0001471824 Teucrium Commodity Trust false --12-31 Q3 2025 10,324,446 12,632,301 5 4 5,000,000 2 100,000 100,000 2,500,000 2,500,000 2,500,000 6 15,000,000 5 1,250,000 1 4 4 2022 2023 2024 0 0 0 0 0 0 0 0 false false false false The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation. The 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. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

	for the quarterly period ended September 30, 2025.

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

	for the transition period from _________ to _________ .

Commission File Number: 001-34765

Teucrium Commodity Trust

(Exact name of registrant as specified in its charter)

Delaware		27-0724963
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

Three Main Street, Suite 215 Burlington, VT 05401

(Address of principal executive offices) (Zip code)

(802) 540-0019

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date.

		Total Number of Outstanding Shares as of November 7, 2025
Teucrium Corn Fund		2,825,004
Teucrium Sugar Fund		1,550,004
Teucrium Soybean Fund		2,250,004
Teucrium Wheat Fund		28,525,004
Teucrium Agricultural Fund		337,502

Table of Contents

TEUCRIUM COMMODITY TRUST

Table of Contents

		Page
Part I. FINANCIAL INFORMATION

Item 1.	Financial Statements	3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	63

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	108

Item 4.	Controls and Procedures	112

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings	113

Item 1A.	Risk Factors	113

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	114

Item 3.	Defaults Upon Senior Securities	116

Item 4.	Mine Safety Disclosures	116

Item 5.	Other Information	116

Item 6.	Exhibits	117

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Index to Financial Statements

Documents		Page
TEUCRIUM COMMODITY TRUST
Combined Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024		F-1
Combined Schedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024		F-2
Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-6
Combined Statements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-7
Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024		F-8

Teucrium Corn Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024		F-9
Teucrium Corn Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024		F-10
Teucrium Corn Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-12
Teucrium Corn Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-13
Teucrium Corn Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024		F-14

Teucrium Soybean Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024		F-15
Teucrium Soybean Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024		F-16
Teucrium Soybean Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-18
Teucrium Soybean Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-19
Teucrium Soybean Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024		F-20

Teucrium Sugar Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024		F-21
Teucrium Sugar Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024		F-22
Teucrium Sugar Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-24
Teucrium Sugar Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-25
Teucrium Sugar Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024		F-26

Teucrium Wheat Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024		F-27
Teucrium Wheat Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024		F-28
Teucrium Wheat Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-30
Teucrium Wheat Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-31
Teucrium Wheat Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024		F-32

Teucrium Agricultural Fund Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024		F-33
Teucrium Agricultural Fund S chedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024		F-34
Teucrium Agricultural Fund S tatements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-36
Teucrium Agricultural Fund S tatements of Changes in Net Assets (Unaudited) for the three and nine months ended September 30, 2025 and 2024		F-37
Teucrium Agricultural Fund S tatements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024		F-38

Notes to Combined Financial Statements		F-39

Table of Contents

TEUCRIUM COMMODITY TRUST

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

	*September 30, 2025*		*December 31, 2024*
	(Unaudited)
Assets
Cash and cash equivalents	$	204,250,828	$	210,940,353
Interest receivable		190,073		208,251
Other assets		4,938		16,778
Equity in trading accounts:
Commodity futures contracts		390,261		1,936,572
Due from broker		15,705,582		28,593,300
Total equity in trading accounts		16,095,843		30,529,872
Total assets	$	220,541,682	$	241,695,254

Liabilities
Management fee payable to Sponsor	$	171,318	$	189,332
Other liabilities		480,282		47,382
Equity in trading accounts:
Commodity futures contracts		8,348,566		16,811,122
Total liabilities	$	9,000,166	$	17,047,836

Net Assets	$	211,541,516	$	224,647,418

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

F-1

Table of Contents

TEUCRIUM COMMODITY TRUST

COMBINED SCHEDULE OF INVESTMENTS

September 30, 2025

(Unaudited)

								*Percentage of*
Description: Assets	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Shares*

Cash equivalents
Money market funds
U.S. Bank Deposit Account		3.950	%	$	23,938,288	$	23,938,288		11.32	%		23,938,288
Goldman Sachs Financial Square Government Fund - Institutional Class		4.030	%		55,005,597		55,005,597		26.00			55,005,597
Total money market funds				$	78,943,885	$	78,943,885		37.32	%

