----

| Independent Auditor’s Report                         | 1      |
|------------------------------------------------------------|--------|
|                                                       |   |
| Financial Statements                                       |   |
|                                                       |   |
| Statements of financial condition                          | 2      |
|                                                       |   |
| Condensed schedules of investments                         | 3 - 4  |
|                                                       |   |
| Statements of operations                                   | 5      |
|                                                       |   |
| Statement of changes in members’ equity (net assets) | 6      |
|                                                       |   |
| Notes to financial statements                              | 7 - 14 |
|                                                       |   |
|                                                       |   |

----

|   | /s/ McGladrey & Pullen, LLP |
|--------|--------------------------------------|

----

| RICI® Linked - PAM Advisors Fund, LLC                                                                                                           |   |   |        |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| RICI® Linked - PAM Total Index Series                                                                                                           |   |   |        |   |   |   |
|                                                                                                                                                 |   |   |        |   |   |   |
| Statements of Financial Condition                                                                                                                    |   |   |        |   |   |   |
| December 31, 2009 and 2008                                                                                                                           |   |   |        |   |   |   |
|                                                                                                                                                 |   |   |        |   |   |   |
|                                                                                                                                                 |   | 2009   |        |   | 2008   |   |
| Assets                                                                                                                                               |   |   |        |   |   |   |
|                                                                                                                                                 |   |   |        |   |   |   |
| Equity in broker trading account                                                                                                                     |   |   |        |   |   |   |
| Cash                                                                                                                                                 |   | $      | 11,862,883  |   |   | $      | 24,086,705 |   |
| Net unrealized gain (loss) on open futures contracts                                                                                                 |   |   | 4,702,842   |   |   |   | (1,557,821 | ) |
|                                                                                                                                                 |   |   | 16,565,725  |   |   |   | 22,528,884 |   |
|                                                                                                                                                 |   |   |        |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                            |   |   | 138,914,951 |   |   |   | 27,055,834 |   |
| Investments                                                                                                                                          |   |   |        |   |   |   |   |   |
| Government-sponsored enterprise securities, at fair value                                                                                            |   |   | -           |   |   |   | 39,999,300 |   |
| Mutual funds, at fair value                                                                                                                          |   |   | 26,189,927  |   |   |   | 116,488 |   |
| Interest receivable                                                                                                                                  |   |   | 11,548      |   |   |   | 13,193 |   |
| Other assets                                                                                                                                         |   |   | 10,022      |   |   |   | 40,090 |   |
|                                                                                                                                                 |   |   |        |   |   |   |   |   |
| Total assets                                                                                                                                         |   | $      | 181,692,173 |   |   | $      | 89,753,789 |   |
|                                                                                                                                                 |   |   |        |   |   |   |   |   |
| Liabilities and Members' Equity (Net Assets)                                                                                                         |   |   |        |   |   |   |   |   |
|                                                                                                                                                 |   |   |        |   |   |   |   |   |
| Liabilities                                                                                                                                          |   |   |        |   |   |   |   |   |
|                                                                                                                                                 |   |   |        |   |   |   |   |   |
|     Accrued operating expenses                                                                                                   |   | $      | 114,756     |   |   | $      | 58,248 |   |
|     Management fee payable to Managing Member                                                                                    |   |   | 95,779      |   |   |   | 47,332 |   |
|     Servicing fee payable to selling agent                                                                                       |   |   | 27,617      |   |   |   | 22,987 |   |
|     Withdrawals payable                                                                                                          |   |   | 5,696,909   |   |   |   | 1,322,512 |   |
|     Subscriptions received in advance                                                                                            |   |   | 7,702,128   |   |   |   | 2,280,000 |   |
|     Early withdrawal charges payable                                                                                             |   |   | -           |   |   |   | 1,235 |   |
| Total liabilities                                                                                                                                    |   |   | 13,637,189  |   |   |   | 3,732,314 |   |
|                                                                                                                                                 |   |   |        |   |   |   |   |   |
|                     Members' equity (net assets) |   |   | 168,054,984 |   |   |   | 86,021,475 |   |
|                                                                                                                                                 |   |   |        |   |   |   |   |   |
| Total liabilities and members' equity (net assets)                                                                                                   |   | $      | 181,692,173 |   |   | $      | 89,753,789 |   |
|                                                                                                                                                 |   |   |        |   |   |   |   |   |
|                                                                                                                                                 |   |   |        |   |   |   |   |   |
| See Notes to Financial Statements.                                                                                                                   |   |   |        |   |   |   |   |   |

