RICI Linked - PAM Advisors Fund, LLC - FORM 10-Q

RICI Linked - PAM Advisors Fund, LLC - FORM 10-Q - May 15, 2013

Attached files

Attached files

RICI Linked - PAM Advisors Fund, LLC Reports

file	filename
EXCEL - IDEA: XBRL DOCUMENT - RICI Linked - PAM Advisors Fund, LLC	Financial_Report.xls
EX-31.2 - EX-31.2 - RICI Linked - PAM Advisors Fund, LLC	d526667dex312.htm
EX-32.1 - EX-32.1 - RICI Linked - PAM Advisors Fund, LLC	d526667dex321.htm
EX-31.1 - EX-31.1 - RICI Linked - PAM Advisors Fund, LLC	d526667dex311.htm
EX-32.2 - EX-32.2 - RICI Linked - PAM Advisors Fund, LLC	d526667dex322.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2013

¨	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 incorporation or organization)		(IRS Employer Identification No.)

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 x 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 x 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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

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:


	Page
Financial Statements

Statements of Financial Condition as of March 31, 2013 (Unaudited) and December 31, 2012 (Audited)		3

Condensed Schedule of Investments as of March 31, 2013 (Unaudited)		4

Condensed Schedule of Investments as of December 31, 2012 (Audited)		5

Statements of Operations for the Three Months Ended March 31, 2013 and 2012 (Unaudited)		6

Statements of Changes in Members’ Equity (Net Assets) for the Three Months Ended March 31, 2013 and 2012 (Unaudited)		7

Notes to Financial Statements (Unaudited)		8

RICI^® Linked—PAM Advisors Fund, LLC

Statements of Financial Condition

March 31, 2013 (Unaudited) and December 31, 2012 (Audited)


	Total Index Series						Agricultural Sector Series						RICI^® Linked—PAM Advisors Fund, LLC
	March 31, 2013			December 31, 2012			March 31, 2013			December 31, 2012			March 31, 2013			December 31, 2012
Assets
Equity in broker trading account
Cash	$	35,027,709		$	35,834,498		$	2,486,883		$	2,626,089		$	37,514,592		$	38,460,587
Net unrealized gain (loss) on open futures contracts		(3,795,908	)		(660,454	)		(295,114	)		(447,627	)		(4,091,022	)		(1,108,081	)

		31,231,801			35,174,044			2,191,769			2,178,462			33,423,570			37,352,506
Cash and cash equivalents		6,398,798			22,155,680			53,402			355,529			6,452,200			22,511,209
Investments
Government-sponsored enterprise securities, at fair value		235,969,070			219,959,160			9,097,910			9,698,930			245,066,980			229,658,090
Mutual funds, at fair value		5,000,994			10,000,554			200,006			200,000			5,201,000			10,200,554

Total assets	$	278,600,663		$	287,289,438		$	11,543,087		$	12,432,921		$	290,143,750		$	299,722,359

Liabilities and Members’ Equity (Net Assets)
Accrued operating expenses	$	163,029		$	145,587		$	42,723		$	50,011		$	205,752		$	195,598
Management fee payable to Managing Member		148,043			155,139			6,208			6,686			154,251			161,825
Support services fee payable		22,763			23,854			955			1,028			23,718			24,882
Servicing fee payable to selling agent		26,955			27,046			4,378			4,589			31,333			31,635
Withdrawals payable		11,291,541			14,926,716			853,249			555,579			12,144,790			15,482,295
Subscriptions received in advance		5,055,000			650,000			—			—			5,055,000			650,000

		16,707,331			15,928,342			907,513			617,893			17,614,844			16,546,235

Members’ equity (net assets)		261,893,332			271,361,096			10,635,574			11,815,028			272,528,906			283,176,124

Total liabilities and members’ equity (net assets)	$	278,600,663		$	287,289,438		$	11,543,087		$	12,432,921		$	290,143,750		$	299,722,359

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

RICI^® Linked—PAM Advisors Fund, LLC

Condensed Schedule of Investments

March 31, 2013 (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	$	(2,110,217	)		(0.81	)%	$	—			—	%	$	(2,396,558	)		(0.74	)%
29 May 2013 CBOT Wheat Contracts		—			—			(127,888	)		(1.20	)		—			—
Other*		—			—			(158,453	)		(1.49	)		—			—
Energy*		3,091,225			1.18			—			—			3,091,225			0.96
Metals*		(383,610	)		(0.15	)		—			—			(383,610	)		(0.12	)

Total futures contracts—United States		597,398			0.22			(286,341	)		(2.69	)		311,057			0.10

Foreign
Agriculture*		(60,772	)		(0.02	)		(8,773	)		(0.08	)		(69,545	)		(0.02	)
Energy*		(2,835	)		**			—			—			(2,835	)		**
Metals*		(4,329,699	)		(1.65	)		—			—			(4,329,699	)		(1.34	)

Total futures contracts—Foreign		(4,393,306	)		(1.67	)		(8,773	)		(0.08	)		(4,402,079	)		(1.37	)

Total net unrealized loss on open futures contracts	$	(3,795,908	)		(1.45	)%	$	(295,114	)		(2.77	)%	$	(4,091,022	)		(1.27	)%

Government-sponsored enterprise securities


					Percent of Members’							Percent of Members’							Percent of Members’
					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 04/11/2013	$	19,986,068	$	19,999,800		7.64	%	$	—	$	—		—	%	$	19,986,068	$	19,999,800		7.34	%
$ 20,000,000 Treasury bill due 04/18/2013		19,985,830		19,999,600		7.64			—		—		—			19,985,830		19,999,600		7.34
$ 20,000,000 Treasury bill due 04/18/2013		19,985,828		19,999,600		7.64			—		—		—			19,985,828		19,999,600		7.34
$ 40,000,000 Treasury bill due 05/09/2013		39,973,839		39,998,000		15.27			—		—		—			39,973,839		39,998,000		14.68
$ 1,000,000 Treasury bill due 05/16/2013		—		—		—			799,524		799,944		7.52			799,524		799,944		0.29
$ 40,000,000 Treasury bill due 06/20/2013		39,982,130		39,994,400		15.27			—		—		—			39,982,130		39,994,400		14.68
$ 1,5,000,000 Treasury bill due 06/20/2013		—		—		—			1,499,372		1,499,790		14.10			1,499,372		1,499,790		0.55
$ 35,000,000 Treasury bill due 07/05/2013		34,986,565		34,993,700		13.36			—		—		—			34,986,565		34,993,700		12.84
$ 41,000,000 Treasury bill due 07/18/2013		40,979,684		40,990,570		15.65			—		—		—			40,979,684		40,990,570		15.04
$ 5,800,000 Treasury bill due 07/18/2013		—		—		—			5,797,131		5,798,666		54.52			5,797,131		5,798,666		2.13
$20,000,000 Treasury bill due 08/15/2013		19,988,377		19,993,400		7.63			—		—		—			19,988,377		19,993,400		7.34
$1,000,000 Treasury bill due 09/19/2013		—		—		—			999,418		999,510		9.40			999,418		999,510		0.37

