Fair Value Measurements (Teucrium Corn Fund [Member])

6 Months Ended

Jun. 30, 2012

Teucrium Corn Fund [Member]

Note 3 - 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 2. The following table presents information about the Fund's assets and liabilities measured at fair value as of June 30, 2012 and December 31, 2011:

							Balance
June 30, 2012							as of
							June 30,
Assets:	Level 1		Level 2		Level 3		2012
Cash equivalents	$	53,821,290	$	-	$	-	$	53,821,290
Corn futures contracts		3,935,961		-		-		3,935,961
Total	$	57,757,251	$	-	$	-	$	57,757,251

							Balance
December 31, 2011							as of
							December 31,
Assets:	Level 1		Level 2		Level 3		2011
Cash equivalents	$	69,022,336	$	-	$	-	$	69,022,336
Corn futures contracts		1,928,408		-		-		1,928,408
Total	$	70,950,744	$	-	$	-	$	70,950,744

							Balance
							as of
							December 31,
Liabilities:	Level 1		Level 2		Level 3		2011
Corn futures contracts	$	2,711,523	$	-	$	-	$	2,711,523

There were no transfers into and out of each level of the fair value hierarchy for the commodity futures contracts valued using alternative verifiable sources due to a "limit-down" condition for the period January 1, 2012 through June 30, 2012.

Transfers into and out of each level of the fair value hierarchy for the corn futures contracts valued using alternative verifiable sources due to a "limit-down" or "limit-up" condition for the period January 1, 2011 through June 30, 2011 were as follows:

Transfers

into

out of

into

out of

into

out of

Level 1

Level 2

Level 3

Assets (at fair value)

Derivative contracts

Corn future contracts

9,140,288

Transfers

into

out of

into

out of

into

out of

Level 1

Level 2

Level 3

Liabilities (at fair value)

Derivative contracts

Corn future contracts

5,938,713

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details