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

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

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| RICI® Linked - PAM Advisors Fund, LLC |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|--------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Statements of Financial Condition          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010 and December 31, 2009    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                       |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |
|----------------------------------------------------------------------------|-----------------------------------------------------------|--------|--------------------|-------------|--------|----------------------------|-------------|------------|----------------------|--------|------------|------------------------------------------------------------|--------|--------|-------------------|-----------|--------|-------------------|--------|--------|-------------------|--------|--------|-------------------|--------|
|                                                                       |                                                      |   | Total Index Series |        |   | Agricultural Sector Series |        |       | Energy Sector Series |   |       | Total for RICI ® Linked - PAM Advisors Fund, LLC |   |
|                                                                       |                                                      |   | December 31, 2010  |        |   | December 31, 2009          |        |       | December 31, 2010    |   |       | December 31, 2009                                          |   |   | December 31, 2010 |      |   | December 31, 2009 |   |   | December 31, 2010 |   |   | December 31, 2009 |   |
| Assets                                                                     |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |
|                                                                       |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |
| Equity in broker trading account                                           |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |
|                                                                       | Cash                                                      |   | $                  | 14,326,003  |   |                       | $           | 11,862,883 |                 |   | $          | 1,061,906                                                  |   |   | $                 | 1,194,272 |   |              | $      | -      |              |   | $      | -                 |   |   | $ | 15,387,909 |   |   | $ | 13,057,155 |   |
|                                                                       | Net unrealized gain on open futures contracts             |   |               | 20,897,933  |   |                       |        | 4,702,842  |                 |   |       | 1,791,496                                                  |   |   |              | 276,642   |   |              |   | -      |              |   |   | -                 |   |   |   | 22,689,429 |   |   |   | 4,979,484 |   |
|                                                                       |                                                      |   |               | 35,223,936  |   |                       |        | 16,565,725 |                 |   |       | 2,853,402                                                  |   |   |              | 1,470,914 |   |              |   | -      |              |   |   | -                 |   |   |   | 38,077,338 |   |   |   | 18,036,639 |   |
|                                                                       |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                  |                                                      |   | 26,361,701         |        |   |                       | 138,914,951 |       |                 |   | 886,273    |                                                       |   |   | 13,075,303        |      |   |              | 14,555 |   |              |   | -      |              |   |   | 27,262,529 |   |   |   | 151,990,254 |   |
| Investments                                                                |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |   |   |   |   |   |   |   |
|                                                                       | Government-sponsored enterprise securities, at fair value |   |               | 282,847,260 |   |                       |        | -          |                 |   |       | 13,489,960                                                 |   |   |              | -         |   |              |   | -      |              |   |   | -                 |   |   |   | 296,337,220 |   |   |   | - |   |
|                                                                       | Mutual funds, at fair value                               |   |               | 329,030     |   |                       |        | 26,189,927 |                 |   |       | 575,299                                                    |   |   |              | -         |   |              |   | -      |              |   |   | -                 |   |   |   | 904,329 |   |   |   | 26,189,927 |   |
| Interest receivable                                                        |                                                      |   | 1,480              |        |   |                       | 11,548      |       |                 |   | 111        |                                                       |   |   | 891               |      |   |              | -      |   |              |   | -      |              |   |   | 1,591 |   |   |   | 12,439 |   |
| Other assets                                                               |                                                      |   | -                  |        |   |                       | 10,022      |       |                 |   | -          |                                                       |   |   | -                 |      |   |              | -      |   |              |   | -      |              |   |   | - |   |   |   | 10,022 |   |
|                                                                       |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |   |   |   |   |   |   |   |   |
| Total assets                                                               |                                                      | $      | 344,763,407        |        |   | $                          | 181,692,173 |       |                 | $      | 17,805,045 |                                                       |   | $      | 14,547,108        |      |   | $                 | 14,555 |   |              | $      | -      |              |   | $ | 362,583,007 |   |   | $ | 196,239,281 |   |
|                                                                       |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |   |   |   |   |   |   |   |   |
| Liabilities and Members' Equity (Net Assets)                               |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |   |   |   |   |   |   |   |
|                                                                       |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |   |   |   |   |   |   |   |   |
| Accrued operating expenses                                                 |                                                      | $      | 182,020            |        |   | $                          | 114,756     |       |                 | $      | 37,549     |                                                       |   | $      | 35,487            |      |   | $                 | 14,555 |   |              | $      | -      |              |   | $ | 234,124 |   |   | $ | 150,243 |   |
| Management fee payable to Managing Member                                  |                                                      |   | 178,285            |        |   |                       | 95,779      |       |                 |   | 9,565      |                                                       |   |   | 7,787             |      |   |              | -      |   |              |   | -      |              |   |   | 187,850 |   |   |   | 103,566 |   |
| Support services fee payable                                               |                                                      |   | 27,414             |        |   |                       | -           |       |                 |   | 1,471      |                                                       |   |   | -                 |      |   |              | -      |   |              |   | -      |              |   |   | 28,885 |   |   |   | - |   |
| Servicing fee payable to selling agent                                     |                                                      |   | 32,142             |        |   |                       | 27,617      |       |                 |   | 7,099      |                                                       |   |   | 4,334             |      |   |              | -      |   |              |   | -      |              |   |   | 39,241 |   |   |   | 31,951 |   |
| Withdrawals payable                                                        |                                                      |   | 3,346,945          |        |   |                       | 5,696,909   |       |                 |   | 130,892    |                                                       |   |   | 4,295,450         |      |   |              | -      |   |              |   | -      |              |   |   | 3,477,837 |   |   |   | 9,992,359 |   |
| Subscriptions received in advance                                          |                                                      |   | 15,378,230         |        |   |                       | 7,702,128   |       |                 |   | 60,000     |                                                       |   |   | 100,000           |      |   |              | -      |   |              |   | -      |              |   |   | 15,438,230 |   |   |   | 7,802,128 |   |
|                                                                       |                                                      |   |               | 19,145,036  |   |                       |        | 13,637,189 |                 |   |       | 246,576                                                    |   |   |              | 4,443,058 |   |              |   | 14,555 |              |   |   | -                 |   |   |   | 19,406,167 |   |   |   | 18,080,247 |   |
| Members' equity (net assets)                                               |                                                      |   | 325,618,371        |        |   |                       | 168,054,984 |       |                 |   | 17,558,469 |                                                       |   |   | 10,104,050        |      |   |              | -      |   |              |   | -      |              |   |   | 343,176,840 |   |   |   | 178,159,034 |   |
|                                                                       |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |   |   |   |   |   |   |   |   |
| Total liabilities and members' equity (net assets)                         |                                                      | $      | 344,763,407        |        |   | $                          | 181,692,173 |       |                 | $      | 17,805,045 |                                                       |   | $      | 14,547,108        |      |   | $                 | 14,555 |   |              | $      | -      |              |   | $ | 362,583,007 |   |   | $ | 196,239,281 |   |
|                                                                       |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements. |                                                      |   |               |        |   |                       |        |       |                 |
|                                                                       |                                                      |   |               |        |   |                       |        |       |                 |   |       |                                                       |   |   |              |      |   |              |   |   |              |   |   |              |   |   |   |   |   |   |   |   |   |

