UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2014

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to ________

Commission File number: 000-53647

RICI® Linked – PAM Advisors Fund, LLC

(Exact name of registrant as specified in charter)


Delaware			38-3743129
(State or other jurisdiction of			(IRS Employer Identification No.)
incorporation or organization)

c/o Price Asset Management, Inc.
141 West Jackson Blvd., Suite 1320A
Chicago, IL			60604
(Address of Principal Executive Offices)			(Zip Code)

(877) 261-4400

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒ (Do not check if a smaller reporting company)	Smaller reporting company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

PART I - FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

The following unaudited financial statements of RICI® Linked – PAM Total Index Series and RICI® Linked – PAM Agricultural Sector Series, each a series of RICI® Linked – PAM Advisors Fund, LLC, as well as the unaudited financial statements of RICI® Linked – PAM Advisors Fund, LLC, are included in Item 1:


Financial Statements		Page

Statements of Financial Condition as of June 30, 2014 (Unaudited) and December 31, 2013 (Audited)		3

Condensed Schedule of Investments as of June 30, 2014 (Unaudited)		4

Condensed Schedule of Investments as of December 31, 2013 (Audited)		6

Statements of Operations for the Three Months and Six months Ended June 30, 2014 and 2013 (Unaudited)		8

Statements of Changes in Members’ Equity (Net Assets) for the Six Months Ended June 30, 2014 and 2013(Unaudited)		9

Notes to Financial Statements (Unaudited)		10

RICI® Linked - PAM Advisors Fund, LLC

Statements of Financial Condition

June 30, 2014 (Unaudited) and December 31, 2013 (Audited)



	Total Index Series				Agricultural Sector Series				Total RICI® Linked - PAM Advisors Fund, LLC
	June 30, 2014		December 31, 2013		June 30, 2014		December 31, 2013		June 30, 2014		December 31, 2013
Assets
Equity in broker trading accounts
Cash	$	22,930,784	$	29,005,532	$	1,859,168	$	2,152,461	$	24,789,952	$	31,157,993
Net unrealized gain (loss) on open futures contracts		125,281		(2,740,705)		(158,590)		(161,948)		(33,309)		(2,902,653)
		23,056,065		26,264,827		1,700,578		1,990,513		24,756,643		28,255,340

Cash and cash equivalents		5,370,335		8,840,635		474,381		80,191		5,844,716		8,920,826
Investments
Government-sponsored enterprise securities, at fair value		196,969,290		184,959,750		1,499,520		4,999,085		198,468,810		189,958,835
Mutual funds, at fair value		6,000,442		8,000,033		-		50,001		6,000,442		8,050,034
Total assets	$	231,396,132	$	228,065,245	$	3,674,479	$	7,119,790	$	235,070,611	$	235,185,035

Liabilities and Members' Equity (Net Assets)
Accrued operating expenses	$	127,324	$	159,925	$	22,711	$	65,324	$	150,035	$	225,249
Management fee payable to Managing Member		119,277		123,416		1,959		3,803		121,236		127,219
Support services fee payable		19,257		18,977		301		585		19,558		19,562
Servicing fee payable to selling agent		20,057		20,226		2,401		2,538		22,458		22,764
Withdrawals payable		2,613,276		6,271,310		83,763		8,532		2,697,039		6,279,842
		2,899,191		6,593,854		111,135		80,782		3,010,326		6,674,636
Members' equity (net assets)		228,496,941		221,471,391		3,563,344		7,039,008		232,060,285		228,510,399

Total liabilities and members' equity (net assets)	$	231,396,132	$	228,065,245	$	3,674,479	$	7,119,790	$	235,070,611	$	235,185,035

The accompanying notes are an integral part of these financial statements.