	*Maturity*								*Percentage of*			*Principal*
	*Date*	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Amount*
Commercial Paper
Brookfield Infrastructure Holdings (Canada) Inc.	October 15, 2025		4.449	%	$	4,945,000	$	4,991,445		2.36	%		5,000,000
Brookfield Infrastructure Holdings (Canada) Inc.	October 16, 2025		4.333	%		9,825,503		9,882,263		4.67			9,900,000
Brookfield Infrastructure Holdings (Canada) Inc.	October 21, 2025		4.448	%		2,472,806		2,493,889		1.18			2,500,000
Brookfield Infrastructure Holdings (Canada) Inc.	November 6, 2025		4.377	%		2,472,938		2,489,175		1.18			2,500,000
The Campbell's Company	November 6, 2025		4.017	%		9,958,888		9,960,000		4.71			10,000,000
Entergy Corporation	December 10, 2025		4.140	%		4,951,598		4,960,138		2.34			5,000,000
General Motors Financial Company, Inc.	October 17, 2025		4.385	%		9,897,528		9,980,712		4.72			10,000,000
Glencore Funding LLC	October 22, 2025		4.138	%		2,489,414		2,493,992		1.18			2,500,000
Glencore Funding LLC	October 30, 2025		4.286	%		4,958,090		4,982,882		2.36			5,000,000
Harley-Davidson Financial Services, Inc.	November 14, 2025		4.182	%		7,569,433		7,570,312		3.58			7,609,000
Harley-Davidson Financial Services, Inc.	December 2, 2025		4.495	%		4,945,053		4,961,722		2.35			5,000,000
Stanley Black & Decker, Inc.	November 20, 2025		4.238	%		2,477,542		2,485,417		1.17			2,500,000
Stanley Black & Decker, Inc.	November 20, 2025		4.239	%		7,431,750		7,456,250		3.52			7,500,000
VW Credit, Inc.	October 6, 2025		4.433	%		7,445,000		7,495,416		3.54			7,500,000
VW Credit, Inc.	October 15, 2025		4.363	%		2,481,357		2,495,790		1.18			2,500,000
VW Credit, Inc.	November 17, 2025		4.125	%		9,939,639		9,946,472		4.70			10,000,000
Total Commercial Paper					$	94,261,539	$	94,645,875		44.74	%
Total Cash Equivalents							$	173,589,760		82.06	%

F- 2

Table of Contents

	*Number of*				*Percentage of*			*Notional Amount*
	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*
Commodity futures contracts
United States corn futures contracts
CBOT corn futures MAR26		782	$	102,131		0.05	%	$	16,891,200

United States soybean futures contracts
CBOT soybean futures NOV26		215		254,889		0.12			11,330,500

United States sugar futures contracts
ICE sugar futures JUL26		227		33,241		0.02			4,062,755
Total commodity futures contracts			$	390,261		0.19	%	$	32,284,455

	*Number of*				*Percentage of*			*Notional Amount*
Description: Liabilities	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*

Commodity futures contracts
United States corn futures contracts
CBOT corn futures MAY26		655	$	191,001		0.09	%	$	14,467,313
CBOT corn futures DEC26		743		2,185		0.00			17,051,850

United States soybean futures contracts
CBOT soybean futures JAN26		221		447,432		0.21			11,273,763
CBOT soybean futures MAR26		186		283,950		0.13			9,632,475

United States sugar futures contracts
ICE sugar futures MAY26		262		175,967		0.08			4,736,122
ICE sugar futures MAR27		252		214,065		0.10			4,707,763

United States wheat futures contracts
CBOT wheat futures MAR26		1,555		3,733,746		1.77			40,974,250
CBOT wheat futures MAY26		1,303		641,889		0.30			35,148,425
CBOT wheat futures DEC26		1,412		2,658,331		1.26			41,195,100
Total commodity futures contracts			$	8,348,566		3.94	%	$	179,187,061

					*Percentage of*
Exchange-traded funds*	*Cost*		*Fair Value*		*Net Assets*			*Shares*
Teucrium Corn Fund	$	2,803,019	$	1,968,699		0.93	%		112,791
Teucrium Soybean Fund		2,439,394		1,939,384		0.92			90,219
Teucrium Sugar Fund		3,284,499		2,003,013		0.95			189,099
Teucrium Wheat Fund		1,797,534		1,956,774		0.93			475,661
Total exchange-traded funds	$	10,324,446	$	7,867,870		3.73	%

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

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

F- 3

Table of Contents

TEUCRIUM COMMODITY TRUST

COMBINED SCHEDULE OF INVESTMENTS

December 31, 2024

								*Percentage of*
Description: Assets	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Shares*

Cash equivalents
Money market funds
U.S. Bank Deposit Account		4.200	%	$	17,680,667	$	17,680,667		7.87	%		17,680,667
Goldman Sachs Financial Square Government Fund - Institutional Class		4.410	%		64,495,946		64,495,946		28.71			64,495,946
Total money market funds				$	82,176,613	$	82,176,613		36.58	%