----

| RICI® Linked - PAM Advisors Fund, LLC                                                                  |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |
|-------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|--------|-------------|------------|------------|-----------------------------------------------------|-------------|--------------|--------------------------------------|------------|--------|----------------------------|------------|------------------------------------------------------|------------|--------------|--------------------------------------|-----------|------------|------------|------------|-------------------------------------------------------|----------|--------------|---------------------------------------|--------|--------|--------|------------|------------------------------------------------------|--------|
| Condensed Schedule of Investments                                                                           |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |
| December 31, 2010                                                                                           |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |
|                                                                                                        |                                                  |   |        |       |       | Total Index Series                                  |        |         |                                 |       |   | Agricultural Sector Series |       |                                                 |       |         | Energy Sector Series                 |      |       |       |       | Total for RICI ® Linked - PAM Advisors Fund, LLC |
|                                                                                                        |                                                  |   |        |       |       | NetUnrealizedGain (Loss)on OpenLongFuturesContracts |        |         | Percent ofMembers'Equity(Net Assets) |       |   |                       |       | NetUnrealizedGain (Loss)on OpenLong FuturesContracts |       |         | Percent ofMembers'Equity(Net Assets) |      |       |       |       | NetUnrealizedGain(Loss)on OpenLongFuturesContracts    |     |         | Percent ofMembers' Equity(Net Assets) |   |   |   |       | NetUnrealizedGain (Loss)on OpenLong FuturesContracts |   |   | PercentofMembers'Equity(Net Assets) |
| Futures contracts *                                                                                         |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |
| United States                                                                                               |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |
|                                                                                                        | Energy                                                |   |        |       |       | $                                                   | 2,003,177   |         |                                 |       | 0.62   | %                          |       |                                                 |       |         | $                                    | -         |       |       |       | -                                                     | %        |         |                                  |   |   | $      | -          |                                                 |   |   | - | % |   |   |   |   | $ | 2,003,177 |   |   |   | 0.58 | % |
|                                                                                                        | Grains                                                |   |        |       |       |                                                | 3,616,925   |         |                                 |       | 1.11   |                       |       |                                                 |       |         |                                 | 531,348   |       |       |       | 3.03                                                  |     |         |                                  |   |   |   | -          |                                                 |   |   | - |   |   |   |   |   |   | 4,148,273 |   |   |   | 1.21 |   |
|                                                                                                        | Meat                                                  |   |        |       |       |                                                | 163,080     |         |                                 |       | 0.05   |                       |       |                                                 |       |         |                                 | 40,370    |       |       |       | 0.23                                                  |     |         |                                  |   |   |   | -          |                                                 |   |   | - |   |   |   |   |   |   | 203,450 |   |   |   | 0.06 |   |
|                                                                                                        | Metals                                                |   |        |       |       |                                                | 2,411,320   |         |                                 |       | 0.74   |                       |       |                                                 |       |         |                                 | -         |       |       |       | -                                                     |     |         |                                  |   |   |   | -          |                                                 |   |   | - |   |   |   |   |   |   | 2,411,320 |   |   |   | 0.70 |   |
|                                                                                                        | Softs                                                 |   |        |       |       |                                                | 7,693,075   |         |                                 |       | 2.36   |                       |       |                                                 |       |         |                                 | 1,140,896 |       |       |       | 6.50                                                  |     |         |                                  |   |   |   | -          |                                                 |   |   | - |   |   |   |   |   |   | 8,833,971 |   |   |   | 2.57 |   |
| Total futures contracts - United States                                                                     |                                                  |   |        | 15,887,577 |       |                                                |        | 4.88         |                                 |       |   |                       |       |                                                 | 1,712,614  |         |                                 |      | 9.76       |       |       |                                                  |     |         |                                  | -      |   |   |       | -                                                    |   |   |   |   |   |   | 17,600,191 |   |   |   | 5.12 |   |
| Foreign                                                                                                     |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        | Energy                                                |   |        |       |       |                                                | 1,262,395   |         |                                 |       | 0.39   |                       |       |                                                 |       |         |                                 | -         |       |       |       | -                                                     |     |         |                                  |   |   |   | -          |                                                 |   |   | - |   |   |   |   |   |   | 1,262,395 |   |   |   | 0.37 |   |
|                                                                                                        | Grains                                                |   |        |       |       |                                                | 57,315      |         |                                 |       | 0.02   |                       |       |                                                 |       |         |                                 | 6,044     |       |       |       | 0.03                                                  |     |         |                                  |   |   |   | -          |                                                 |   |   | - |   |   |   |   |   |   | 63,359 |   |   |   | 0.02 |   |
|                                                                                                        | Metals                                                |   |        |       |       |                                                | 3,210,276   |         |                                 |       | 0.99   |                       |       |                                                 |       |         |                                 | -         |       |       |       | -                                                     |     |         |                                  |   |   |   | -          |                                                 |   |   | - |   |   |   |   |   |   | 3,210,276 |   |   |   | 0.94 |   |
|                                                                                                        | Softs                                                 |   |        |       |       |                                                | 480,370     |         |                                 |       | 0.15   |                       |       |                                                 |       |         |                                 | 72,838    |       |       |       | 0.41                                                  |     |         |                                  |   |   |   | -          |                                                 |   |   | - |   |   |   |   |   |   | 553,208 |   |   |   | 0.16 |   |
| Total futures contracts - Foreign                                                                           |                                                  |   |        | 5,010,356  |       |                                                |        | 1.55         |                                 |       |   |                       |       |                                                 | 78,882     |         |                                 |      | 0.44       |       |       |                                                  |     |         |                                  | -      |   |   |       | -                                                    |   |   |   |   |   |   | 5,089,238 |   |   |   | 1.49 |   |
| Total futures contracts                                                                                     |                                                  |   |        |       | $          | 20,897,933                                          |        |         |                                 | 6.43       | %      |                       |       |                                                 |       | $            | 1,791,496                            |      |       |       | 10.20      | %                                                     |     |         |                                  |   | $      | -      |       |                                                 |   | - | % |   |   |   |   | $ | 22,689,429 |   |   |   | 6.61 | % |
|                                                                                                        |                                                  |   |        |       |       |                                                |        |         |                                 | Percent of |   |                       |       |                                                 |       |         |                                 |      |       | Percent of |       |                                                  |     |         |                                  |   |   |   |       | Percent of                                           |   |   |   |   |   |   |   |   |   | Percent of |   |
| Government-Sponsored enterprise securities                                                                  |                                                  |   | Members'    |       |       |                                                |        |         |                                 |       |   |                       | Members'   |                                                 |       |         |                                 |      |       |       |       |                                                  | Members' |         |                                  |   |   |   |       |                                                 |   |   | Members' |   |
|                                                                                                        |                                                  |   |        |       |       |                                                |        |         |                                 | Equity     |   |                       |       |                                                 |       |         |                                 |      |       | Equity     |       |                                                  |     |         |                                  |   |   |   |       | Equity                                               |   |   |   |   |   |   |   |   |   | Equity |   |
| United States                                                                                               |                                                  | Cost   |        |       | Fair Value |                                                |        | (Net Assets) |                                 | Cost       |   |                       | Fair Value |                                                 |       | (Net Assets) |                                 | Cost      |       |       | Fair Value |                                                  |     | (Net Assets) |                                  | Cost   |   |   | Fair Value |                                                 |   | (Net Assets) |
| Federal Home Loan Bank                                                                                      |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        | $ 10,000,000 discount note, due 01/20/2011            |   | $           | 9,996,533  |       |                                                | $           | 9,999,800    |                                 |       |   | 3.07                       | %          |                                                 | $          | -            |                                 |      | $          | -          |       |                                                  |     | -            | %                                     |   | $      | -      |       |                                                 | $      | - |   |   |   | - | % |   | $ | 9,996,533 |   |   | $ | 9,999,800 |   |   |   | 2.91 | % |
|                                                                                                        | $ 10,000,000 discount note, due 02/23/2011            |   |        | 9,993,121  |       |                                                |        | 9,998,900    |                                 |       |   | 3.07                       |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 9,993,121 |   |   |   | 9,998,900 |   |   |   | 2.91 |   |
