10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2011

or

¨ 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: 000-51836

ROGERS INTERNATIONAL

RAW MATERIALS FUND, L.P.

(Exact name of registrant as specified in charter)

Illinois	36-4368292
(State of Organization)	(IRS Employer Identification Number)
c/o Beeland Management Company, L.L.C.
General Partner
141 West Jackson Boulevard
Suite 1340A
Chicago, Illinois	60604
(Address of principal executive offices)	(Zip Code)

(312) 264-4375

(Registrant’s telephone number, including area code)

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, 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 Web site, 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 definition 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	¨	Smaller reporting company	x

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 financial statements of Rogers International Raw Materials Fund, L.P. are included in Item 1:

	Page
Financial Statements
Statements of Financial Condition as of June 30, 2011 (Unaudited) and December 31, 2010 (Audited)		3
Condensed Schedules of Investments as of June 30, 2011 (Unaudited) and December  31, 2010 (Audited)		4-5
Statements of Operations for the Three and Six Months Ended June 30, 2011 and June  30, 2010 (Unaudited)		6
Statements of Changes in Partners’ Capital (Net Assets) for the Six Months Ended June  30, 2011 and June 30, 2010 (Unaudited)		7
Notes to Financial Statements (Unaudited)		8-17

2

Rogers International Raw Materials Fund, L.P.

Statements of Financial Condition as of June 30, 2011 (Unaudited) and December 31, 2010 (Audited)

	June 30, 2011			December 31, 2010
ASSETS
Equity in broker trading accounts:
U.S. Government securities, at fair value	$	28,761,960		$	29,082,108
Cash at brokers		8,935,278			8,027,725
Unrealized gain (loss) on open futures contracts, net		(1,950,014	)		3,125,524
Total equity in brokers trading accounts		35,747,224			40,235,357
Cash and cash equivalents		10,456,785			11,189,077
Interest receivable		36			553
Total assets	$	46,204,045		$	51,424,987
LIABILITIES
Brokerage commissions payable	$	4,620		$	4,944
Accrued management fees – General Partner		40,292			37,973
Administrative and other fees payable		154,522			466,818
Subscriptions received in advance		12,500			56,581
Withdrawals payable		836,940			918,830
Total liabilities		1,048,874			1,485,146
PARTNERS’ CAPITAL (NET ASSETS)
Partners’ capital (net assets)		45,155,171			49,939,841
Total liabilities and partners’ capital (net assets)	$	46,204,045		$	51,424,987

See accompanying notes to the financial statements.

3

Rogers International Raw Materials Fund, L.P.

Condensed Schedule of Investments as of June 30, 2011 (Unaudited)

	Fair Value			Percent of Partners’ Capital (Net Assets)
U.S. Government securities:
(total cost - $28,740,810)
U.S. Treasury Bills due 7/28/2011 at 0.17%, principal amount $3,400,000	$	3,399,558			7.53	%
U.S. Treasury Bills due 8/11/2011 at 0.17%, principal amount $4,070,000		4,069,184			9.01
U.S. Treasury Bills due 8/25/2011 at 0.18%, principal amount $2,000,000		1,999,459			4.43
U.S. Treasury Bills due 9/22/2011 at 0.20%, principal amount $2,000,000		1,999,095			4.43
U.S. Treasury Bills due 10/20/2011 at 0.22%, principal amount $1,000,000		999,336			2.21
U.S. Treasury Bills due 11/17/2011 at 0.21%, principal amount $2,000,000		1,998,400			4.43
U.S. Treasury Bills due 12/15/2011 at 0.24%, principal amount $2,500,000		2,497,259			5.53
U.S. Treasury Bills due 2/9/2012 at 0.19%, principal amount $2,510,000		2,507,078			5.55
U.S. Treasury Bills due 3/8/2012 at 0.26%, principal amount $2,330,000		2,325,786			5.15
U.S. Treasury Bills due 4/5/2012 at 0.20%, principal amount $3,300,000		3,294,962			7.30
U.S. Treasury Bills due 5/31/2012 at 0.18%, principal amount $3,300,000		3,671,843			8.13
	$	28,761,960			63.70	%
	Unrealized Gain (Loss) on Open Long Futures Contracts			Percent of Partners’ Capital (Net Assets)
Futures contracts:
U.S. Futures Positions
Agricultural
57 September 2011 CBOT Wheat Contracts		(567,575	)		(1.26	)%
Other		(768,111	)		(1.70	)
Metals		(145,895	)		(0.32	)
Energy		(200,013	)		(0.44	)
Total U.S. Futures Positions		(1,681,594	)		(3.73	)
Foreign Futures Positions
Agricultural		(27,538	)		(0.06	)
Metals		(240,882	)		(0.53	)
Total Foreign Futures Positions		(268,420	)		(0.59	)
Total Futures Contracts	$	(1,950,014	)		(4.31	)%