Total Government-sponsored enterprise securities	$	235,868,322	$	235,969,070		90.10	%	$	9,095,445	$	9,097,910		85.54	%	$	244,963,767	$	245,066,980		89.94	%

Mutual funds
United States
Federated Government Obligations Fund (198 shares)	$	198	$	198		**	%	$	—	$	—		—	%	$	198	$	198		**	%
Federated Government Obligations Fund (100,002 shares)		—		—		—			100,002		100,002		0.94			100,002		100,002		**
AIM Government & Agency Portfolio Institutional( 5,000,796 shares)		5,000,796		5,000,796		1.91			—		—		—			5,000,796		5,000,796		1.83
AIM Government & Agency Portfolio Institutional (100,004 shares)		—		—		—			100,004		100,004		0.94			100,004		100,004		0.04

Total mutual funds	$	5,000,994	$	5,000,994		1.91	%	$	200,006	$	200,006		1.88	%	$	5,201,000	$	5,201,000		1.87	%

*	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 0.01% of members’ equity (net assets).

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

RICI^® Linked—PAM Advisors Fund, LLC

Condensed Schedule of Investments

December 31, 2012


	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	$	(3,604,351	)		(1.33	)%	$	—			—	%	$	(4,055,094	)		(1.43	)%
46 March 2013 CBOT Corn Contracts		—			—			(120,450	)		(1.02	)		—			—
40 March 2013 CBOT Wheat Contracts		—			—			(195,238	)		(1.65	)		—			—
Other*		—			—			(135,055	)		(1.14	)		—			—
Energy*		431,994			0.16			—			—			431,994			0.15
Metals*		(515,960	)		(0.19	)		—			—			(515,960	)		(0.18	)

Total futures contracts—United States		(3,688,317	)		(1.36	)		(450,743	)		(3.81	)		(4,139,060	)		(1.46	)

Foreign
Agriculture*		4,585			**			3,116			0.03			7,701			**
Energy*		141,040			0.05			—			—			141,040			0.05
Metals*		2,882,238			1.06			—			—			2,882,238			1.02

Total futures contracts—Foreign		3,027,863			1.11			3,116			0.03			3,030,979			1.07

Total net unrealized loss on open futures contracts	$	(660,454	)		(0.23	)%	$	(447,627	)		(3.78	)%	$	(1,108,081	)		(0.39	)%

Government-sponsored enterprise securities


					Percent of							Percent of							Percent of
					Members’							Members’							Members’
					Equity							Equity							Equity
United States	Cost		Fair Value		(Net Assets)			Cost		Fair Value		(Net Assets)			Cost		Fair Value		(Net Assets)
U.S. Treasury Bills
$ 40,000,000 Treasury bill due 01/10/2013	$	39,971,850	$	39,999,600		14.74	%	$	—	$	—		—	%	$	39,971,850	$	39,999,600		14.13	%
$ 30,000,000 Treasury bill due 01/17/2013		29,982,858		29,999,700		11.06			—		—		—			29,982,858		29,999,700		10.59
$ 6,200,000 Treasury bill due 01/17/2013		—		—		—			6,196,241		6,199,938		52.48			6,196,241		6,199,938		2.19
$ 16,000,000 Treasury bill due 02/07/2013		15,988,675		15,999,520		5.90			—		—		—			15,988,675		15,999,520		5.65
$ 4,000,000 Treasury bill due 02/28/2013		3,997,499		3,999,840		1.47			—		—		—			3,997,499		3,999,840		1.41
$ 1,000,000 Treasury bill due 02/28/2013		—		—		—			999,378		999,960		8.46			999,378		999,960		0.35
$ 20,000,000 Treasury bill due 04/11/2013		19,986,068		19,996,400		7.37			—		—		—			19,986,068		19,996,400		7.06
$ 20,000,000 Treasury bill due 04/18/2013		19,985,830		19,995,800		7.37			—		—		—			19,985,830		19,995,800		7.06
$ 20,000,000 Treasury bill due 04/18/2013		19,985,828		19,995,800		7.37			—		—		—			19,985,828		19,995,800		7.06
$ 40,000,000 Treasury bill due 05/09/2013		39,973,839		39,987,200		14.74			—		—		—			39,973,839		39,987,200		14.12
$ 1,000,000 Treasury bill due 05/16/2013		—		—		—			999,405		999,660		8.46			999,405		999,660		0.35
$ 30,000,000 Treasury bill due 06/20/2013		29,986,453		29,985,300		11.05			—		—		—			29,986,453		29,985,300		10.59
$ 1,500,000 Treasury bill due 06/20/2013		—		—		—			1,499,372		1,499,372		12.69			1,499,372		1,499,372		0.53

Total Government-sponsored enterprise securities	$	219,858,900		219,959,160		81.07	%	$	9,694,396	$	9,698,930		82.09	%	$	229,553,296	$	229,658,090		81.09	%

Mutual funds
United States
Federated Government Obligations Fund (5,000,057 shares)	$	5,000,067	$	5,000,057		1.84	%	$	—	$	—		—	%	$	5,000,067	$	5,000,057		1.77	%
Federated Government Obligations Fund (100,000 shares)		—		—		—			100,000		100,000		0.85			100,000		100,000		0.04
AIM Government & Agency Portfolio Institutional (5,000,497 shares)		5,000,497		5,000,497		1.84			—		—		—			5,000,497		5,000,497		1.77
AIM Government & Agency Portfolio Institutional (100,000 shares)		—		—		—		$	100,000	$	100,000		0.85			100,000		100,000		0.04

Total mutual funds	$	10,000,564	$	10,000,554		3.68	%	$	200,000	$	200,000		1.70	%	$	10,200,564	$	10,200,554		3.62	%

*	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 0.01% 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

For the Three Months Ended March 31, 2013 and 2012 (Unaudited)


	Total Index Series						Agricultural Sector Series						Total RICI^® Linked—PAM Advisors Fund, LLC
	Three Months Ended						Three Months Ended						Three Months Ended
	March 31,						March 31,						March 31,
	2013			2012			2013			2012			2013			2012
Realized and unrealized gains (losses) on investments
Realized gains (losses) on futures contracts	$	3,511,515		$	12,687,820		$	(337,861	)	$	(48,200	)	$	3,173,654		$	12,639,620
Realized gains on securities		59,108			41,318			4,428			2,767			63,536			44,085
Change in unrealized gains (losses) on open futures contracts		(3,135,454	)		2,404,433			152,513			294,359			(2,982,941	)		2,698,792
Change in unrealized gains (losses) on securities		499			(21,939	)		(2,068	)		(1,681	)		(1,569	)		(23,620	)
Brokerage commissions		(120,863	)		(150,473	)		(6,491	)		(7,152	)		(127,354	)		(157,625	)

