What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-03-02 compared with 2025-03-05 · 1405 added, 2483 removed, 1517 unchanged (72% of the section changed)

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

23 unchanged sentences

The Chief Operating Officer has primary responsibility for trade operations, trade execution, and portfolio activities with respect to the Fund.

The Chief Financial Officer, Chief Accounting Officer and Chief Compliance Officer acts as the Sponsor’s principal financial and accounting officers.

The Chief Financial Officer and Chief Accounting Officer acts as the Sponsor’s principal financial and accounting officers.

The Chief Compliance Officer has primary responsibility for developing, instituting, and monitoring the effectiveness of processes and procedures to comply with all regulatory requirements.

Furthermore, certain fundamental actions regarding the Sponsor, such as the removal of officers, the addition or substitution of members, or the incurrence of liabilities other than those incurred in the ordinary course of business and de minimis liabilities, may not be taken without the affirmative vote of a majority of the Class A members (which is generally defined as the affirmative vote of Mr.

16 unchanged sentences

Gilbertie is 65 years old.

Cory Mullen-Rusin has been the Chief Financial Officer, Chief Accounting Officer and Chief Compliance Officer of the Sponsor since September 17, 2018 and Ms.

Cory Mullen-Rusin has been the Chief Financial Officer and Chief Accounting Officer of the Sponsor since September 17, 2018 and Ms.

Mullen-Rusin has primary responsibility for the financial management, compliance and reporting of the Sponsor and is in charge of its books of account and accounting records, and its accounting procedures.

1 unchanged sentence

Mullen-Rusin was approved by the NFA as a Principal of the Sponsor on October 8, 2018.

Mullen-Rusin began working for the Sponsor in September 2011 and worked directly with the former CFO at Teucrium for seven years.

Mullen-Rusin began working for the Sponsor in September 2011 and worked directly with the former CFO at the Sponsor for seven years.

Her responsibilities included aspects of financial planning, financial operations, and financial reporting for the Trust and the Sponsor.

Additionally, Ms.

Mullen-Rusin assisted in developing, instituting, and monitoring the effectiveness of processes and procedures to comply with all regulatory agency requirements.

In January 2025, Ms.

Mullen-Rusin became the Assistant Treasurer of Women in ETFs.

Mullen-Rusin was the Chief Compliance Officer of the Sponsor from September 17, 2018 through December 31, 2025.

In that role, she had primary responsibility for developing, instituting, and monitoring the effectiveness of processes and procedures to comply with all regulatory agency requirements.

Mullen-Rusin is an officer of Teucrium Investment Advisors, LLC, a wholly owned subsidiary of Teucrium Trading, LLC effective January 21, 2022.

Mullen-Rusin was approved by the NFA as a Principal of Teucrium Investment Advisors, LLC on April 28, 2022.

Mullen-Rusin generally assumes the same roles and duties held in the parent company within the subsidiary.

Mullen-Rusin graduated from Boston College with a Bachelor of Arts and Science in Communications in 2009, where she was a four-year scholarship player on the NCAA Division I Women’s Basketball team.

1 unchanged sentence

Mullen-Rusin is 38 years old.

Christi Powitzky has been the Chief Compliance Officer of the Sponsor since January 1, 2026 and was approved by the NFA as a Principal of the Sponsor on January 2, 2026.

Powitzky is responsible for developing, instituting, and monitoring the effectiveness of processes and procedures to comply with all regulatory requirements.

Powitzky has over fifteen years of experience as a compliance officer.

Powitzky has been the Chief Compliance Officer of Teucrium Investment Advisors, LLC, a wholly owned subsidiary of Teucrium Trading, LLC since August 2025.

Powitzky was approved by the NFA as a Principal of Teucrium Investment Advisors, LLC on August 22, 2025.

Powitzky serves as Chief Compliance Officer for both the Advisor and Teucrium Trading, overseeing firmwide compliance programs across ’40 Act and ’33 Act ETF products.

She leads compliance oversight for ETF launches, service provider diligence, regulatory risk assessment, advertising review, books and records, and firmwide compliance training.

Prior to joining the Sponsor, Ms.

Powitzky served as Chief Compliance Officer of the Listed Funds Trust, an open-end management investment company consisting of multiple investment series, from June 2022 to August 2025.

From June 2021 to July 2022, Ms.

Powitzky was an Advisory Compliance Principal Consultant at ACA Group where she served as the Firm’s SEC Marketing Rule subject matter expert and provided mock examinations, regulatory gap analyses, and implementation support to her Registered Investment Advisor clients.

From November 2018 to June 2021, Ms.

Powitzky served as the Lead Manager of Global Communications Compliance for T.

Rowe Price, a global investment management firm.

Powitzky received her Bachelor of Science in Education from the University of Texas at Austin and her Master of Business Administration in Finance from the University of Houston.

She maintains her principal business office at Three Main Street, Suite 215, Burlington, Vermont 05401.

She is 52 years old.

Springer Harris has been the Chief Operating Officer since June 14, 2024 and Mr.

6 unchanged sentences

Harris is 36 years old.

Gilbertie, Harris, Van Eck Associates Corporation and Ms.

Mullen-Rusin are individual “principals,” as that term is defined in CFTC Rule 3.1, of the Sponsor.

Gilbertie, Harris, Van Eck Associates Corporation, Ms.

Mullen-Rusin, and Ms.

Powitzky are individual “principals,” as that term is defined in CFTC Rule 3.1, of the Sponsor.

These individuals are principals due to their positions and/or due to their ownership interests in the Sponsor.

33 unchanged sentences

Percent Class

TEUCRIUM AGRICULTURAL FUND, BURLINGTON, VT

ALEXANDER C KARP, BEDFORD, NH

G1 EXECUTION SERVICES, LLC, CHICAGO, IL

Teucrium Agricultural Fund, Burlington, VT, United States

Pender Corporate Bond Fund, Vancouver, Canada

These individuals and entities have not filed any public reports with the SEC.

12 unchanged sentences

Certain Relationships and Related Transactions and Director Independence

Neither the Trust or the Funds entered into any transaction in excess of $120,000 in which any related person had a direct or indirect material interest and the Trust and the Funds do not propose to enter into any such transaction.

Neither the Trust nor the Funds entered into any transaction in excess of $120,000 in which any related person had a direct or indirect material interest and the Trust and the Funds do not propose to enter into any such transaction.

Principal Accountant and Audit Fees and Services

Fees paid for services performed by Grant Thornton and PricewaterhouseCoopers, for the years ended December 31, 2024 and December 31, 2023 were:

Fees paid for services performed by Grant Thornton for the years ended December 31, 2025 and December 31, 2024 were:

Audit-Related Fees

All Other Fees

The Sponsor approved all services provided by Grant Thornton and PricewaterhouseCoopers, above.

The Sponsor preapproves all audit, non-audit, tax preparation, and tax accounting services, if any, of the Trust’s independent registered public accounting firm and tax accounting firm, including all engagement fees and terms.

The Sponsor approved all services provided by Grant Thornton above.

The Sponsor preapproves all audit, and non-audit services, if any, of the Trust’s independent registered public accounting firm including all engagement fees and terms.

Exhibits and Financial Statements Schedules

The following exhibits are filed as part of this report as required under Item 601 of Regulation S-K:

Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Registrant.

Sixth Amended and Restated Declaration of Trust and Trust Agreement of the Registrant.

Certificate of Trust of the Registrant.

1 unchanged sentence

Instrument Establishing Teucrium Agricultural Fund (4)

Instrument Establishing the 7RCC Spot Bitcoin and Carbon Credit Futures ETF (5)

Description of Capital Stock (13)

Form of Authorized Purchaser Agreement.

Distribution Services Agreement.

Amended and Restated Distribution Services Agreement.

Amendment to Amended and Restated Distribution Services Agreement.

Second Amendment to Amended and Restated Distribution Services Agreement (8)

Third Amendment to Amended and Restated Distribution Services Agreement (10)

Fourth Amendment to Amended and Restated Distribution Services Agreement (11)

Fifth Amendment to Amended and Restated Distribution Services Agreement (13)

(included as Exhibit B to the Sixth Amended and Restated Declaration of Trust and Trust Agreement) (1)

Marketing Agent Services Agreement.

First Amendment to Marketing Agent Services Agreement.

Form of Bitcoin Custody Agreement.

Custody Agreement (8)

First Amendment to the Custody Agreement (14)

Third Amendment to the Custody Agreement (7)

Fund Accounting Servicing Agreement (9)

First Amendment to the Accounting Servicing Agreement (14)

Third Amendment to the Accounting Services Agreement (7)

Transfer Agent Servicing Agreement.

First Amendment to the Transfer Agent Servicing Agreement (14)

Third Amendment to the Transfer Agent Servicing Agreement (7)

Fund Administration Servicing Agreement (11)

First Amendment to the Fund Administration Servicing Agreement (14)

Third Amendment to the Fund Administration Servicing Agreement (7)

Form of Digital Asset Purchase and Sale Agreement (7)

Sublicense Agreement (12)

Insider Trading Policies and Procedures (13)

14 unchanged sentences

Cover Page Interactive Data File (formatted in inline XBRL and contained in Exhibit 101)

Previously filed as like-numbered exhibit to Pre-Effective Amendment No.

2 to Registration Statement No.

333-230623, filed on April 26, 2019 and incorporated by reference herein.

Previously filed as Exhibit 3.1 to Registrant's Current Report on Form 8-K, filed on December 18, 2025, and incorporated by reference herein.

Previously filed as like-numbered exhibit to Registration Statement No.

5 unchanged sentences

333-173691, filed on April 25, 2011 and incorporated by reference herein.

Previously filed as Exhibit 10.2 to Post-Effective Amendment No.

1 to Registration Statement No.

333-162033, filed on October 22, 2010 and incorporated by reference herein.

Previously filed as Exhibit 10.2(1) to Registrant’s Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated herein by reference.

Previously filed as Exhibit 10.2(2) to Registrant’s Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated by reference herein.

Previously filed as Exhibit 10.2(3) to Registrant’s Current Report on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated by reference herein.

Previously filed as Exhibit 3.3 to Registrant's Registration Statement on Form S-1 (333-290330), filed on September 17, 2025 and incorporated by reference herein.

Previously filed as Exhibit 99.1 to Registrant's Current Report on Form 8-K, filed on June 14, 2024 and incorporated herein by reference.

Previously filed as like-numbered exhibits to Pre-Effective Amendment No.

1 to Registrant's Registration Statement of Form S-1 (333-290330), filed on January 27, 2026, and incorporated by reference herein.