See accompanying notes to financial statements.

4

Rogers International Raw Materials Fund, L.P.

Condensed Schedule of Investments as of December 31, 2010 (Audited)

	Fair Value		Percent of Partners’ Capital (Net Assets)
U.S. Government securities:
(total cost - $29,077,799)
U.S. Treasury Bills due 1/13/2011 at 0.08%, principal amount $2,800,000	$	2,799,922		5.61	%
U.S. Treasury Bills due 1/27/2011 at 0.11%, principal amount $5,500,000		5,499,586		11.01
U.S. Treasury Bills due 2/24/2011 at 0.12%, principal amount $2,300,000		2,299,591		4.60
U.S. Treasury Bills due 4/21/2011 at 0.16%, principal amount $3,300,000		3,298,406		6.61
U.S. Treasury Bills due 5/26/2011 at 0.18%, principal amount $3,500,000		3,497,545		7.00
U.S. Treasury Bills due 6/30/2011 at 0.17%, principal amount $3,300,000		3,297,239		6.60
U.S. Treasury Bills due 7/28/2011 at 0.17%, principal amount $3,400,000		3,396,700		6.80
U.S. Treasury Bills due 8/25/2011 at 0.18%, principal amount $2,000,000		1,997,712		4.00
U.S. Treasury Bills due 9/22/2011 at 0.20%, principal amount $2,000,000		1,997,144		4.00
U.S. Treasury Bills due 10/20/2011 at 0.22%, principal amount $1,000,000		998,263		2.00
	$	29,082,108		58.23	%
	Unrealized Gain (Loss) on Open Long Futures Contracts		Percent of Partners’ Capital (Net Assets)
Futures contracts*:
U.S. Futures Positions
Agricultural	$	1,719,954		3.45	%
Metals		361,250		0.72
Energy		479,818		0.96
Total U.S. Futures Positions		2,561,022		5.13
Foreign Futures Positions
Agricultural		79,167		0.16
Metals		485,335		0.97
Total Foreign Futures Positions		564,502		1.13
Total Futures Contracts	$	3,125,524		6.26	%

* No individual futures contract position constitutes greater than 1 percent of Partners’ Capital (Net Assets). Accordingly, the number of contracts and expiration dates are not presented.

See accompanying notes to financial statements.

5

Rogers International Raw Materials Fund, L.P.

Statements of Operations for the Three and Six Months Ended June 30, 2011 and June 30, 2010 (Unaudited)

	Three Months Ended June 30, 2011			Three Months Ended June 30, 2010			Six Months Ended June 30, 2011			Six Months Ended June 30, 2010
Net trading gains (losses):
Realized	$	(1,016,641	)	$	(1,927,001	)	$	5,962,503		$	(2,865,682	)
Change in unrealized		(2,859,700	)		(1,740,869	)		(5,075,538	)		(2,087,021	)
Commissions		(21,981	)		(26,215	)		(46,445	)		(54,943	)
		(3,898,322	)		(3,694,085	)		840,520			(5,007,646	)
Investment income:
Interest income		18,570			16,651			37,564			26,890
Other income		111,297			282,650			116,732			282,650
		129,867			299,301			154,296			309,540
Expenses:
Management fees – General Partner		127,438			116,069			254,570			239,684
Administrative fees and other expenses		228,397			197,993			440,717			408,253
		355,835			314,062			695,287			647,937
Net investment loss		(225,968	)		(14,761	)		(540,991	)		(338,397	)
Net income (loss)	$	(4,124,290	)	$	(3,708,846	)	$	299,529		$	(5,346,043	)
Net increase (decrease) in NAV per GP and LP unit:
General Partner	$	(17.18	)	$	(12.53	)	$	(0.04	)	$	(17.57	)
Limited Partners-Series A	$	(17.18	)	$	(12.53	)	$	(0.04	)	$	(17.57	)
Limited Partners-Series B	$	(17.61	)	$	—		$	(0.56	)	$	—
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period):
General Partner	$	(69,328	)	$	(50,571	)	$	(168	)	$	(70,898	)
Limited Partners-Series A		(3,985,943	)		(3,658,275	)		322,860			(5,275,145	)
Limited Partners-Series B		(69,019	)		—			(23,163	)		—
	$	(4,124,290	)	$	(3,708,846	)	$	299,529		$	(5,346,043	)