----

| RICI® Linked - PAM Advisors Fund, LLC                                                                  |   |   |       |   |           |      |       |         |       |
|-------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|----------------|-----------|------------|--------------|------------|
| RICI® Linked - PAM Total Index Series                                                                  |   |   |       |   |           |      |       |         |       |
|                                                                                                        |   |   |       |   |           |      |       |         |       |
| Condensed Schedule of Investments                                                                           |   |   |       |   |           |      |       |         |       |
| December 31, 2009                                                                                           |   |   |       |   |           |      |       |         |       |
|                                                                                                        |   |   |       |   |           |      |       |         |       |
|                                                                                                        |   |   |       |   | Net Unrealized |      |       |         |       |
|                                                                                                        |   |   |       |   | Gain (Loss)    |      |       | Percent of   |       |
|                                                                                                        |   |   |       |   | on Open        |      |       | Members'     |       |
|                                                                                                        |   |   |       |   | Long Futures   |      |       | Equity       |       |
|                                                                                                        |   |   |       |   | Contracts      |      |       | (Net Assets) |       |
| Futures contracts *                                                                                         |   |   |       |   |           |      |       |         |       |
|                                                                                                        |   |   |       |   |           |      |       |         |       |
| United States                                                                                               |   |   |       |   |           |      |       |         |       |
| Energy                                                                                                      |   |   |       |   | $              | 422,382   |       |         |       | 0.25 | % |
| Grains                                                                                                      |   |   |       |   |           | 777,940   |       |         |       | 0.46 |   |
| Meat                                                                                                        |   |   |       |   |           | 1,490     |       |         |       | ** |   |
| Metals                                                                                                      |   |   |       |   |           | 219,250   |       |         |       | 0.13 |   |
| Softs                                                                                                       |   |   |       |   |           | 451,518   |       |         |       | 0.27 |   |
| Total futures contracts - United States                                                                     |   |   |       |   |           | 1,872,580 |       |         |       | 1.11 |   |
|                                                                                                        |   |   |       |   |           |      |       |         |       |   |   |
| Foreign                                                                                                     |   |   |       |   |           |      |       |         |       |   |   |
| Energy                                                                                                      |   |   |       |   |           | (87,815   | )          |         |       | (0.05 | ) |
| Grains                                                                                                      |   |   |       |   |           | 2,088     |       |         |       | ** |   |
| Metals                                                                                                      |   |   |       |   |           | 2,845,272 |       |         |       | 1.70 |   |
| Softs                                                                                                       |   |   |       |   |           | 70,717    |       |         |       | 0.04 |   |
| Total futures contracts - Foreign                                                                           |   |   |       |   |           | 2,830,262 |       |         |       | 1.69 |   |
|                                                                                                        |   |   |       |   |           |      |       |         |       |   |   |
| Total futures contracts                                                                                     |   |   |       |   | $              | 4,702,842 |       |         |       | 2.80 | % |
|                                                                                                        |   |   |       |   |           |      |       |         |       |   |   |
|                                                                                                        |   |   |       |   |           |      |       |         | Percent of |   |
|                                                                                                        |   |   |       |   |           |      |       |         | Members'   |   |
|                                                                                                        |   |   |       |   |           |      |       |         | Equity     |   |
|                                                                                                        |   | Cost   |       |   | Fair Value     |      |       | (Net Assets) |       |
| Mutual funds                                                                                                |   |   |       |   |           |      |       |         |       |   |   |
|                                                                                                        |   |   |       |   |           |      |       |         |       |   |   |
| United States                                                                                               |   |   |       |   |           |      |       |         |       |   |   |
| Western Asset Institutional Money Market Fund (16,068,182 shares)                                      |   | $      | 16,068,182 |   |           | $         | 16,068,182 |         |       |   | 9.56 | % |
| Federated Government Obligations Tax Managed Fund (10,121,745 shares)                                       |   |   | 10,121,745 |   |           |      | 10,121,745 |         |       |   | 6.02 |   |
|                                                                                                        |   |   |       |   |           |      |       |         |       |   |   |   |
| Total mutual funds                                                                                          |   | $      | 26,189,927 |   |           | $         | 26,189,927 |         |       |   | 15.58 | % |
|                                                                                                        |   |   |       |   |           |      |       |         |       |   |   |   |
|                                                                                                        |   |   |       |   |           |      |       |         |       |   |   |   |
| * No individual futures contract position constituted greater than 1% of members' equity (net assets). |   |
| Accordingly, the number of contracts and expiration dates are not presented.                                |   |   |       |   |           |      |       |         |       |
|                                                                                                        |   |   |       |   |           |      |       |         |       |   |   |   |
| ** Represents less than 0.00% of members' equity (net assets).                                              |   |   |       |   |           |      |       |         |       |
|                                                                                                        |   |   |       |   |           |      |       |         |       |   |   |   |
| The accompanying notes are an integral part of these financial statements.                                  |   |   |       |   |           |      |       |         |       |   |   |   |