Net realized and unrealized gain (loss) on investments		314,805			14,961,159			(189,479	)		240,093			125,326			15,201,252

Investment income (loss)
Interest income		5,503			366			262			(227	)		5,765			139

		5,503			366			262			(227	)		5,765			139

Expenses
Management fees		458,497			504,342			19,191			20,945			477,688			525,287
Operating expenses		111,342			120,585			13,165			13,485			124,507			134,070
Support services fee		70,500			77,549			2,951			3,221			73,451			80,770
Servicing fees		26,955			26,896			4,379			4,526			31,334			31,422

		667,294			729,372			39,686			42,177			706,980			771,549

Net investment loss		(661,791	)		(729,006	)		(39,424	)		(42,404	)		(701,215	)		(771,410	)

Net income (loss)	$	(346,986	)	$	14,232,153		$	(228,903	)	$	197,689		$	(575,889	)	$	14,429,842

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 Three Months Ended March 31, 2013 and 2012 (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, 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		—		13,245,613			13,245,613			—			95,179			95,179			—			13,340,792			13,340,792
Withdrawals		—		(22,366,391	)		(22,366,391	)		—			(1,045,730	)		(1,045,730	)		—			(23,412,121	)		(23,412,121	)
Net income		21		(347,007	)		(346,986	)		(631	)		(228,272	)		(228,903	)		(610	)		(575,279	)		(575,889	)

Members’ equity (net assets) March 31, 2013	$	38,342	$	261,854,990		$	261,893,332		$	36,170		$	10,599,404		$	10,635,574		$	74,512		$	272,454,394		$	272,528,906

Members’ equity (net assets) December 31, 2011	$	37,002	$	292,989,365		$	293,026,367		$	35,511		$	11,552,735		$	11,588,246		$	72,513		$	304,542,100		$	304,614,613
Subscriptions, net		—		13,234,599			13,234,599			—			2,341,000			2,341,000			—			15,575,599			15,575,599
Withdrawals		—		(12,409,535	)		(12,409,535	)		—			(258,408	)		(258,408	)		—			(12,667,943	)		(12,667,943	)
Net income		1,893		14,230,260			14,232,153			695			196,994			197,689			2,588			14,427,254			14,429,842

Members’ equity (net assets) March 31, 2012	$	38,895	$	308,044,689		$	308,083,584		$	36,206		$	13,832,321		$	13,868,527		$	75,101		$	321,877,010		$	321,952,111

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 (Total Index Series), the RICI^® Linked – PAM Agricultural Sector Series (Agricultural Sector Series), the RICI^® Linked – PAM Energy Sector Series (Energy Sector Series), and the RICI^® Linked – PAM Metals Sector Series (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.

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 March 31, 2013 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 2009.

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 issued 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.

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
Description	March 31, 2013 Level 1			December 31, 2012 Level 1			March 31, 2013 Level 1			December 31, 2012 Level 1			March 31, 2013 Level 1			December 31, 2012 Level 1
Equity in broker trading account
Futures contracts	$	(3,795,908	)	$	(660,454	)	$	(295,114	)	$	(447,627	)	$	(4,091,022	)	$	(1,108,081	)
Cash and cash equivalents
Money market funds		822,561			11,779,729			32,272			309,127			854,833			12,088,856
Investments
Government-sponsored enterprise securities		235,969,070			219,959,160			9,097,910			9,698,930			245,066,980			229,658,090
Mutual funds		5,000,994			10,000,554			200,006			200,000			5,201,000			10,200,554

	$	237,996,717		$	241,078,989		$	9,035,073		$	9,760,430		$	247,031,791		$	250,839,419

Note 2. Fair Value of Financial Instruments (Continued)

At March 31, 2013 and December 31, 2012 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 March 31, 2013 and year ended December 31, 2012.

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 March 31, 2013 and December 31, 2012 the Total Index Series’ derivative contracts had the following impact on the statement of financial condition:


Total Index Series
Contract Risk	Location	Asset Derivatives March 31, 2013		Liability Derivatives March 31, 2013			Net
Futures: Commodity price	Equity in broker trading account
Agriculture		$	951,327	$	(3,122,316	)	$	(2,170,989	)
Energy			3,113,515		(25,125	)		3,088,390
Metals			78,180		(4,791,489	)		(4,713,309	)

		$	4,143,022	$	(7,938,930	)	$	(3,795,908	)


Contract risk	Location	Asset Derivatives December 31, 2012		Liability Derivatives December 31, 2012			Net
Futures: Commodity price	Equity in broker trading account
Agriculture		$	1,123,319	$	(4,723,085	)	$	(3,599,766	)
Energy			924,732		(351,698	)		573,034
Metals			3,996,960		(1,630,682	)		2,366,278

		$	6,045,011	$	(6,705,465	)	$	(660,454	)

Note 3. Derivative Instruments (Continued)

For the three months ended March 31, 2013 and 2012 the Total Index Series’ derivative contracts had the following impact on the statement of operations:


	Three months ended March 31, 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	$	(2,972,190	)	$	1,428,777		$	(1,543,413	)
Energy		2,964,364			2,515,356			5,479,720
Metals		3,519,341			(7,079,587	)		(3,560,246	)

	$	3,511,515		$	(3,135,454	)	$	376,061


	Three months ended March 31, 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	$	2,939,229		$	(6,232,391	)	$	(3,293,162	)
Energy		7,061,402			4,871,189			11,932,591
Metals		2,687,189			3,765,635			6,452,824

	$	12,687,820		$	2,404,433		$	15,092,253

For the three months ended March 31, 2013 and 2012, the monthly average number of futures contracts bought and sold was approximately 6,611 and 8,033, respectively.

