Fair Value Measurements (Soyb) (Teucrium Soybean Fund [Member])

3 Months Ended

Mar. 31, 2014

Teucrium Soybean 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 March 31, 2014 and December 31, 2013:

March 31, 2014

							Balance as of
Assets:	Level 1		Level 2		Level 3		March 31, 2014
Cash equivalents	$	4,015,657	$	-	$	-	$	4,015,657
Commodity futures contracts		154,063		12,075		-		166,138
Total	$	4,169,720	$	12,075	$	-	$	4,181,795

							Balance as of
Liabilities:	Level 1		Level 2		Level 3		March 31, 2014
Commodity futures contracts	$	29,650	$	-	$	-	$	29,650

December 31, 2013

							Balance as of
Assets:	Level 1		Level 2		Level 3		December 31, 2013
Cash equivalents	$	3,765,791	$	-	$	-	$	3,765,791

							Balance as of
Liabilities:	Level 1		Level 2		Level 3		December 31, 2013
Commodity futures contracts	$	188,863	$	-	$	-	$	188,863

Transfers into and out of each level of the fair value hierarchy for the NOV15 Soybean Contracts for the three months ended March 31, 2014 were as follows:

Transfers

into

out of

into

out of

into

out of

Level 1

Level 2

Level 3

Liabilities (at fair value)

Derivative contracts

Soybean future contracts

12,075

Transfers into and out of each level of the fair value hierarchy for the NOV14 Soybean Contracts for the three months ended March 31, 2013 were as follows:

Transfers

into

out of

into

out of

into

out of

Level 1

Level 2

Level 3

Liabilities (at fair value)

Derivative contracts

Soybean future contracts

6,850

- 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.

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