----

| RICI® Linked - PAM Advisors Fund, LLC                                                                  |   |   |       |   |           |       |       |         |       |
|-------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|----------------|------------|------------|--------------|------------|
| RICI® Linked - PAM Total Index Series                                                                  |   |   |       |   |           |       |       |         |       |
|                                                                                                        |   |   |       |   |           |       |       |         |       |
| Condensed Schedule of Investments (Continued)                                                               |   |   |       |   |           |       |       |         |       |
| December 31, 2008                                                                                           |   |   |       |   |           |       |       |         |       |
|                                                                                                        |   |   |       |   |           |       |       |         |       |
|                                                                                                        |   |   |       |   | Net Unrealized |       |       |         |       |
|                                                                                                        |   |   |       |   | Gain (Loss)    |       |       | Percent of   |       |
|                                                                                                        |   |   |       |   | on Open        |       |       | Members'     |       |
|                                                                                                        |   |   |       |   | Long Futures   |       |       | Equity       |       |
|                                                                                                        |   |   |       |   | Contracts      |       |       | (Net Assets) |       |
| Futures contracts *                                                                                         |   |   |       |   |           |       |       |         |       |
|                                                                                                        |   |   |       |   |           |       |       |         |       |
| United States                                                                                               |   |   |       |   |           |       |       |         |       |
| Energy                                                                                                      |   |   |       |   | $              | 532,478    |       |         |       | 0.62 | % |
| Grains                                                                                                      |   |   |       |   |           | 891,817    |       |         |       | 1.04 |   |
| Meat                                                                                                        |   |   |       |   |           | (38,710    | )          |         |       | (0.05 | ) |
| Metals                                                                                                      |   |   |       |   |           | 607,040    |       |         |       | 0.71 |   |
| Softs                                                                                                       |   |   |       |   |           | (331,544   | )          |         |       | (0.39 | ) |
| Total futures contracts - United States                                                                     |   |   |       |   |           | 1,661,081  |       |         |       | 1.93 |   |
|                                                                                                        |   |   |       |   |           |       |       |         |       |   |   |
| Foreign                                                                                                     |   |   |       |   |           |       |       |         |       |   |   |
| Energy                                                                                                      |   |   |       |   |           | 243,875    |       |         |       | 0.28 |   |
| Grains                                                                                                      |   |   |       |   |           | (27,451    | )          |         |       | (0.03 | ) |
| Metals                                                                                                      |   |   |       |   |           | (3,535,296 | )          |         |       | (4.11 | ) |
| Softs                                                                                                       |   |   |       |   |           | 99,970     |       |         |       | 0.12 |   |
| Total futures contracts - Foreign                                                                           |   |   |       |   |           | (3,218,902 | )          |         |       | (3.74 | ) |
|                                                                                                        |   |   |       |   |           |       |       |         |       |   |   |
