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Fair Value Measurements

12 Months Ended

Dec. 31, 2018

Teucrium Commodity Trust - Combined [Member]

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, 2018 and December 31, 2017:

December 31, 2018

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2018
Cash Equivalents		$	87,351,442			$	-			$	-			$	87,351,442
Commodity Futures Contracts
Corn futures contracts			107,363				-				-				107,363
Soybeans futures contracts			228,400				-				-				228,400
Sugar futures contracts			233,979				-				-				233,979
Total		$	87,921,184			$	-			$	-			$	87,921,184


Liabilities:		Level 1				Level 2				Level 3				Balance as of December 31, 2018
Commodity Futures Contracts
Corn futures contracts		$	1,297,288			$	-			$	-			$	1,297,288
Soybeans futures contracts			39,250				-				-				39,250
Sugar futures contracts			47,656				-				-				47,656
Wheat futures contracts			3,985,400				-				-				3,985,400
Total		$	5,369,594			$	-			$	-			$	5,369,594

December 31, 2017

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2017
Cash Equivalents		$	49,932,760			$	-			$	-			$	49,932,760
Commodity Futures Contracts
Corn futures contracts			120,487				-				-				120,487
Sugar futures contracts			184,319				-				-				184,319
Wheat futures contracts			604,475				-				-				604,475
Total		$	50,842,041			$	-			$	-			$	50,842,041


Liabilities:		Level 1				Level 2				Level 3				Balance as of December 31, 2017
Commodity Futures Contracts
Corn futures contracts		$	1,962,050			$	-			$	-			$	1,962,050
Soybeans futures contracts			448,063				-				-				448,063
Sugar futures contracts			67,133				-				-				67,133
Wheat futures contracts			3,200,525				-				-				3,200,525
Total		$	5,677,771			$	-			$	-			$	5,677,771

For the years ended December 31, 2018 and 2017, the Funds 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 4 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

Teucrium Corn Fund [Member]

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, 2018 and December 31, 2017:

December 31, 2018

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2018
Cash Equivalents		$	34,935,797			$	-			$	-			$	34,935,797
Corn Futures Contracts			107,363				-				-				107,363
Total		$	35,043,160			$	-			$	-			$	35,043,160

Liabilities:

Level 1

Level 2

Level 3

Balance as of

December 31, 2018

Corn Futures Contracts

$

1,297,288

$

-

$

-

$

1,297,288

December 31, 2017

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2017
Cash Equivalents		$	24,965,043			$	-			$	-			$	24,965,043
Corn Futures Contracts			120,487				-				-				120,487
Total		$	25,085,530			$	-			$	-			$	25,085,530

Liabilities:		Level 1				Level 2				Level 3				Balance as of December 31, 2017
Corn Futures Contracts		$	1,962,050			$	-			$	-			$	1,962,050

For the years ended December 31, 2018 and 2017, 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

Teucrium Soybean Fund [Member]

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, 2018 and December 31, 2017:

December 31, 2018

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2018
Cash Equivalents		$	12,492,618			$	-			$	-			$	12,492,618
Soybeans futures contracts			228,400				-				-				228,400
Total		$	12,721,018			$	-			$	-			$	12,721,018

Liabilities:		Level 1				Level 2				Level 3				Balance as of December 31, 2018
Soybeans futures contracts		$	39,250			$	-			$	-			$	39,250

December 31, 2017

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2017
Cash Equivalents		$	100			$	-			$	-			$	100


Liabilities:		Level 1				Level 2				Level 3				Balance as of December 31, 2017
Soybeans futures contracts		$	448,063			$	-			$	-			$	448,063

For the years ended December 31, 2018 and 2017, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

Teucrium Sugar Fund [Member]

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, 2018 and December 31, 2017.

December 31, 2018

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2018
Cash Equivalents		$	2,497,232			$	-			$	-			$	2,497,232
Sugar futures contracts			233,979				-				-				233,979
Total		$	2,731,211			$	-			$	-			$	2,731,211


Liabilities:		Level 1				Level 2				Level 3				Balance as of December 31, 2018
Commodity Futures Contracts
Sugar futures contracts		$	47,656			$	-			$	-			$	47,656

December 31, 2017

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2017
Cash Equivalents		$	100			$	-			$	-			$	100
Sugar Futures Contracts			184,319				-				-				184,319
Total		$	184,419			$	-			$	-			$	184,419

Liabilities:		Level 1				Level 2				Level 3				Balance as of December 31, 2017
Sugar Futures Contracts		$	67,133			$	-			$	-			$	67,133

For the years ended December 31, 2018 and 2017, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

Teucrium Wheat Fund [Member]

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, 2018 and December 31, 2017:

December 31, 2018

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2018
Cash Equivalents		$	37,422,933			$	-			$	-			$	37,422,933

Liabilities:		Level 1				Level 2				Level 3				Balance as of December 31, 2018
Wheat Futures contracts		$	3,985,400			$	-			$	-			$	3,985,400

December 31, 2017

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2017
Cash Equivalents		$	24,965,043			$	-			$	-			$	24,965,043
Wheat Futures contracts			604,475				-				-				604,475
Total		$	25,569,518			$	-			$	-			$	25,569,518

Liabilities:

Level 1

Level 2

Level 3

Balance as of

December 31, 2017

Wheat Futures contracts

$

3,200,525

$

-

$

-

$

3,200,525

For the years ended December 31, 2018 and 2017, the Fund did not have any transfers between any of the level 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.

Teucrium Agricultural Fund [Member]

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, 2018 and December 31, 2017:

December 31, 2018

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2018
Exchange Traded Funds		$	1,523,286			$	-			$	-			$	1,523,286
Cash Equivalents		$	2,862			$	-			$	-			$	2,862
Total		$	1,526,148			$	-			$	-			$	1,526,148

December 31, 2017

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2017
Exchange Traded Funds		$	1,136,120			$	-			$	-			$	1,136,120
Cash Equivalents			2,474				-				-				2,474
Total		$	1,138,594			$	-			$	-			$	1,138,594

For the years ended December 31, 2018 and 2017, the Fund did not have any transfers between any of the level 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.

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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