Previously filed as Exhibit 10.8 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein.

Previously filed as Exhibit 10.9 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein.

Previously filed as Exhibit 10.10 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein.

Previously filed as Exhibit 10.11 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 15, 2016, and incorporated by reference herein.

Previously filed as like-numbered exhibit to Pre-Effective Amendment No.

1 to Registration Statement No.

333-173691, filed on December 5, 2011.

Previously filed as Exhibit 10.5 to Pre-Effective Amendment No.1 to Registration Statement No.

333-187463, filed on April 26, 2013.

Previously filed as Exhibit to 10.9 to Registration Statement No.

333-201953, filed on February 9, 2015 and incorporated by reference herein.

Previously filed as like-numbered exhibit to Registrant’s Report on Form 10-K for the fiscal year ended December 31, 2015, filed on March 16, 2016.

Previously filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed on March 10, 2021, and incorporated by reference herein.

Previously filed as like-numbered exhibit to Registrant’s Report on Form 10-K for the fiscal year ended December 31, 2020, filed on March 16, 2021.

2 to Registrant's Registration Statement on Form S-1 (333-290330), filed on February 18, 2016, and incorporated by reference herein.

Previously filed as like-numbered exhibits to Registrant's Report on Form 10-K for the fiscal year ended December 31, 2024, filed on March 5, 2025.

Filed herein.

3 unchanged sentences

TEUCRIUM COMMODITY TRUST

Report of Independent Registered Public Accounting Firm ( GRANT THORNTON LLP , New York, NY , PCAOB # 248 )

Reports of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB # 248 )

Combined Statements of Assets and Liabilities at December 31, 2025 and 2024

3 unchanged sentences

Combined Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023

Notes to Combined Financial Statements

Teucrium Corn Fund Statements of Assets and Liabilities at December 31, 2025 and 2024

Teucrium Corn Fund Schedules of Investments at December 31, 2025 and 2024

Teucrium Corn Fund Statements of Operations for the years ended December 31, 2025, 2024 and 2023

Teucrium Corn Fund Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023

Teucrium Corn Fund Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023

Teucrium Soybean Fund Statements of Assets and Liabilities at December 31, 2025 and 2024

Teucrium Soybean Fund Schedules of Investments at December 31, 2025 and 2024

Teucrium Soybean Fund Statements of Operations for the years ended December 31, 2025, 2024 and 2023

Teucrium Soybean Fund Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023

Teucrium Soybean Fund Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023

Teucrium Sugar Fund Statements of Assets and Liabilities at December 31, 2025 and 2024

Teucrium Sugar Fund Schedules of Investments at December 31, 2025 and 2024

Teucrium Sugar Fund Statements of Operations for the years ended December 31, 2025, 2024 and 2023

Teucrium Sugar Fund Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023

Teucrium Sugar Fund Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023

Teucrium Wheat Fund Statements of Assets and Liabilities at December 31, 2025 and 2024

Teucrium Wheat Fund Schedules of Investments at December 31, 2025 and 2024

Teucrium Wheat Fund Statements of Operations for the years ended December 31, 2025, 2024 and 2023

Teucrium Wheat Fund Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023

Teucrium Wheat Fund Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023

Teucrium Agricultural Fund Statements of Assets and Liabilities at December 31, 2025 and 2024

Teucrium Agricultural Fund Schedules of Investments at December 31, 2025 and 2024

Teucrium Agricultural Fund Statements of Operations for the years ended December 31, 2025, 2024 and 2023

Teucrium Agricultural Fund Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023

Teucrium Agricultural Fund Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Assets and Liabilities at December 31, 2025 F-39

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Operations for the period from December 10, 2025 (Date of Seeding) to December 31, 2025 F-40

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Changes in Net Assets for the period from December 10, 2025 (Date of Seeding) to December 31, 2025 F-41

7RCC Spot Bitcoin and Carbon Credit Futures ETF Statements of Cash Flows for the period from December 10, 2025 (Date of Seeding) to December 31, 2025 F-42

Notes to the Financial Statements F-43

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Sponsor and Shareholders

Teucrium Commodity Trust and each Fund listed in the table below

Opinions on the financial statements

We have audited the accompanying combined statements of assets and liabilities, including the combined schedule of investments, of Teucrium Commodity Trust (the “Trust”) as of December 31, 2025 and 2024;

the statements of assets and liabilities, including the schedules of investments, of each Fund listed in the table below as of the respective date(s) listed below;

the Trust’s related combined statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2025;

the related statements of operations, changes in net assets, and cash flows of each Fund listed below for the respective period(s) ended listed below;

and the related notes (collectively referred to as the “financial statements”).

Teucrium Commodity Trust is a series trust consisting of the following series (individually referred to as “Fund” or collectively referred to as “Funds”):

As of date(s)

Period(s) ended

Teucrium Corn Fund

Report of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB #248)

Statements of Assets and Liabilities at December 31, 2024 and 2023

Schedules of Investments at December 31, 2024 and 2023

Statements of Operations for the years ended December 31, 2024, 2023 and 2022

Statements of Changes in Net Assets for the years ended December 31, 2024, 2023 and 2022

Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

Notes to Financial Statements

December 31, 2025 and 2024

Each of the three years ended December 31, 2025

Teucrium Soybean Fund

Report of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB #248)

Statements of Assets and Liabilities at December 31, 2024 and 2023

Schedules of Investments at December 31, 2024 and 2023

Statements of Operations for the years ended December 31, 2024, 2023 and 2022

Statements of Changes in Net Assets for the years ended December 31, 2024, 2023 and 2022

Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

Notes to Financial Statements

December 31, 2025 and 2024

Each of the three years ended December 31, 2025

Teucrium Sugar Fund

Report of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB #248)

Statements of Assets and Liabilities at December 31, 2024 and 2023

Schedules of Investments at December 31, 2024 and 2023

Statements of Operations for the years ended December 31, 2024, 2023 and 2022

Statements of Changes in Net Assets for the years ended December 31, 2024, 2023 and 2022

Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

Notes to Financial Statements

December 31, 2025 and 2024

Each of the three years ended December 31, 2025

Teucrium Wheat Fund

Report of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB #248)

Statements of Assets and Liabilities at December 31, 2024 and 2023

Schedules of Investments at December 31, 2024 and 2023

Statements of Operations for the years ended December 31, 2024, 2023 and 2022

Statements of Changes in Net Assets for the years ended December 31, 2024, 2023 and 2022

Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

Notes to Financial Statements

December 31, 2025 and 2024

Each of the three years ended December 31, 2025

Teucrium Agricultural Fund

Report of Independent Registered Public Accounting Firm (GRANT THORNTON LLP, New York, NY, PCAOB #248)

Statements of Assets and Liabilities at December 31, 2024 and 2023

Schedules of Investments at December 31, 2024 and 2023

Statements of Operations for the years ended December 31, 2024, 2023 and 2022

Statements of Changes in Net Assets for the years ended December 31, 2024, 2023 and 2022

Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

Notes to Financial Statements

GRANT THORNTON LLP

757 Third Ave., 9th Floor

New York, NY 10017

D +1 212 599 0100

F +1 212 370 4520

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor of

Teucrium Commodity Trust

Opinion on the financial statements

We have audited the accompanying combined statements of assets and liabilities, including the combined schedules of investments of Teucrium Commodity Trust (a Delaware statutory Trust) (the “Trust”) as of December 31, 2024 and 2023, the related combined statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2024 , and the related notes (collectively referred to as the “financial statements”).

In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for opinion

These combined financial statements are the responsibility of the Trust’s management.

Our responsibility is to express an opinion on the Trust’s combined financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S.

December 31, 2025 and 2024

Each of the three years ended December 31, 2025

7RCC Spot Bitcoin and Carbon Credit Futures ETF

December 31, 2025

December 10, 2025 (date of seeding) through December 31, 2025

In our opinion, the financial statements present fairly, in all material respects, the combined financial position of the Trust as of December 31, 2025 and 2024;

the financial position of each Fund listed in the table above as of the respective date(s) listed above;

the combined results of operations and cash flows of the Trust for each of the three years in the period ended December 31, 2025;

and the results of operations and cash flows for each Fund listed above for the respective period(s) ended listed above, in conformity with accounting principles generally accepted in the United States of America.

Basis for opinions

These financial statements are the responsibility of the Trust’s and Funds’ management.

Our responsibility is to express an opinion on the Trust’s combined financial statements and each Fund’s financial statements based on our audits.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

1 unchanged sentence

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting.

Accordingly, we express no such opinion.

The Trust and each Fund are not required to have, nor were we engaged to perform, an audit of internal control over financial reporting.

As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing opinions on the effectiveness of the Trust’s and each Fund’s internal control over financial reporting.

Accordingly, we express no such opinions.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

1 unchanged sentence

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

We believe that our audits provide a reasonable basis for our opinions.

Critical audit matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosure that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters in the audits of the Trust’s combined financial statements and each Fund’s financial statements.

/s/ GRANT THORNTON LLP

We have served as the Trust’s auditor since 2014.

We have served as auditor of one or more of the series of Teucrium Commodity Trust since 2014.

New York, New York

March 2, 2026

Grant Thornton LLP is the U.S.

member firm of Grant Thornton International Ltd (GTIL).

GTIL and each of its member firms are separate legal entities and are not a worldwide partnership.

TEUCRIUM COMMODITY TRUST

18 unchanged sentences

234,056 47,382

Payable for Shares redeemed

Equity in trading accounts:

4 unchanged sentences

$ 213,588,976 $ 224,647,418

*Includes the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK"), which was organized as a series of the Teucrium Commodity Trust on September 17, 2025, and which issued four shares at a price of $25.00 per share on December 10, 2025.

BTCK has not commenced operations as of December 31, 2025.

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

14 unchanged sentences

Bell Canada, Inc.

February 4, 2025

March 4, 2026

3.844 % $ 2,477,775 $ 2,483,596 1.16 % 2,500,000

Bell Canada, Inc.

January 22, 2026

3.876 % 4,966,313 4,988,771 2.34 5,000,000

Brookfield Infrastructure Holdings (Canada) Inc.

5 unchanged sentences

Brookfield Infrastructure Holdings (Canada) Inc.

March 6, 2025

February 19, 2026

3.883 % 4,957,756 4,973,798 2.33 5,000,000

Energy Transfer Operating, L.P.

Crown Castle Inc.

January 20, 2026

3.854 % 4,982,400 4,989,867 2.34 5,000,000

General Motors Financial Company, Inc.

Crown Castle Inc.