RICI® Linked - PAM Advisors Fund, LLC

Condensed Schedule of Investments

June 30, 2014 (Unaudited)



	Total Index Series				Agricultural Sector Series				Total RICI® Linked - PAM Advisors Fund, LLC
	Net Unrealized				Net Unrealized				Net Unrealized
	Gain (Loss)		Percent of		Gain (Loss)		Percent of		Gain (Loss)		Percent of
	on Open		Members'		on Open		Members'		on Open		Members'
	Long Futures		Equity		Long Futures		Equity		Long Futures		Equity
	Contracts		(Net Assets)		Contracts		(Net Assets)		Contracts		(Net Assets)
Futures contracts
United States
Agriculture	$	(3,250,533)	(1.42)	%	$		-	%	$	(3,406,054)	(1.47)	%
22 Sep 2014 Corn Contracts		-	-			(45,450)	(1.28)			-	-
17 Sep 2014 CBT Wheat Contracts		-	-			(47,663)	(1.34)			-	-
Other*		-	-			(62,408)	(1.75)			-	-
Energy*		427,809	0.19			-	-			427,809	0.18
Metals*		1,250,755	0.55			-	-			1,250,755	0.54
Total futures contracts - United States		(1,571,969)	(0.69)			(155,521)	(4.37)			(1,727,490)	(0.75)
Foreign
Agriculture*		(20,683)	(0.01)			(3,069)	(0.09)			(23,752)	(0.01)
Energy*		335,700	0.15			-	-			335,700	0.14
Metals*		1,382,233	0.60			-	-			1,382,233	0.60
Total futures contracts - Foreign		1,697,250	0.74			(3,069)	(0.09)			1,694,181	0.73
Total net unrealized gain (loss) on open futures contracts	$	125,281	0.06	%	$	(158,590)	(4.46)	%	$	(33,309)	(0.02)	%

* 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

June 30, 2014 (Unaudited)



	Total Index Series						Agricultural Sector Series						Total RICI® Linked - PAM Advisors Fund, LLC
					Percent of						Percent of						Percent of
					Members'						Members'						Members'
Government-sponsored enterprise securities					Equity						Equity						Equity
United States	Cost		Fair Value		(Net Assets)		Cost		Fair Value		(Net Assets)		Cost		Fair Value		(Net Assets)
U.S.Treasury Bills
$20,000,000 Treasury bill due 07/24/2014	$	19,997,055	$	19,999,800	8.75	%	$	-	$	-	-	%	$	19,997,055	$	19,999,800	8.62	%
$20,000,000 Treasury bill due 07/24/2014		19,993,695		19,999,800	8.75			-		-	-			19,993,695		19,999,800	8.62
$20,000,000 Treasury bill due 08/14/2014		19,994,188		19,999,400	8.75			-		-	-			19,994,188		19,999,400	8.62
$15,000,000 Treasury bill due 08/21/2014		14,998,226		14,999,550	6.56			-		-	-			14,998,226		14,999,550	6.46
$10,000,000 Treasury bill due 09/04/2014		9,996,370		9,999,700	4.38			-		-	-			9,996,370		9,999,700	4.31
$22,000,000 Treasury bill due 10/16/2014		21,996,791		21,997,140	9.63			-		-	-			21,996,791		21,997,140	9.48
$30,000,000 Treasury bill due 12/11/2014		29,990,804		29,993,100	13.13			-		-	-			29,990,804		29,993,100	12.92
$60,000,000 Treasury bill due 12/26/2014		59,984,687		59,980,800	26.25			-		-	-			59,984,687		59,980,800	25.85
$1,500,000 Treasury bill due 12/26/2014		-		-	-			1,499,622		1,499,520	42.08			1,499,622		1,499,520	0.65
Total Government-sponsored enterprise securities	$	196,951,816	$	196,969,290	86.20	%	$	1,499,622	$	1,499,520	42.08	%	$	198,451,438	$	198,468,810	85.53	%
Mutual funds
United States
Federated Government Obligations Fund
(5,000,146 shares)	$	5,000,146	$	5,000,146	2.19	%	$	-	$	-	-	%	$	5,000,146	$	5,000,146	2.15	%
AIM Government & Agency Portfolio
Institutional (1,000,296 shares)		1,000,296		1,000,296	0.44			-		-	-			1,000,296		1,000,296	0.43
Total mutual funds	$	6,000,442	$	6,000,442	2.63	%	$	-	$	-	-	%	$	6,000,442	$	6,000,442	2.58	%


The accompanying notes are an integral part of these financial statements.