See accompanying notes to financial statements.

6

Rogers International Raw Materials Fund, L.P.

Statements of Changes in Partners’ Capital (Net Assets) for the Six Months Ended June 30, 2011 and June 30, 2010 (Unaudited)

	General Partner					Limited Partners
						Series A						Series B
	Number of Units		Dollars			Number of Units			Dollars			Number of Units			Dollars			Total			Total
Partners’ capital (net assets), December 31, 2010		4,034	$	770,838			255,561		$	48,829,926			1,780		$	339,077		$	49,169,003		$	49,939,841
Contributions		—		—			—			—			2,169			434,652			434,652			434,652
Net income (loss)		—		(168	)		—			322,860			—			(23,163	)		299,697			299,529
Withdrawals		—		—			(27,110	)		(5,512,206	)		(31	)		(6,645	)		(5,518,851	)		(5,518,851	)
Partners’ capital (net assets), June 30, 2011		4,034	$	770,670			228,451		$	43,640,580			3,918		$	743,921		$	44,384,501		$	45,155,171
Partners’ capital (net assets), December 31, 2009		4,034	$	660,293			314,149		$	51,416,343			—		$	—		$	51,416,343		$	52,076,636
Contributions		—		—			—			—			—			—			—			—
Net loss		—		(70,898	)		—			(5,275,145	)		—			—			(5,275,145	)		(5,346,043	)
Withdrawals		—		—			(28,879	)		(4,464,651	)		—			—			(4,464,651	)		(4,464,651	)
Partners’ capital (net assets), June 30, 2010		4,034	$	589,395			285,270		$	41,676,547			—		$	—		$	41,676,547		$	42,265,942

Per unit data	30-Jun-11		30-Jun-10
Net asset value Series A	$	191.03	$	146.10
Net asset value Series B	$	189.88	$	—
Net asset value General Partner	$	191.03	$	146.10

See accompanying notes to financial statements.

7

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 1. Significant Accounting Policies:

Nature of Business and Organization: Rogers International Raw Materials Fund, L.P. (the “Partnership”) is an Illinois Limited Partnership that was established in May 2000. The Partnership trades a portfolio primarily of commodity futures and forward contracts, principally on recognized exchanges. The Partnership may also purchase contracts in the over the counter marketplace under certain circumstances. The Partnership invests and trades exclusively on the “long side” of the market. The Partnership’s investment strategy is designed to replicate the Rogers International Commodity Index ® (the “Index”) and positions are rebalanced monthly to maintain the Index’s relative weightings. James B. Rogers designed the Index.

The Partnership commenced trading during November 2001 with assets raised from the offering of its original units of limited partnership interest, now referred to as “Series A” units, and offered Series A units through October 2005. The Partnership began accepting contributions for Series B units in November 2010. Series A units and Series B units are identical with respect to their participation in the profits and losses of the Partnership; however, Series B units do not participate in any Partnership expenses or recoveries related to the bankruptcy of Refco Inc. and its affiliates. The Partnership’s General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the “General Partner”).

Accounting Policies: The Partnership follows U.S. Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (“FASB”), to ensure consistent reporting of financial condition and results of operation.

Net Assets: The valuation of net assets includes open commodity futures contracts owned by the Partnership, if any, at the end of the period. The unrealized gain or loss on these contracts has been calculated based on closing prices on the last business day of each month. Net asset value is determined by subtracting liabilities from assets, which also equals partners’ capital.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management 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 revenue 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. Cash and cash equivalents represent amounts on deposit with a broker to facilitate payment of expenses and partner withdrawals.