January 22, 2026

3.855 % 2,490,400 2,494,400 1.17 2,500,000

General Motors Financial Company, Inc.

Glencore Funding LLC

January 14, 2026

3.822 % 4,970,972 4,993,139 2.34 5,000,000

Glencore Funding LLC

January 30, 2026

3.870 % 7,442,400 7,476,800 3.50 7,500,000

Harley-Davidson Financial Services, Inc.

March 3, 2026

1 unchanged sentence

Harley-Davidson Financial Services, Inc.

February 3, 2025

March 5, 2026

3.782 % 4,958,334 4,967,188 2.33 5,000,000

Harley-Davidson Financial Services, Inc.

February 18, 2025

March 10, 2026

3.987 % 7,425,975 7,444,070 3.49 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 8, 2026

3.927 % 7,448,813 7,494,312 3.51 7,500,000

VW Credit, Inc.

January 22, 2025

Mondelez International, Inc.

February 2, 2026

3.824 % 4,968,862 4,983,111 2.33 5,000,000

VW Credit, Inc.

Oracle Corporation

February 4, 2026

3.719 % 7,462,229 7,473,791 3.50 7,500,000

Oracle Corporation

March 11, 2026

3.862 % 7,434,604 7,444,972 3.49 7,500,000

Oracle Corporation

March 25, 2026

3.793 % 4,956,134 4,956,656 2.32 5,000,000

Total Commercial Paper

7 unchanged sentences

United States corn futures contracts

CBOT corn futures MAY25

974 $ 1,356,124 0.60 % $ 22,682,025

CBOT corn futures JUL25

CBOT corn futures DEC26

716 $ 50,255 0.02 % $ 16,485,900

6 unchanged sentences

United States corn futures contracts

CBOT corn futures DEC25

CBOT corn futures MAY26

732 $ 13,235 0.01 % $ 16,405,950

CBOT corn futures JUL26

620 157,550 0.07 14,089,500

United States soybean futures contracts

34 unchanged sentences

*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.

**Includes the 7RCC Spot Bitcoin and Carbon Credit Futures ETF ("BTCK"), which was organized as a series of the Teucrium Commodity Trust on September 17, 2025, and which issued four shares at a price of $ 25.00 per share on December 10, 2025.

BTCK has not commenced operations as of December 31, 2025.

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

13 unchanged sentences

Commercial Paper

Albemarle Corporation

January 3, 2024

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

Albemarle Corporation

January 4, 2024

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

Albemarle Corporation

January 8, 2024

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

Albemarle Corporation

January 11, 2024

Bell Canada, Inc.

February 4, 2025

4.588 % $ 6,950,784 $ 6,970,118 3.10 %

6 unchanged sentences

Brookfield Infrastructure Holdings (Canada) Inc.

January 30, 2024

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

Entergy Corporation

March 6, 2025

4.783 % 4,943,862 4,958,222 2.21 5,000,000

FMC Corporation

January 19, 2024

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

General Motors Financial Company, Inc.

Energy Transfer Operating, L.P.

January 24, 2025

4 unchanged sentences

General Motors Financial Company, Inc.

February 9, 2024

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

Harley-Davidson Financial Services, Inc.

January 9, 2024

March 14, 2025

4.524 % 7,421,205 7,433,256 3.31 7,500,000

5 unchanged sentences

4.860 % 7,411,484 7,452,261 3.32 7,500,000

National Fuel Gas Company

January 8, 2024

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

National Fuel Gas Company

January 26, 2024

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

Oracle Corporation

March 6, 2024

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

Stanley Black & Decker, Inc.

January 22, 2024

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

January 17, 2024

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

January 18, 2024

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

January 25, 2024

Hyundai Capital America

February 12, 2025

4.568 % 4,963,750 4,973,750 2.21 5,000,000

WGL Holdings, Inc.

L3Harris Technologies, Inc.

January 21, 2025

4.560 % 9,960,000 9,975,000 4.44 10,000,000

WGL Holdings, Inc.

VW Credit, Inc.

January 22, 2025

4.671 % 4,962,945 4,986,584 2.22 5,000,000

Walgreens Boots Alliance, Inc.

January 12, 2024

VW Credit, Inc.

February 19, 2025

4.568 % 4,963,750 4,969,376 2.21 5,000,000

6 unchanged sentences

(Long Exposure)

Commodity and Cryptocurrency futures contracts

United States wheat futures contracts

CBOT wheat futures MAY24

2,018 $ 363,500 0.12 %

CBOT wheat futures JUL24

Commodity futures contracts

United States corn futures contracts

CBOT corn futures MAY25

974 $ 1,356,124 0.60 %

United States CME Bitcoin futures contracts

CME Bitcoin futures JAN24

CBOT corn futures JUL25

829 580,448 0.26 19,429,688

Total commodity and cryptocurrency futures contracts

Total commodity futures contracts

$ 1,936,572 0.86 % $ 42,111,713

2 unchanged sentences

(Long Exposure)

Commodity and Cryptocurrency futures contracts

Commodity futures contracts

United States corn futures contracts

CBOT corn futures MAY24

1,171 $ 1,102,254 0.35 %

CBOT corn futures JUL24

983 384,407 0.12 24,280,100

CBOT corn futures DEC25

15 unchanged sentences

United States wheat futures contracts

CBOT wheat futures DEC24

CBOT wheat futures MAY25

1,518 2,977,940 1.33 42,693,750

United States CME Bitcoin futures contracts

CME Bitcoin futures FEB24

CBOT wheat futures JUL25

1,286 358,378 0.16 36,618,850

Total commodity and cryptocurrency futures contracts

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

17 unchanged sentences

December 31, 2023*

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

Realized loss on commodity and cryptocurrency futures contracts

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

Realized gain (loss) on commodity futures contracts

$ ( 32,393,724 ) $ ( 46,228,171 ) $ ( 94,248,842 )

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

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

4,103,348 ( 6,160,194 ) 12,703,858

1 unchanged sentence

8,973,945 12,977,276 17,736,627

Total income (loss)

( 19,316,431 ) ( 39,411,089 ) ( 63,808,357 )

18 unchanged sentences

7,177,157 8,448,393 9,654,410

Net income (loss)

$ ( 26,493,588 ) $ ( 47,859,482 ) $ ( 73,462,767 )

1 unchanged sentence

The operations include the activity of the Hashdex Bitcoin Futures ETF from September 15, 2022, the date of inception, through January 3, 2024, the date of liquidation.

BTCK has not commenced operations as of December 31, 2025.

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

4 unchanged sentences

December 31, 2023*

Net income (loss)

$ ( 26,493,588 ) $ ( 47,859,482 ) $ ( 73,462,767 )

17 unchanged sentences

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

The operations include the activity of the Hashdex Bitcoin Futures ETF from September 15, 2022, the date of inception, through January 3, 2024, the date of liquidation.

The net assets include those of the Hashdex Bitcoin Futures ETF from September 15, 2022, the date of inception, through January 3, 2024, the date of liquidation.

BTCK has not commenced operations as of December 31, 2025.

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

5 unchanged sentences

Cash flows from operating activities:

Net income (loss)

$ ( 26,493,588 ) $ ( 47,859,482 ) $ ( 73,462,767 )

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

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

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

( 4,103,348 ) 6,160,194 ( 12,703,858 )

5 unchanged sentences

16,778 ( 1,119 ) 3,707

Due to broker

- - ( 888,877 )

Management fee payable to Sponsor

7,555 ( 87,568 ) ( 155,982 )

Payable for purchases of commercial paper

- - ( 13,050 )

Other liabilities

186,674 ( 195,600 ) 164,102

Net cash used in operating activities

Net cash provided by (used in) operating activities

( 22,196,900 ) ( 39,449,021 ) ( 55,620,432 )

8 unchanged sentences

3,301,551 5,734,236 19,858,936

Net cash (used in) provided by financing activities

Net cash provided by (used in) financing activities

16,529,386 ( 41,847,988 ) ( 86,204,502 )

6 unchanged sentences

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

The operations include the activity of the Hashdex Bitcoin Futures ETF from September 15, 2022, the date of inception, through January 3, 2024, the date of liquidation.

The operations include the cash flows of the Hashdex Bitcoin Futures ETF from September 15, 2022, the date of inception, through January 3, 2024, the date of liquidation.

BTCK has not commenced operations as of December 31, 2025.

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

NOTES TO FINANCIAL STATEMENTS

TEUCRIUM CORN FUND

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2025

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 -K, 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 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.

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”), has not received any compensation dependent on the consummation of the Merger.

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

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

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

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

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

Note 2 - Principal Contracts and Agreements

The Sponsor employs U.S.

as the Custodian for the Funds.

The principal business address for U.S.

Bank, N.A is 5065 Wooster Rd, Cincinnati, Ohio 45226.

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.

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.

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.

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 combined statements of operations.

A summary of these expenses is included below.

The Sponsor employs PINE Distributors LLC, ("PINE" or the "Marketing Agent") as the Marketing Agent for the Funds.

The Distribution Services Agreement among the Marketing Agent, 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 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 combined statements of operations.

A summary of these expenses is included below.

Marex Capital Markets, Inc.

(“Marex”) and StoneX Financial Inc.

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

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

CFTC and are members of the NFA.

The 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 $ 11.00 per round turn.

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

Additionally, if the monthly commissions paid by each Fund does not equal or exceed 16.5 % return on the StoneX Capital Requirement at 9.6 % of the Exchange Maintenance Margin, each Fund will pay a true up to meet that return at the end of each month.

These expenses are recognized on a per-trade basis.

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

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

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

The Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act.

For its services, the Trustee receives an annual fee of $ 3,300 from the Trust.

These services are recorded in business permits and licenses fees on the combined statements of operations.

A summary of these expenses is included below.

Year Ended December 31, 2024

Year Ended December 31, 2023

Year Ended December 31, 2022

Amount Recognized for Custody Services

$ 391,341 $ 428,243 $ 410,660

Amount of Custody Services Waived

$ 14,793 $ 22,857 $ 42,625

Amount Recognized for Marketing Agent Services

$ 128,044 $ 155,431 $ 200,313

Amount of Marketing Agent Services Waived

$ 4,809 $ 8,853 $ 48,593

Amount Recognized for Wilmington Trust

$ 3,300 $ 3,300 $ 3,300

Amount of Wilmington Trust Waived

$ 108 $ 171 $ 550

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.

For the periods represented by the financial statements herein the operations of the Trust contain the results of CORN, SOYB, CANE, WEAT, TAGS and DEFI except for eliminations for TAGS as explained below for the months during which each Fund was in operation.