RICI® Linked - PAM Advisors Fund, LLC

Condensed Schedule of Investments

December 31, 2013 (Audited)



	Total Index Series				Agricultural Sector Series				Total RICI® Linked - PAM Advisors Fund, LLC
	Net Unrealized				Net Unrealized				Net Unrealized
	Gain (Loss)		Percent of		Gain (Loss)		Percent of		Gain (Loss)		Percent of
	on Open		Members'		on Open		Members'		on Open		Members'
	Long Futures		Equity		Long Futures		Equity		Long Futures		Equity
	Contracts		(Net Assets)		Contracts		(Net Assets)		Contracts		(Net Assets)
Futures contracts
United States
Agriculture	$	(1,751,052)	(0.79)	%	$	-	-	%	$	(1,895,327)	(0.83)	%
31 March 2014 CBOT Wheat Contracts		-	-			(109,188)	(1.55)			-	-
Other*		-	-			(35,086)	(0.50)			-	-
Energy*		298,019	0.13			-	-			298,019	0.13
Metals*		(738,170)	(0.33)			-	-			(738,170)	(0.32)
Total futures contracts - United States		(2,191,204)	(0.99)			(144,274)	(2.05)			(2,335,478)	(1.02)
Foreign
Agriculture*		(122,960)	(0.06)			(17,674)	(0.25)			(140,634)	(0.06)
Energy*		(128,822)	(0.06)			-	-			(128,822)	(0.06)
Metals*		(297,719)	(0.13)			-	-			(297,719)	(0.13)
Total futures contracts - Foreign		(549,500)	(0.25)			(17,674)	(0.25)			(567,174)	(0.25)
Total net unrealized loss on open futures contracts	$	(2,740,705)	(1.24)	%	$	(161,948)	(2.30)	%	$	(2,902,653)	(1.27)	%

* 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, 2013 (Audited)



	Total Index Series						Agricultural Sector Series						Total RICI® Linked - PAM Advisors Fund, LLC
					Percent of						Percent of						Percent of
					Members'						Members'						Members'
Government-sponsored enterprise securities					Equity						Equity						Equity
United States	Cost		Fair Value		(Net Assets)		Cost		Fair Value		(Net Assets)		Cost		Fair Value		(Net Assets)
U.S.Treasury Bills
$20,000,000 Treasury bill due 01/09/2014	$	19,999,042	$	20,000,000	9.03	%	$	-	$	-	-	%	$	19,999,042	$	20,000,000	8.75	%
$20,000,000 Treasury bill due 02/13/2014		19,993,469		19,999,600	9.03			-		-	-			19,993,469		19,999,600	8.75
$3,000,000 Treasury bill due 03/13/2014		-		-	-			2,999,657		2,999,760	42.62			2,999,657		2,999,760	1.31
$500,000 Treasury bill due 03/27/2014		-		-	-			499,900		499,925	7.10			499,900		499,925	0.22
$20,000,000 Treasury bill due 03/27/2014		19,995,435		19,997,000	9.03			-		-	-			19,995,435		19,997,000	8.75
$15,000,000 Treasury bill due 04/17/2014		14,993,972		14,998,350	6.77			-		-	-			14,993,972		14,998,350	6.56
$20,000,000 Treasury bill due 05/08/2014		19,992,073		19,996,000	9.03			-		-	-			19,992,073		19,996,000	8.75
$30,000,000 Treasury bill due 06/12/2014		29,988,109		29,992,800	13.54			-		-	-			29,988,109		29,992,800	13.13
$60,000,000 Treasury bill due 06/26/2014		59,974,656		59,976,000	27.08			-		-	-			59,974,656		59,976,000	26.25
$1,500,000 Treasury bill due 06/26/2014		-		-	-			1,499,372		1,499,400	21.30			1,499,372		1,499,400	0.66
Total Government-sponsored enterprise securities	$	184,936,756	$	184,959,750	83.51	%	$	4,998,928	$	4,999,085	71.02	%	$	189,935,685	$	189,958,835	83.13	%
Mutual funds
United States
Federated Government Obligations Fund
(4,000,033 shares)	$	4,000,033	$	4,000,033	1.81	%	$	-	$	-	-	%	$	4,000,033	$	4,000,033	1.75	%
Federated Government Obligations Fund
(50,001 shares)		-		-	-			50,001		50,001	0.71			50,001		50,001	0.02
AIM Government & Agency Portfolio
Institutional (4,000,000 shares)		4,000,000		4,000,000	1.81			-		-	-			4,000,000		4,000,000	1.75
Total mutual funds	$	8,000,033	$	8,000,033	3.62	%	$	50,001	$	50,001	0.71	%	$	8,050,034	$	8,050,034	3.52	%