	*Maturity*								*Percentage of*			*Principal*
	*Date*	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Amount*
Commercial Paper
Bell Canada, Inc.	February 4, 2025		4.588	%	$	6,950,784	$	6,970,118		3.10	%		7,000,000
Brookfield Infrastructure Holdings (Canada) Inc.	January 8, 2025		4.788	%		4,954,862		4,995,422		2.22			5,000,000
Brookfield Infrastructure Holdings (Canada) Inc.	January 16, 2025		4.732	%		7,445,633		7,485,438		3.33			7,500,000
Brookfield Infrastructure Holdings (Canada) Inc.	March 6, 2025		4.783	%		4,943,862		4,958,222		2.21			5,000,000
Energy Transfer Operating, L.P.	January 24, 2025		4.454	%		17,446,548		17,450,825		7.77			17,500,000
General Motors Financial Company, Inc.	January 28, 2025		4.595	%		4,949,150		4,983,050		2.22			5,000,000
General Motors Financial Company, Inc.	March 14, 2025		4.524	%		7,421,205		7,433,256		3.31			7,500,000
Harley-Davidson Financial Services, Inc.	February 3, 2025		4.791	%		12,369,167		12,446,030		5.54			12,500,000
Harley-Davidson Financial Services, Inc.	February 18, 2025		4.860	%		7,411,484		7,452,261		3.32			7,500,000
Hyundai Capital America	February 12, 2025		4.568	%		4,963,750		4,973,750		2.21			5,000,000
L3Harris Technologies, Inc.	January 21, 2025		4.560	%		9,960,000		9,975,000		4.44			10,000,000
VW Credit, Inc.	January 22, 2025		4.671	%		4,962,945		4,986,584		2.22			5,000,000
VW Credit, Inc.	February 19, 2025		4.568	%		4,963,750		4,969,376		2.21			5,000,000
Total Commercial Paper					$	98,743,140	$	99,079,332		44.10	%
Total Cash Equivalents							$	181,255,945		80.68	%

F- 4

Table of Contents

	*Number of*				*Percentage of*			*Notional Amount*
	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*
Commodity futures contracts
United States corn futures contracts
CBOT corn futures MAY25		974	$	1,356,124		0.60	%	$	22,682,025
CBOT corn futures JUL25		829		580,448		0.26			19,429,688
Total commodity futures contracts			$	1,936,572		0.86	%	$	42,111,713

	*Number of*				*Percentage of*			*Notional Amount*
Description: Liabilities	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*

Commodity futures contracts
United States corn futures contracts
CBOT corn futures DEC25		1,019	$	1,955,417		0.87	%	$	22,609,063

United States soybean futures contracts
CBOT soybean futures MAR25		175		272,036		0.12			8,841,875
CBOT soybean futures MAY25		148		68,992		0.03			7,564,650
CBOT soybean futures NOV25		172		979,998		0.44			8,817,150

United States sugar futures contracts
ICE sugar futures MAY25		219		617,425		0.27			4,378,248
ICE sugar futures JUL25		192		525,725		0.23			3,763,200
ICE sugar futures MAR26		222		417,145		0.19			4,400,928

United States wheat futures contracts
CBOT wheat futures MAY25		1,518		2,977,940		1.33			42,693,750
CBOT wheat futures JUL25		1,286		358,378		0.16			36,618,850
CBOT wheat futures DEC25		1,430		8,638,066		3.85			42,792,750
Total commodity futures contracts			$	16,811,122		7.49	%	$	182,480,464

					Percentage of
Exchange-traded funds*	Cost		Fair Value		Net Assets			Shares
Teucrium Corn Fund	$	3,436,783	$	2,594,798		1.16	%		138,311
Teucrium Soybean Fund		2,085,431		2,619,232		1.17			122,016
Teucrium Sugar Fund		3,833,234		2,513,606		1.12			220,370
Teucrium Wheat Fund		3,276,853		2,616,822		1.16			542,032
Total exchange-traded funds	$	12,632,301	$	10,344,458		4.61	%

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

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

F- 5

Table of Contents

TEUCRIUM COMMODITY TRUST

COMBINED STATEMENTS OF OPERATIONS

(Unaudited)

	*Three months ended*			*Three months ended*			*Nine months ended*			*Nine months ended*
	*September 30, 2025*			*September 30, 2024*			*September 30, 2025*			September 30, 2024*
Income
Realized and unrealized gain (loss) on trading of commodity and cryptocurrency futures contracts:
Realized gain (loss) on commodity and cryptocurrency futures contracts	$	(19,525,575	)	$	(21,399,745	)	$	(30,908,897	)	$	(40,897,827	)
Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts		8,181,706			20,349,853			6,916,245			2,340,515
Interest income		2,181,520			3,044,735			6,758,274			10,273,773
Total income (loss)		(9,162,349	)		1,994,843			(17,234,378	)		(28,283,539	)

Expenses
Management fees		514,449			586,469			1,577,221			1,953,242
Professional fees		339,902			309,008			934,894			992,212
Distribution and marketing fees		713,768			996,530			2,564,332			2,892,948
Custodian fees and expenses		62,716			99,456			265,506			269,832
Business permits and licenses fees		35,963			28,751			148,124			120,079
General and administrative expenses		58,794			71,085			229,028			225,318
Other expenses		3,436			7			11,561			95
Total expenses		1,729,028			2,091,306			5,730,666			6,453,726

Expenses waived by the Sponsor		(41,226	)		(40,557	)		(151,343	)		(244,785	)

Total expenses, net		1,687,802			2,050,749			5,579,323			6,208,941

Net income (loss)	$	(10,850,151	)	$	(55,906	)	$	(22,813,701	)	$	(34,492,480	)

*The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation.