Agricultural Sector Series

As of March 31, 2013 and December 31, 2012, the Agricultural Sector Series’ derivative contracts had the following impact on the statement of financial condition:


Contract Risk	Location	Asset Derivatives March 31, 2013		Liability Derivatives March 31, 2013			Net
Futures: Commodity price	Equity in broker trading account
Agriculture		$	114,139	$	(409,253	)	$	(295,114	)
Energy			—		—			—
Metals			—		—			—

		$	114,139	$	(409,253	)	$	(295,114	)


Contract risk	Location	Asset Derivatives December 31, 2012		Liability Derivatives December 31, 2012			Net
Futures: Commodity price	Equity in broker trading account
Agriculture		$	143,072	$	(590,699	)	$	(447,627	)
Energy			—		—			—
Metals			—		—			—

		$	143,072	$	(590,699	)	$	(447,627	)

Note 3. Derivative Instruments (Continued)

For the three months ended March 31, 2013 and 2012, the Agricultural Sector Series’ derivative contracts had the following impact on the statement of operations:


	Three months ended March 31, 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	$	(337,861	)	$	152,513	$	(185,348	)
Energy		—			—		—
Metals		—			—		—

	$	(337,861	)	$	152,513	$	(185,348	)


	Three months ended March 31, 2012
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	$	(48,200	)	$	294,359	$	246,159
Energy		—			—		—
Metals		—			—		—

	$	(48,200	)	$	294,359	$	246,159

For the three months ended March 31, 2013 and 2012, the monthly average number of futures contracts bought and sold was approximately 384 and 477, respectively.

Note 4. Equity in Broker Trading Account

Cash and financial instruments held at the Company’s clearing brokers collateralize amounts due to the clearing brokers, if any, and may serve to satisfy regulatory or clearing broker margin requirements. The Company earns interest on its assets deposited with brokers. At March 31, 2013 and December 31, 2012, the following amounts of cash and futures contracts were held at clearing brokers to satisfy margin requirements.


	March 31, 2013		December 31, 2012
Total Index Series	$	15,424,239	$	17,224,591
Agricultural Sector Series		717,086		780,902

Note 5. Subscriptions, Withdrawals, and Distributions

Subscriptions are effective at the opening of business on the first day of trading of the next calendar month. Class A Interests were issued through October 2011. Class B Interests were issued for contributions received on or after November 1, 2011 and are identical to Class A Interests in all respects, except that Class A Interests of each Series were allocated items of expense related to events occurring on or prior to October 31, 2011.

Non-managing members may withdraw some or all of their interest in the Company as of the end of any calendar month upon five business days prior written notice. Withdrawals from any Series made prior to the end of the sixth full calendar month following a non-managing member’s initial investment in such Series are subject to a withdrawal charge, payable to the relevant Series, equal to 1 percent of the amount withdrawn, provided that such charge will not apply if the withdrawal results from a request to exchange Interests in one Series for Interests in another Series. The Managing Member may defer or suspend withdrawal rights under certain circumstances.

Distributions may be made at the discretion of the Managing Member.

Note 6. The Managing Member

Price Asset Management, Inc., an Illinois corporation, is the managing member, commodity pool operator and commodity trading advisor of the Company. On August 24, 2012 Price Asset Management, Inc. became registered as an investment adviser.

The Managing Member will maintain a capital account balance in each Series sufficient for such Series to be treated as a partnership for federal income tax purposes (which may be $0) and may make withdrawals from its capital accounts without notice to the non-managing members. The Managing Member is not subject to the Managing Member’s management fee or support services fee, but will otherwise bear its proportionate share of each Series’ expenses.

Note 7. Fees and Expenses

Each Series pays the Managing Member a monthly management fee of 0.054167 percent of the month-end Net Asset Value of each non-managing member’s capital account in the Company (0.65 percent per annum). The Managing Member may waive or reduce its management fee in respect of any non-managing member without entitling any other non-managing member to a similar waiver or reduction. There were no waived management fees for the three months ended March 31, 2013 and 2012.

The management fees for the three months ended March 31, 2013 and 2012 were as follows and are reflected in the statements of operations.


	March 31, 2013		March 31, 2012
Total Index Series	$	458,497	$	504,342
Agricultural Sector Series		19,191		20,945

The Company	$	477,688	$	525,287

Non-managing members in the Company introduced by their respective selling agents may be charged a monthly service fee of 0.0833 percent (1 percent per annum) payable to the selling agent. They may also be charged an upfront sales fee of up to one percent of the subscriptions amount that is deducted from the subscription proceeds and paid to the applicable selling agent, if any. For the three months ended March 31, 2013 and 2012 subscriptions are net of the following amounts in sales fees that were charged to applicable non-managing members.


	March 31, 2013		March 31, 2012
Total Index Series	$	3,250	$	1,875
Agricultural Sector Series		400		4,000

The Company	$	3,650	$	5,875

Non-managing members introduced through qualified advisors, including the marketing representative, Uhlmann Price Securities, LLC, will not be charged a service fee. Uhlmann Price Securities, LLC, an affiliate of the Managing Member, will be paid its introducing fee by the Managing Member without reimbursement from the Company. The Company incurred the following amount of servicing fees to the selling agents during the three months ended March 31, 2013 and 2012, respectively.


	March 31, 2013		March 31, 2012
Total Index Series	$	26,955	$	26,896
Agricultural Sector Series		4,379		4,526

The Company	$	31,334	$	31,422

The Company pays all of its own legal, accounting, auditing, reporting, administrative and initial offering expenses.

Any expenses of the Company as a whole, and not specific to any Series of the Company, will be allocated ratably among the Series, in the ratio that the Net Asset Value of each Series bears to the aggregate Net Asset Value of all Series. The Managing Member believes this allocation method to be reasonable.

The Price Futures Group, Inc. (Price Futures), an affiliate of the Managing Member, acts as the introducing broker for the Company, whereby certain accounts of the Company are introduced to the Company’s clearing broker. A portion of the brokerage fee paid by the Company for clearing transactions is paid to Price Futures by the clearing broker.

The Company pays 0.0083 percent (0.10 percent per annum) of the month-end net asset value, Series by Series, as a support service fee to pay broker-dealers for distribution related services to the Company for hosting distribution platforms or providing custody solutions.

The Company incurred the following amount of support services fees during the three ended March 31, 2013 and 2012, respectively.


	March 31, 2013		March 31, 2012
Total Index Series	$	70,500	$	77,549
Agricultural Sector Series		2,951		3,221

The Company	$	73,451	$	80,770

Note 8. Trading Activities and Related Risks

The Company is exposed to both market risk, the risk arising from changes in the market value of the financial instruments, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

Market risk: The Company engages in the speculative trading of derivative financial instruments that involve varying degrees of off balance sheet market risk whereby changes in the market values of the underlying commodities may result in changes in the value of the derivative financial instruments in excess of the amounts reflected in the statements of financial condition. Theoretically, the Company is exposed to a market risk equal to the notional value of futures and forward contracts purchased.