The accompanying notes are an integral part of these financial statements.

RICI® Linked - PAM Advisors Fund, LLC

Statements of Operations

For the Three and Six Months Ended June 30, 2014 and 2013 (Unaudited)



	Total Index Series								Agricultural Sector Series								Total RICI® Linked - PAM Advisors Fund, LLC
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	June 30,				June 30,				June 30,					June 30,			June 30,				June 30,
	2014		2013		2014		2013		2014		2013		2014		2013		2014		2013		2014		2013
Realized and unrealized gains (losses) on investments
Realized gains (losses) on futures contracts	$	2,623,655	$	(16,799,230)	$	9,057,880	$	(13,287,715)	$	178,372	$	(539,876)	$	480,183	$	(877,737)	$	2,802,027	$	(17,339,106)	$	9,538,063	$	(14,165,452)
Realized gains on securities		51,190		86,199		63,244		145,307		628		979		1,045		5,407		51,818		87,178		64,289		150,714
Change in unrealized gains (losses) on open futures contracts		(1,391,163)		(3,032,283)		2,865,986		(6,167,737)		(504,633)		(168,106)		3,358		(15,593)		(1,895,796)		(3,200,389)		2,869,344		(6,183,331)
Change in unrealized gains (losses) on securities		(32,959)		(40,710)		(5,520)		(40,211)		(611)		846		(259)		(1,222)		(33,570)		(39,864)		(5,779)		(41,433)
Brokerage commissions		(108,019)		(146,973)		(237,935)		(267,836)		(3,172)		(8,323)		(9,037)		(14,814)		(111,191)		(155,296)		(246,972)		(282,650)
Net realized and unrealized gain (loss) on investments		1,142,704		(19,932,997)		11,743,655		(19,618,192)		(329,416)		(714,480)		475,290		(903,959)		813,288		(20,647,477)		12,218,945		(20,522,152)

Investment income
Interest income		3,422		3,629		8,158		9,132		485		320		1,013		582		3,907		3,949		9,171		9,714
		3,422		3,629		8,158		9,132		485		320		1,013		582		3,907		3,949		9,171		9,714
Expenses
Management fees		354,399		408,277		721,120		866,774		6,218		16,568		18,044		35,759		360,617		424,845		739,164		902,533
Operating expenses		101,032		110,104		197,877		221,446		13,692		15,275		27,249		28,440		114,724		125,379		225,126		249,886
Support services fee		58,626		62,778		115,792		133,278		956		2,547		2,774		5,498		59,582		65,325		118,566		138,776
Servicing fees		20,056		22,591		39,893		49,546		2,401		3,551		4,869		7,930		22,457		26,142		44,762		57,476
		534,113		603,750		1,074,682		1,271,044		23,267		37,941		52,936		77,627		557,380		641,691		1,127,618		1,348,671
Net investment loss		(530,691)		(600,121)		(1,066,524)		(1,261,912)		(22,782)		(37,621)		(51,923)		(77,045)		(553,473)		(637,742)		(1,118,447)		(1,338,957)
Net income (loss)	$	612,013	$	(20,533,118)	$	10,677,131	$	(20,880,104)	$	(352,198)	$	(752,101)	$	423,367	$	(981,004)	$	259,815	$	(21,285,219)	$	11,100,498	$	(21,861,109)

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)