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

F-6

Table of Contents

TEUCRIUM COMMODITY TRUST

COMBINED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	*Three months ended*			*Three months ended*			*Nine months ended*			*Nine months ended*
	*September 30, 2025*			*September 30, 2024*			*September 30, 2025*			September 30, 2024*
Operations
Net income (loss)	$	(10,850,151	)	$	(55,906	)	$	(22,813,701	)	$	(34,492,480	)
Capital transactions
Distribution of Net Assets to Acquiring Fund		-			-			-			(2,574,071	)
Issuance of Shares		36,249,995			30,198,694			62,176,745			65,166,260
Redemption of Shares		(13,399,753	)		(25,907,639	)		(54,307,628	)		(100,535,730	)
Net change in the cost of the Underlying Funds		590,957			1,909,421			1,838,682			5,083,040
Total capital transactions		23,441,199			6,200,476			9,707,799			(32,860,501	)

Net change in net assets	$	12,591,048			6,144,570		$	(13,105,902	)		(67,352,981	)

Net assets, beginning of period	$	198,950,468			241,049,863		$	224,647,418			314,547,414

Net assets, end of period	$	211,541,516		$	247,194,433		$	211,541,516		$	247,194,433

* The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation.

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

F-7

Table of Contents

TEUCRIUM COMMODITY TRUST

COMBINED STATEMENTS OF CASH FLOWS

(Unaudited)

	*Nine months ended*			*Nine months ended*
	*September 30, 2025*			September 30, 2024*
Cash flows from operating activities:
Net income (loss)	$	(22,813,701	)	$	(34,492,480	)
Adjustments to reconcile net income (loss) to net cash provided by (used) in operating activities:
Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts		(6,916,245	)		(2,340,515	)
Changes in operating assets and liabilities:
Due from broker		12,887,718			10,030,200
Interest receivable		18,178			143,667
Other assets		11,840			(35,032	)
Management fee payable to Sponsor		(18,014	)		(82,675	)
Other liabilities		432,900			(116,263	)
Net cash provided by (used in) operating activities		(16,397,324	)		(26,893,098	)

Cash flows from financing activities:
Distribution to Acquiring Fund upon consummation of merger and liquidation agreement - see Note 1 to the financial statements		-			(2,381,545	)
Proceeds from sale of Shares		62,176,745			65,166,260
Redemption of Shares		(54,307,628	)		(99,878,300	)
Net change in cost of the Underlying Funds		1,838,682			5,083,040
Net cash provided by (used in) financing activities		9,707,799			(32,010,545	)

Net change in cash and cash equivalents		(6,689,525	)		(58,903,643	)
Cash and cash equivalents beginning of period		210,940,353			292,237,362
Cash and cash equivalents end of period	$	204,250,828		$	233,333,719

* The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I as described in Note 1 to these financials. The operations include the activity of the Hashdex Bitcoin Futures ETF through January 3, 2024, the date of liquidation.

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

F-8

Table of Contents

TEUCRIUM CORN FUND

STATEMENTS OF ASSETS AND LIABILITIES

	*September 30, 2025*		*December 31, 2024*
	(Unaudited)
Assets
Cash and cash equivalents	$	47,040,501	$	60,998,326
Interest receivable		66,837		78,840
Other assets		-		3,171
Equity in trading accounts:
Commodity futures contracts		102,131		1,936,572
Due from broker		1,595,916		3,738,171
Total equity in trading accounts		1,698,047		5,674,743
Total assets		48,805,385		66,755,080

Liabilities
Management fee payable to Sponsor		40,341		52,375
Other liabilities		135,859		23,050
Equity in trading accounts:
Commodity futures contracts		193,186		1,955,417
Total liabilities		369,386		2,030,842

Net assets	$	48,435,999	$	64,724,238

Shares outstanding		2,775,004		3,450,004

Shares Authorized		*		*

Net asset value per share	$	17.45	$	18.76

Market value per share	$	17.45	$	18.77

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

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

F-9

Table of Contents

TEUCRIUM CORN FUND

SCHEDULE OF INVESTMENTS

September 30, 2025

(Unaudited)

								*Percentage of*
Description: Assets	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Shares*

Cash equivalents
Money market funds
U.S. Bank Deposit Account		3.950	%	$	6,815,998	$	6,815,998		14.07	%		6,815,998
Goldman Sachs Financial Square Government Fund - Institutional Class		4.030	%		8,981,251		8,981,251		18.54			8,981,251
Total money market funds				$	15,797,249	$	15,797,249		32.61	%