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 Funds.

The Trust eliminates the shares of the other series of the Trust owned by the Teucrium Agricultural Fund from its combined statements of assets and liabilities.

The Trust eliminates the net change in unrealized appreciation or depreciation on securities owned by the Teucrium Agricultural Fund 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 of 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.

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.

Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

The Funds seek to earn interest on their assets denominated in U.S.

dollars on deposit with the Futures Commission Merchant.

In addition, the Funds seek to earn interest on funds held at the custodian and at 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 combined statements of assets and liabilities and in cash and cash equivalents on the combined statements of cash flows.

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

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

The Sponsor 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 combined statements of operations.

Brokerage Commissions

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

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the years ended December 31, 2024 , 2023 , and 2022 .

For DEFI, for the Year Ended December 31, 2022, the brokerage commissions presented represent the brokerage commissions for the period from the commencement of operations through December 31, 2022.

Year Ended December 31, 2024

$ 48,170 $ 9,837 $ 10,809 $ 75,565 $ - $ - $ 144,381

Year Ended December 31, 2023

$ 65,449 $ 12,516 $ 21,902 $ 105,792 $ - $ 2,546 $ 208,205

Year Ended December 31, 2022

$ 217,050 $ 27,011 $ 33,469 $ 387,999 $ - $ 2,217 $ 667,746

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.

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 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.

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 for the years ending December 31, 2024 , 2023 , and 2022 .

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) on the day the order to create the basket is properly received.

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 properly received.

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.

Once the minimum number of baskets is reached, there can be no more redemptions until there has been a creation basket.

These minimum levels are as follows:

50,000 Shares representing 2 baskets

50,000 Shares representing 4 baskets

December 31, 2024

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 FCM in short term Treasury Bills as collateral for open futures contracts, which is classified as a cash equivalent and is not FDIC insured.

As of December 31, 2024

As of December 31, 2023

As of December 31, 2022

Money Market Funds

$ 45,091,481 $ 60,998,326

Demand Deposit Savings Accounts

29,684,408 29,148,056 46,061,819

Commercial Paper

99,079,332 143,041,466 199,360,060

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

Interest receivable

59,310 78,840

Payable for Purchases of Commercial Paper

The amount recorded by the Trust for commercial paper transactions awaiting settlement, which 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 and 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 relatively 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 those in other forms of investment or speculation.

As discussed below, adverse price changes in a 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.

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.

Sponsor Fee, Allocation of Expenses and Related Party Transactions

The Fund’s sponsor, Teucrium Trading, LLC (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 and other necessary services to the Trust and the Funds.

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

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, FINRA, or any other regulatory agency in connection with the offer and sale of subsequent Shares, after its initial registration, and all legal, accounting, printing and other expenses associated therewith.

The Funds also pay the fees and expenses associated with the Trust’s tax accounting and reporting requirements.

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

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

A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor;

these are necessary services to the Trust and the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Trust and the Funds.

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

Year Ended December 31, 2024

Year Ended December 31, 2023

Year Ended December 31, 2022

Recognized Related Party Transactions

Equity in trading accounts:

Commodity futures contracts

50,255 1,936,572

Waived Related Party Transactions

Due from broker

2,065,122 3,738,171

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.

Year Ended December 31, 2024

Total equity in trading accounts

2,115,377 5,674,743

Year Ended December 31, 2023

47,266,168 66,755,080

Year Ended December 31, 2022

Management fee payable to Sponsor

41,974 52,375

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.

Use of Estimates

The preparation of financial statements in conformity with U.S.

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

Actual results could differ from those estimates.

Fair Value - Definition and Hierarchy

In accordance with U.S.

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

In determining fair value, the 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 change in the Corn Futures Contracts has exceeded the limits established, the Trust and the Fund will revert to alternative verifiable sources of valuation of its assets.

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

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

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 years being reported.

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 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 280 Improvements 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 the financial statements of the Funds.

The impact to the disclosures of the Trust are detailed in Note 8.

The FASB issued ASU 2023 - 06 – Disclosure Improvements:

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

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

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

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

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

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

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

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

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

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

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

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

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

Note 4 - Fair Value Measurements

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

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

December 31, 2024

Balance as of December 31, 2024

Cash Equivalents

Other liabilities

64,005 23,050

Equity in trading accounts:

Commodity futures contracts

Corn futures contracts

170,785 1,955,417

$ 183,192,517 $ - $ - $ 183,192,517

Balance as of December 31, 2024

Commodity Futures Contracts

Corn futures contracts

Total liabilities

276,764 2,030,842

Soybean futures contracts

$ 46,989,404 $ 64,724,238

Sugar futures contracts

Shares outstanding

2,650,000 3,450,004

Wheat futures contracts

Net asset value per share

$ 17.73 $ 18.76

Market value per share

$ 17.73 $ 18.77

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

TEUCRIUM CORN FUND

SCHEDULE OF INVESTMENTS

December 31, 2025

Balance as of December 31, 2023

Percentage of

Cash equivalents

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

Commodity and Cryptocurrency Futures Contracts

Wheat futures contracts

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

Bitcoin futures contracts

129,519 - - 129,519

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

Balance as of December 31, 2023

Commodity and Cryptocurrency Futures Contracts

Corn futures contracts

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

Soybeans futures contracts

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

Sugar futures contracts

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

Wheat futures contracts

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

Bitcoin futures contracts

51,376 - - 51,376

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

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

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

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

See the Fair Value - Definition and Hierarchy section in Note 4 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 inability of its counterparties to meet the terms of their contracts.

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

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.

In 2024, the Funds were only subject to commodity price risk;

in 2023 the Funds were subject to commodity and cryptocurrency price risk.

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 FASB Topic 210:

Balance Sheet.

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 December 31, 2024 and 2023 .

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

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

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Corn futures contracts

$ 1,936,572 $ - $ 1,936,572 $ 1,936,572 $ - $ -

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

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due from Broker*

Commodity Price

Corn futures contracts

$ 1,955,417 $ - $ 1,955,417 $ 1,936,572 $ 18,845 $ -

Soybean futures contracts

$ 1,321,026 $ - $ 1,321,026 $ - $ 1,321,026 $ -

Sugar futures contracts

$ 1,560,295 $ - $ 1,560,295 $ - $ 1,560,295 $ -

Wheat futures contracts

$ 11,974,384 $ - $ 11,974,384 $ - $ 11,974,384 $ -

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

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity and Cryptocurrency Price

Wheat futures contracts

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

Bitcoin futures contracts

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

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

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due from Broker*

Commodity and Cryptocurrency Price

Corn futures contracts

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

Soybean futures contracts

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

Sugar futures contracts

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

Wheat futures contracts

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

Bitcoin futures contracts

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

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

Year ended December 31, 2024

Realized Loss on Commodity and Cryptocurrency Futures Contracts

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

Commodity and Cryptocurrency Price

Corn futures contracts

$ ( 13,556,155 ) $ 2,163,296

Soybean futures contracts

( 6,891,609 ) 70,635

Sugar futures contracts

( 2,500,209 ) 1,127,703

Wheat futures contracts

Money market funds

Bank Deposit Account

3.450 % $ 4,457,356 $ 4,457,356 9.49 % 4,457,356

Bitcoin futures contracts

Goldman Sachs Financial Square Government Fund - Institutional Class

3.692 % 6,922,448 6,922,448 14.73 6,922,448

Total commodity and cryptocurrency futures contracts

Total money market funds

$ 11,379,804 $ 11,379,804 24.22 %

Year ended December 31, 2023

Realized (Loss) Gain on Commodity and Cryptocurrency Futures Contracts

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

Commodity and Cryptocurrency Price

Corn futures contracts

Percentage of

Principal Amount

Commercial Paper

Bell Canada, Inc.

January 22, 2026

3.876 % 4,966,313 $ 4,988,771 10.62 % 5,000,000

Soybean futures contracts

Harley-Davidson Financial Services, Inc.

March 3, 2026

3.989 % 2,475,313 2,483,267 5.28 2,500,000

Sugar futures contracts

Harley-Davidson Financial Services, Inc.

March 5, 2026

3.782 % 2,479,167 2,483,594 5.29 2,500,000

Wheat futures contracts

Mondelez International, Inc.

February 2, 2026

3.824 % 2,484,431 2,491,555 5.30 2,500,000

Bitcoin futures contracts

Oracle Corporation

February 4, 2026

3.719 % 7,462,229 7,473,791 15.91 7,500,000

Total commodity and cryptocurrency futures contracts

Oracle Corporation

March 25, 2026

3.793 % 2,478,067 2,478,328 5.27 2,500,000

Year ended December 31, 2022

Realized Gain (Loss) on Commodity and Cryptocurrency Futures Contracts

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

Commodity and Cryptocurrency Price

Corn futures contracts

Total Commercial Paper

$ 22,345,520 $ 22,399,306 47.67 %

Soybean futures contracts

Total Cash Equivalents

$ 33,779,110 71.89 %

Sugar futures contracts

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT corn futures DEC26

716 $ 50,255 0.11 % $ 16,485,900

Wheat futures contracts

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT corn futures MAY26

732 $ 13,235 0.03 % $ 16,405,950

Bitcoin futures contracts

CBOT corn futures JUL26

620 157,550 0.34 14,089,500

Total commodity and cryptocurrency futures contracts

Total commodity futures contracts

$ 170,785 0.37 % $ 30,495,450

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 251.0 million in 2024 , $ 348.7 million in 2023 , and $ 653.8 million in 2022 .

Note 6 - Organizational and Offering Costs

Expenses incurred in organizing of the Trust and the initial offering of the Shares, 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.

The Funds bear their own costs incurred in connection with the registration and offering of additional Shares, which include registration fees, legal fees, underwriting fees, and other similar costs.

Note 7 - Detail of the net assets and Shares outstanding of the Funds that are a series of the Trust

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

December 31, 2024

Outstanding Shares

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

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:

Net assets including the investment in the Underlying Funds

Investment in the Underlying Funds

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

$ 224,647,418

SCHEDULE OF INVESTMENTS

December 31, 2024

Outstanding Shares

Teucrium Corn Fund

3,750,004 $ 81,050,442

Teucrium Soybean Fund

1,075,004 29,056,020

Teucrium Sugar Fund

1,425,004 17,720,099

Teucrium Wheat Fund

30,800,004 184,176,669

Hashdex Bitcoin Futures ETF

50,000 2,536,958

Teucrium Agricultural Fund:

Net assets including the investment in the Underlying Funds

Investment in the Underlying Funds

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

$ 314,547,414

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

Note 8 - 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.