| Total futures contracts                                                                                     |   |   |       |   | $              | (1,557,821 | )          |         |       | (1.81 | ) % |
|                                                                                                        |   |   |       |   |           |       |       |         |       |   |   |
|                                                                                                        |   |   |       |   |           |       |       |         | Percent of |   |
|                                                                                                        |   |   |       |   |           |       |       |         | Members'   |   |
|                                                                                                        |   |   |       |   |           |       |       |         | Equity     |   |
|                                                                                                        |   | Cost   |       |   | Fair Value     |       |       | (Net Assets) |       |
| Government-sponsored enterprise securities                                                                  |   |   |       |   |           |       |       |         |       |   |   |
|                                                                                                        |   |   |       |   |           |       |       |         |       |   |   |
| Federal Home Loan Bank                                                                                      |   |   |       |   |           |       |       |         |       |   |   |
| $10,000,000 discount note, due 01/20/2009                                                                   |   | $      | 9,860,228  |   |           | $          | 10,000,000 |         |       |   | 11.63 | % |
|                                                                                                        |   |   |       |   |           |       |       |         |       |   |   |   |
| Federal National Mortgage Association                                                                       |   |   |       |   |           |       |       |         |       |   |   |   |
| $10,000,000 discount note, due 02/17/2009                                                                   |   |   | 9,898,481  |   |           |       | 10,000,000 |         |       |   | 11.63 |   |
| $10,000,000 discount note, due 02/02/2009                                                                   |   |   | 9,905,111  |   |           |       | 10,000,000 |         |       |   | 11.63 |   |
| $  5,000,000 discount note, due 02/17/2009                                                        |   |   | 4,949,240  |   |           |       | 5,000,000  |         |       |   | 5.81 |   |
| $  3,000,000 discount note, due 03/20/2009                                                        |   |   | 2,962,358  |   |           |       | 2,999,700  |         |       |   | 3.48 |   |
| $  2,000,000 discount note, due 03/30/2009                                                        |   |   | 1,974,065  |   |           |       | 1,999,600  |         |       |   | 2.32 |   |
|                                                                                                        |   |   |       |   |           |       |       |         |       |   |   |   |
| Total Government-sponsored enterprise securities                                                            |   | $      | 39,549,483 |   |           | $          | 39,999,300 |         |       |   | 46.50 | % |
|                                                                                                        |   |   |       |   |           |       |       |         |       |   |   |   |
| Mutual funds                                                                                                |   |   |       |   |           |       |       |         |       |   |   |   |
|                                                                                                        |   |   |       |   |           |       |       |         |       |   |   |   |
| United States                                                                                               |   |   |       |   |           |       |       |         |       |   |   |   |
| UBS Select Treasury Institutional Fund (116,488 shares)                                                     |   | $      | 116,488    |   |           | $          | 116,488    |         |       |   | 0.14 | % |
|                                                                                                        |   |   |       |   |           |       |       |         |       |   |   |   |
| * No individual futures contract position constituted greater than 1% of members' equity (net assets). |   |   |       |   |           |
| Accordingly, the number of contracts and expiration dates are not presented.                                |   |   |       |   |           |       |       |         |       |
|                                                                                                        |   |   |       |   |           |       |       |         |       |   |   |   |
| The accompanying notes are an integral part of these financial statements.                                  |   |   |       |   |           |       |       |         |       |   |   |   |