	*Maturity*								*Percentage of*			*Principal*
	*Date*	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Amount*
Commercial Paper
Brookfield Infrastructure Holdings (Canada) Inc.	October 16, 2025		4.333	%	$	2,481,188	$	2,495,521		5.15	%		2,500,000
The Campbell's Company	November 6, 2025		4.017	%		2,489,722		2,490,000		5.14			2,500,000
General Motors Financial Company, Inc.	October 17, 2025		4.385	%		4,948,764		4,990,356		10.30			5,000,000
Harley-Davidson Financial Services, Inc.	November 14, 2025		4.182	%		7,569,433		7,570,312		15.63			7,609,000
VW Credit, Inc.	October 6, 2025		4.433	%		2,481,667		2,498,472		5.16			2,500,000
Total Commercial Paper					$	19,970,774	$	20,044,661		41.38	%
Total Cash Equivalents							$	35,841,910		73.99	%

	*Number of*				*Percentage of*			*Notional Amount*
	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*
Commodity futures contracts
United States corn futures contracts
CBOT corn futures MAR26		782	$	102,131		0.21	%	$	16,891,200

	*Number of*				*Percentage of*			*Notional Amount*
Description: Liabilities	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*

Commodity futures contracts
United States corn futures contracts
CBOT corn futures MAY26		655	$	191,001		0.39	%	$	14,467,313
CBOT corn futures DEC26	743		2,185		0.00			17,051,850
Total commodity futures contracts			$	193,186		0.40	%	$	31,519,163

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

F- 10

Table of Contents

TEUCRIUM CORN FUND

SCHEDULE OF INVESTMENTS

December 31, 2024

								*Percentage of*
Description: Assets	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Shares*

Cash equivalents
Money market funds
U.S. Bank Deposit Account		4.200	%	$	10,269,737	$	10,269,737		15.87	%		10,269,737
Goldman Sachs Financial Square Government Fund - Institutional Class		4.410	%		12,519,321		12,519,321		19.34			12,519,321
Total money market funds				$	22,789,058	$	22,789,058		35.21	%

	*Maturity*								*Percentage of*			*Principal*
	*Date*	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Amount*
Commercial Paper
Bell Canada, Inc.	February 4, 2025		4.588	%	$	2,482,423	$	2,489,328		3.85	%		2,500,000
Brookfield Infrastructure Holdings (Canada) Inc.	March 6, 2025		4.783	%		2,471,931		2,479,111		3.83			2,500,000
Energy Transfer Operating, L.P.	January 24, 2025		4.454	%		4,984,728		4,985,950		7.70			5,000,000
General Motors Financial Company, Inc.	January 28, 2025		4.595	%		2,474,575		2,491,525		3.85			2,500,000
General Motors Financial Company, Inc.	March 14, 2025		4.524	%		2,473,735		2,477,752		3.83			2,500,000
Harley-Davidson Financial Services, Inc.	February 3, 2025		4.791	%		4,947,667		4,978,412		7.69			5,000,000
Hyundai Capital America	February 12, 2025		4.568	%		2,481,875		2,486,875		3.84			2,500,000
L3Harris Technologies, Inc.	January 21, 2025		4.560	%		2,490,000		2,493,750		3.85			2,500,000
VW Credit, Inc.	February 19, 2025		4.568	%		2,481,875		2,484,688		3.84			2,500,000
Total Commercial Paper					$	27,288,809	$	27,367,391		42.28	%
Total Cash Equivalents							$	50,156,449		77.49	%

	*Number of*				*Percentage of*			*Notional Amount*
	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*
Commodity futures contracts
United States corn futures contracts
CBOT corn futures MAY25		974	$	1,356,124		2.09	%	$	22,682,025
CBOT corn futures JUL25		829		580,448		0.90			19,429,688
Total commodity futures contracts			$	1,936,572		2.99	%	$	42,111,713

Number of

Percentage of

Notional Amount

Description: Liabilities

Contracts

Fair Value

Net Assets

(Long Exposure)

Commodity futures contracts

United States corn futures contracts

CBOT corn futures DEC25

1,019

1,955,417

3.02

22,609,063

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

F- 11

Table of Contents

TEUCRIUM CORN FUND

STATEMENTS OF OPERATIONS

(Unaudited)

	*Three months ended*			*Three months ended*			*Nine months ended*			*Nine months ended*
	*September 30, 2025*			*September 30, 2024*			*September 30, 2025*			*September 30, 2024*
Income
Realized and unrealized gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on commodity futures contracts	$	(3,257,343	)	$	(8,288,179	)	$	(3,439,291	)	$	(14,452,703	)
Net change in unrealized appreciation (depreciation) on commodity futures contracts		2,683,385			8,615,295			(72,210	)		2,052,093
Interest income		495,376			775,889			1,693,174			2,661,171
Total income (loss)		(78,582	)		1,103,005			(1,818,327	)		(9,739,439	)

Expenses
Management fees		116,102			148,919			394,123			502,651
Professional fees		79,163			76,499			228,980			213,601
Distribution and marketing fees		167,584			235,662			659,629			649,591
Custodian fees and expenses		13,932			20,327			68,905			61,603
Business permits and licenses fees		8,443			7,446			32,226			19,841
General and administrative expenses		13,871			15,860			58,791			48,834
Other expenses		757			-			1,995			-
Total expenses		399,852			504,713			1,444,649			1,496,121