As of December 31, 2024 and 2023 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 combining statements of assets and liabilities as well as interest income, and the expense categories as presented in the Fund’s combining 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 as per the following combining tables.

The Trust combining statements of assets and liabilities and combining statements of operations by reporting segment are presented below.

Combining Statements of Assets and Liabilities for December 31, 2024

Teucrium Corn Fund

Teucrium Soybean Fund

Teucrium Sugar Fund

Teucrium Wheat Fund

Teucrium Agricultural Fund

Teucrium Commodity Trust

Cash and cash equivalents

$ 60,998,326 $ 23,806,400 $ 11,831,089 $ 114,295,968 $ 8,570 $ - $ 210,940,353

Interest receivable

78,840 33,654 28,954 66,768 35 - 208,251

3,171 4,286 7,436 705 1,180 - 16,778

Equity in trading accounts:

Commodity futures contracts

Percentage of

Cash equivalents

Money market funds

Bank Deposit Account

4.200 % $ 10,269,737 $ 10,269,737 15.87 % 10,269,737

Due from broker

Goldman Sachs Financial Square Government Fund - Institutional Class

4.410 % 12,519,321 12,519,321 19.34 12,519,321

Investments in exchange traded funds, at fair value (cost:

$ 12,632,301 as of December 31, 2024)

Total money market funds

$ 22,789,058 $ 22,789,058 35.21 %

Total equity in trading accounts

Percentage of

Principal 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

Management fee payable to Sponsor

Energy Transfer Operating, L.P.

January 24, 2025

4.454 % 4,984,728 4,985,950 7.70 5,000,000

Other liabilities

General Motors Financial Company, Inc.

January 28, 2025

4.595 % 2,474,575 2,491,525 3.85 2,500,000

Equity in trading accounts:

Commodity futures contracts

General Motors Financial Company, Inc.

March 14, 2025

4.524 % 2,473,735 2,477,752 3.83 2,500,000

Total equity in trading accounts

Harley-Davidson Financial Services, Inc.

February 3, 2025

4.791 % 4,947,667 4,978,412 7.69 5,000,000

Total liabilities

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

Combining Statements of Assets and Liabilities for December 31, 2023

Teucrium Corn Fund

Teucrium Soybean Fund

Teucrium Sugar Fund

Teucrium Wheat Fund

Teucrium Agricultural Fund

Hashdex Bitcoin Futures ETF

Teucrium Commodity Trust

Cash and cash equivalents

VW Credit, Inc.

February 19, 2025

4.568 % 2,481,875 2,484,688 3.84 2,500,000

Interest receivable

Total Commercial Paper

$ 27,288,809 $ 27,367,391 42.28 %

Total Cash Equivalents

$ 50,156,449 77.49 %

Equity in trading accounts:

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

- - - 2,237,493 - 129,519 - 2,367,012

Due from broker

6,533,938 2,385,040 3,650,191 17,783,729 - 582,908 - 30,935,806

Investments in exchange traded funds, at fair value (cost:

$ 19,469,359 as of December 31, 2023)

- - - - 18,401,900 - ( 18,401,900 ) -

Total equity in trading accounts

6,533,938 2,385,040 3,650,191 20,021,222 - 712,427 33,302,818

United States corn futures contracts

CBOT corn futures MAY25

974 $ 1,356,124 2.09 % $ 22,682,025

Management fee payable to Sponsor

CBOT corn futures JUL25

829 580,448 0.90 % 19,429,688

Other liabilities

Total commodity futures contracts

$ 1,936,572 2.99 % $ 42,111,713

Equity in trading accounts:

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

2,182,141 1,391,661 2,687,998 4,575,666 - 51,376 - 10,888,842

Total equity in trading accounts

2,182,141 1,391,661 2,687,998 4,575,666 - 51,376 - 10,888,842

Total liabilities

2,334,250 1,472,871 2,736,223 4,807,914 4,037 53,429 - 11,408,724

United States corn futures contracts

CBOT corn futures DEC25

1,019 1,955,417 3.02 22,609,063

Combining Statements of Operations for the Year Ended December 31, 2024

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

TEUCRIUM CORN FUND

Teucrium Soybean Fund

Teucrium Sugar Fund

Teucrium Wheat Fund

Teucrium Agricultural Fund

Hashdex Bitcoin Futures ETF

Teucrium Commodity Trust

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

Realized loss on commodity and cryptocurrency futures contracts

$ ( 13,556,155 ) $ ( 6,891,609 ) $ ( 2,500,209 ) $ ( 23,202,055 ) $ - $ ( 78,143 ) $ - $ ( 46,228,171 )

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

2,163,296 70,635 1,127,703 ( 9,636,211 ) - 114,383 - ( 6,160,194 )

Realized (loss) gain on securities

STATEMENTS OF OPERATIONS

December 31, 2025

December 31, 2024

December 31, 2023

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

Realized gain (loss) on commodity futures contracts

$ ( 2,775,716 ) $ ( 13,556,155 ) $ ( 26,707,038 )

Net change in unrealized depreciation on securities

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

( 101,685 ) 2,163,296 ( 800,836 )

1 unchanged sentence

2,175,020 3,384,093 5,217,831

Total (loss) income

Total income (loss)

( 702,381 ) ( 8,008,766 ) ( 22,290,043 )

12 unchanged sentences

Other expenses

- - - - 131 - - 131

Total expenses

1,790,026 2,148,542 2,706,242

Expenses waived by the Sponsor

- - - - ( 235,747 ) ( 62,309 ) - ( 298,056 )

Total expenses, net

1,790,026 2,148,542 2,706,242

Net (loss) Income

$ ( 10,157,308 ) $ ( 6,368,175 ) $ ( 1,279,647 ) $ ( 30,079,927 ) $ ( 2,334,744 ) $ 37,113 $ 2,323,206 $ ( 47,859,482 )

Combining Statements of Operations for the Year Ended December 31, 2023

Teucrium Corn Fund

Teucrium Soybean Fund

Teucrium Sugar Fund

Teucrium Wheat Fund

Teucrium Agricultural Fund

Hashdex Bitcoin Futures ETF

Teucrium Commodity Trust

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

Realized (loss) gain on commodity and cryptocurrency futures contracts

$ ( 26,707,038 ) $ 940,552 $ 11,398,276 $ ( 81,189,435 ) $ - $ 1,308,803 $ - $ ( 94,248,842 )

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

( 800,836 ) ( 3,912,031 ) ( 3,514,199 ) 20,881,933 - 48,991 - 12,703,858

Realized (loss) gain on securities

Net income (loss)

$ ( 2,492,407 ) $ ( 10,157,308 ) $ ( 24,996,285 )

Net change in unrealized depreciation on securities

Net increase (decrease) in net asset value per share

$ ( 1.03 ) $ ( 2.85 ) $ ( 5.29 )

Interest income

Net income (loss) per weighted average share

$ ( 0.88 ) $ ( 2.95 ) $ ( 5.65 )

Total (loss) income

Weighted average Shares outstanding

2,826,373 3,448,433 4,424,182

Management fees

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

TEUCRIUM CORN FUND

STATEMENTS OF CHANGE IN NET ASSETS

December 31, 2025

December 31, 2024

December 31, 2023

Net income (loss)

$ ( 2,492,407 ) $ ( 10,157,308 ) $ ( 24,996,285 )

Professional fees

Capital transactions

Issuance of Shares

10,792,150 27,459,157 23,324,517

Distribution and marketing fees

Redemption of Shares

( 26,034,577 ) ( 33,628,053 ) ( 69,916,195 )

Custodian fees and expenses

Total capital transactions

( 15,242,427 ) ( 6,168,896 ) ( 46,591,678 )

Business permits and licenses fees

Net change in net assets

( 17,734,834 ) ( 16,326,204 ) ( 71,587,963 )

General and administrative expenses

Net assets, beginning of period

$ 64,724,238 $ 81,050,442 $ 152,638,405

Other expenses

Net assets, end of period

$ 46,989,404 $ 64,724,238 $ 81,050,442

Total expenses

Net asset value per share at beginning of period

$ 18.76 $ 21.61 $ 26.90

Expenses waived by the Sponsor

Net asset value per share at end of period

$ 17.73 $ 18.76 $ 21.61

Total expenses, net

Creation of Shares

600,000 1,450,000 975,000

Net (loss) Income

Redemption of Shares

1,400,004 1,750,000 2,900,000

Combining Statements of Operations for the Year Ended December 31, 2022

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

TEUCRIUM CORN FUND

Teucrium Soybean Fund

Teucrium Sugar Fund

Teucrium Wheat Fund

Teucrium Agricultural Fund

Hashdex Bitcoin Futures ETF

Teucrium Commodity Trust

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

Realized gain (loss) on commodity and cryptocurrency futures contracts

$ 28,784,977 $ 10,362,032 $ ( 442,477 ) $ ( 81,457,408 ) $ - $ ( 423,794 ) $ - $ ( 43,176,670 )

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

( 7,317,857 ) ( 164,481 ) ( 172,519 ) ( 26,279,809 ) - 29,152 - ( 33,905,514 )

Realized (loss) gain on securities

- - - - 182,252 - ( 182,252 ) -

Net change in unrealized depreciation on securities

STATEMENTS OF CASH FLOWS

December 31, 2025

December 31, 2024

December 31, 2023

Cash flows from operating activities:

Net income (loss)

$ ( 2,492,407 ) $ ( 10,157,308 ) $ ( 24,996,285 )

Interest income

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

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

101,685 ( 2,163,296 ) 800,836

Total income (loss)

Changes in operating assets and liabilities:

Due from broker

1,673,049 2,795,767 5,091,393

Management fees

Interest receivable

19,530 26,443 19,731

Professional fees

3,171 ( 3,171 ) 854

Distribution and marketing fees

Management fee payable to Sponsor

( 10,401 ) ( 19,131 ) ( 73,371 )

Custodian fees and expenses

Other liabilities

40,955 ( 57,553 ) 59,254

Business permits and licenses fees

Net cash provided by (used in) operating activities

( 664,418 ) ( 9,578,249 ) ( 19,097,588 )

General and administrative expenses

Cash flows from financing activities:

Proceeds from sale of Shares

10,792,150 27,459,157 24,669,347

Other expenses

Redemption of Shares

( 26,034,577 ) ( 33,628,053 ) ( 71,261,025 )

Total expenses

Net cash provided by (used in) financing activities

( 15,242,427 ) ( 6,168,896 ) ( 46,591,678 )

Expenses waived by the Sponsor

Net change in cash and cash equivalents

( 15,906,845 ) ( 15,747,145 ) ( 65,689,266 )

Total expenses, net

Cash and cash equivalents, beginning of period

60,998,326 76,745,471 142,434,737

Net Income (loss)

Cash and cash equivalents, end of period

$ 45,091,481 $ 60,998,326 $ 76,745,471

Note 9 - Subsequent Events

Management has evaluated the financial statements for the year-ended December 31, 2024 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust and Funds other than those noted below:

Beginning on January 8, 2025, the Funds' clearing brokers Marex and StoneX were paid $ 4.00 and $ 4.50 , respectively, per half turn for Corn, Soybean, Sugar and Wheat Futures Contracts inclusive of pass-through fees for the exchange and the NFA.