For the Six Months Ended June 30, 2014 and 2013 (Unaudited)



	Total Index Series						Agricultural Sector Series						Total RICI® Linked - PAM Advisors Fund, LLC
	Managing Member		Non- Managing Members		Total		Managing Member		Non-Managing Members		Total		Managing Member		Non-Managing Members		Total
Members' equity (net assets)
December 31, 2013	$	36,417	$	221,434,974	$	221,471,391	$	32,352	$	7,006,656	$	7,039,008	$	68,769	$	228,441,630	$	228,510,399
Subscriptions, net		-		22,557,727		22,557,727		-		-		-		-		22,557,727		22,557,727
Withdrawals		-		(26,209,308)		(26,209,308)		-		(3,899,031)		(3,899,031)		-		(30,108,339)		(30,108,339)
Net income		1,905		10,675,226		10,677,131		651		422,716		423,367		2,556		11,097,942		11,100,498

Members' equity (net assets)
June 30, 2014	$	38,322	$	228,458,619	$	228,496,941	$	33,003	$	3,530,341	$	3,563,344	$	71,325	$	231,988,960	$	232,060,285

Members' equity (net assets)
December 31, 2012	$	38,321	$	271,322,775	$	271,361,096	$	36,801	$	11,778,227	$	11,815,028	$	75,122	$	283,101,002	$	283,176,124
Subscriptions, net		-		23,432,499		23,432,499		-		332,587		332,587		-		23,765,086		23,765,086
Withdrawals		-		(33,794,610)		(33,794,610)		-		(1,515,879)		(1,515,879)		-		(35,310,489)		(35,310,489)
Net loss		(2,865)		(20,877,239)		(20,880,104)		(3,142)		(977,862)		(981,004)		(6,007)		(21,855,101)		(21,861,109)

Members' equity (net assets)
June 30, 2013	$	35,456	$	240,083,425	$	240,118,881	$	33,659	$	9,617,073	$	9,650,732	$	69,115	$	249,700,498	$	249,769,612

The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements (Unaudited)

Note 1.Nature of Operations and Significant Accounting Policies

RICI® Linked - PAM Advisors Fund, LLC (the Company) is a limited liability company organized under the Delaware Limited Liability Company Act. The Company engages in the speculative trading of commodity futures, and may engage in the speculative trading of options on futures, forward contracts and other derivatives, on exchanges and markets located in the United States (U.S.) and abroad. These financial statements incorporate the financial condition, results of operations and changes in members’ equity (net assets) of the Company as a whole, as well as each Series of membership interest in the Company.

The Company consists of four series (each, a Series) of limited liability company interests (Interests): the RICI® Linked – PAM Total Index Series ( the Total Index Series), the RICI® Linked – PAM Agricultural Sector Series (the Agricultural Sector Series), the RICI® Linked – PAM Energy Sector Series (the Energy Sector Series), and the RICI® Linked – PAM Metals Sector Series (the Metals Sector Series). Each Series invests substantially all of its assets in derivative contracts representing the commodity positions contained in the Rogers International Commodity Index® (Index), or a sub-index thereof. Currently, three Series have commenced trading, the Total Index Series, which began trading May 8, 2007, the Agricultural Sector Series, which began trading February 1, 2008, and the Energy Sector Series, which began trading January 1, 2010. The Energy Sector Series ceased operations after paying out withdrawal proceeds with respect to the July 31, 2010 withdrawal date. The Metals Sector Series has not yet commenced operations.

The Company has been granted a license to use the Index pursuant to a sub-licensing arrangement. If the sub-license arrangement were to terminate and the Company lost use of the Index, the Company would not be able to raise additional capital.

Price Asset Management, Inc. is the Managing Member of the Company. The Company is organized as a “series” limited liability company such that, pursuant to Section 18-215(b) of the Delaware Limited Liability Company Act, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the assets of such Series and not against the assets of the Company generally or any other Series. Accordingly, the assets of one Series of the Company include only those funds and other assets that are paid to, held by or distributed to the Company on account of and for the benefit of that Series, including, without limitation, funds delivered to the Company for investment in that Series.