Fair Value of Financial Instruments: Securities and derivative financial instruments are recorded at fair value.

Deposits with Brokers: The Partnership deposits assets with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such brokers. The Partnership earns interest income on its assets deposited with the brokers.

Revenue Recognition: Futures and exchange traded forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations.

Interest Income Recognition: The Partnership records interest income on the accrual basis.

8

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 1. Significant Accounting Policies (Continued):

Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate published by the carrying broker or futures commission merchant on the last business day of each month. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized trading gains or losses.

Ongoing Offering Expenses: Ongoing offering expenses are accrued on an ongoing basis and charged to expense as incurred.

Income Taxes: No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes.

The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 2007. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through June 30, 2011.

Profit and Loss Allocation: Profits and losses of the Partnership are allocated by series based on the number of units held.

Withdrawals Payable: Withdrawals approved by the General Partner prior to month-end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month-end (See Note 5).

Statement of Cash Flows: The Partnership has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

• During the year, substantially all of the Partnership’s investments were highly liquid;

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

• The Partnership had little or no debt during the year;

• The Partnership’s financial statements include a statement of changes in partners’ capital (net assets).

Recent Account Pronouncements: In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04). This ASU represents the converged guidance of the FASB and the IASB (the Boards) on fair value measurement. The collective efforts of the Boards and their staffs, reflected in ASU 2011-04, have resulted in common requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term “fair value” and enhanced disclosure requirements for investments that do not have readily determinable fair values. The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. This amendment is effective for periods beginning after December 15, 2011. The Partnership is currently evaluating the impact of ASU 2011-04 on future financial statements.

9

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 2. Fair Value Measurements:

As described in Note 1, the Partnership records its investments at fair value. 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 Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. 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). 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 Partnership’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 Partnership 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. Money market funds are valued using quoted market prices. U.S. Government securities are stated at cost plus accrued interest, which approximates fair value based on quoted prices for identical assets in an active market. These financial instruments are classified as Level 1 of the fair value hierarchy.

10

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 2. Fair Value Measurements (Continued):

The following table summarizes the Partnership’s assets measured at fair value on a recurring basis as of June 30, 2011 and December 31, 2010 using the fair value hierarchy:

Description	June 30, 2011 Level 1			December 31, 2010 Level 1
Equity in brokers trading account:
U.S. Government securities*	$	28,761,960		$	29,082,108
Unrealized gain (loss) on open futures contracts, net*		(1,950,014	)		3,125,524
Cash at brokers:
Money market funds		32,379			2,577,040
Total assets at fair value	$	26,844,325		$	34,784,672

* See condensed schedules of investments for further description.

At June 30, 2011 and December 31, 2010 and for the six months ended June 30, 2011 and 2010 there were no Level 2 or Level 3 assets or liabilities.

In addition, substantially all of the Partnership’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 Transactions

Qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative agreements are presented.

The Partnership’s business is the trading of futures contracts to replicate the Index. The Partnership does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance.

As June 30, 2011 and December 31, 2010 , the Partnership’s derivative contracts had the following impact on the statements of financial condition:

	Asset Derivatives June 30, 2011 Fair Value		Liability Derivatives June 30, 2011 Fair Value			Net Derivatives June 30, 2011 Fair Value*
Agricultural	$	182,413	$	(1,545,637	)	$	(1,363,224	)
Metals		163,308		(550,085	)		(386,777	)
Energy		72,727		(272,740	)		(200,013	)
Totals	$	418,448	$	(2,368,462	)	$	(1,950,014	)

* The net fair value of all asset and liability derivatives is included in equity in brokers trading accounts in the statements of financial condition.

11

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 3. Derivative Transactions (Continued):

	Asset Derivatives December 31, 2010 Fair Value		Liability Derivatives December 31, 2010 Fair Value			Net Derivatives December 31, 2010 Fair Value*
Agricultural	$	1,801,471	$	(2,350	)	$	1,799,121
Metals		1,155,865		(309,280	)		846,585
Energy		486,668		(6,850	)		479,818
Totals	$	3,444,004	$	(318,480	)	$	3,125,524

* The net fair value of all asset and liability derivatives is included in equity in broker trading accounts in the statements of financial condition.