----

| RICI® Linked - PAM Advisors Fund, LLC                                 |   |   |       |   |   |   |
|----------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| RICI® Linked - PAM Total Index Series                                 |   |   |       |   |   |   |
|                                                                       |   |   |       |   |   |   |
| Statements of Operations                                                   |   |   |       |   |   |   |
| Years Ended December 31, 2009 and 2008                                     |   |   |       |   |   |   |
|                                                                       |   |   |       |   |   |   |
|                                                                       |   |   |       |   |   |   |
|                                                                       |   | 2009   |       |   | 2008   |   |
| Trading gains and losses:                                                  |   |   |       |   |   |   |
| Realized gains (losses)                                                    |   | $      | 25,981,116 |   |   | $      | (75,024,803 | ) |
| Change in unrealized gains (losses) on open futures contracts              |   |   | 6,260,663  |   |   |   | (2,894,281 | ) |
| Change in unrealized gains (losses) on investments                         |   |   | -          |   |   |   | (212,479 | ) |
| Brokerage commissions                                                      |   |   | (313,291   | )      |   |   | (289,531 | ) |
| Net trading gains (losses)                                                 |   |   | 31,928,488 |   |   |   | (78,421,094 | ) |
|                                                                       |   |   |       |   |   |   |   |   |
| Investment income:                                                         |   |   |       |   |   |   |   |   |
| Interest income                                                            |   |   | 414,294    |   |   |   | 3,822,984 |   |
| Other income                                                               |   |   | 1,235      |   |   |   | 2,997 |   |
|                                                                       |   |   | 415,529    |   |   |   | 3,825,981 |   |
| Expenses:                                                                  |   |   |       |   |   |   |   |   |
| Management fees                                                            |   |   | 829,571    |   |   |   | 890,886 |   |
| Operating expenses                                                         |   |   | 471,978    |   |   |   | 257,250 |   |
| Servicing fees                                                             |   |   | 90,910     |   |   |   | 107,862 |   |
|                                                                       |   |   | 1,392,459  |   |   |   | 1,255,998 |   |
|                                                                       |   |   |       |   |   |   |   |   |
| Net investment income (loss)                                               |   |   | (976,930   | )      |   |   | 2,569,983 |   |
|                                                                       |   |   |       |   |   |   |   |   |
| Net income (loss)                                                          |   | $      | 30,951,558 |   |   | $      | (75,851,111 | ) |
|                                                                       |   |   |       |   |   |   |   |   |
|                                                                       |   |   |       |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements. |   |   |       |   |   |   |   |   |

----

| RICI® Linked - PAM Advisors Fund, LLC                                 |   |            |   |   |                |   |        |   |   |
|----------------------------------------------------------------------------|--------|-----------------|--------|--------|---------------------|--------|-------------|--------|--------|
| RICI® Linked - PAM Total Index Series                            |   |            |   |   |                |   |        |   |   |
|                                                                       |   |            |   |   |                |   |        |   |   |
| Statements of Changes in Members' Equity (Net Assets)                      |   |            |   |   |                |   |        |   |   |
| Years Ended December 31, 2009 and 2008                                     |   |            |   |   |                |   |        |   |   |
|                                                                       |   |            |   |   |                |   |        |   |   |
|                                                                       |   |            |   |   |                |   |        |   |   |
|                                                                       |   |            |   |   |                |   |        |   |   |
|                                                                       |   | Managing Member |   |   | Non-ManagingMembers |   |        | Total  |   |
|                                                                       |   |            |   |   |                |   |        |   |   |
| Members' equity (net assets) January 1, 2008                               |   | $               | -      |   |                | $      | 89,147,063  |   |   | $ | 89,147,063 |   |
|                                                                       |   |            |   |   |                |   |        |   |   |   |   |   |
|       Subscriptions                          |   |            | 20,000 |   |                |   | 101,377,514 |   |   |   | 101,397,514 |   |
|       Withdrawals                            |   |            | -      |   |                |   | (28,671,991 | )      |   |   | (28,671,991 | ) |
|       Net loss                               |   |            | (2,570 | )      |                |   | (75,848,541 | )      |   |   | (75,851,111 | ) |
|                                                                       |   |            |   |   |                |   |        |   |   |   |   |   |
| Members' equity (net assets) December 31, 2008                             |   |            | 17,430 |   |                |   | 86,004,045  |   |   |   | 86,021,475 |   |
|                                                                       |   |            |   |   |                |   |        |   |   |   |   |   |
|       Subscriptions                          |   |            | 10,000 |   |                |   | 80,991,589  |   |   |   | 81,001,589 |   |
|       Withdrawals                            |   |            | -      |   |                |   | (29,919,638 | )      |   |   | (29,919,638 | ) |
|       Net income                             |   |            | 7,049  |   |                |   | 30,944,509  |   |   |   | 30,951,558 |   |
|                                                                       |   |            |   |   |                |   |        |   |   |   |   |   |
| Members' equity (net assets) December 31, 2009                             |   | $               | 34,479 |   |                | $      | 168,020,505 |   |   | $ | 168,054,984 |   |
|                                                                       |   |            |   |   |                |   |        |   |   |   |   |   |
|                                                                       |   |            |   |   |                |   |        |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements. |   |            |   |   |                |   |        |   |   |   |   |   |