|                                                                                                        | $ 3,000,000 discount note, due 02/23/2011             |   |        | 2,998,095  |       |                                                |        | 2,999,670    |                                 |       |   | 0.92                       |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 2,998,095 |   |   |   | 2,999,670 |   |   |   | 0.87 |   |
|                                                                                                        | $ 20,000,000 discount note, due 03/23/2011            |   |        | 19,979,000 |       |                                                |        | 19,995,600   |                                 |       |   | 6.14                       |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 19,979,000 |   |   |   | 19,995,600 |   |   |   | 5.83 |   |
|                                                                                                        | $ 20,000,000 discount note, due 03/25/2011            |   |        | 19,978,000 |       |                                                |        | 19,995,400   |                                 |       |   | 6.14                       |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 19,978,000 |   |   |   | 19,995,400 |   |   |   | 5.83 |   |
|                                                                                                        | $ 20,000,000 discount note, due 04/06/2011            |   |        | 19,977,250 |       |                                                |        | 19,994,400   |                                 |       |   | 6.14                       |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 19,977,250 |   |   |   | 19,994,400 |   |   |   | 5.83 |   |
|                                                                                                        | $ 5,000,000 discount note, due 04/07/2011             |   |        | 4,994,283  |       |                                                |        | 4,998,550    |                                 |       |   | 1.54                       |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 4,994,283 |   |   |   | 4,998,550 |   |   |   | 1.46 |   |
|                                                                                                        | $ 1,000,000 discount note, due 04/07/2011             |   |        | -          |       |                                                |        | -            |                                 |       |   | -                          |       |                                                 |       | 998,857      |                                 |      |       | 999,710    |       |                                                  |     | 5.69         |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 998,857 |   |   |   | 999,710 |   |   |   | 0.29 |   |
|                                                                                                        | $ 10,000,000 discount note, due 05/18/2011            |   |        | 9,992,650  |       |                                                |        | 9,995,100    |                                 |       |   | 3.07                       |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 9,992,650 |   |   |   | 9,995,100 |   |   |   | 2.91 |   |
|                                                                                                        | $ 33,000,000 discount note, due 06/22/2011            |   |        | 32,959,062 |       |                                                |        | 32,974,920   |                                 |       |   | 10.13                      |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 32,959,062 |   |   |   | 32,974,920 |   |   |   | 9.61 |   |
|                                                                                                        | $ 6,000,000 discount note, due 06/22/2011             |   |        |       | 5,992,593  |                                                |        |         | 5,995,440                            |       |   |                       | 34.15      |                                                 |       |         | -                                    |      |       |       | -          |                                                  |     |         | -                                     |   |   |   | 5,992,593  |                                                 |   |   | 5,995,440 |   |   |   | 1.75 |   |
|                                                                                                        | $ 34,000,000 discount note, due 06/28/2011            |   |        | 33,962,978 |       |                                                |        | 33,973,480   |                                 |       |   | 10.43                      |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 33,962,978 |   |   |   | 33,973,480 |   |   |   | 9.90 |   |
|                                                                                                        | $ 34,000,000 discount note, due 07/26/2011            |   |        | 33,951,342 |       |                                                |        | 33,965,320   |                                 |       |   | 10.43                      |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 33,951,342 |   |   |   | 33,965,320 |   |   |   | 9.90 |   |
|                                                                                                        | $ 20,000,000 discount note, due 07/26/2011            |   |        | 19,971,633 |       |                                                |        | 19,979,600   |                                 |       |   | 6.14                       |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 19,971,633 |   |   |   | 19,979,600 |   |   |   | 5.82 |   |
|                                                                                                        | $ 5,000,000 discount note, due 07/26/2011             |   |        | -          |       |                                                |        | -            |                                 |       |   | -                          |       |                                                 |       | 4,993,778    |                                 |      |       | 4,994,900  |       |                                                  |     | 28.45        |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 4,993,778 |   |   |   | 4,994,900 |   |   |   | 1.46 |   |
| Federal National Mortgage                                                                                   |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        | Association$ 10,000,000 discount note, due 02/01/2011 |   |        | 9,995,417  |       |                                                |        | 9,999,400    |                                 |       |   | 3.07                       |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 9,995,417 |   |   |   | 9,999,400 |   |   |   | 2.91 |   |
|                                                                                                        | $ 1,500,000 discount note, due 02/01/2011             |   |        | -          |       |                                                |        | -            |                                 |       |   | -                          |       |                                                 |       | 1,499,306    |                                 |      |       | 1,499,910  |       |                                                  |     | 8.54         |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 1,499,306 |   |   |   | 1,499,910 |   |   |   | 0.44 |   |
| U.S.Treasury Bills                                                                                          |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        | $ 20,000,000 Treasury bill due 03/24/2011             |   |        | 19,983,408 |       |                                                |        | 19,994,800   |                                 |       |   | 6.14                       |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 19,983,408 |   |   |   | 19,994,800 |   |   |   | 5.83 |   |
|                                                                                                        | $ 34,000,000 Treasury bill due 05/12/2011             |   |        | 33,971,908 |       |                                                |        | 33,982,320   |                                 |       |   | 10.44                      |       |                                                 |       | -            |                                 |      |       | -          |       |                                                  |     | -            |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 33,971,908 |   |   |   | 33,982,320 |   |   |   | 9.90 |   |
|                                                                                                        |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Government-sponsored enterprise securities                                                            |                                                  | $      | 282,704,680 |       |       | $                                                   | 282,847,260 |         |                                 |       | 86.87  | %                          |       | $                                                    | 13,484,534 |         |                                 | $         | 13,489,960 |       |       |                                                  | 76.83    | %            |                                  | $      | -      |   |       | $                                                    | -      |   |   |   | - | % |   | $ | 296,189,214 |   |   | $ | 296,337,220 |   |   |   | 86.36 | % |
|                                                                                                        |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mutual funds                                                                                                |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United States                                                                                               |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        | AIM Government &                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        | Agency Portfolio Institutional (329,030 shares)       |   | $           | 329,030    |       |                                                | $           | 329,030      |                                 |       |   | 0.10                       | %          |                                                 | $          | -            |                                 |      | $          | -          |       |                                                  |     | -            | %                                     |   | $      | -      |       |                                                 | $      | - |   |   |   | - | % |   | $ | 329,030 |   |   | $ | 329,030 |   |   |   | 0.10 | % |
|                                                                                                        | AIM Government &                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        | Agency Portfolio Institutional (575,299 shares)       |   |        | -          |       |                                                |        | -            |                                 |       |   | -                          |       |                                                 |       | 575,299      |                                 |      |       | 575,299    |       |                                                  |     | 3.28         |                                  |   |   | -      |       |                                                 |   | - |   |   |   | - |   |   |   | 575,299 |   |   |   | 575,299 |   |   |   | 0.17 |   |
| Total mutual funds                                                                                          |                                                  | $      | 329,030     |       |       | $                                                   | 329,030     |         |                                 |       | 0.10   | %                          |       | $                                                    | 575,299    |         |                                 | $         | 575,299    |       |       |                                                  | 3.28     | %            |                                  | $      | -      |   |       | $                                                    | -      |   |   |   | - | % |   | $ | 904,329 |   |   | $ | 904,329 |   |   |   | 0.27 | % |
|                                                                                                        |                                                  |   |        |       |       |                                                |        |         |                                 |       |   |                       |       |                                                 |       |         |                                 |      |       |       |       |                                                  |     |         |                                  |   |   |   |       |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| * 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 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|--------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Condensed Schedule of Investments          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2009                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                                                        |                                                                  |   |       |       |   | Total Index Series               |       |       |               |       |   | Agricultural Sector Series |   |   |                             |   |    | Energy Sector Series |   |       |   |   |   | Total for RICI ® Linked - PAM Advisors Fund, LLC |   |
|-------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|--------|------------|------------|--------|----------------------------------|------------|------------|--------------------|------------|--------|----------------------------|--------|--------|----------------------------------|--------|---------|----------------------|--------|------------|--------|--------|--------|-------------------------------------------------------|--------|
|                                                                                                        |                                                                  |   |       |       |   | Net UnrealizedGain (Loss)on Open |       |       | Percent ofMembers' |       |   |                       |   |   | Net UnrealizedGain (Loss)on Open |   |    | Percent ofMembers'   |   |       |   |   |   | Net UnrealizedGain (Loss)on Open                      |   |   | Percent ofMembers' |   |   |   |   |   | Net UnrealizedGain (Loss)on Open |   |   | Percent ofMembers' |   |