Credit risk and concentration of credit risk: Credit risk arises primarily from the potential inability of counterparties, such as clearing brokers, banks or other financial institutions, to perform in accordance with the terms of a contract. The Company’s exposure to credit risk associated with counterparty nonperformance is limited to the current cost to replace all contracts in which the Company has a gain. Exchange traded financial instruments, such as financial futures, generally do not give rise to significant counterparty exposure due to daily cash settlement procedures for daily gains and losses and the margin requirements of the individual exchanges. The Company clears all of its trades through ADM Investor Services, Inc., and RBC Capital Markets, LLC. In the event these brokers do not fulfill their obligations, the Company may be exposed to risk.

The Company maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Company does not believe it is exposed to any significant credit risk.

The Managing Member has established procedures to actively monitor the creditworthiness of the counterparties with which it conducts business in order to minimize market and credit risks. The non-managing members bear the risk of loss only to the extent of the value of their respective investments and, in certain circumstances, distributions and withdrawals received.

Note 9. Financial Highlights

Financial highlights for non-managing members of the Company for the three months ended March 31, 2013 and 2012 are as follows:


	Total Index Series						Agricultural Sector Series
	Three months ended March 31,						Three months ended March 31,
	2013 (Unaudited)			2012 (Unaudited)			2013 (Unaudited)			2012 (Unaudited)
Total Return		(0.14	)%		4.91	%		(1.94	)%		1.70	%

Ratios to average members’ equity (net assets)
Total expenses ^{(1) (3)}		0.95	%		0.96	%		1.34	%		1.29	%

Net investment loss ^{(2) (3)}		(0.94	)%		(0.95	)%		(1.33	)%		(1.30	)%

⁽¹⁾	The ratio of operating expenses to average members’ equity (net asset) values does not include brokerage commissions.

⁽²⁾	Net investment loss does not include net realized and unrealized gains and losses and the related brokerage commissions of the Series.

⁽³⁾	Annualized.

Each ratio is calculated for the non-managing members taken as a whole. Total return is based on the change in value during the period of a theoretical investment made in each Series at the beginning of each calendar month during the year. The computation of an individual non-managing member’s ratios may vary from the ratios calculated above based on any fee waivers, the timing of capital transactions in participation of gains or losses resulting from MF Global.

The total returns and ratios exclude the effects of any 1 percent sales fees charged by the selling agents.

Note 10. Indemnifications

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Managing Member expects the risk of any future obligations under these indemnifications to be remote.

Note 11. Interim Financial Statements

The statements of financial condition, including the condensed schedule of investments, as of March 31, 2013, the statements of operations for the three months ended March 31, 2013 and 2012 and changes in members’ equity (net assets) for the three months ended March 31, 2013 and 2012 and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of the Managing Member, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of the financial position as of March 31, 2013, results of operations for the three months ended March 31, 2013 and 2012 and changes in members’ equity (net assets) for the three months ended March 31, 2013 and 2012. The results of operations for the three months ended March 31, 2013 and 2012 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s 2012 Form 10-K as filed with the SEC.

Note 12. Subsequent Events

The Company’s management evaluated subsequent events for potential recognition and/or disclosure through the date that these financial statements were issued.

The Company is permitted to track the Index under a licensing arrangement granted by Beeland Interests, Inc. Prior to April 1, 2013, the Company’s use of the Index has been governed by a sub-licensing arrangement with Beeland Management, LLC, another licensee of Beeland Interests, Inc. Effective April 1, 2013, the Company has entered into a licensing agreement directly with Beeland Interests, Inc. If the license arrangement with Beeland Interests, Inc. were to terminate and the Company lost use of the Index, the Company will not be able to raise additional capital.

Subsequent to March 31, 2013, PAM subscriptions and withdrawals of interests were as follows:


	Total Index Series				Agricultural Sector Series				Total RICI^® Linked—PAM Advisors Fund, LLC
	Subscriptions		Withdrawals		Subscriptions		Withdrawals		Subscriptions		Withdrawals
April	$	5,245,636	$	3,011,257	$	53,455	$	159,264	$	5,299,091	$	3,170,521
May		2,197,000		—		182,322		—		2,379,322		—

Total	$	7,442,636	$	3,011,257	$	235,777	$	159,264	$	7,678,413	$	3,170,521

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

RICI^® Linked – PAM Advisors Fund, LLC (the Company) consists of four series (each, a Series): 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). The Total Index Series, Agricultural Sector Series and Energy Sector Series commenced operations on May 8, 2007, February 7, 2008 and January 1, 2010, respectively. 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.

For the avoidance of doubt, 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 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.

LIQUIDITY

Approximately 90% of the Company’s assets, excluding the assets used to satisfy margin requirements, are invested in U.S. government securities, including securities issued by federal agencies (or, to a limited extent, foreign government securities in connection with trading on non-U.S. exchanges), other Commodity Futures Trading Commission (CFTC) -authorized investments and certain other money market instruments at one or more federally chartered U.S. banking institutions. The aforementioned positions are withdrawn, as necessary, to pay withdrawals and expenses. Price Asset Management, Inc. (the Managing Member) will commit the remaining assets of each Series to margin such Series’ futures, forward and swap positions such that the total market exposure of each Series is approximately equal to its net assets. Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the futures trading, the Company’s assets are highly liquid and are expected to remain so. During its operations through March 31, 2013, the Company experienced no meaningful periods of illiquidity in any of the markets traded by the Managing Member on behalf of the Company.

CAPITAL RESOURCES

The Company raises additional capital only through the sale of interests (Interests) and capital is increased through trading profits (if any) and through interest income. The Company does not engage in borrowing.

The amount of capital raised for the Company should not have a significant impact on its operations, as the Company has no significant capital expenditure or working capital requirements other than for monies to pay trading losses, brokerage commissions and expenses. Within broad ranges of capitalization, the Company’s trading positions should increase or decrease in approximate proportion to the size of the Company.

Due to the nature of the Company’s business, approximately 90% of its assets, excluding the assets used to satisfy margin requirements, are invested in U.S. government securities, including securities issued by federal agencies (or, to a limited extent, foreign government securities in connection with trading on non-U.S. exchanges), other CFTC-authorized investments and certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits) at one or more federally chartered U.S. banking institutions, while the Company currently maintains its market exposure through open futures contract positions.

The Company trades futures contracts on U.S. and non-U.S. markets, substantially all of which are subject to margin requirements. The minimum amount of margin required for each contract is set from time to time in response to various market factors by the respective exchanges. Further, the Company’s counterparties or brokers may require margin in excess of minimum exchange requirements. Risk arises from changes in the value of these instruments (market risk) and the potential inability of counterparties or brokers to perform under the terms of their contracts (credit risk). Market risk is generally to be measured by the notional value, or face amount, of the futures positions acquired and the volatility of the markets traded. The credit risk from counterparty non-performance associated with these instruments is the net unrealized gain, if any, on these positions plus the value of the margin or collateral held by the counterparty. The counterparty for

futures contracts traded in the U.S. is the clearinghouse associated with the relevant exchange. Clearinghouse arrangements are generally perceived to reduce credit risk because, in general, clearinghouses are backed by the corporate members of the clearinghouses, which are required to share any financial burden resulting from the non-performance of any one of the members of the clearinghouse.