Total Index Series: trading is comprised of three commodity product sectors encompassing 37 markets worldwide.

Agricultural Sector Series: trading is comprised of one commodity product sector encompassing 21 agricultural markets worldwide.

Energy Sector Series: trading is comprised of one commodity product sector encompassing 6 energy markets worldwide.

Metals Sector Series: trading is comprised of one commodity product sector encompassing 10 metals markets worldwide.

Accounting policies: The Company follows generally accepted accounting principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations.

Consolidating Presentation: Each Series of the Company are presented on a consolidating basis as the Company. There are no significant intercompany transactions between the Series that require elimination.

Use of estimates: The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents: Cash and cash equivalents include highly liquid instruments with original maturities of three months or less at the date of acquisition.

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

Net asset value: “Net Asset Value” or “Net Assets” associated with each Series is the sum of all cash plus investments, at fair value, plus the liquidating value of all open commodity positions maintained by the Series, plus interest receivable and other assets, less all liabilities of the Series determined in accordance with GAAP.

Securities and derivative financial instruments: Investments in securities and derivative financial instruments and related expenses are recorded on trade date and at fair value. Gains and losses are realized when contracts are liquidated and are included as net realized gain (loss) on investments in the statement of operations. Unrealized gains or losses on open contracts (the difference between contract purchase price and market price) at the date of the statements of financial condition are included in equity in broker trading accounts as a net unrealized gain or loss, as there exists a right to offset. The difference between the cost and the fair value of open investments is reflected as unrealized gains (losses) on investments. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Brokerage commissions include clearing and exchange fees and are separately reported in the statements of operations.

Translation of foreign currencies: The Company’s functional currency is the U.S. dollar; however, it transacts business in foreign currencies. Investments denominated in foreign currencies are translated into U.S. dollars at the rates in effect at the date of the statements of financial condition. Income and expense items denominated in foreign currencies are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported as part of realized gains and losses in the statements of operations.

Subscriptions: Non-managing member subscriptions are presented in the statement of changes in members’ equity (net assets), net of sales fees, if any.

Withdrawals payable: Withdrawals approved by the Managing Member prior to month end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month end.

Ongoing offering expenses: Ongoing offering expenses are charged to expense as incurred.

Income taxes: No provision for income taxes has been made in these financial statements because members are individually responsible for reporting income or loss based on their respective shares in the Company’s income and expenses as reported for income tax purposes.

The FASB provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. The guidance requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and liability in the current year. Through June 30, 2014 management has determined that there are no material uncertain income tax positions.

The Company is not subject to examination by U.S. Federal and state tax authorities for years before 2010.

Statement of cash flows: The Company has elected not to provide statements of cash flows as permitted by GAAP as all of the following conditions have been met:

During the period, substantially all of the Company’s investments were classified as Level 1 and Level 2 assets and liabilities within the Fair Value hierarchy;

Substantially all of the Company’s investments are carried at fair value;

The Company had little or no debt during the period; and

The Company’s financial statements include a statement of changes in members’ equity (net assets).

Recently adopted accounting pronouncements: In December 2011, the FASB issued new guidance that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for annual and interim periods beginning on or after January 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of this guidance did not have a material impact on the Company’s financial position or results of operations. See Note 3 for the gross and net information related to derivatives eligible for offset.

Note 2.Fair Value of Financial Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below:

Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies.

Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The following section describes the valuation techniques used by the Company to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized.

The fair values of exchange traded futures contracts are based upon exchange settlement prices. Shares of mutual funds, which include money market funds, are valued at the net asset value based on quoted market prices. Government-sponsored enterprise securities are stated at cost plus accrued interest, which approximates fair value based on quoted market prices for identical assets in an active market. These financial instruments are classified as Level 1 of the fair value hierarchy.