|                                                                                                        |                                                                  |   |       |       |   | Long FuturesContracts            |       |       | Equity(Net Assets) |       |   |                       |   |   | Long FuturesContracts            |   |    | Equity(Net Assets)   |   |       |   |   |   | Long FuturesContracts                                 |   |   | Equity(Net Assets) |   |   |   |   |   | Long FuturesContracts |   |   | Equity(Net Assets) |   |
| Futures contracts *                                                                                         |                                                                  |   |       |       |   |                             |       |       |               |       |   |                       |   |   |                             |   |    |                 |   |       |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        |                                                                  |   |       |       |   |                             |       |       |               |       |   |                       |   |   |                             |   |    |                 |   |       |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United States                                                                                               |                                                                  |   |       |       |   |                             |       |       |               |       |   |                       |   |   |                             |   |    |                 |   |       |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Energy                                                                                                      |                                                                  |   |       |       |   | $                                | 422,382    |       |               |       | 0.25   | %                          |   |   |                             |   | $       | -                    |   |       |   | -      | %      |                                                  |   |   |   | $ | - |   |   |   | - | % |   |   |   |   | $ | 422,382 |   |   |   | 0.24 | % |
| Grains                                                                                                      |                                                                  |   |       |       |   |                             | 777,940    |       |               |       | 0.46   |                       |   |   |                             |   |    | 147,975              |   |       |   | 1.46   |   |                                                  |   |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 925,915 |   |   |   | 0.52 |   |
| Meat                                                                                                        |                                                                  |   |       |       |   |                             | 1,490      |       |               |       | **     |                       |   |   |                             |   |    | 2,310                |   |       |   | 0.02   |   |                                                  |   |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 3,800 |   |   |   | ** |   |
| Metals                                                                                                      |                                                                  |   |       |       |   |                             | 219,250    |       |               |       | 0.13   |                       |   |   |                             |   |    | -                    |   |       |   | -      |   |                                                  |   |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 219,250 |   |   |   | 0.12 |   |
| Softs                                                                                                       |                                                                  |   |       |       |   |                             | 451,518    |       |               |       | 0.27   |                       |   |   |                             |   |    | 108,868              |   |       |   | 1.08   |   |                                                  |   |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 560,386 |   |   |   | 0.31 |   |
| Total futures contracts - United States                                                                     |                                                                  |   |       |       |   | 1,872,580                        |       |       |               | 1.11       |   |                       |   |   |                             |   | 259,153 |                 |   |       | 2.56   |   |   |                                                  |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 2,131,733 |   |   |   | 1.19 |   |
|                                                                                                        |                                                                  |   |       |       |   |                             |       |       |               |       |   |                       |   |   |                             |   |    |                 |   |       |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign                                                                                                     |                                                                  |   |       |       |   |                             |       |       |               |       |   |                       |   |   |                             |   |    |                 |   |       |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Energy                                                                                                      |                                                                  |   |       |       |   |                             | (87,815    | )          |               |       | (0.05  | )                          |   |   |                             |   |    | -                    |   |       |   | -      |   |                                                  |   |   |   |   | - |   |   |   | - |   |   |   |   |   |   | (87,815 | ) |   |   | (0.05 | ) |
| Grains                                                                                                      |                                                                  |   |       |       |   |                             | 2,088      |       |               |       | **     |                       |   |   |                             |   |    | 559                  |   |       |   | 0.01   |   |                                                  |   |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 2,647 |   |   |   | ** |   |
| Metals                                                                                                      |                                                                  |   |       |       |   |                             | 2,845,272  |       |               |       | 1.70   |                       |   |   |                             |   |    | -                    |   |       |   | -      |   |                                                  |   |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 2,845,272 |   |   |   | 1.60 |   |
| Softs                                                                                                       |                                                                  |   |       |       |   |                             | 70,717     |       |               |       | 0.04   |                       |   |   |                             |   |    | 16,930               |   |       |   | 0.17   |   |                                                  |   |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 87,647 |   |   |   | 0.05 |   |
| Total futures contracts - Foreign                                                                           |                                                                  |   |       |       |   | 2,830,262                        |       |       |               | 1.69       |   |                       |   |   |                             |   | 17,489  |                 |   |       | 0.18   |   |   |                                                  |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 2,847,751 |   |   |   | 1.60 |   |
|                                                                                                        |                                                                  |   |       |       |   |                             |       |       |               |       |   |                       |   |   |                             |   |    |                 |   |       |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures contracts                                                                                     |                                                                  |   |       |       | $      | 4,702,842                        |       |       |               | 2.80       | %      |                       |   |   |                             | $      | 276,642 |                 |   |       | 2.74   | %      |   |                                                  |   |   | $ | - |   |   |   | - | % |   |   |   |   | $ | 4,979,484 |   |   |   | 2.79 | % |
|                                                                                                        |                                                                  |   |       |       |   |                             |       |       |               |       |   |                       |   |   |                             |   |    |                 |   |       |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        |                                                                  |   |       |       |   |                             |       |       |               | Percent of |   |                       |   |   |                             |   |    |                 |   | Percent of |   |   |   |                                                  |   |   |   |   |   | Percent of |   |   |   |   |   |   |   |   |   | Percent of |   |
|                                                                                                        |                                                                  |   |       |       |   |                             |       |       |               | Members'   |   |                       |   |   |                             |   |    |                 |   | Members'   |   |   |   |                                                  |   |   |   |   |   | Members' |   |   |   |   |   |   |   |   |   | Members' |   |
|                                                                                                        |                                                                  |   |       |       |   |                             |       |       |               | Equity     |   |                       |   |   |                             |   |    |                 |   | Equity     |   |   |   |                                                  |   |   |   |   |   | Equity |   |   |   |   |   |   |   |   |   | Equity |   |
|                                                                                                        |                                                                  |   | Cost       |       |   | Fair Value                       |       |       | (Net Assets)       |       |   | Cost                       |   |   | Fair Value                       |   |    | (Net Assets)         |   |       | Cost   |   |   | Fair Value                                            |   |   | (Net Assets) |   |   | 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                       | %      |   | $                                | -      |    |                 | $      | -          |   |   |   | -                                                     | %      |   | $ | - |   |   | $ | - |   |   |   | - | % |   | $ | 16,068,182 |   |   | $ | 16,068,182 |   |   |   | 9.02 | % |
|                                                                                                        | Federated Government Obligations Tax Managed Fund (10,121,745 shares) |   |       | 10,121,745 |   |                             |       | 10,121,745 |               |       |   | 6.02                       |   |   |                             | -      |    |                 |   | -          |   |   |   | -                                                     |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 10,121,745 |   |   |   | 10,121,745 |   |   |   | 5.68 |   |
|                                                                                                        |                                                                  |   |       |       |   |                             |       |       |               |       |   |                       |   |   |                             |   |    |                 |   |       |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total mutual funds                                                                                          |                                                                  | $      | 26,189,927 |       |   | $                                | 26,189,927 |       |               |       | 15.58  | %                          |   | $      | -                                |   |    | $                    | -      |       |   |   | -      | %                                                     |   | $ | - |   |   | $ | - |   |   |   | - | % |   | $ | 26,189,927 |   |   | $ | 26,189,927 |   |   |   | 14.70 | % |
|                                                                                                        |                                                                  |   |       |       |   |                             |       |       |               |       |   |                       |   |   |                             |   |    |                 |   |       |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        |                                                                  |   |       |       |   |                             |       |       |               |       |   |                       |   |   |                             |   |    |                 |   |       |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                        |                                                                  |   |       |       |   |                             |       |       |               |       |   |                       |   |   |                             |   |    |                 |   |       |   |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| * 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                                 |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |
|----------------------------------------------------------------------------|--------|--------------------|------------|--------|----------------------------|--------|------------|----------------------|--------|--------|------------------------------------------------------------|--------|--------|--------|---------|--------|--------|--------|----------|
| Statements of Operations                                                   |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |
| Years Ended December 31, 2010 and 2009                                     |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |
|                                                                       |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |   |   |   |   |   |
|                                                                       |   | Total Index Series |       |   | Agricultural Sector Series |   |       | Energy Sector Series |   |   | Total for RICI ® Linked - PAM Advisors Fund, LLC |   |
|                                                                       |   | 2010               |       |   | 2009                       |   |       | 2010                 |   |   | 2009                                                       |   |   | 2010   |    |   | 2009   |   |     | 2010 |   |   | 2009 |   |
| Realized and unrealized gains (losses) on investments                      |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |   |   |   |   |   |
| Realized gains (losses) on futures contracts                               |   | $                  | 39,937,080 |   |                       | $      | 25,981,116 |                 |   | $      | 3,251,109                                                  |   |   | $      | 676,121 |   |   | $      | (206,448 | ) |   | $ | - |   |   | $ | 42,981,741 |   |   | $ | 26,657,237 |   |
| Realized gains (losses) on securities                                      |   |               | 267,492    |   |                       |   | -          |                 |   |   | 20,788                                                     |   |   |   | -       |   |   |   | 1,620    |   |   |   | - |   |   |   | 289,900 |   |   |   | - |   |
| Change in unrealized gains (losses) on open futures contracts              |   |               | 16,195,091 |   |                       |   | 6,260,663  |                 |   |   | 1,514,854                                                  |   |   |   | 64,753  |   |   |   | -        |   |   |   | - |   |   |   | 17,709,945 |   |   |   | 6,325,416 |   |
| Change in unrealized gains (losses) on securities                          |   |               | 142,579    |   |                       |   | -          |                 |   |   | 5,426                                                      |   |   |   | (37,329 | )      |   |   | -        |   |   |   | - |   |   |   | 148,005 |   |   |   | (37,329 | ) |
| Brokerage commissions                                                      |   |               | (486,898   | )      |                       |   | (313,291   | )                    |   |   | (43,746                                                    | )      |   |   | (36,711 | )      |   |   | (3,433   | ) |   |   | - |   |   |   | (534,077 | ) |   |   | (350,002 | ) |
| Net realized and unrealized gain (loss) on investments                     |   |               | 56,055,344 |   |                       |   | 31,928,488 |                 |   |   | 4,748,431                                                  |   |   |   | 666,834 |   |   |   | (208,261 | ) |   |   | - |   |   |   | 60,595,514 |   |   |   | 32,595,322 |   |
|                                                                       |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment income                                                          |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                                                                     |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                            |   |               | 102,472    |   |                       |   | 414,294    |                 |   |   | 4,957                                                      |   |   |   | 65,416  |   |   |   | 883      |   |   |   | - |   |   |   | 108,312 |   |   |   | 479,710 |   |
| Other income                                                               |   |               | -          |   |                       |   | 1,235      |                 |   |   | -                                                          |   |   |   | -       |   |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 1,235 |   |
|                                                                       |   |               | 102,472    |   |                       |   | 415,529    |                 |   |   | 4,957                                                      |   |   |   | 65,416  |   |   |   | 883      |   |   |   | - |   |   |   | 108,312 |   |   |   | 480,945 |   |
|                                                                       |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                   |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Management fees                                                            |   |               | 1,568,683  |   |                       |   | 829,571    |                 |   |   | 107,078                                                    |   |   |   | 74,543  |   |   |   | 10,726   |   |   |   | - |   |   |   | 1,686,487 |   |   |   | 904,114 |   |
| Operating expenses                                                         |   |               | 426,979    |   |                       |   | 471,978    |                 |   |   | 49,590                                                     |   |   |   | 43,774  |   |   |   | 15,287   |   |   |   | - |   |   |   | 491,856 |   |   |   | 515,752 |   |
| Support services fee                                                       |   |               | 160,240    |   |                       |   | -          |                 |   |   | 9,302                                                      |   |   |   | -       |   |   |   | 426      |   |   |   | - |   |   |   | 169,968 |   |   |   | - |   |
| Servicing fees                                                             |   |               | 119,620    |   |                       |   | 90,910     |                 |   |   | 21,679                                                     |   |   |   | 18,598  |   |   |   | 71       |   |   |   | - |   |   |   | 141,370 |   |   |   | 109,508 |   |
|                                                                       |   |               | 2,275,522  |   |                       |   | 1,392,459  |                 |   |   | 187,649                                                    |   |   |   | 136,915 |   |   |   | 26,510   |   |   |   | - |   |   |   | 2,489,681 |   |   |   | 1,529,374 |   |
|                                                                       |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment loss                                                        |   |               | (2,173,050 | )      |                       |   | (976,930   | )                    |   |   | (182,692                                                   | )      |   |   | (71,499 | )      |   |   | (25,627  | ) |   |   | - |   |   |   | (2,381,369 | ) |   |   | (1,048,429 | ) |
| Net income (loss)                                                          |   | $                  | 53,882,294 |   |                       | $      | 30,951,558 |                 |   | $      | 4,565,739                                                  |   |   | $      | 595,335 |   |   | $      | (233,888 | ) |   | $ | - |   |   | $ | 58,214,145 |   |   | $ | 31,546,893 |   |
|                                                                       |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements. |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |
|                                                                       |   |               |       |   |                       |   |       |                 |   |   | .                                                          |   |   |   |    |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |               |       |   |                       |   |       |                 |   |   |                                                       |   |   |   |    |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| RICI® Linked - PAM Advisors Fund, LLC                                 |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |            |   |       |
|----------------------------------------------------------------------------|--------|--------------------|--------|--------|----------------------|--------|-------------|----------------------------|--------|--------|-----------------|--------|--------|----------------------|--------|--------|--------|---------|------------|------------------------------------------------------------|--------|--------|----------------------|--------|--------|--------|--------|--------|-----------------|--------|------------|
| Statement of Changes in Members' Equity (Net Assets)                       |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |
| Years Ended December 31, 2010 and 2009                                     |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |            |   |       |
|                                                                       |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |            |   |       |   |   |   |   |   |
|                                                                       |   | Total Index Series |   |   |                 |   |        | Agricultural Sector Series |   |   |            |   |   | Energy Sector Series |   |   |   |    |       | Total for RICI ® Linked - PAM Advisors Fund, LLC |   |
|                                                                       |   | Managing Member    |   |   | Non-Managing Members |   |        | Total                      |   |   | Managing Member |   |   | Non-Managing Members |   |   | Total  |    |       | Managing Member                                            |   |   | Non-Managing Members |   |   | Total  |   |   | Managing Member |   |       | Non-Managing Members |   |   | Total |   |
| Members' equity (net assets) December 31, 2008                             |   | $                  | 17,430 |   |                 | $      | 86,004,045  |                       |   | $      | 86,021,475      |   |   | $                    | 20,416 |   |   | $  | 11,434,764 |                                                       |   | $      | 11,455,180           |   |   | $      | -      |   |            | $      | -          |   |   | $ | - |   |   | $ | 37,846 |   |   | $ | 97,438,809 |   |   | $ | 97,476,655 |   |
|      Subscriptions, net                           |   |               | 10,000 |   |                 |   | 80,991,589  |                       |   |   | 81,001,589      |   |   |                 | 10,000 |   |   |    | 6,156,043  |                                                       |   |   | 6,166,043            |   |   |   | -      |   |            |   | -          |   |   |   | - |   |   |   | 20,000 |   |   |   | 87,147,632 |   |   |   | 87,167,632 |   |
|      Withdrawals                                  |   |               | -      |   |                 |   | (29,919,638 | )                          |   |   | (29,919,638     | )      |   |                 | -      |   |   |    | (8,112,508 | )                                                          |   |   | (8,112,508           | )      |   |   | -      |   |            |   | -          |   |   |   | - |   |   |   | - |   |   |   | (38,032,146 | ) |   |   | (38,032,146 | ) |
|      Net income                                   |   |               | 7,049  |   |                 |   | 30,944,509  |                       |   |   | 30,951,558      |   |   |                 | 1,767  |   |   |    | 593,568    |                                                       |   |   | 595,335              |   |   |   | -      |   |            |   | -          |   |   |   | - |   |   |   | 8,816 |   |   |   | 31,538,077 |   |   |   | 31,546,893 |   |
|                                                                       |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |            |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Members' equity (net assets) December 31, 2009                             |   |               | 34,479 |   |                 |   | 168,020,505 |                       |   |   | 168,054,984     |   |   |                 | 32,183 |   |   |    | 10,071,867 |                                                       |   |   | 10,104,050           |   |   |   | -      |   |            |   | -          |   |   |   | - |   |   |   | 66,662 |   |   |   | 178,092,372 |   |   | $ | 178,159,034 |   |
|                                                                       |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |            |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Subscriptions, net                           |   |               | -      |   |                 |   | 129,833,428 |                       |   |   | 129,833,428     |   |   |                 | -      |   |   |    | 12,089,466 |                                                       |   |   | 12,089,466           |   |   |   | -      |   |            |   | 3,083,446  |   |   |   | 3,083,446 |   |   |   | - |   |   |   | 145,006,340 |   |   |   | 145,006,340 |   |
|      Withdrawals                                  |   |               | -      |   |                 |   | (26,152,335 | )                          |   |   | (26,152,335     | )      |   |                 | -      |   |   |    | (9,200,786 | )                                                          |   |   | (9,200,786           | )      |   |   | -      |   |            |   | (2,849,558 | ) |   |   | (2,849,558 | ) |   |   | - |   |   |   | (38,202,679 | ) |   |   | (38,202,679 | ) |
|      Net income (loss)                            |   |               | 6,401  |   |                 |   | 53,875,893  |                       |   |   | 53,882,294      |   |   |                 | 11,568 |   |   |    | 4,554,171  |                                                       |   |   | 4,565,739            |   |   |   | -      |   |            |   | (233,888   | ) |   |   | (233,888 | ) |   |   | 17,969 |   |   |   | 58,196,176 |   |   |   | 58,214,145 |   |
|                                                                       |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |            |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Members' equity (net assets) December 31, 2010                             |   | $                  | 40,880 |   |                 | $      | 325,577,491 |                       |   | $      | 325,618,371     |   |   | $                    | 43,751 |   |   | $       | 17,514,718 |                                                       |   | $      | 17,558,469           |   |   | $      | -      |   |            | $      | -          |   |   | $ | - |   |   | $ | 84,631 |   |   | $ | 343,092,209 |   |   | $ | 343,176,840 |   |
|                                                                       |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |            |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements. |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |
|                                                                       |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |            |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |            |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |            |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |               |   |   |                 |   |        |                       |   |   |            |   |   |                 |   |   |   |    |       |                                                       |   |   |                 |   |   |   |   |   |            |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

