successor sponsor is not elected pursuant to the Trust Agreement. Neither the Trust nor the Fund is required to be registered with the CFTC in any capacity. F-101 Table of Contents The Fund’s investors are afforded prescribed rights for reparations under the CEA. Investors may also be able to maintain a private right of action for violations of the CEA. The CFTC has adopted rules implementing the reparation provisions of the CEA, which provide that any person may file a complaint for a reparations award with the CFTC for violation of the CEA against a floor broker or an FCM, introducing broker, commodity trading advisor, CPO, and their respective associated persons. The regulations of the CFTC and the NFA prohibit any representation by a person registered with the CFTC or by any member of the NFA, that registration with the CFTC, or membership in the NFA, in any respect indicates that the CFTC or the NFA has approved or endorsed that person or that person’s trading program or objectives. The registrations and memberships of the parties described in this summary must not be considered as constituting any such approval or endorsement. Likewise, no futures exchange has given or will give any similar approval or endorsement. Trading venues in the United States are subject to varying degrees of regulation under the CEA depending on whether such exchange is a designated contract market (i.e., a futures exchange) or a swap execution facility. Clearing organizations are also subject to the CEA and the rules and regulations adopted thereunder as administered by the CFTC. The CFTC’s function is to implement the CEA’s objectives of preventing price manipulation and excessive speculation and promoting orderly and efficient commodity interest markets. In addition, the various exchanges and clearing organizations themselves as SROs exercise regulatory and supervisory authority over their member firms. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was enacted in response to the economic crisis of 2008 and 2009 and it significantly altered the regulatory regime to which the securities and commodities markets are subject. To date, the CFTC has issued proposed or final versions of almost all of the rules it is required to promulgate under the Dodd-Frank Act, and it continues to issue proposed versions of additional rules that it has authority to promulgate. Provisions of the new law include the requirement that position limits be established on a wide range of commodity interests, including agricultural, energy, and metal-based commodity futures contracts, options on such futures contracts and uncleared swaps that are economically equivalent to such futures contracts and options (“Reference Contracts”); new registration and recordkeeping requirements for swap market participants; capital and margin requirements for “swap dealers” and “major swap participants,” as determined by the new law and applicable regulations; reporting of all swap transactions to swap data repositories; and the mandatory use of clearinghouse mechanisms for sufficiently standardized swap transactions that were historically entered into in the over the counter market, but are now designated as subject to the clearing requirement; and margin requirements for over the counter swaps that are not subject to the clearing requirements. In addition, considerable regulatory attention has recently been focused on non-traditional publicly distributed investment pools such as the Fund. Furthermore, various national governments have expressed concern regarding the disruptive effects of speculative trading in certain commodity markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on the Teucrium Funds is impossible to predict but could be substantial and adverse. The Dodd-Frank Act was intended to reduce systemic risks that may have contributed to the 2008/2009 financial crisis. Since the first draft of what became the Dodd-Frank Act, supporters and opponents have debated the scope of the legislation. As the Administrations of the U.S. change, the interpretation and implementation will change along with them. Nevertheless, regulatory reform of any kind may have a significant impact on U.S. regulated entities. Position Limits, Aggregation Limits, Accountability Levels, Price Fluctuation Limits The CFTC and US futures exchanges impose limits on the maximum net long or net short speculative positions that any person may hold or control in any particular futures or options contracts traded on US futures exchanges. For example, the CFTC currently imposes speculative position limits on a number of commodities (e.g., corn, oats, wheat, soybeans, and cotton) and US futures exchanges currently impose speculative position limits on many other commodities. A Fund could be required to liquidate positions it holds in order to comply with position limits or may not be able to fully implement trading instructions generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation could result in substantial costs to a Fund. Limits are generally applied on an aggregate basis to positions held in accounts that are subject to 10% or greater common ownership or control. In December 2016, the CFTC adopted rule amendments that provide exemptions from the general requirement to aggregate all positions that are held pursuant to 10% or greater common ownership or control. The Dodd-Frank Act significantly expanded the CFTC’s authority to impose position limits with respect to futures contracts and options on futures contracts, swaps that are economically equivalent to futures or options on futures, and swaps that are traded on a regulated exchange and certain swaps that perform a significant price discovery function. F-102 Table of Contents In October 2020, the CFTC adopted new speculative position limits with respect to futures and options on futures on many physical commodities, including energy, metals, and agricultural commodities (the “core referenced futures contracts“), and on economically equivalent swaps. The CFTC’s new position limits rules include an exemption from limits for bona fide hedging transactions or positions. A bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or position: (1) represents a substitute for transactions or positions made or to be made at a later time in a physical marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of a commercial enterprise; and (3) arises from the potential change in value of (A) assets which a person owns, produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or