Total expenses, net		399,852			504,713			1,444,649			1,496,121

Net income (loss)	$	(478,434	)	$	598,292		$	(3,262,976	)	$	(11,235,560	)

Net increase (decrease) in net asset value per share	$	(0.24	)	$	0.18		$	(1.31	)	$	(3.13	)
Net income (loss) per weighted average share	$	(0.18	)	$	0.18		$	(1.15	)	$	(3.24	)
Weighted average shares outstanding		2,639,134			3,312,232			2,841,945			3,462,778

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

F-12

Table of Contents

TEUCRIUM CORN FUND

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	Three months ended			Three months ended			Nine months ended			Nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Operations
Net income (loss)	$	(478,434	)	$	598,292		$	(3,262,976	)	$	(11,235,560	)
Capital transactions
Issuance of Shares		5,102,790			8,924,939			9,008,910			22,986,162
Redemption of Shares		(864,351	)		(9,372,272	)		(22,034,173	)		(29,521,635	)
Total capital transactions		4,238,439			(447,333	)		(13,025,263	)		(6,535,473	)
Net change in net assets		3,760,005			150,959			(16,288,239	)		(17,771,033	)

Net assets, beginning of period	$	44,675,994		$	63,128,450		$	64,724,238		$	81,050,442

Net assets, end of period	$	48,435,999		$	63,279,409		$	48,435,999		$	63,279,409

Net asset value per share at beginning of period	$	17.69		$	18.30		$	18.76		$	21.61

Net asset value per share at end of period	$	17.45		$	18.48		$	17.45		$	18.48

Creation of Shares		300,000			500,000			500,000			1,200,000
Redemption of Shares		50,000			525,000			1,175,000			1,525,000

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

F-13

Table of Contents

TEUCRIUM CORN FUND

STATEMENTS OF CASH FLOWS

(Unaudited)

	*Nine months ended*			*Nine months ended*
	*September 30, 2025*			*September 30, 2024*
Cash flows from operating activities:
Net income (loss)	$	(3,262,976	)	$	(11,235,560	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net change in unrealized depreciation (appreciation) on commodity futures contracts		72,210			(2,052,093	)
Changes in operating assets and liabilities:
Due from broker		2,142,255			2,543,743
Interest receivable		12,003			26,291
Other assets		3,171			(17,368	)
Management fee payable to Sponsor		(12,034	)		(23,130	)
Other liabilities		112,809			(59,120	)
Net cash provided by (used in) operating activities		(932,562	)		(10,817,237	)

Cash flows from financing activities:
Proceeds from sale of Shares		9,008,910			22,986,162
Redemption of Shares		(22,034,173	)		(29,521,635	)
Net cash provided by (used in) financing activities		(13,025,263	)		(6,535,473	)

Net change in cash and cash equivalents		(13,957,825	)		(17,352,710	)
Cash and cash equivalents, beginning of period		60,998,326			76,745,471
Cash and cash equivalents, end of period	$	47,040,501		$	59,392,761

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

F-14

Table of Contents

TEUCRIUM SOYBEAN FUND

STATEMENTS OF ASSETS AND LIABILITIES

	*September 30, 2025*		*December 31, 2024*
	(Unaudited)
Assets
Cash and cash equivalents	$	31,430,434	$	23,806,400
Interest receivable		34,576		33,654
Other assets		-		4,286
Equity in trading accounts:
Commodity futures contracts		254,889		-
Due from broker		1,365,564		2,725,790
Total equity in trading accounts		1,620,453		2,725,790
Total assets		33,085,463		26,570,130

Liabilities
Management fee payable to Sponsor		22,916		22,453
Other liabilities		86,494		3,608
Equity in trading accounts:
Commodity futures contracts		731,382		1,321,026
Total liabilities		840,792		1,347,087

Net assets	$	32,244,671	$	25,223,043

Shares outstanding		1,500,004		1,175,004

Shares authorized		*		*

Net asset value per share	$	21.50	$	21.47

Market value per share	$	21.46	$	21.48

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

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

F-15

Table of Contents

TEUCRIUM SOYBEAN FUND

SCHEDULE OF INVESTMENTS

September 30, 2025

(Unaudited)

								*Percentage of*
Description: Assets	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Shares*

Cash equivalents
Money market funds
U.S. Bank Deposit Account		3.950	%	$	7,868,973	$	7,868,973		24.40	%		7,868,973
Goldman Sachs Financial Square Government Fund - Institutional Class		4.030	%		5,256,231		5,256,231		16.30			5,256,231
Total money market funds				$	13,125,204	$	13,125,204		40.70	%