Trading revenue from derivative contracts for the three and six months ended June 30, 2011 and 2010:

	Three months ended June 30, 2011			Three months ended June 30, 2010			Six months ended June 30, 2011			Six months ended June 30, 2010
Type of Contract
Agricultural	$	(2,014,464	)	$	(299,858	)	$	(1,062,045	)	$	(2,085,574	)
Metals		(243,094	)		(1,050,462	)		206,968			(721,534	)
Energy		(1,618,783	)		(2,317,550	)		1,742,042			(2,145,595	)
	$	(3,876,341	)	$	(3,667,870	)	$	886,965		$	(4,952,703	)
	Three months ended June 30, 2011			Three months ended June 30, 2010			Six months ended June 30, 2011			Six months ended June 30, 2010
Line Item in Statements of Operations
Realized	$	(1,016,641	)	$	(1,927,001	)	$	5,962,503		$	(2,865,682	)
Change in unrealized		(2,859,700	)		(1,740,869	)		(5,075,538	)		(2,087,021	)
	$	(3,876,341	)	$	(3,667,870	)	$	886,965		$	(4,952,703	)

Trading income is exclusive of brokerage commissions.

For the three and six months ended June 30, 2011 and 2010, the monthly average number of contracts bought and sold was 1,098, 1,153, 1,385 and 1,492, respectively.

Note 4. Agreements and Related-Party Transactions:

The Limited Partnership Agreement vests all responsibility and powers for the management of the business and affairs of the Partnership with the General Partner, Beeland Management Company, L.L.C., including trading decisions.

The Partnership pays a monthly management fee to the General Partner equal to 0.08333% of the net assets of the Partnership at the close of the preceding month (1.00% per annum).

12

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

The Partnership is responsible for the administrative and trading expenses related to its operations. The General Partner may incur certain expenses on behalf of the Partnership and charge the Partnership for its allocable portion of these expenses.

Uhlmann Price Securities L.L.C. (“Uhlmann”), a party related to the General Partner by reason of common management, acts as the selling group manager for the Partnership. The Partnership pays Uhlmann a share of selling fees when units are sold by additional selling agents. Selling fees of up to 2% of the gross offering proceeds (which includes a 0.50% reallowance to Uhlmann) are charged to partners’ capital upon issuance of Series B Partnership units.

In addition, there is an annual trailing servicing fee of up to 1% of the net asset value of the specific partner’s capital account payable to the soliciting broker-dealer for ongoing investor services. For all Series B units sold, the total trailing servicing fee is not to exceed 7.99% of the gross offering proceeds of the units sold.

The Price Futures Group, Inc. (“PFG”), a related party to the General Partner through common management, acts as the introducing broker for the Partnership, whereby the trading accounts of the Partnership are introduced to the Partnership’s clearing broker. A portion of the brokerage fee paid by the Partnership for clearing transactions is paid to PFG by the clearing broker.

Fund Dynamics, LLC, an affiliate of the General Partner through common management, acts as the Partnership’s administrator. Fund Dynamics, LLC calculates both the daily and monthly Net Asset Value (“NAV”), prepares the monthly accounting package, and prepares monthly investor statements.

A summary of fees charged by related parties to the Partnership is as follows:

	Three months ended June 30, 2011		Three months ended June 30, 2010		Six months ended June 30, 2011		Six months ended June 30, 2010
Management fees – General Partner	$	127,438	$	116,069	$	254,570	$	239,684
Administrative fees – Fund Dynamics		27,658		27,796		55,666		57,205
Trailing servicing fees – Uhlmann		81,715		75,861		163,153		156,925
Selling Fees – Uhlmann		3,811		—		8,639		—

Note 5. Partnership Capital and Withdrawals:

The Partnership accepts contributions as of the close of business on the last business day of each month for investment on the first day of the next succeeding month. The General Partner may accept or reject contributions and waive the minimum contribution amounts in its sole discretion.

Effective November 1, 2010, the Partnership began accepting contributions for Series B units. The Partnership has not issued Series A units since October 1, 2005.

The purchase price of a unit is the net asset value per unit as of the end of each calendar month. Net asset value per unit is calculated as the net asset value at month-end divided by the number of outstanding units.