----

|  Notes to Financial Statements |
|-------------------------------------|

| Note 1.   | Nature of Operations and Significant Accounting Policies |
|---------------------|----------------------------------------------------------|

----

|  Notes to Financial Statements |
|-------------------------------------|

| Note 1. | Nature of Operations and Significant Accounting Policies (Continued) |
|---------|----------------------------------------------------------------------|

----

|  Notes to Financial Statements |
|-------------------------------------|

| Note 2.   | Fair Value of Financial Instruments |
|---------------------|-------------------------------------|

----

|  Notes to Financial Statements |
|-------------------------------------|

| Note 2. | Fair Value of Financial Instruments (Continued) |
|---------|-------------------------------------------------|

|                                                               |   | December 31, 2009 |        |   | December 31, 2008 |   |
|--------------------------------------------------------------------|--------|-------------------|-------------|--------|-------------------|--------|
| Description                                                        |   | Level 1           |        |   | Level 1           |   |
|                                                               |   |              |        |   |              |   |
| Equity in broker trading account                                   |   |              |        |   |              |   |
| Net unrealized gain (loss) on open futures contracts               |   | $                 | 4,702,842   |   |              | $      | (1,557,821 | ) |
| Cash and cash equivalents                                          |   |              |        |   |              |   |   |   |
| Money market funds                                                 |   |              | 129,115,708 |   |              |   | 20,514,398 |   |
| Investments                                                        |   |              |        |   |              |   |   |   |
|     Government-sponsored enterprise securities |   |              | -           |   |              |   | 39,999,300 |   |
|     Mutual funds                               |   |              | 26,189,927  |   |              |   | 116,488 |   |
|                                                               |   |              |        |   |              |   |   |   |
| Total assets at fair value                                         |   | $                 | 160,008,477 |   |              | $      | 59,072,365 |   |

| Note 3. | Derivative Instruments |
|---------|------------------------|

----

|  Notes to Financial Statements |
|-------------------------------------|

| Note 3. | Derivative Instruments (Continued) |
|---------|------------------------------------|