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

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

----

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

----

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

|                                           |   | Total Index Series |        |   | Agricultural Sector Series |   |        | Energy Sector Series |   |   | Total for RICI ® Linked - PAM Advisors Fund, LLC |   |
|------------------------------------------------|--------|--------------------|-------------|--------|----------------------------|--------|-------------|----------------------|--------|--------|-------------------------------------------------------|--------|
|                                           |   | December 31,       |        |   | December 31,               |   |        | December 31,         |   |   | December 31,                                          |   |   | December 31, |   |   | December 31, |   |   | December 31, |   |   | December 31, |   |
|                                           |   | 2010               |        |   | 2009                       |   |        | 2010                 |   |   | 2009                                                  |   |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| Description                                    |   | Level 1            |        |   | Level 1                    |   |        | Level 1              |   |   | Level 1                                               |   |   | Level 1 |   |   | Level 1 |   |   | Level 1 |   |   | Level 1 |   |
|                                           |   |               |        |   |                       |   |        |                 |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in broker trading account               |   |               |        |   |                       |   |        |                 |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts                              |   | $                  | 20,897,933  |   |                       | $      | 4,702,842   |                 |   | $      | 1,791,496                                             |   |   | $ | 276,642 |   |   | $ | - |   |   | $ | - |   |   | $ | 22,689,429 |   |   | $ | 4,979,484 |   |
| Cash and cash equivalents                      |   |               |        |   |                       |   |        |                 |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Money market funds                             |   |               | 173,142     |   |                       |   | 129,115,708 |                 |   |   | -                                                     |   |   |   | 13,075,303 |   |   |   | - |   |   |   | - |   |   |   | 173,142 |   |   |   | 142,191,011 |   |
| Investments                                    |   |               |        |   |                       |   |        |                 |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Government-sponsoredenterprise securities |   |               | 282,847,260 |   |                       |   | -           |                 |   |   | 13,489,960                                            |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 296,337,220 |   |   |   | - |   |
| Mutual funds                                   |   |               | 329,030     |   |                       |   | 26,189,927  |                 |   |   | 575,299                                               |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 904,329 |   |   |   | 26,189,927 |   |
|                                           |   | $                  | 304,247,365 |   |                       | $      | 160,008,477 |                 |   | $      | 15,856,755                                            |   |   | $ | 13,351,945 |   |   | $ | - |   |   | $ | - |   |   | $ | 320,104,120 |   |   | $ | 173,360,422 |   |
|                                           |   |               |        |   |                       |   |        |                 |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |               |        |   |                       |   |        |                 |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

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

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

| Total Index Series |
|--------------------|
|               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|               | Contract Risk |   | Location |   |   | Asset Derivatives December 31, 2010 |   |   | Liability DerivativesDecember 31, 2010 |   |   | Net |   |
|               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures:           | Commodity price |   | Equity in broker trading account |   |   |   |   |
| Energy             |   |   |   |   |   | $ | 3,311,524 |   |   | $ | (45,953 | ) |   | $ | 3,265,571 |   |
| Grains             |   |   |   |   |   |   | 3,701,145 |   |   |   | (26,904 | ) |   |   | 3,674,241 |   |
| Meats              |   |   |   |   |   |   | 164,690 |   |   |   | (1,610 | ) |   |   | 163,080 |   |
| Metals             |   |   |   |   |   |   | 10,616,348 |   |   |   | (4,994,752 | ) |   |   | 5,621,596 |   |
| Softs              |   |   |   |   |   |   | 8,177,530 |   |   |   | (4,085 | ) |   |   | 8,173,445 |   |
|               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|               |   |   |   |   |   | $ | 25,971,237 |   |   | $ | (5,073,304 | ) |   | $ | 20,897,933 |   |
|               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|               | Contract Risk |   | Location |   |   | Asset Derivatives December 31, 2009 |   |   | Liability DerivativesDecember 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 |   |