The Partnership accepts withdrawals on a monthly basis. Requests for withdrawal should be received by the General Partner no later than six business days prior to the end of the month in which an investor chooses to withdraw. Requests for withdrawal should be sent to the General Partner by email, fax, or overnight courier.

13

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 6. Financial Instruments with Off-Balance Sheet Credit and Market Risk:

The Partnership is involved in trading activities that may have market and/or credit risk. Financial instruments employed in the Partnership’s operations may have market and/or credit risk in excess of the amounts recorded in the statement of financial condition.

Market Risk - Market risks arise from changes in the market value of financial instruments. Theoretically, the Partnership’s exposure is equal to the notional contract value of futures contracts entered. Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded.

Credit Risk - Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of a contract. The Partnership’s exposure to credit risk associated with counterparty nonperformance is generally the net unrealized gain on the open positions plus the value of the margin or collateral held by the counterparty. Exchange-traded financial instruments generally do not give rise to significant counterparty exposure due to the cash settlement procedures for daily market movements and the margin requirements of individual exchanges. Financial instruments traded off-exchange give rise to the risk of the failure of, or the inability or refusal to perform by, the counterparties to such trades.

Concentration of Credit Risk - The Partnership clears all of its futures trades through one clearing broker, MF Global, Inc. In the event this counterparty does not fulfill its obligations or becomes insolvent, the Partnership may be exposed to losses.

The Partnership has a substantial portion of its assets on deposit with financial institutions in connection with its cash management activities. In the event of a financial institution’s insolvency, recovery of the Partnership’s assets on deposit may be limited to the amount of insurance or other protection afforded such deposits.

The Partnership attempts to minimize this credit risk by monitoring the creditworthiness of the clearing broker and financial institutions.

14

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 7. Financial Highlights:

Financial highlights for limited partners for the three and six months ended June 30, 2011 and 2010 are as follows:

Per Unit Performance

	Series A Three months ended June 30, 2011			Series B Three months ended June 30, 2011(4)			Series A Three months ended June 30, 2010			Series A Six months ended June 30, 2011			Series B Six months ended June 30, 2011(4)			Series A Six months ended June 30, 2010
Net asset value per unit at the beginning of the period	$	208.21		$	207.49		$	158.63		$	191.07		$	190.44		$	163.67
Income (loss) from operations:
Net trading gains (losses)		(16.25	)		(16.14	)		(12.48	)		2.12			2.30			(16.46	)
Investment income:		0.53			0.08			1.01			0.63			0.16			1.02
Expenses:		(1.46	)		(1.55	)		(1.06	)		(2.79	)		(3.02	)		(2.13	)
Net investment gain (loss)		(0.93	)		(1.47	)		(0.05	)		(2.16	)		(2.86	)		(1.11	)
Net income (loss) per unit		(17.18	)		(17.61	)		(12.53	)		(0.04	)		(0.56	)		(17.57	)
Net asset value per unit at the end of the period	$	191.03		$	189.88		$	146.10		$	191.03		$	189.88		$	146.10
	Series A Three months ended June 30, 2011			Series B Three months ended June 30, 2011(4)			Series A Three months ended June 30, 2010			Series A Six months ended June 30, 2011			Series B Six months ended June 30, 2011(4)			Series A Six months ended June 30, 2010
Ratio of net investment loss to average partners’ capital (net assets)(1)		-1.81	%		-2.89	%		-0.12	%		-2.15	%		-2.84	%		-1.44	%
Ratio of expenses to average partners’ capital (net assets) (1)(2)		2.87	%		3.05	%		2.76	%		2.78	%		3.00	%		2.74	%
Total return (3)		-8.25	%		-8.49	%		-7.90	%		-0.02	%		-0.29	%		-10.74	%

The above ratios were calculated for the partners taken as a whole. The computation of such ratios was not based on the amount of expenses assessed and income allocated to an individual partner’s capital account, which may vary from these ratios based on the timing of capital transactions (see Note 5).

⁽¹⁾  Annualized.

⁽²⁾  The ratio of expenses to average partners’ capital (net asset) values does not include brokerage commissions.

⁽³⁾  Not annualized.