All of the contracts currently traded by the Managing Member on behalf of the Company are exchange-traded, although the Managing Member is authorized to, and may in the future, trade over-the-counter forward and swap contracts. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions since, in over-the-counter transactions, the Company must rely solely on the credit of its respective trading counterparties, whereas exchange-traded contracts are generally, but not universally, backed by the collective credit of the members of the clearinghouse. In the future, the Company may enter into non-exchange traded contracts and be subject to the credit risk associated with counterparty non-performance. The Managing Member attempts to control credit risk associated with off-exchange transactions, if any, by dealing exclusively with large, well capitalized banks and dealers.

Critical Accounting Estimates

The Company’s securities and derivative financial instruments are recorded at fair value. The fair values of exchange-traded futures contracts are based upon exchange settlement prices. Fair value of non-exchange traded futures contracts is based on third-party quoted dealer values on the Interbank market. 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.

The Company accounts for subscriptions, allocations and withdrawals on a per member (Member) capital account basis. Income or loss is allocated pro rata to the capital accounts of all Members.

The preparation of financial statements in conformity with GAAP requires the Managing Member to make estimates and assumptions, such as accrual of expenses, that affect the amounts and disclosures reported in the financial statements. Based on the nature of the business and operations of the Company, the Managing Member believes that the estimates utilized in preparing the Company’s financial statements are appropriate and reasonable; however, actual results could differ from these estimates.

The estimates used do not provide a range of possible results that would require the exercise of subjective judgment. The Managing Member further believes that, based on the nature of the business and operations of the Company, no other reasonable assumptions relating to the application of the Company’s critical accounting estimates other than those currently used would likely result in materially different amounts from those reported.

RESULTS OF OPERATIONS

The rules the Managing Member follows in replicating the Index or a Sub-Index, on behalf of the Company, on a Series by Series basis, do not predict price movements, nor do they rely on fundamental economic supply or demand analysis or on macroeconomic assessments of the relative strengths of different national economies or economic sectors. Instead, the rules are designed to follow passively, on an essentially unleveraged basis, changes in an index of raw materials traded in the world markets and, unlike with operating companies, operational or micro-economic trends have no relevance to the results. Generally, if prices of the relevant commodities rise, then the value of an investment should appreciate. Correspondingly, if prices of the relevant commodities decline, then the value of an investment should go down.

The performance summary set forth below is an outline description of how the Company, on a Series by Series basis, has performed in the past. The portfolios of the Series are marked-to-market every trading day and their trading accounts are credited or debited with their daily gains or losses. Past performance is not necessarily indicative of how they will perform in the future.

Three Months ended March 31, 2013

Total Index Series

During the first quarter of 2013, the Total Index Series achieved a net realized and unrealized gain of $314,805 from its trading operations, which is net of brokerage commissions of $120,863. The Total Index Series incurred total expenses of $667,294 including $458,497 in Management Fees (paid to the Managing Member), $26,955 in Servicing Fees (paid to selling agents), $111,342 in operating expenses, and $70,500 in Support Services Fees (paid to the Managing Member; the Managing Member anticipates that a substantial majority of the Support Services Fees will be used to pay broker-dealers for distribution related services to the Total Index Series such as hosting distribution platforms or providing custody solutions and thus will not be retained by the Managing Member). The Total Index series earned $5,503 in interest income. An analysis of trading gains and losses by market sector is as follows:


Sector	Percentage Gain (Loss)
Agricultural		(0.65	)%
Energy		1.91	%
Metals		(1.38	)%

Total Portfolio		(0.12	)%

The Total Index Series posted a net gain of 3.83% in January. All three sectors, agricultural, energy and metals, posted gains of 0.96%, 2.28% and 0.59%, respectively. Highest grossing commodities for the Total Index Series’ performance in January were cotton, RBOB gasoline, platinum, nickel and soybean oil.

The Total Index Series posted a net loss of (4.35)% in February. All three sectors, agricultural, energy and metals, posted losses of (1.18)%, (1.89)% and (1.28)%, respectively. Highest grossing commodities for the Total Index Series’ performance in February were lumber, orange juice, robusta coffee, soybean meal and oats.

The Total Index Series posted a net gain of .39% in March. The energy sector posted a net gain of 1.53%, and the agricultural and metals sector posted a net loss of (.44) and (.70), respectively. Highest grossing commodities for the Total Index Series’ performance in March were natural gas, orange juice, crude oil, oats and palladium.

Agricultural Sector Series

During the first quarter of 2013, the Agricultural Sector Series achieved a net realized and unrealized loss of $189,479 from its trading operations, which is net of brokerage commissions of $6,491. The Agricultural Sector Series incurred total expenses of $39,686, including $19,191 in Management Fees (paid to the Managing Member), $4,379 in Servicing Fees (paid to selling agents), $13,165 in operating expenses, and $2,951 in Support Services Fees (paid to the Managing Member; the Managing Member anticipates that a substantial majority of the Support Services Fees will be used to pay broker-dealers for distribution related services to the Agricultural Sector Series such as hosting distribution platforms or providing custody solutions and thus will not be retained by the Managing Member). The Agricultural Sector Series earned $262 in interest income.

The Agricultural Sector Series posted a net gain of 2.71% in January. Highest grossing commodities for the Agricultural Sector Series’ performance in January were cotton, soybean oil, corn, canola and soybeans.

The Agricultural Sector Series posted a net loss of (3.25)% in February. Highest grossing commodities for the Agricultural Sector Series’ performance in February were lumber, orange juice, robusta coffee soybean meal and oats.

The Agricultural Sector Series posted a net loss of (1.31)% in March. Highest grossing commodities for the Agricultural Sector Series’ performance in March were orange juice, oats, cotton, soybean oil and cocoa.

Three Months ended March 31, 2012

Total Index Series

During the first quarter of 2012, the Total Index Series achieved a net realized and unrealized gain of $14,961,159 from its trading operations, which is net of brokerage commissions of $150,473. The Total Index Series incurred total expenses of $729,372, including $504,342 in Management Fees (paid to the Managing Member), $26,896 in Servicing Fees (paid to selling agents), $120,585 in operating expenses, and $77,549 in Support Services Fees (paid to the Managing Member; the Managing Member anticipates that a substantial majority of the Support Services Fees will be used to pay broker-dealers for distribution related services to the Total Index Series such as hosting distribution platforms or providing custody solutions and thus will not be retained by the Managing Member). The Total Index Series earned $366 in interest income. An analysis of trading gains (net of all trading fees and expenses) by market sector is as follows:


Sector	Percentage Gain (Loss)
Agricultural		(0.99	)%
Energy		3.99	%
Metals		2.20	%

Total Portfolio		5.20	%

The Total Index Series posted a net gain of 3.4% in January. All three sectors, agricultural, energy and metals, posted gains of 0.89%, 0.35% and 2.20%, respectively. Highest grossing commodities for the Total Index Series’ performance in January were tin, orange juice, silver, rubber and zinc.