Nothing to report.

GRANT THORNTON LLP

757 Third Ave., 9th Floor

New York, NY 10017

D +1 212 599 0100

F +1 212 370 4520

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Shareholders of

Teucrium Corn Fund

Opinion on the financial statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments of Teucrium Corn Fund (a series of Teucrium Commodity Trust) (the “Fund”) as of December 31, 2024 and 2023, the related statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2024 , and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for opinion

These financial statements are the responsibility of the Fund’s management.

Our responsibility is to express an opinion on the Fund’s financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.

Accordingly, we express no such opinion.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Critical audit matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosure that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

/s/ GRANT THORNTON LLP

We have served as the Fund’s auditor since 2014.

New York, New York

March 5, 2025

Grant Thornton LLP is the U.S.

member firm of Grant Thornton International Ltd (GTIL).

GTIL and each of its member firms are separate legal entities and are not a worldwide partnership.

TEUCRIUM CORN FUND

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

TEUCRIUM SOYBEAN FUND

STATEMENTS OF ASSETS AND LIABILITIES

6 unchanged sentences

Equity in trading accounts:

Commodity futures contracts

Due from broker

3,155,013 2,725,790

Total equity in trading accounts

$ 42,218,749 $ 26,570,130

Payable for shares redeemed

$ 1,094,240 $ -

2 unchanged sentences

Other liabilities

23,050 80,603

Equity in trading accounts:

6 unchanged sentences

1,775,000 1,175,004

Shares authorized

Net asset value per share

2 unchanged sentences

$ 21.86 $ 21.48

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

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

TEUCRIUM CORN FUND

TEUCRIUM SOYBEAN FUND

SCHEDULE OF INVESTMENTS

12 unchanged sentences

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 29, 2026

3.931 % $ 2,480,500 $ 2,492,417 6.42 % 2,500,000

General Motors Financial Company, Inc.

Brookfield Infrastructure Holdings (Canada) Inc.

February 19, 2026

3.883 % 2,478,878 2,486,899 6.40 2,500,000

Glencore Funding LLC

January 30, 2026

3.870 % 2,480,800 2,492,267 6.42 2,500,000

General Motors Financial Company, Inc.

Harley-Davidson Financial Services, Inc.

March 3, 2026

1 unchanged sentence

Harley-Davidson Financial Services, Inc.

February 3, 2025

March 10, 2026

3.987 % 2,475,325 2,481,357 6.39 2,500,000

Hyundai Capital America

February 12, 2025

4.568 % 2,481,875 2,486,875 3.84 2,500,000

L3Harris Technologies, Inc.

January 8, 2026

3.927 % 4,965,875 4,996,208 12.86 5,000,000

VW Credit, Inc.

February 19, 2025

4.568 % 2,481,875 2,484,688 3.84 2,500,000

Total Commercial Paper

6 unchanged sentences

Commodity futures contracts

United States corn futures contracts

CBOT corn futures MAY25

United States soybean futures contracts

CBOT soybean futures MAR26

259 $ 859,062 2.21 % $ 13,565,125

CBOT corn futures JUL25

CBOT soybean futures MAY26

220 1,074,702 2.77 11,671,000

Total commodity futures contracts

CBOT soybean futures NOV26

256 251,463 0.65 13,625,600

Percentage of

Notional Amount

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT corn futures DEC25

Total commodity futures contracts

$ 2,185,227 5.63 % $ 38,861,725

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

TEUCRIUM CORN FUND

TEUCRIUM SOYBEAN FUND

SCHEDULE OF INVESTMENTS

12 unchanged sentences

Commercial Paper

Albemarle Corporation

January 3, 2024

5.770 % $ 4,950,475 $ 4,998,428 $ 6.17 % 5,000,000

Albemarle Corporation

January 11, 2024

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

Brookfield Infrastructure Holdings (Canada) Inc.

1 unchanged sentence

4.788 % $ 2,477,431 $ 2,497,711 9.90 % 2,500,000

Brookfield Infrastructure Holdings (Canada) Inc.

January 16, 2024

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

Entergy Corporation

March 1, 2024

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

FMC Corporation

January 19, 2024

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

Harley-Davidson Financial Services, Inc.

Energy Transfer Operating, L.P.

January 24, 2025

3 unchanged sentences

4.791 % 2,473,833 2,489,206 9.87 2,500,000

Harley-Davidson Financial Services, Inc.

February 14, 2024

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

National Fuel Gas Company

January 8, 2024

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

Oracle Corporation

March 6, 2024

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

January 18, 2024

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

WGL Holdings, Inc.

January 3, 2024

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

WGL Holdings, Inc.

January 12, 2024

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

Walgreens Boots Alliance, Inc.

January 12, 2024

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

Total Commercial Paper

6 unchanged sentences

Commodity futures contracts

United States corn futures contracts

CBOT corn futures MAY24

United States soybean futures contracts

CBOT soybean futures MAR25

175 $ 272,036 1.08 % $ 10,124,400

CBOT corn futures JUL24

CBOT soybean futures MAY25

148 68,992 0.27 8,693,213

CBOT corn futures DEC24

CBOT soybean futures NOV25

172 979,998 3.89 10,215,150

2 unchanged sentences

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

TEUCRIUM CORN FUND

TEUCRIUM SOYBEAN FUND

STATEMENTS OF OPERATIONS

3 unchanged sentences

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

Realized (loss) gain on commodity futures contracts

Realized gain (loss) on commodity futures contracts

$ 202,296 $ ( 6,891,609 ) $ 940,552

3 unchanged sentences

1,286,737 1,475,582 1,843,080

Total (loss) income

Total income (loss)

624,832 ( 5,345,392 ) ( 1,128,399 )

11 unchanged sentences

38,715 35,011 30,129

Other expenses

Total expenses

1,037,221 1,022,783 1,128,739

Expenses waived by the Sponsor

- - ( 345,855 )

Total expenses, net

1,037,221 1,022,783 1,128,739

Net (loss) income

Net income (loss)

$ ( 412,389 ) $ ( 6,368,175 ) $ ( 2,257,138 )

Net (decrease) increase in net asset value per share

Net increase (decrease) in net asset value per share

$ 0.41 $ ( 5.56 ) $ ( 1.47 )

Net (loss) gain per weighted average share

Net income (loss) per weighted average share

$ ( 0.29 ) $ ( 5.21 ) $ ( 1.68 )

2 unchanged sentences

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

TEUCRIUM CORN FUND

STATEMENTS OF CHANGES IN NET ASSETS

TEUCRIUM SOYBEAN FUND

STATEMENTS OF CHANGE IN NET ASSETS

December 31, 2025

1 unchanged sentence

December 31, 2023

Net (loss) income

Net income (loss)

$ ( 412,389 ) $ ( 6,368,175 ) $ ( 2,257,138 )

21 unchanged sentences

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

TEUCRIUM CORN FUND

TEUCRIUM SOYBEAN FUND

STATEMENTS OF CASH FLOWS

3 unchanged sentences

Cash flows from operating activities:

Net (loss) income

Net income (loss)

$ ( 412,389 ) $ ( 6,368,175 ) $ ( 2,257,138 )

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

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

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

864,201 ( 70,635 ) 3,912,031

16 unchanged sentences

( 26,220,246 ) ( 14,894,312 ) ( 42,183,615 )

Net cash (used in) provided by financing activities

Net cash provided by (used in) financing activities

15,128,991 2,535,198 ( 29,967,087 )

6 unchanged sentences

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

NOTES TO FINANCIAL STATEMENTS

December 31, 2024

Note 1 - Organization and Operation

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

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

The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their Net Asset Value (“NAV”) to “Authorized Purchasers” through PINE Distributors LLC, which is the marketing agent for the Fund (the “Marketing Agent”).

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

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

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

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

CORN Benchmark

CBOT Corn Futures Contract

Second to expire

Third to expire

December following the third to expire

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

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

The Sponsor is responsible for the management of the Fund.

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

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

Securities and Exchange Commission (“SEC”).

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

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

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

The registration statement for CORN registered an indeterminate number of Shares.

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.

Note 2 - Principal Contracts and Agreements

The Sponsor employs U.S.

as the Custodian for the Funds.

The principal business address for U.S.

Bank, N.A is 5065 Wooster Rd, Cincinnati, Ohio 45226.

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.

For such services, U.S.

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.

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.

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 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 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 combined statements of operations.

A summary of these expenses is included below.

Marex Capital Markets, Inc.

(“Marex”) and StoneX Financial Inc.

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

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

CFTC and are members of the NFA.

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

For Corn, Soybean, Sugar and Wheat Futures Contracts, Marex is paid $ 11.00 per round turn.

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

These expenses are recognized on a per-trade basis.

A summary of these expenses can be found below.

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.

Year Ended December 31, 2024

Year Ended December 31, 2023

Year Ended December 31, 2022

Amount Recognized for Custody Services

$ 97,813 $ 109,559 $ 110,365

Amount of Custody Services Waived

$ - $ - $ 4,000

Amount Recognized for Marketing Agent Services

$ 30,938 $ 39,529 $ 60,803

Amount of Marketing Agent Services Waived

$ - $ - $ 17,010

Amount Recognized for Wilmington Trust

$ 893 $ 860 $ 550

Amount of Wilmington Trust Waived

Note 3 - Summary of Significant Accounting Policies

Basis of Presentation

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

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

The Fund qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

Revenue Recognition

Commodity futures contracts are recorded on the trade date.

All such transactions are recorded on the identified cost basis and marked to market daily.

Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

The Fund seeks to earn interest on its assets denominated in U.S.

dollars on deposit with the Futures Commission Merchant.

In addition, the Fund earns interest on funds held at the custodian and at other financial institutions at prevailing market rates for such investments.

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

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

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

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

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

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

Brokerage Commissions

The Sponsor began 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 years ended December 31, 2022 , 2023 , and 2024 .