	*Maturity*								*Percentage of*			*Principal*
	*Date*	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Amount*
Commercial Paper
Brookfield Infrastructure Holdings (Canada) Inc.	October 21, 2025		4.448	%	$	2,472,806	$	2,493,889		7.73	%		2,500,000
Entergy Corporation	December 10, 2025		4.140	%		2,475,799		2,480,069		7.69			2,500,000
Stanley Black & Decker, Inc.	November 20, 2025		4.238	%		2,477,542		2,485,417		7.71			2,500,000
Stanley Black & Decker, Inc.	November 20, 2025		4.239	%		2,477,250		2,485,417		7.71			2,500,000
VW Credit, Inc.	November 17, 2025		4.125	%		2,484,910		2,486,618		7.71			2,500,000
Total Commercial Paper					$	12,388,307	$	12,431,410		38.55	%
Total Cash Equivalents							$	25,556,614		79.26	%

	*Number of*				*Percentage of*			*Notional Amount*
	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*
Commodity futures contracts
United States soybean futures contracts
CBOT soybean futures NOV26		215	$	254,889		0.79	%	$	11,330,500

	*Number of*				*Percentage of*			*Notional Amount*
Description: Liabilities	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*

Commodity futures contracts
United States soybean futures contracts
CBOT soybean futures JAN26		221	$	447,432		1.39	%	$	11,273,763
CBOT soybean futures MAR26		186		283,950		0.88			9,632,475
Total commodity futures contracts			$	731,382		2.27	%	$	20,906,238

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

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TEUCRIUM SOYBEAN FUND

SCHEDULE OF INVESTMENTS

December 31, 2024

								*Percentage of*
Description: Assets	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Shares*

Cash equivalents
Money market funds
U.S. Bank Deposit Account		4.200	%	$	1,007,365	$	1,007,365		3.99	%		1,007,365
Goldman Sachs Financial Square Government Fund - Institutional Class		4.410	%		7,139,449		7,139,449		28.31			7,139,449
Total money market funds				$	8,146,814	$	8,146,814		32.30	%

	*Maturity*								*Percentage of*			*Principal*
	*Date*	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Amount*
Commercial Paper
Brookfield Infrastructure Holdings (Canada) Inc.	January 8, 2025		4.788	%	$	2,477,431	$	2,497,711		9.90	%		2,500,000
Energy Transfer Operating, L.P.	January 24, 2025		4.454	%		4,984,728		4,985,950		19.77			5,000,000
Harley-Davidson Financial Services, Inc.	February 3, 2025		4.791	%		2,473,833		2,489,206		9.87			2,500,000
Total Commercial Paper					$	9,935,992	$	9,972,867		39.54	%
Total Cash Equivalents							$	18,119,681		71.84	%

	*Number of*				*Percentage of*			*Notional Amount*
Description: Liabilities	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*

Commodity futures contracts
United States soybean futures contracts
CBOT soybean futures MAR25		175	$	272,036		1.08	%	$	8,841,875
CBOT soybean futures MAY25		148		68,992		0.27			7,564,650
CBOT soybean futures NOV25		172		979,998		3.89			8,817,150
Total commodity futures contracts			$	1,321,026		5.24	%	$	25,223,675

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

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TEUCRIUM SOYBEAN FUND

STATEMENTS OF OPERATIONS

(Unaudited)

	*Three months ended*			*Three months ended*			*Nine months ended*			*Nine months ended*
	*September 30, 2025*			*September 30, 2024*			*September 30, 2025*			*September 30, 2024*
Income
Realized and unrealized gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on commodity futures contracts	$	(677,452	)	$	(1,997,318	)	$	(1,086,717	)	$	(4,991,499	)
Net change in unrealized appreciation (depreciation) on commodity futures contracts		142,761			1,382,076			844,533			349,888
Interest income		284,459			346,084			841,602			1,151,359
Total income (loss)		(250,232	)		(269,158	)		599,418			(3,490,252	)

Expenses
Management fees		66,491			66,249			195,288			217,155
Professional fees		40,547			28,760			118,349			95,920
Distribution and marketing fees		91,430			117,109			343,664			311,910
Custodian fees and expenses		6,649			9,708			33,342			26,213
Business permits and licenses fees		9,760			4,638			24,293			16,130
General and administrative expenses		10,200			7,529			34,692			21,016
Other expenses		435			-			1,069			-
Total expenses		225,512			233,993			750,697			688,344

Total expenses, net		225,512			233,993			750,697			688,344

Net income (loss)	$	(475,744	)	$	(503,151	)	$	(151,279	)	$	(4,178,596	)

Net increase (decrease) in net asset value per share	$	(0.27	)	$	(0.60	)	$	0.03		$	(3.97	)
Net income (loss) per weighted average share	$	(0.39	)	$	(0.43	)	$	(0.13	)	$	(3.48	)
Weighted average shares outstanding		1,206,797			1,176,363			1,198,081			1,199,183