purchases, or anticipates providing or purchasing. The CFTC’s new position rules set forth a list of enumerated bona fide hedges for which a market participant is not required to request prior approval from the CFTC in order to hold a bona fide hedge position above the federal position limit. However, a market participant holding an enumerated bona fide hedge position still would need to request an exemption from the relevant exchange for exchange-set limits. For non-enumerated bona fide hedge positions, a market participant may request CFTC approval which must be granted prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen increase in bona fide hedging needs (in which case the application must be submitted within five business days after the market participant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically equivalent swaps. Position Aggregation. In general, a market participant is required by CFTC or exchange rules, as applicable, to aggregate all positions in accounts as to which the market participant has 10% or greater ownership or control. CFTC and exchange rules, as applicable, provide exemptions from this requirement. For example, a market participant is not required to aggregate positions in multiple accounts that it owns or controls if that market participant is able to satisfy the requirements of an exemption from aggregation of those accounts, including, where available, the independent account controller exemption. Failure to comply with the independent account controller exemption or another exemption from the aggregation requirement could obligate the Sponsor to aggregate positions in multiple accounts under its control, which could include the Fund and other commodity pools or accounts under the Sponsor’s control. In such a scenario, a Fund may not be able to obtain exposure to one or more contracts necessary to pursue its investment objective, or it may be required to liquidate existing contract positions in order to comply with a limit. Such an outcome could adversely affect a Fund’s ability to pursue its investment objective or achieve favorable performance. The CFTC amended its position aggregation rules in December 2016. The CFTC staff subsequently issued time-limited no-action relief from compliance with certain requirements under the amended aggregation rules, including the general requirement to aggregate positions in the same commodity futures contracts traded pursuant to substantially identical trading strategies. This no-action relief expires on August 12, 2025. Accountability Levels. Exchanges may establish accountability levels applicable to a futures contract instead of position limits, provided that the futures contract is not subject to federal position limits. An exchange may order a person who holds or controls a position in excess of a position accountability level not to further increase its position, to comply with any prospective limit that exceeds the size of the position owned or controlled, or to reduce any open position that exceeds the position accountability level if the exchange determines that such action is necessary to maintain an orderly market. Position accountability levels could adversely affect a Fund’s ability to establish and maintain positions in commodity futures contracts to which such levels apply if a Fund were to trade in such contracts. Such an outcome could adversely affect a Fund’s ability to pursue its investment objective. Daily Limits. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits” or “daily limits,” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price.” Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit. The duration of limit prices generally varies. Limit prices may have the effect of precluding a Fund from trading in a particular contract or requiring the Fund to liquidate contracts at disadvantageous times or prices. Either of those outcomes could adversely affect a Fund’s ability to pursue its investment objective. Potential Effects of Positions Limits, Aggregation Limits, Accountability Levels, and Price Fluctuation Limits. The Funds are currently subject to position limits and may be subject to new and more restrictive position limits in the future. If a Fund reached a position limit or accountability level or became subject to a daily limit, its ability to issue new creation units or reinvest income in additional commodity futures contracts may be limited to the extent these restrictions limit its ability to establish new futures positions, add to existing positions, or otherwise transact in futures. Limiting the size of a Fund, or restricting a Fund’s futures trading, under these requirements could adversely affect a Fund’s ability to pursue its investment objective. F-103 Table of Contents Off Balance Sheet Financing As of March 31, 2025, neither the Trust nor any of the Funds has any loan guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks service providers undertake in performing services which are in the best interests of the Funds. While the exposure of each Fund under these indemnification provisions cannot be estimated, they are not expected to have a material impact on the financial positions of each Fund. Redemption Basket Obligation Other than as necessary to meet the investment objective of the Funds and pay the contractual obligations described below, the Funds will require liquidity to redeem Redemption Baskets. Each Fund intends to satisfy this obligation through the transfer of cash of the Fund (generated, if necessary, through the sale of short-term Treasury Securities or other cash equivalents) in an amount proportionate to the number of units being redeemed. Contractual Obligations The primary contractual obligations of each Fund will be with the Sponsor and certain o ther service providers. Except for TAGS, which has no management fee, the Sponsor, in return for its services, will be entitled to a management fee calculated as a fixed percentage of each Agricultural Fund’s NAV, currently 1.00% of its average net assets. CORN, CANE, SOYB, WEAT and TAGS will also be responsible for all ongoing fees, costs and expenses of its operation, including (i) brokerage and other fees and commissions incurred in connection with the trading activities of the Fund; (ii) expenses incurred in connection with registering additional Shares of the Fund or offering Shares of the Fund; (iii) the routine expenses associated with the preparation and, if required, the printing and mailing