Year Ended December 31, 2024

Year Ended December 31, 2023

Year Ended December 31, 2022

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

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

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

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

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

The Fund files an income tax return in the U.S.

federal jurisdiction and may file income tax returns in various U.S.

states and foreign jurisdictions.

For all tax years 2022 to 2024 , the Fund remains subject to income tax examinations by major taxing authorities.

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

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

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

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

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

No interest expense or penalties have been recognized as of and for the years ended December 31, 2024 , 2023 , and 2022 .

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

federal, U.S.

state, or foreign jurisdictional authorities in the area of income taxes.

These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S.

federal, U.S.

state and foreign tax laws.

Creations and Redemptions

Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Shares from CORN.

The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the Shares in the Creation Basket determined as of 4:00 p.m.

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

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

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

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

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

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

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

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

Allocation of Shareholder Income and Losses

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

Cash and Cash Equivalents

Cash equivalents are highly liquid investments with original maturity dates of 90 days or less when acquired.

The Fund reported its cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities.

Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions.

The Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities.

The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which are classified as cash and not as cash equivalents.

Assets deposited with the bank may, at times, exceed federally insured limits.

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

As of December 31, 2024

As of December 31, 2023

As of December 31, 2022

Money Market Funds

$ 22,789,058 $ 26,573,542 $ 52,555,915

Demand Deposit Savings Accounts

10,841,877 10,293,805 25,538,663

Commercial Paper

27,367,391 39,878,124 64,340,159

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

$ 60,998,326 $ 76,745,471 $ 142,434,737

Payable for Purchases of Commercial Paper

The amount recorded by the Fund for commercial paper transactions awaiting settlement, which represents the amount payable for contracts purchased but not yet settled as of the reporting date.

The value of the contract is included in cash and cash equivalents, and the payable amount is included as a liability.

Due from/to Broker

The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions and 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 relatively small percentage of the aggregate purchase or sales price of the contract.

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

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

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

however, the option premium must be paid in full.

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

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

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

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

Finally, many major U.S.

exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.

Calculation of Net Asset Value

The Fund’s NAV is calculated by:

Taking the current market value of its total assets and

Subtracting any liabilities

The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day.

It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m.

The NAV for a particular trading day is released after 4:15 p.m.

In determining the value of Corn Futures Contracts, the administrator uses the CBOT closing price.

The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m.

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

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

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

NAV includes any unrealized profit or loss on open corn interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund.

Sponsor Fee, Allocation of Expenses and Related Party Transactions

The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund.

In addition, the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Trust and the Funds.

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

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

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

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

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

A portion of these aggregate common expenses are related to the Sponsor or related parties of principals of the Sponsor;

these are necessary services to the Funds, which are primarily the cost of performing accounting and financial reporting, regulatory compliance, and trading activities that are directly attributable to the Fund.

Such expenses are primarily recorded as distribution and marketing fees on the statements of operations.

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

Year Ended December 31, 2024

Year Ended December 31, 2023

Year Ended December 31, 2022

Recognized Related Party Transactions

$ 643,463 $ 684,181 $ 827,230

Waived Related Party Transactions

$ - $ - $ 149,721

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

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 would be no recovery sought for the amounts below in any future period:

Year Ended December 31, 2024

Year Ended December 31, 2023

Year Ended December 31, 2022

Use of Estimates

The preparation of financial statements in conformity with U.S.

Actual results could differ from those estimates.

Fair Value - Definition and Hierarchy

In accordance with U.S.

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

In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

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

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

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

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

Valuation adjustments and block discounts are not applied to Level 1 financial instruments.

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

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

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

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.

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.

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

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

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

In periods of market dislocation, the observability of prices and inputs may be reduced for many securities.

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

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

On December 31, 2024 and 2023 , in the opinion of the Trust and the Fund, the reported value of the Corn Futures Contracts traded on the CBOT fairly reflected the value of the Corn Futures Contracts held by the Fund, and no adjustments were necessary.

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

The Fund records its derivative activities at fair value.

Gains and losses from derivative contracts are included in the statements of operations.

Derivative contracts include futures contracts related to commodity prices.

Futures, which are listed on a national securities exchange, such as the CBOT and the ICE, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy.

OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.

Expenses are recorded using the accrual method of accounting.

Net Income (Loss) per Share

Net income (loss) per Share is the difference between the NAV per unit at the beginning of each period and at the end of each period.

The weighted average number of Shares outstanding was computed for purposes of disclosing net income (loss) per weighted average Share.

The weighted average Shares are equal to the number of Shares outstanding at the end of the period, adjusted proportionately for Shares created or redeemed based on the amount of time the Shares were outstanding during such period.

New Accounting Pronouncements

The 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 Fund, and will plan to adopt at or before the effective date for the 10K for the period ending December 31, 2026.

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 Fund adopted ASU 2023 - 07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

The FASB issued ASU 2023 - 06 – Disclosure Improvements:

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

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

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

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

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

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

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

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

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

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

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

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

Note 4 - Fair Value Measurements

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

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

December 31, 2024

Balance as of December 31, 2024

Cash Equivalents

$ 50,156,449 $ - $ - $ 50,156,449

Corn futures contracts

1,936,572 - - 1,936,572

$ 52,093,021 $ - $ - $ 52,093,021

Balance as of December 31, 2024

Corn futures contracts

$ 1,955,417 $ - $ - $ 1,955,417

December 31, 2023

Balance as of December 31, 2023

Cash Equivalents

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

Balance as of December 31, 2023

Corn futures contracts

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

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

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

Note 5 - Derivative Instruments and Hedging Activities

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

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

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

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

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

For the years ended December 31, 2024 and 2023 , the Fund invested only in commodity futures contracts.

Futures Contracts

The Fund is subject to commodity price risk in the normal course of pursuing its investment objectives.

A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

The purchase and sale of futures contracts requires margin deposits with an FCM.

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

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

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

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

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

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

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

These recognized assets and liabilities are presented as defined in FASB Topic 210:

Balance Sheet.

*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 December 31, 2024

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Assets

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due to Broker

Commodity Price

Corn futures contracts

$ 1,936,572 $ - $ 1,936,572 $ 1,936,572 $ - $ -

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

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due from Broker*

Commodity Price

Corn futures contracts

$ 1,955,417 $ - $ 1,955,417 $ 1,936,572 $ 18,845 $ -

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

(iii) = (i-ii)

(v) = (iii)-(iv)

Gross Amount Not Offset in the Statement of Assets and Liabilities

Gross Amount of Recognized Liabilities

Gross Amount Offset in the Statement of Assets and Liabilities

Net Amount Presented in the Statement of Assets and Liabilities

Futures Contracts Available for Offset

Collateral, Due from Broker*

Commodity Price

Corn futures contracts

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

The following is a summary of realized and net change in unrealized gains (losses) of the derivative instruments utilized by the Fund:

Year ended December 31, 2024

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Appreciation on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ ( 13,556,155 ) $ 2,163,296

Year ended December 31, 2023

Realized Loss on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ ( 26,707,038 ) $ ( 800,836 )

Year ended December 31, 2022

Realized Gain on Commodity Futures Contracts

Net Change in Unrealized Depreciation on Commodity Futures Contracts

Commodity Price

Corn futures contracts

$ 28,784,977 $ ( 7,317,857 )

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $ 65.2 million in 2024 , $ 101.5 million in 2023 , and $ 212.2 million in 2022 .

Note 6 - Financial Highlights

The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2024 , 2023 , and 2022 .

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.

December 31, 2024

December 31, 2023

December 31, 2022

Per Share Operation Performance

Net asset value at beginning of period

$ 21.61 $ 26.90 $ 21.58

Income (loss) from investment operations:

Investment income

0.98 1.18 0.43

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

( 3.21 ) ( 5.86 ) 5.34

Total expenses, net

( 0.62 ) ( 0.61 ) ( 0.45 )

Net (decrease) increase in net asset value

( 2.85 ) ( 5.29 ) 5.32

Net asset value at end of period

$ 18.76 $ 21.61 $ 26.90

( 13.20 )% ( 19.64 )% 24.64 %

Ratios to Average Net Assets (Annualized)

Total expenses

3.27 % 2.57 % 1.88 %

Total expenses, net

3.27 % 2.57 % 1.72 %

Net investment income (loss)

1.88 % 2.38 % ( 0.10 )%

The financial highlights per share data are calculated consistent with the methodology used to calculate asset-based fees and expenses.

Note 7 - Organizational and Offering Costs

Expenses incurred in organizing of the Trust and the initial offering of the Shares of the Fund, including applicable SEC registration fees were borne directly by the Sponsor.

The Fund is not obligated to reimburse these costs to the Sponsor.

The Fund bears its own costs incurred in connection with the registration and offering of additional Shares, which include registration fees, legal fees, underwriting fees and other similar costs.

Note 8 - Segment Reporting (Topic 280 )

The Teucrium Corn Fund is a fund focused on the business of achieving the investment objective of having the daily changes in the NAV of the Fund’s shares reflect the daily changes in a weighted average of the closing settlement prices for corn futures contracts.

As such, the Fund invests and manages primarily corn futures contracts, and expenses reported are a result of the management thereof.

The Fund currently operates in only one reportable segment.

The CODM is comprised of the Sponsor’s chief executive officer, chief financial officer, and chief operating officer.

The CODM reviews the operations, income, and expenses, of the Fund to confirm that it operates in one reportable segment.

This review includes confirming the performance of the Fund was in accordance with the Investment Objective of the Fund as described in the Fund’s prospectus.

The performance of the Fund should be a result of the performance of each Fund’s respective benchmark futures contracts.

Additionally, the CODM confirms that the expenses for the Fund, which are listed on the statement of operations, are related solely to the operations of the Fund.

As the Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying statement of assets and liabilities.

Note 9 - Subsequent Events

Nothing to report.

GRANT THORNTON LLP

757 Third Ave., 9th Floor

New York, NY 10017

D +1 212 599 0100

F +1 212 370 4520

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Shareholders of

Teucrium Soybean Fund

Opinion on the financial statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments of Teucrium Soybean Fund (a series of Teucrium Commodity Trust) (the “Fund”) as of December 31, 2024 and 2023, the related statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2024 , and the related notes (collectively referred to as the “financial statements”).

Basis for opinion

These financial statements are the responsibility of the Fund’s management.

Our responsibility is to express an opinion on the Fund’s financial statements based on our audits.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.

Accordingly, we express no such opinion.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Critical audit matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosure that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

/s/ GRANT THORNTON LLP

We have served as the Fund’s auditor since 2014.