----

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

|                         |            |   |   |   |   |                                              |                                         |       |                                                          |                                                          |      |                       |                       |   |       |       |
|------------------------------|-----------------|--------|--------|--------|--------|---------------------------------------------------|----------------------------------------------|------------|---------------------------------------------------------------|---------------------------------------------------------------|-----------|----------------------------|----------------------------|--------|------------|------------|
| Year ended December 31, 2010 |            |   |   |   |   |                                              |                                         |       |                                                          |                                                          |      |                       |                       |
|                         |            |   |   |   |   |                                              |                                         |       |                                                          |                                                          |      |                       |                       |   |       |       |
|                         | Contract Risk   |   |   |   |   | Realized gains (Losses) on futures contract  |                                         |       | Change in unrealized gains (losses) on open futures contracts |                                                          |      | Net trading gains (losses) |                       |
| Futures:                     | Commodity price |   |   |   |   |                                              |                                         |       |                                                          |                                                          |      |                       |                       |   |       |       |
| Energy                       |            |   |   |   |   | $                                                 | 5,118,288                                    |       |                                                          | $                                                             | 2,931,004 |                       |                       | $      | 8,049,292  |       |
| Grains                       |            |   |   |   |   |                                              | 12,188,691                                   |       |                                                          |                                                          | 2,878,355 |                       |                       |   | 15,067,046 |       |
| Meats                        |            |   |   |   |   |                                              | 500,585                                      |       |                                                          |                                                          | 265,750   |                       |                       |   | 766,335    |       |
| Metals                       |            |   |   |   |   |                                              | 11,039,151                                   |       |                                                          |                                                          | 2,452,914 |                       |                       |   | 13,492,065 |       |
| Softs                        |            |   |   |   |   |                                              | 11,090,365                                   |       |                                                          |                                                          | 7,667,068 |                       |                       |   | 18,757,433 |       |
|                         |            |   |   |   |   |                                              |                                         |       |                                                          |                                                          |      |                       |                       |   |       |       |
|                         |            |   |   |   |   |                                              | $                                            | 39,937,080 |                                                          |                                                          | $         | 16,195,091                 |                       |   | $          | 56,132,171 |   |
|                         |            |   |   |   |   |                                              |                                         |       |                                                          |                                                          |      |                       |                       |   |       |       |   |
| Year ended December 31, 2009 |            |   |   |   |   |                                              |                                         |       |                                                          |                                                          |      |                       |                       |
|                         |            |   |   |   |   |                                              |                                         |       |                                                          |                                                          |      |                       |                       |   |       |       |   |
|                         | Contract Risk   |   |   |   |   |                                              | Realized gains (Losses) on futures contracts |       |                                                          | Change in unrealized gains (losses) on open futures contracts |      |                       | Net trading gains (losses) |   |
| Futures:                     | Commodity price |   |   |   |   |                                              |                                         |       |                                                          |                                                          |      |                       |                       |   |       |       |   |
| Energy                       |            |   |   |   |   |                                              | $                                            | 12,910,221 |                                                          |                                                          | $         | (441,787                   | )                          |   | $          | 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 3. | Derivative Instruments (Continued) |
|---------|------------------------------------|

| Agricultural Sector Series |
|----------------------------|
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                       | Contract Risk |   | Location |   |   | Asset Derivatives December 31, 2010 |   |   | Liability DerivativesDecember 31, 2010 |   |   | Net |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures:                   | Commodity price |   | Equity in broker trading account |   |   |   |   |   |   |   |
| Energy                     |   |   |   |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Grains                     |   |   |   |   |   |   | 541,679 |   |   |   | (4,287 | ) |   |   | 537,392 |   |
| Meats                      |   |   |   |   |   |   | 40,580 |   |   |   | (210 | ) |   |   | 40,370 |   |
| Metals                     |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Softs                      |   |   |   |   |   |   | 1,214,015 |   |   |   | (281 | ) |   |   | 1,213,734 |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                       |   |   |   |   |   | $ | 1,796,274 |   |   | $ | (4,778 | ) |   | $ | 1,791,496 |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                       | Contract Risk |   | Location |   |   | Asset Derivatives December 31, 2009 |   |   | Liability DerivativesDecember 31, 2009 |   |   | Net |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures:                   | Commodity price |   | Equity in broker trading account |   |   |   |   |   |   |   |   |   |
| Energy                     |   |   |   |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Grains                     |   |   |   |   |   |   | 199,796 |   |   |   | (51,263 | ) |   |   | 148,533 |   |
| Meats                      |   |   |   |   |   |   | 7,350 |   |   |   | (5,040 | ) |   |   | 2,310 |   |
| Metals                     |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Softs                      |   |   |   |   |   |   | 217,219 |   |   |   | (91,420 | ) |   |   | 125,799 |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                       |   |   |   |   |   | $ | 424,365 |   |   | $ | (147,723 | ) |   | $ | 276,642 |   |

----

|                         |            |   |   |   |   |                                         |                                         |      |                                                          |                                                          |      |                       |                       |   |      |      |
|------------------------------|-----------------|--------|--------|--------|--------|----------------------------------------------|----------------------------------------------|-----------|---------------------------------------------------------------|---------------------------------------------------------------|-----------|----------------------------|----------------------------|--------|-----------|-----------|
| Year ended December 31, 2010 |            |   |   |   |   |                                         |                                         |      |                                                          |                                                          |      |                       |                       |
|                         |            |   |   |   |   |                                         |                                         |      |                                                          |                                                          |      |                       |                       |   |      |      |
|                         | Contract Risk   |   |   |   |   | Realized gains (Losses) on futures contracts |                                         |      | Change in unrealized gains (losses) on open futures contracts |                                                          |      | Net trading gains (losses) |                       |
| Futures:                     | Commodity price |   |   |   |   |                                         |                                         |      |                                                          |                                                          |      |                       |                       |   |      |      |
| Energy                       |            |   |   |   |   | $                                            | -                                            |      |                                                          | $                                                             | -         |                       |                       | $      | -         |      |
| Grains                       |            |   |   |   |   |                                         | 1,578,606                                    |      |                                                          |                                                          | 388,858   |                       |                       |   | 1,967,464 |      |
| Meats                        |            |   |   |   |   |                                         | 114,916                                      |      |                                                          |                                                          | 38,060    |                       |                       |   | 152,976   |      |
| Metals                       |            |   |   |   |   |                                         | -                                            |      |                                                          |                                                          | -         |                       |                       |   | -         |      |
| Softs                        |            |   |   |   |   |                                         | 1,557,587                                    |      |                                                          |                                                          | 1,087,936 |                       |                       |   | 2,645,523 |      |
|                         |            |   |   |   |   |                                         |                                         |      |                                                          |                                                          |      |                       |                       |   |      |      |
|                         |            |   |   |   |   |                                         | $                                            | 3,251,109 |                                                          |                                                          | $         | 1,514,854                  |                       |   | $         | 4,765,963 |   |
|                         |            |   |   |   |   |                                         |                                         |      |                                                          |                                                          |      |                       |                       |   |      |      |   |
| Year ended December 31, 2009 |            |   |   |   |   |                                         |                                         |      |                                                          |                                                          |      |                       |                       |
|                         |            |   |   |   |   |                                         |                                         |      |                                                          |                                                          |      |                       |                       |   |      |      |   |
|                         | Contract Risk   |   |   |   |   |                                         | Realized gains (Losses) on futures contracts |      |                                                          | Change in unrealized gains (losses) on open futures contracts |      |                       | Net trading gains (losses) |   |
| Futures:                     | Commodity price |   |   |   |   |                                         |                                         |      |                                                          |                                                          |      |                       |                       |   |      |      |   |
| Energy                       |            |   |   |   |   |                                         | $                                            | -         |                                                          |                                                          | $         | -                          |                       |   | $         | -         |   |
| Grains                       |            |   |   |   |   |                                         |                                         | (445,885  | )                                                             |                                                          |      | (121,932                   | )                          |   |      | (567,817  | ) |
| Meats                        |            |   |   |   |   |                                         |                                         | (158,142  | )                                                             |                                                          |      | 21,270                     |                       |   |      | (136,872  | ) |
| Metals                       |            |   |   |   |   |                                         |                                         | -         |                                                          |                                                          |      | -                          |                       |   |      | -         |   |
| Softs                        |            |   |   |   |   |                                         |                                         | 1,280,148 |                                                          |                                                          |      | 165,415                    |                       |   |      | 1,445,563 |   |
|                         |            |   |   |   |   |                                         |                                         |      |                                                          |                                                          |      |                       |                       |   |      |      |   |
|                         |            |   |   |   |   |                                         | $                                            | 676,121   |                                                          |                                                          | $         | 64,753                     |                       |   | $         | 740,874   |   |
|                         |            |   |   |   |   |                                         |                                         |      |                                                          |                                                          |      |                       |                       |   |      |      |   |