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

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TEUCRIUM SOYBEAN FUND

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	Three months ended			Three months ended			Nine months ended			Nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Operations
Net income (loss)	$	(475,744	)	$	(503,151	)	$	(151,279	)	$	(4,178,596	)
Capital transactions
Issuance of Shares		9,314,250			5,574,487			12,567,647			17,429,510
Redemption of Shares		(3,257,983	)		(1,164,960	)		(5,394,740	)		(10,602,490	)
Total capital transactions		6,056,267			4,409,527			7,172,907			6,827,020
Net change in net assets		5,580,523			3,906,376			7,021,628			2,648,424

Net assets, beginning of period	$	26,664,148		$	27,798,068		$	25,223,043		$	29,056,020

Net assets, end of period	$	32,244,671		$	31,704,444		$	32,244,671		$	31,704,444

Net asset value per share at beginning of period	$	21.77		$	23.66		$	21.47		$	27.03

Net asset value per share at end of period	$	21.50		$	23.06		$	21.50		$	23.06

Creation of Shares		425,000			250,000			575,000			725,000
Redemption of Shares		150,000			50,000			250,000			425,000

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

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TEUCRIUM SOYBEAN FUND

STATEMENTS OF CASH FLOWS

(Unaudited)

	*Nine months ended*			*Nine months ended*
	*September 30, 2025*			*September 30, 2024*
Cash flows from operating activities:
Net income (loss)	$	(151,279	)	$	(4,178,596	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net change in unrealized depreciation (appreciation) on commodity futures contracts		(844,533	)		(349,888	)
Changes in operating assets and liabilities:
Due from broker		1,360,226			311,321
Interest receivable		(922	)		(7,428	)
Other assets		4,286			(16,653	)
Management fee payable to Sponsor		463			(3,049	)
Other liabilities		82,886			(39,261	)
Net cash provided by (used in) operating activities		451,127			(4,283,554	)

Cash flows from financing activities:
Proceeds from sale of Shares		12,567,647			17,429,510
Redemption of Shares		(5,394,740	)		(10,602,490	)
Net cash provided by (used in) financing activities		7,172,907			6,827,020

Net change in cash and cash equivalents		7,624,034			2,543,466
Cash and cash equivalents beginning of period		23,806,400			28,107,189
Cash and cash equivalents end of period	$	31,430,434		$	30,650,655

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

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TEUCRIUM SUGAR FUND

STATEMENTS OF ASSETS AND LIABILITIES

	*September 30, 2025*		*December 31, 2024*
	(Unaudited)
Assets
Cash and cash equivalents	$	12,811,472	$	11,831,089
Interest receivable		20,179		28,954
Other assets		4,938		7,436
Equity in trading accounts:
Commodity futures contracts		33,241		-
Due from broker		1,065,115		2,255,054
Total assets		13,934,945		14,122,533

Liabilities
Management fee payable to Sponsor		10,499		12,357
Other liabilities		29,001		2,904
Equity in trading accounts:
Commodity futures contracts		390,032		1,560,295
Total liabilities		429,532		1,575,556

Net assets	$	13,505,413	$	12,546,977

Shares outstanding		1,275,004		1,100,004

Shares authorized		*		*

Net asset value per share	$	10.59	$	11.41

Market value per share	$	10.60	$	11.43

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

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

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TEUCRIUM SUGAR FUND

SCHEDULE OF INVESTMENTS

September 30, 2025

(Unaudited)

								*Percentage of*
Description: Assets	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Shares*

Cash equivalents
Money market funds
U.S. Bank Deposit Account		3.950	%	$	3,688,163	$	3,688,163		27.31	%		3,688,163
Goldman Sachs Financial Square Government Fund - Institutional Class		4.030	%		1,682,762		1,682,762		12.46			1,682,762
Total Money Market Funds				$	5,370,925	$	5,370,925		39.77	%

	*Maturity*								*Percentage of*			*Principal*
	*Date*	*Yield*			*Cost*		*Fair Value*		*Net Assets*			*Amount*
Commercial Paper
The Campbell's Company	November 6, 2025		4.017	%	$	2,489,722	$	2,490,000		18.44	%		2,500,000
Glencore Funding LLC	October 22, 2025		4.138	%		2,489,414		2,493,992		18.47			2,500,000
Total Commercial Paper					$	4,979,136	$	4,983,992		36.91	%
Total Cash Equivalents							$	10,354,917		76.68	%

	*Number of*				*Percentage of*			*Notional Amount*
	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*
Commodity futures contracts
United States sugar futures contracts
ICE sugar futures JUL26		227	$	33,241		0.25	%	$	4,062,755

	*Number of*				*Percentage of*			*Notional Amount*
Description: Liabilities	*Contracts*		*Fair Value*		*Net Assets*			*(Long Exposure)*

Commodity futures contracts
United States sugar futures contracts
ICE sugar futures MAY26		262	$	175,967		1.30	%	$	4,736,122
ICE sugar futures MAR27	252		214,065		1.59			4,707,763
Total commodity futures contracts			$	390,032		2.89	%	$	9,443,885

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

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TEUCRIUM SUGAR FUND

SCHEDULE OF INVESTMENTS

December 31, 2024

Teucrium Commodity Trust 10-Q