The Total Index Series posted a net gain of 4.4% in February. All three sectors, agricultural, energy and metals, posted gains of 0.66%, 3.68% and 0.08%, respectively. Highest grossing commodities for the Total Index Series’ performance in February were brent oil, soybean meal, canola, soybeans and crude oil.

The Total Index Series posted a net loss of (2.6)% in March. All three sectors, agricultural, energy and metals, posted losses of (2.54)%, (0.04)% and (0.08)%, respectively. Highest grossing commodities for the Total Index Series’ performance in March were soybean meal, oats, canola, rapeseed and soybeans.

Agricultural Sector Series

During the first quarter of 2012, the Agricultural Sector Series achieved a net realized and unrealized gain of $240,093 from its trading operations, which is net of brokerage commissions of $7,152. The Agricultural Sector Series incurred total expenses of $42,177, including $20,945 in Management Fees (paid to the Managing Member), $4,526 in Servicing Fees (paid to selling agents), $13,485 in operating expenses, and $3,221 in Support Services Fees (paid to the Managing Member; the Managing Member anticipates that a substantial majority of the Support Services Fees will be used to pay broker-dealers for distribution related services to the Agricultural Sector Series such as hosting distribution platforms or providing custody solutions and thus will not be retained by the Managing Member). The Agricultural Sector Series incurred $227 in interest expense due to market fluctuations as treasury bills are marked to market.

The Agricultural Sector Series posted a net gain of 1.19% in January. Highest grossing commodities for the Agricultural Sector Series’ performance in January were orange juice, rubber, milling wheat, cocoa and rapeseed.

The Agricultural Sector Series posted a net gain of 1.38% in February. Highest grossing commodities for the Agricultural Sector Series’ performance in February were soybean meal, canola, soybeans, sugar and oats.

The Agricultural Sector Series posted a net loss of (0.83)% in March. Highest grossing commodities for the Agricultural Sector Series’ performance in March were soybean meal, oats, canola, rapeseed and rubber.

OFF-BALANCE SHEET RISK

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The Company trades in futures, and may trade in forward and swap, contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Company at the same time, the Company could experience substantial losses. Because the Company is designed to replicate the Index, or a Sub-Index, the Managing Member adjusts the Company’s portfolios, on a Series by Series basis, only as necessary to accommodate expirations in particular commodity futures contracts and to adjust overall position size for changes resulting from subscriptions and withdrawals. The Managing Member does not exercise discretion over the positions a Series maintains. Consequently, the Managing Member does not apply risk management techniques in its trading decisions. The Company initiates positions only on the “long” side of the market and does not employ “stop-loss” techniques. The Company maintains approximately 90% of its assets, excluding the assets used to satisfy margin requirements, in U.S. government securities, including securities issued by federal agencies (or, to a limited extent, foreign government securities in connection with trading on non-United States exchanges), other CFTC-authorized investments and certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits) at one or more federally chartered U.S. banking institutions, for which the Managing Member believes the market-risk to be minimal.

In addition to market risk, in entering into futures, and potentially forward and swap, contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Company. The counterparty for futures contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

OFF-BALANCE SHEET ARRANGEMENTS

The Company does not enter into off-balance sheet arrangements with other entities.

CONTRACTUAL OBLIGATIONS

The Company does not enter into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Company’s sole business is trading long (contracts to buy) futures, and potentially forward and swap, contracts. All such contracts are settled by offset, not delivery. The Financial Statements of the Company present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of the open futures and other investments at March 31, 2013 (unaudited) and December 31, 2012.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Introduction

Past Results Are Not Necessarily Indicative of Future Performance

The Company is a speculative index fund designed to replicate positions in a commodity index. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Company’s main line of business.

Market movements result in frequent changes in the fair market value of the Company’s open positions and, consequently, in its earnings and cash flow. The Company’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, the market value of financial instruments and contracts, the diversification effects among the Company’s open positions and the liquidity of the markets in which it trades.

The Company can rapidly acquire and/or liquidate long positions in a wide range of commodity markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Company’s past performance is not necessarily indicative of its future results.

Value at Risk is a measure of the maximum amount which the Company could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Company’s speculative trading and the occurrence in the markets traded by the Company of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond that indicated or the Company’s experience to date (i.e., risk of ruin). In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the Company’s losses in any market sector will be limited to Value at Risk or by the Company’s attempts to manage its market risk.

Materiality, as used in this section “Quantitative and Qualitative Disclosures About Market Risk,” is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage and multiplier features of the Company’s market sensitive instruments.

Quantifying the Company’s Trading Value at Risk

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Company’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact.

The Company’s risk exposure in the various market sectors traded by the Managing Member is quantified below in terms of Value at Risk. Due to the Company’s mark-to-market accounting, any loss in the fair value of the Company’s open positions is directly reflected in the Company’s earnings (realized or unrealized) and cash flow (at least in the case of exchange-traded contracts in which profits and losses on open positions are settled daily through variation margin).

Exchange maintenance margin requirements have been used by the Company as the measure of its Value at Risk. Maintenance margin requirements are set by exchanges to equal or exceed 95-99% of the maximum one-day losses in the fair value of any given contract incurred during the time period over which historical price fluctuations are researched for purposes of establishing margin levels. The maintenance margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

In quantifying the Company’s Value at Risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been aggregated to determine each trading category’s aggregate Value at Risk. The diversification effects resulting from the fact that the Company’s positions are rarely, if ever, 100% positively correlated have not been reflected.

Trading Value at Risk in Different Market Sectors

The following table indicates the average, highest and lowest amounts of trading Value at Risk associated with the Total Index Series’ open positions by market category for the quarter ended March 31, 2013 and fiscal year ended December 31, 2012. During the quarter ended March 31, 2013 and the fiscal year ended December 31, 2012, the Total Index Series’ average total capitalization was approximately $274,561,194 and $286,876,280, respectively.


TotaI Index Series
Three Months Ended March 31, 2013
Market Sector	Average Value at Risk		% of Average Capitalization			Highest Value at Risk		Lowest Value at Risk
Commodities	$	13.985		5.1	%	$	14.355	$	13.775

Average, highest and lowest Value at Risk amounts relate to the quarter end amounts during the relevant period. Average Capitalization is the average of the Total Index Series’ capitalization at the end of each month during the relevant period. Dollar amounts represent millions of dollars.