|                         |            |   |   |                                         |     |   |                                                          |   |   |                       |   |   |     |   |
|------------------------------|-----------------|--------|--------|----------------------------------------------|----------|--------|---------------------------------------------------------------|--------|--------|----------------------------|--------|--------|----------|--------|
| Year ended December 31, 2010 |            |   |   |                                         |     |   |                                                          |   |   |                       |   |   |     |
|                         |            |   |   |                                         |     |   |                                                          |   |   |                       |   |   |     |   |
|                         | Contract Risk   |   |   | Realized gains (losses) on futures contracts |     |   | Change in unrealized gains (losses) on open futures contracts |   |   | Net trading gains (losses) |   |
| Futures:                     | Commodity price |   |   |                                         |     |   |                                                          |   |   |                       |   |   |     |   |
| Energy                       |            |   |   | $                                            | (206,448 | )      |                                                          | $      | -      |                       |   | $      | (206,448 | )      |
| Grains                       |            |   |   |                                         | -        |   |                                                          |   | -      |                       |   |   | -        |   |
| Meats                        |            |   |   |                                         | -        |   |                                                          |   | -      |                       |   |   | -        |   |
| Metals                       |            |   |   |                                         | -        |   |                                                          |   | -      |                       |   |   | -        |   |
| Softs                        |            |   |   |                                         | -        |   |                                                          |   | -      |                       |   |   | -        |   |
|                         |            |   |   |                                         |     |   |                                                          |   |   |                       |   |   |     |   |
|                         |            |   |   | $                                            | (206,448 | )      |                                                          | $      | -      |                       |   | $      | (206,448 | )      |

----

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

|                       |   | December 31, 2010 |       |   | December 31, 2009 |   |
|----------------------------|--------|-------------------|------------|--------|-------------------|--------|
|                       |   |              |       |   |              |   |
| Total Index Series         |   | $                 | 21,752,248 |   |              | $      | 11,694,391 |   |
| Agricultural Sector Series |   |              | 1,284,994  |   |              |   | 1,113,201 |   |
| Energy Sector Series       |   |              | -          |   |              |   | - |   |

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

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

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

----

|                       |   | Year   |      |
|----------------------------|--------|--------|-----------|
|                       |   | 2010   |      |   | 2009 |   |
|                       |   |   |      |   |   |   |
| Total Index Series         |   | $      | 1,568,683 |   |   | $ | 829,571 |   |
| Agricultural Sector Series |   |   | 107,078   |   |   |   | 74,543 |   |
| Energy Sector Series       |   |   | 10,726    |   |   |   | - |   |
|                       |   |   |      |   |   |   |   |   |

| Total Index Series         |   | $      | 160,240 |   |   |   |
|----------------------------|--------|--------|---------|--------|--------|--------|
| Agricultural Sector Series |   |   | 9,302   |   |   |   |
| Energy Sector Series       |   |   | 426     |   |   |   |
|                       |   |   |    |   |   |   |

|                       |   | Year   |    |
|----------------------------|--------|--------|---------|
|                       |   | 2010   |    |   | 2009 |   |
|                       |   |   |    |   |   |   |
| Total Index Series         |   | $      | 119,620 |   |   | $ | 90,910 |   |
| Agricultural Sector Series |   |   | 21,679  |   |   |   | 18,598 |   |
| Energy Sector Series       |   |   | 71      |   |   |   | - |   |

|                       |   | Year   |   |
|----------------------------|--------|--------|--------|
|                       |   | 2010   |   |   | 2009 |   |
|                       |   |   |   |   |   |   |
| Total Index Series         |   | $      | 28,400 |   |   | $ | 17,900 |   |
| Agricultural Sector Series |   |   | 17,900 |   |   |   | 6,382 |   |
| Energy Sector Series       |   |   | -      |   |   |   | - |   |

----

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

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

----

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

|                                                |   | Total Index Series |   |   | Agricultural Sector Series |   |   | Energy Sector Series |   |
|-----------------------------------------------------|--------|--------------------|--------|--------|----------------------------|--------|--------|----------------------|--------|
|                                                |   | 2010               |   |   | 2009                       |   |   | 2010                 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
|                                                |   |               |   |   |                       |   |   |                 |   |   |   |   |   |   |   |   |   |   |
| Total Return                                        |   |               | 17.67  | %      |                       |   | 24.79  | %                    |   |   | 34.81 | % |   |   | 4.95 | % |   |   | (7.61 | ) % |   |   | - | % |
| Ratios to average members' equity (net assets) |   |               |   |   |                       |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses (1) (3)                              |   |               | 0.96   | %      |                       |   | 1.11   | %                    |   |   | 1.17 | % |   |   | 1.20 | % |   |   | 1.59 | % |   |   | - | % |
| Net investment loss (2) (3)                         |   |               | (0.92  | ) %    |                       |   | (0.78  | ) %                  |   |   | (1.14 | ) % |   |   | (0.63 | ) % |   |   | (1.54 | ) % |   |   | - | % |
|                                                |   |               |   |   |                       |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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

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

|     |   | Total Index Series |       |   | Agricultural Sector Series |   |      | Energy Sector Series |   |   | Total for RICI ® Linked - PAM Advisors Fund, LLC |   |
|----------|--------|--------------------|------------|--------|----------------------------|--------|-----------|----------------------|--------|--------|-------------------------------------------------------|--------|
|     |   | Subscriptions      |       |   | Withdrawals                |   |      | Subscriptions        |   |   | Withdrawals                                           |   |   | Subscriptions |   |   | Withdrawals |   |   | Subscriptions |   |   | Withdrawals |   |
| January  |   | $                  | 15,576,900 |   |                       | $      | 3,150,834 |                 |   | $      | 59,400                                                |   |   | $ | 435,460 |   |   | $ | - |   |   | $ | - |   |   | $ | 15,636,300 |   |   | $ | 3,586,294 |   |
| February |   |               | 1,877,827  |   |                       |   | 3,274,473 |                 |   |   | 132,403                                               |   |   |   | 44,461 |   |   |   | - |   |   |   | - |   |   |   | 2,010,230 |   |   |   | 3,318,934 |   |
| March    |   |               | 8,062,416  |   |                       |   | -         |                 |   |   | 691,339                                               |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8,753,755 |   |   |   | - |   |
| Total    |   | $                  | 25,517,143 |   |                       | $      | 6,425,307 |                 |   | $      | 883,142                                               |   |   | $ | 479,921 |   |   | $ | - |   |   | $ | - |   |   | $ | 26,400,285 |   |   | $ | 6,905,228 |   |
|     |   |               |       |   |                       |   |      |                 |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----