of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities, Trust meetings and preparing, printing and mailing proxy statements to Shareholders; (iv) the payment of any distributions related to redemption of Shares; (v) payment for routine services of the Trustee, legal counsel and independent accountants; (vi) payment for routine accounting, bookkeeping, compliance, distribution and solicitation-related services, custodial and transfer agency services, whether performed by an outside service provider or by affiliates of the Sponsor; (vii) postage and insurance; (viii) costs and expenses associated with client relations and services; (ix) costs of preparation of all federal, state, local and foreign tax returns and any taxes payable on the income, assets or operations of the Fund; and (xi) extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto). While the Sponsor paid the initial registration fees to the SEC, FINRA and any other regulatory agency in connection with the offer and sale of the Shares offered through each Agricultural Fund prospectus, the legal, printing, accounting and other expenses associated with such registrations, and the initial fee of approximately $5,000 for listing the Shares on the NYSE Arca, each Fund will be responsible for any registration fees and related expenses incurred in connection with any future offer and sale of Shares of the Fund. Any general expenses of the Trust will be allocated among the Funds and any other series of the Trust as determined by the Sponsor in its sole and absolute discretion. The Trust is also responsible for extraordinary expenses, including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto. The Trust and/or the Sponsor may be required to indemnify the Trustee, Marketing Agent, or Administrator under certain circumstances. F-104 Table of Contents The parties cannot anticipate the amount of payments that will be required under these arrangements for future periods as the NAV and trading levels to meet investment objectives for each Fund will not be known until a future date. These agreements are effective for a specific term agreed upon by the parties with an option to renew, or, in some cases, are in effect for the duration of each Fund’s existence. The parties may terminate these agreements earlier for certain reasons listed in the agreements. Benchmark Performance Investing in Commodity or Cryptocurrency Interests subjects the Funds to the risks of the underlying commodity or cryptocurrency market, and this could result in substantial fluctuations in the price of each Fund’s Shares. Unlike mutual funds, the Funds currently are not expected to distribute dividends to Shareholders. Although this could change if interest rates rise, and the assets of the Funds increase. Investors may choose to use the Funds as a means of investing indirectly in the underlying commodity or cryptocurrency, and there are risks involved in such investments. Investors may choose to use the Funds as vehicles to hedge against the risk of loss, and there are risks involved in hedging activities. During the period from January 1, 2025 through March 31, 2025 the average daily change in the NAV of each Fund was within plus/minus 10 percent of the average daily change in the Benchmark of each Fund, as stated in the applicable prospectus for each Fund. Frequency Distribution of Premiums and Discounts: NAV versus the 4pm Bid/Ask Midpoint on the NYSE Arca. CORN Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total Days at premium 32 30 25 18 105 Days at NAV 4 8 8 4 24 Days at discount 27 26 31 39 123 The performance data above for the Teucrium Corn Fund represents past performance. Past performance is not a guarantee of future results. Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. SOYB Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total Days at premium 28 35 27 28 118 Days at NAV 3 5 6 7 21 Days at discount 32 24 31 26 113 F-105 Table of Contents The performance data above for the Teucrium Soybean Fund represents past performance. Past performance is not a guarantee of future results. Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. CANE Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total Days at premium 30 34 35 18 117 Days at NAV 12 7 9 8 36 Days at discount 21 23 20 35 99 The performance data above for the Teucrium Sugar Fund represents past performance. Past performance is not a guarantee of future results. Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. WEAT Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total Days at premium 21 28 18 23 90 Days at NAV 22 23 22 25 92 Days at discount 20 13 24 13 70 The performance data above for the Teucrium Wheat Fund represents past performance. Past performance is not a guarantee of future results. Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. TAGS Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total Days at premium 27 35 29 14 105 Days at NAV 10 9 7 9 35 Days at discount 26 20 28 38 112 The performance data above for the Teucrium Agricultural Fund represents past performance. Past performance is not a guarantee of future results. Investment return and value of the Fund’s Shares will fluctuate so that an investor’s Shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. F-106 Table of Contents For the period from August 2, 2012 through April 10, 2018, TAGS had 50,002 shares outstanding; this represents the minimum number of shares and, thus, no shares could be redeemed until additional shares hav e been created. This has generated a situation, at times, in which the spread between the bid/ask midpoint at 4pm and the NAV falls outside of the “1 to 49” or “-1 to -49” range. The situation does not affect the actual NAV of the Fund. Description The above frequency distribution charts present information about the difference between the daily market price for Shares of each Fund and the Fund’s reported Net Asset Value per share. The amount that a Fund’s market price is above the reported NAV is called the premium. The amount that a Fund’s market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that a Fund’s NAV is calculated (usually 4:00 p.m., (ET)). Each value in the tables represents the number of trading days in which a Fund traded within the premium/discount range indicated. The premium or discount is expressed in basis points. *A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. NEITHER THE PAST PERFORMANCE OF A FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND ’ S FUTURE PERFORMANCE. F-107 Table of Contents