The following table indicates the average, highest and lowest amounts of trading Value at Risk associated with the Agricultural Sector Series’ open positions by market category for the quarter ended March 31, 2013 and fiscal year ended December 31, 2012. During the quarter ended March 31, 2013 and the fiscal year ended December 31, 2012, the Agricultural Sector Series’ average total capitalization was approximately $11,454,753 and $12,848,115, respectively.


Agricultural Sector Series
Three Months Ended March 31, 2013
Market Sector	Average Value at Risk		% of Average Capitalization			Highest Value at Risk		Lowest Value at Risk
Commodities	$	0.578		5.0	%	$	0.580	$	0.576

Average, highest and lowest Value at Risk amounts relate to the quarter end amounts during the relevant period. Average Capitalization is the average of the Agricultural Sector Series’ capitalization at the end of each month during the relevant period. Dollar amounts represent millions of dollars.

Material Limitations on Value at Risk as an Assessment of Market Risk

The face value of the market sector instruments held by the Company is typically many times the applicable maintenance margin requirement (maintenance margin requirements generally range between approximately 1% and 10% of contract face value) as well as many times the capitalization of the Company. The magnitude of the Company’s open positions creates a “risk of ruin” not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions — unusual, but historically recurring from time to time — could cause the Company to incur severe losses over a short period of time. The foregoing Value at Risk table — as well as the past performance of the Company — give no indication of this “risk of ruin.”

Non-Trading Risk

The Company may experience non-trading market risk on any foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are expected to be immaterial. The Company also may have non-trading market risk as a result of investing in U.S. Treasury instruments. The market risk represented by these investments is expected to be immaterial.

Qualitative Disclosures

There have been no material changes in the qualitative disclosures about market risk to the Company from those previously disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2012.

ITEM 4.

CONTROLS AND PROCEDURES

The Managing Member, with the participation of its principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Company and each Series as of the end of the period covered by this quarterly report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no changes in the Managing Member’s internal controls over financial reporting during the quarter ended March 31, 2013 that have materially affected, or are reasonably likely to materially affect, the Managing Member’s internal control over financial reporting with respect to the Company and each Series.

The Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer, Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer, Section 1350 Certification of Principal Executive Officer and Section 1350 Certification of Principal Financial Officer, Exhibit 31.1, Exhibit 31.2, Exhibit 32.1 and Exhibit 32.2 hereto, respectively, are applicable with respect to each Series individually, as well as to the Company as a whole.

PART II—OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

None.

ITEM 1A.

RISK FACTORS

There are no material changes from risk factors as previously disclosed in Form 10-K, filed March 30, 2013.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During the first fiscal quarter of 2013, the Total Index Series issued Interests, to both new and existing Members, in the following dollar amounts: January: $11,159,252; February: $963,565; and March: $1,122,796.

During the first fiscal quarter of 2013, the Agricultural Sector Series issued Interests, to both new and existing Members, in the following dollar amounts: January: $55,579; February: $39,600; and March: $0.

Each of the foregoing Interests was privately offered and sold only to “accredited investors,” as defined in Rule 501(a) under the Securities Act of 1933, as amended (the 1933 Act), in reliance on the exemption from registration provided by Rule 506 under the 1933 Act, and are persons with whom the Managing Member, Uhlmann Price Securities, LLC, the Company’s marketing representative, or a selling agent have a pre-existing substantive relationship and with respect to whom it has been determined that the Interests are a suitable investment.

Pursuant to the Company’s Limited Liability Company Agreement, Members may withdraw capital from their capital accounts as of the end of each calendar month. The withdrawal of capital by Members has no impact on the value of the capital accounts of other Members.

The following table summarizes the withdrawals by Members from the Total Index Series during the three months ended March 31, 2013:


Date of Closing	Total Amount of Withdrawals
January 31, 2013	$	2,853,788
February 28, 2013	$	8,226,879
March 31, 2013	$	11,285,724

The following table summarizes the withdrawals by Members from the Agricultural Sector Series during the three months ended March 31, 2013:


Date of Closing	Total Amount of Withdrawals
January 31, 2013	$	-0-
February 28, 2013	$	192,481
March 31, 2013	$	853,249

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.

MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5.

OTHER INFORMATION

None.

ITEM 6.

EXHIBITS

The following exhibits are included herewith:


31.1		Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
31.2		Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
32.1		Section 1350 Certification of Principal Executive Officer
32.2		Section 1350 Certification of Principal Financial Officer
101		The following financial information from our Quarterly Report on Form 10-Q for the first quarter of 2013, filed with the SEC on May 15, 2013, formatted in Extensible Business Reporting Language (XBRL): (i) the Unaudited Statements of Financial Condition as of March 31, 2013 and December 31, 2012, (ii) the Unaudited Consolidated Statements of Operations for the quarter and year to date ended March 31, 2013 and March 31, 2012; (iii) the Unaudited Condensed Schedule of Investments as of March 31, 2013 and December 31, 2012; (iv) the Unaudited Statements of Changes in Members’ Equity as of March 31, 2013 and March 31, 2012, and (v) Notes to Unaudited Consolidated Financial Statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date: May 15, 2013		RICI^® Linked – PAM Advisors Fund, LLC
		(Registrant)

		By: Price Asset Management, Inc.
		Managing Member

		By: /s/ John D. Reese
		John D. Reese
		Principal Executive Officer

		By: /s/ Maura A. Clark
		Maura A. Clark
		Principal Financial Officer

EXHIBIT INDEX


Exhibit Number	Description of Document	Page Number

31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer		E-2

31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer		E-3

32.1	Section 1350 Certification of Principal Executive Officer		E-4

32.2	Section 1350 Certification of Principal Financial Officer		E-5

101	The following financial information from our Quarterly Report on Form 10-Q for the first quarter of 2013, filed with the SEC on May 15, 2013, formatted in Extensible Business Reporting Language (XBRL): (i) the Unaudited Statements of Financial Condition as of March 31, 2013 and December 31, 2012, (ii) the Unaudited Consolidated Statements of Operations for the quarter and year to date ended March 31, 2013 and March 31, 2012; (iii) the Unaudited Condensed Schedule of Investments as of March 31, 2013 and December 31, 2012; (iv) the Unaudited Statements of Changes in Members’ Equity as of March 31, 2013 and March 31, 2012, and (v) Notes to Unaudited Consolidated Financial Statements.

Large accelerated filer

Accelerated filer

Non-accelerated filer

x (Do not check if a smaller reporting company)

Smaller reporting company