| Statement of Financial Condition: |            |                             |   |                   |       |   |                              |      |       |           |
|-----------------------------------|-----------------|----------------------------------|--------|------------------------|------------|--------|-----------------------------------|-----------|------------|----------------|
|                              |            |                             |   | Asset Derivatives      |       |   | Liability Derivatives             |      |       |           |   |
|                              | Contract risk   | Location                         |   | December 31, 2009      |       |   | December 31, 2009                 |      |       | Net            |   |
|                              |            |                             |   |                   |       |   |                              |      |       |           |   |
| Futures:                          | Commodity price | Equity in broker trading account |   |                   |       |   |                              |      |       |           |   |
| Energy                            |            |                             |   | $                      | 480,097    |   |                              | $         | (145,530   | )              |   | $ | 334,567 |   |
| Grains                            |            |                             |   |                   | 921,448    |   |                              |      | (141,420   | )              |   |   | 780,028 |   |
| Meats                             |            |                             |   |                   | 24,830     |   |                              |      | (23,340    | )              |   |   | 1,490 |   |
| Metals                            |            |                             |   |                   | 4,662,243  |   |                              |      | (1,597,721 | )              |   |   | 3,064,522 |   |
| Softs                             |            |                             |   |                   | 864,713    |   |                              |      | (342,478   | )              |   |   | 522,235 |   |
|                              |            |                             |   |                   |       |   |                              |      |       |           |   |   |   |   |
|                              |            |                             |   | $                      | 6,953,331  |   |                              | $         | (2,250,489 | )              |   | $ | 4,702,842 |   |
|                              |            |                             |   |                   |       |   |                              |      |       |           |   |   |   |   |
| Statement of Operations:          |            |                             |   |                   |       |   |                              |      |       |           |   |   |   |
|                              |            |                             |   |                   |       |   |                              | Change in |       |           |   |   |   |
|                              |            |                             |   |                   |       |   | unrealized gains                  |      |       | Net trading    |   |
|                              | Contract risk   |                             |   | Realizedgains (losses) |       |   | (losses) on openfutures contracts |      |       | gains (losses) |   |
|                              |            |                             |   |                   |       |   |                              |      |       |           |   |   |   |   |
| Futures:                          | Commodity price |                             |   |                   |       |   |                              |      |       |           |   |   |   |   |
| Energy                            |            |                             |   | $                      | 12,910,221 |   |                              | $         | (441,786   | )              |   | $ | 12,468,435 |   |
| Grains                            |            |                             |   |                   | (1,163,390 | )      |                              |      | 123,201    |           |   |   | (1,040,189 | ) |
| Meats                             |            |                             |   |                   | (372,116   | )      |                              |      | 40,200     |           |   |   | (331,916 | ) |
| Metals                            |            |                             |   |                   | 9,031,927  |   |                              |      | 5,992,779  |           |   |   | 15,024,706 |   |
| Softs                             |            |                             |   |                   | 5,574,474  |   |                              |      | 546,269    |           |   |   | 6,120,743 |   |
|                              |            |                             |   |                   |       |   |                              |      |       |           |   |   |   |   |
|                              |            |                             |   | $                      | 25,981,116 |   |                              | $         | 6,260,663  |           |   | $ | 32,241,779 |   |

| Note 4. | Equity in Broker Trading Account |
|---------|----------------------------------|

----

|  Notes to Financial Statements |
|-------------------------------------|

| Note 5. | Subscriptions, Withdrawals, and Distributions |
|---------|-----------------------------------------------|

| Note 6.   | The Managing Member |
|---------------------|---------------------|

| Note 7.   | Fees and Expenses |
|---------------------|-------------------|

----

|  Notes to Financial Statements |
|-------------------------------------|

| Note 7.  | Fees and Expenses (Continued) |
|---------------|-------------------------------|

| Note 8.   | Trading Activities and Related Risks |
|---------------------|--------------------------------------|

----

|  Notes to Financial Statements |
|-------------------------------------|

| Note 9.   | Financial Highlights |
|---------------------|----------------------|

|                                                          |   | 2009   | 2008   |
|---------------------------------------------------------------|--------|--------|--------|
|                                                          |   |   |   |   |   |   |
| Total return                                                  |   |   | 24.79  | % |   |   | (0.42 | )% |
|                                                          |   |   |   |   |   |   |   |   |
| Ratios to average members' equity (net assets)                |   |   |   |   |   |   |   |   |
|     Expenses, including servicing fees(1) |   |   | 1.11   | % |   |   | 0.01 | % |
|     Net investment income (loss)(2)       |   |   | (0.78  | ) % |   |   | 0.02 | % |

| Note 10.   | Indemnifications |
|----------------------|------------------|

| Note 11.   | Subsequent Events |
|----------------------|-------------------|

----