New York, New York

March 5, 2025

Grant Thornton LLP is the U.S.

member firm of Grant Thornton International Ltd (GTIL).

GTIL and each of its member firms are separate legal entities and are not a worldwide partnership.

TEUCRIUM SOYBEAN FUND

TEUCRIUM SUGAR FUND

STATEMENTS OF ASSETS AND LIABILITIES

20 unchanged sentences

1,500,000 1,100,004

Shares available

Net asset value per share

2 unchanged sentences

$ 9.76 $ 11.43

*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.

TEUCRIUM SOYBEAN FUND

TEUCRIUM SUGAR FUND

SCHEDULE OF INVESTMENTS

10 unchanged sentences

Percentage of

Principal 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.

Mondelez International, Inc.

February 2, 2026

3.824 % $ 2,484,431 $ 2,491,556 16.96 % 2,500,000

Total Commercial Paper

$ 9,935,992 $ 9,972,867 39.54 %

Total Cash Equivalents

4 unchanged sentences

Commodity futures contracts

United States soybean futures contracts

CBOT soybean futures MAR25

United States sugar futures contracts

ICE sugar futures MAY26

311 $ 525,043 3.57 % $ 5,106,371

CBOT soybean futures MAY25

ICE sugar futures JUL26

267 226,844 1.54 4,398,878

CBOT soybean futures NOV25

ICE sugar futures MAR27

294 398,730 2.72 5,182,867

2 unchanged sentences

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

TEUCRIUM SOYBEAN FUND

TEUCRIUM SUGAR FUND

SCHEDULE OF INVESTMENTS

10 unchanged sentences

Percentage of

Principal Amount

Commercial Paper

Albemarle Corporation

January 8, 2024

5.738 % $ 2,476,151 $ 2,497,263 8.59 %

Brookfield Infrastructure Holdings (Canada) Inc.

1 unchanged sentence

4.788 % $ 2,477,431 $ 2,497,711 19.91 % 2,500,000

FMC Corporation

January 19, 2024

5.816 % 2,488,878 2,492,850 8.58 2,500,000

Harley-Davidson Financial Services, Inc.

February 1, 2024

5.867 % 2,480,400 2,487,600 8.56 2,500,000

Stanley Black & Decker, Inc.

January 22, 2024

5.807 % 2,479,021 2,491,688 8.58 2,500,000

WGL Holdings, Inc.

Energy Transfer Operating, L.P.

January 24, 2025

4 unchanged sentences

$ 9,452,784 75.34 %

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

Percentage of

2 unchanged sentences

Commodity futures contracts

United States soybean futures contracts

CBOT soybean futures MAR24

United States sugar futures contracts

ICE sugar futures MAY25

219 $ 617,425 4.92 % $ 4,378,248

CBOT soybean futures MAY24

ICE sugar futures JUL25

192 525,725 4.19 3,763,200

CBOT soybean futures NOV24

ICE sugar futures MAR26

222 417,145 3.33 4,400,928

1 unchanged sentence

$ 1,560,295 12.44 % $ 12,542,376

TEUCRIUM SOYBEAN FUND

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

TEUCRIUM SUGAR FUND

STATEMENTS OF OPERATIONS

3 unchanged sentences

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

Realized (loss) gain on commodity futures contracts

Realized gain (loss) on commodity futures contracts

$ ( 1,826,369 ) $ ( 2,500,209 ) $ 11,398,276

3 unchanged sentences

513,998 734,413 1,340,056

Total (loss) income

Total income (loss)

( 902,693 ) ( 638,093 ) 9,224,133

11 unchanged sentences

21,000 24,785 22,598

Other expenses

Total expenses

532,393 641,554 859,173

Expenses waived by the Sponsor

- - ( 89,562 )

Total expenses, net

532,393 641,554 859,173

Net (loss) income

Net income (loss)

$ ( 1,435,086 ) $ ( 1,279,647 ) $ 8,364,960

Net (decrease) increase in net asset value per share

Net increase (decrease) in net asset value per share

$ ( 1.62 ) $ ( 1.03 ) $ 2.92

Net (loss) gain per weighted average share

Net income (loss) per weighted average share

$ ( 1.25 ) $ ( 1.10 ) $ 3.98

2 unchanged sentences

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

TEUCRIUM SOYBEAN FUND

STATEMENTS OF CHANGES IN NET ASSETS

TEUCRIUM SUGAR FUND

STATEMENTS OF CHANGE IN NET ASSETS

December 31, 2025

1 unchanged sentence

December 31, 2023

Net (loss) income

Net income (loss)

$ ( 1,435,086 ) $ ( 1,279,647 ) $ 8,364,960

21 unchanged sentences

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

TEUCRIUM SOYBEAN FUND

TEUCRIUM SUGAR FUND

STATEMENTS OF CASH FLOWS

3 unchanged sentences

Cash flows from operating activities:

Net (loss) income

Net income (loss)

$ ( 1,435,086 ) $ ( 1,279,647 ) $ 8,364,960

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

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

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

( 409,678 ) ( 1,127,703 ) 3,514,199

5 unchanged sentences

7,436 ( 6,601 ) 2,130

Due to broker

- - ( 675,169 )

Management fee payable to Sponsor

9 unchanged sentences

( 9,017,222 ) ( 16,244,475 ) ( 39,949,000 )

Net cash provided by (used in) financing activities

Net cash (used in) provided by financing activities

3,575,100 ( 3,893,475 ) ( 14,907,220 )

6 unchanged sentences

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

NOTES TO FINANCIAL STATEMENTS

December 31, 2024

Note 1 - Organization and Operation

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

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

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

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

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

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

SOYB Benchmark

CBOT Soybeans Futures Contract

Second to expire (excluding August & September)

Third to expire (excluding August & September)

Expiring in the November following the expiration of the third to expire contract

The Fund commenced investment operations on September 19, 2011 and has a fiscal year ending December 31.

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

The Sponsor is responsible for the management of the Fund.

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

On June 13, 2011, the initial Form S- 1 for SOYB was declared effective by the SEC.

On September 16, 2011, two Creation Baskets were issued representing 100,000 Shares and $ 2,500,000 .

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

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

The registration statement for SOYB registered an indeterminate number of Shares.

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

Note 2 - Principal Contracts and Agreements

The Sponsor employs U.S.

as the Custodian for the Funds.

The principal business address for U.S.

Bank, N.A is 5065 Wooster Rd, Cincinnati, Ohio 45226.

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.

For such services, U.S.

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.

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.

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 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 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 combined statements of operations.

A summary of these expenses is included below.

Marex Capital Markets, Inc.

(“Marex”) and StoneX Financial Inc.

(“StoneX”) serve as the Funds’ clearing brokers to execute and 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 $ 11.00 per round turn.

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

These expenses are recognized on a per-trade basis.

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

A summary of these expenses can be found below.

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.

Year Ended December 31, 2024

Year Ended December 31, 2023

Year Ended December 31, 2022

Amount Recognized for Custody Services

$ 47,205 $ 39,143 $ 37,114

Amount of Custody Services Waived

$ - $ - $ 4,000

Amount Recognized for Marketing Agent Services

$ 15,184 $ 14,627 $ 19,183

Amount of Marketing Agent Services Waived

$ - $ - $ 3,962

Amount Recognized for Wilmington Trust

$ 509 $ 317 $ 550

Amount of Wilmington Trust Waived

Note 3 - Summary of Significant Accounting Policies

Basis of Presentation

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

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

Revenue Recognition

Commodity futures contracts are recorded on the trade date.

All such transactions are recorded on the identified cost basis and marked to market daily.

Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

Interest on cash equivalents with financial institutions are recognized on an accrual basis.

The Fund seeks to earn interest on funds held at the custodian and other financial institutions at prevailing market rates for such investments.

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

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

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

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

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

Brokerage Commissions

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

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss for the years ended December 31, 2022 , 2023 , and 2024 .

Year Ended December 31, 2024

Year Ended December 31, 2023

Year Ended December 31, 2022

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

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

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

The Fund files an income tax return in the U.S.

federal jurisdiction and may file income tax returns in various U.S.

states and foreign jurisdictions.

For all tax years 2022 to 2024 , the Fund remains subject to income tax examinations by major taxing authorities.

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

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

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

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

No interest expense or penalties have been recognized as of and for the years ended December 31, 2024 , 2023 , and 2022 .

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

federal, U.S.

state, or foreign jurisdictional authorities in the area of income taxes.

These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S.

federal, U.S.

state and foreign tax laws.

Creations and Redemptions

Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Shares from the Fund.

The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the Shares in the Creation Basket determined as of 4:00 p.m.

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

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

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

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

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

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

Allocation of Shareholder Income and Losses

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

Cash and Cash Equivalents

Cash equivalents are highly liquid investments with original maturity dates of 90 days or less when acquired.

Each Fund that is a series of the Trust has the balance of its cash equivalents on deposit with financial institutions.

The Fund holds a balance in money market funds that is included in cash and cash equivalents on the statements of assets and liabilities.

The Sponsor invests a portion of the available cash for the Funds in alternative demand deposit savings accounts, which are classified as cash and not as cash equivalents.

Assets deposited with the bank may, at times, exceed federally insured limits.

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

As of December 31, 2024

As of December 31, 2023

As of December 31, 2022

Money Market Funds

$ 8,146,814 $ 7,746,099 $ 25,631,042

Demand Deposit Savings Accounts

5,686,719 5,399,248 5,143,495

Commercial Paper

9,972,867 14,961,842 27,438,032

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

$ 23,806,400 $ 28,107,189 $ 58,212,569

Payable for Purchases of Commercial Paper

The amount recorded by the Fund for commercial paper transactions awaiting settlement, which 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

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 relatively small percentage of the aggregate purchase or sales price of the contract.

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

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

however, the option premium must be paid in full.

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

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

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

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

Finally, many major U.S.

exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.

Calculation of Net Asset Value

The Fund’s NAV is calculated by:

Taking the current market value of its total assets and

Subtracting any liabilities

The administrator, Global Fund Services, calculates the NAV of the Fund once each trading day.

It calculates the NAV as of the earlier of the close of the NYSE or 4:00 p.m.

The NAV for a particular trading day is released after 4:15 p.m.

In determining the value of Soybean Futures Contracts, the administrator uses the CBOT closing price.

The administrator determines the value of all other Fund investments as of the earlier of the close of the NYSE or 4:00 p.m.

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

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

NAV includes any unrealized profit or loss on open soybean interests and any other income or expense accruing to the Fund but unpaid or not received by the Fund.