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Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Teucrium Commodity Trust - Combined

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, 2019 and December 31, 2018:

December 31, 2019

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2019
Cash Equivalents		$	76,529,362			$	-			$	-			$	76,529,362
Commodity Futures Contracts
Corn futures contracts			1,365,055				-				-				1,365,055
Soybeans futures contracts			931,896				-				-				931,896
Sugar futures contracts			347,429				-				-				347,429
Wheat futures contracts			5,068,476				-				-				5,068,476
Total		$	84,242,218			$	-			$	-			$	84,242,218

Liabilities:		Level 1				Level 2				Level 3				Balance as of December 31, 2019
Commodity Futures Contracts
Corn futures contracts		$	581,574			$	-			$	-			$	581,574

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

For the years ended December 31, 2019 and 2018, 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

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, 2019 and December 31, 2018:

December 31, 2019

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2019
Cash Equivalents		$	38,217,520			$	-			$	-			$	38,217,520
Corn Futures Contracts			1,365,055				-				-				1,365,055
Total		$	39,582,575			$	-			$	-			$	39,582,575

Liabilities:		Level 1				Level 2				Level 3				Balance as of December 31, 2019
Corn Futures Contracts		$	581,574			$	-			$	-			$	581,574

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

For the years ended December 31, 2019 and 2018, 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

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, 2019 and December 31, 2018:

December 31, 2019

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2019
Cash Equivalents		$	13,197,092			$	-			$	-			$	13,197,092
Soybeans futures contracts			931,896				-				-				931,896
Total		$	14,128,988			$	-			$	-			$	14,128,988

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

For the years ended December 31, 2019 and 2018, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

Teucrium Sugar Fund

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, 2019 and December 31, 2018.

December 31, 2019

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2019
Cash Equivalents		$	3,183,171			$	-			$	-			$	3,183,171
Sugar Futures Contracts			347,429				-				-				347,429
Total		$	3,530,600			$	-			$	-			$	3,530,600

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

For the years ended December 31, 2019 and 2018, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

Teucrium Wheat Fund

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, 2019 and December 31, 2018:

December 31, 2019

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2019
Cash Equivalents		$	21,928,946			$	-			$	-			$	21,928,946
Wheat Futures contracts			5,068,476				-				-				5,068,476
Total		$	26,997,422			$	-			$	-			$	26,997,422

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

For the years ended December 31, 2019 and 2018, 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

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, 2019 and December 31, 2018:

December 31, 2019

Assets:		Level 1				Level 2				Level 3				Balance as of December 31, 2019
Exchange Traded Funds		$	1,476,880			$	-			$	-			$	1,476,880
Cash Equivalents			2,633				-				-				2,633
Total		$	1,479,513			$	-			$	-			$	1,479,513

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

For the years ended December 31, 2019 and 2018, 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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