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy as of:



	Total Index Series				Agricultural Sector Series				Total RICI® Linked - PAM Advisors Fund, LLC
	June 30,		December 31,		June 30,		December 31,		June 30,		December 31,
	2014		2013		2014		2013		2014		2013
Description	Level 1		Level 1		Level 1		Level 1		Level 1		Level 1

Equity in broker trading
accounts
Open future contracts	$	125,281	$	(2,740,705)	$	(158,590)	$	(161,948)	$	(33,309)	$	(2,902,653)
Cash and cash equivalents
Money market funds		4,573,368		8,236,611		303,514		28,311		4,876,882		8,264,922
Investments
Government-sponsored
enterprise securities		196,969,290		184,959,750		1,499,520		4,999,085		198,468,810		189,958,835
Mutual funds		6,000,442		8,000,033		-		50,001		6,000,442		8,050,034
	$	207,668,381	$	198,455,689	$	1,644,444	$	4,915,449	$	209,312,825	$	203,371,138

Note 2.Fair Value of Financial Instruments (Continued)

At June 30, 2014 and December 31, 2013 the Company had no Level 2 or Level 3 assets or liabilities. The Company assesses the levels or assets and liabilities measured at fair value at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstance that caused the transfer. There was no transfer among Levels 1, 2 and 3 during the period ended June 30, 2014 and year ended December 31, 2013.

In addition, substantially all of the Company’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

Note 3.Derivative Instruments

The Company’s derivative contracts are comprised of futures contracts. These derivative contracts are recorded on the statements of financial condition as assets measured at fair value and the related realized and unrealized gain (loss) associated with these derivatives is recorded in the statements of operations. The Company has considered the counterparty credit risk related to all its futures contracts and does not deem any counterparty credit risk material at this time. The Company does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance.

Total Index Series

As of June 30, 2014 and December 31, 2013 the Total Index Series’ derivative contracts had the following impact on the statement of financial condition:



			Asset Derivatives		Liability Derivatives
	Contract Risk	Location	June 30, 2014		June 30, 2014		Net

Futures:	Commodity price	Equity in broker trading accounts
Agriculture			$	711,468	$	(3,982,684)	$	(3,271,216)
Energy				1,021,170		(257,661)		763,509
Metals				3,712,441		(1,079,453)		2,632,988

			$	5,445,079	$	(5,319,798)	$	125,281


			Asset Derivatives		Liability Derivatives
	Contract Risk	Location	December 31, 2013		December 31, 2013		Net

Futures:	Commodity price	Equity in broker trading accounts
Agriculture			$	927,126	$	(2,801,139)	$	(1,874,013)
Energy				585,353		(416,156)		169,197
Metals				2,153,694		(3,189,583)		(1,035,889)

			$	3,666,173	$	(6,406,878)	$	(2,740,705)

Note 3.Derivative Instruments (Continued)

For the three and six months ended June 30, 2014 and 2013 the Total Index Series’ derivative contracts had the following impact on the statement of operations:



		Six months ended June 30, 2014
	Contract Risk	Realized gains (losses) on futures contracts		Change in unrealized gains (losses) on open futures contracts		Net trading gains (losses)
Futures:	Commodity price
Agriculture		$	4,225,297	$	(1,397,203)	$	2,828,094
Energy			6,274,188		594,312		6,868,500
Metals			(1,441,607)		3,668,878		2,227,271

		$	9,057,880	$	2,865,986	$	11,923,866

		Six months ended June 30, 2013
	Contract Risk	Realized gains (losses) on futures contracts		Change in unrealized gains (losses) on open futures contracts		Net trading gains (losses)
Futures:	Commodity price
Agriculture		$	(7,220,867)	$	(374,156)	$	(7,595,023)
Energy			271,536		(472,805)		(201,269)
Metals			(6,338,384)		(5,320,776)		(11,659,160)

		$	(13,287,715)	$	(6,167,737)	$	(19,455,452)



		Three months ended June 30, 2014
	Contract Risk	Realized gains (losses) on futures contracts		Change in unrealized gains (losses) on open futures contracts		Net trading gains (losses)
Futures:	Commodity price
Agriculture		$	(324,170)	$	(6,287,399)	$	(6,611,569)
Energy			3,136,524		1,567,261		4,703,785
Metals			(188,699)		3,328,975		3,140,276

RICI Linked - PAM Advisors Fund, LLC 10-Q