⁽⁴⁾  Series B units were first accepted effective November 1, 2010 and thus no per unit data is available for the periods ended June 30, 2010.

15

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 8. Litigation:

The Partnership is a beneficiary of a Litigation Trust which is seeking recoveries from third parties, related to the 2005 bankruptcy of Refco, Inc. and numerous affiliates (the “Refco Bankruptcy”). As of June 30, 2011, the Partnership has received the full value of its allowed claims in the Refco Bankruptcy and has recovered approximately $3.7 million in excess of its allowed securities claim in the Refco Bankruptcy and may receive additional Refco Bankruptcy related recoveries, although there can be no assurance that it will or that any additional recoveries will be material. Management is unable to estimate the amounts of any such additional recoveries.

All Refco Bankruptcy related recoveries received by the Partnership, including excess recoveries except as described below, have been allocated among all partners in the Partnership who were partners as of October 31, 2005, on a pro-rata basis as October 31, 2005, with redeemed partners receiving cash distributions. Cash distributions to redeemed partners from excess recoveries totaled approximately $494,000 for the year ended December 31, 2010. No excess distributions have been made in 2011. Pursuant to Section 12.2 of the Partnership’s Agreement of Limited Partnership, the Partnership reimbursed the General Partner and James B. Rogers approximately $400,000 and $428,000, respectively, from excess recoveries for legal costs incurred by the General Partner and James B. Rogers defending against suits related to the Refco Bankruptcy in 2010 and 2009. Included in administrative fees and other fees payable are amounts due under these arrangements of $0 and $249,542 at June 30, 2011 and December 31, 2010, respectively.

The Partnership has reserved $30,000 of the excess Refco related recoveries to apply to expenses incurred to administer ongoing communication with, and distributions and reporting to, redeemed limited partners with respect to Refco related recoveries received by the Partnership. These expenses include but are not limited to professional fees, printing, postage, and administration fees. At June 30, 2011, $26,964 of these expenses is included in administrative and other fees payable on the statement of financial condition.

At June 30, 2011 and December 31, 2010, approximately $387,662 and $208,000 of excess Refco related recoveries was payable to redeemed limited partners. These amounts are included in withdrawals payable for those periods ended.

Note 9. Indemnifications:

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

Note 10. Interim Financial Statements:

The statements of financial condition, including the condensed schedule of investments, as of June 30, 2011, the statement of operations and changes in partners’ capital (net assets) for the three and six months ended June 30, 2011 and 2010 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 General Partner, 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 June 30, 2011, results of operations and changes in partner’s capital (net assets) for the three and six months ended June 30, 2011 and 2010. The results of operation for three and six months ended June 30, 2011 and 2010 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 Partnership’s Form 10-K as filed with the SEC.

16

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 11. Subsequent Events:

Subsequent to June 30, 2011, there were $22,540 of contributions and withdrawals totaled $639,037.

17

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

The Partnership’s principal objective is to provide an alternative investment vehicle for investors with diversified investment portfolios. The Partnership’s trading is designed to replicate the positions which comprise the Rogers International Commodity Index. The Partnership invests and trades in a portfolio of commodity futures and exchange traded forward contracts. The Partnership invests and trades solely on the “long side” of the market. The General Partner (“Beeland Management”) manages all business of the Partnership.

CAPITAL RESOURCES

The Partnership will raise additional capital only through the sale of Units offered pursuant to a continuing offering and does not intend to raise any capital through borrowing. Due to the nature of the Partnership’s business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

LIQUIDITY

Most United States commodity exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” During a single trading day, no trades may be executed at prices beyond the daily limit. This may affect the Partnership’s ability to initiate new positions or close existing ones or may prevent it from having orders executed. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Partnership from promptly liquidating unfavorable positions and subject the Partnership to substantial losses, which could exceed the margin initially committed to such trades. In addition, even if futures prices have not moved the daily limit, the Partnership may not be able to execute futures trades at favorable prices if little trading in such contracts is taking place.

Other than these limitations on liquidity, which are inherent in the Partnership’s trading operations, the Partnership’s assets are expected to be highly liquid.

RESULTS OF OPERATIONS

The Partnership’s net income or loss is directly related to changes in the value of the Index, which the Partnership is designed to replicate, and is not dependent on trading decisions made by the Beeland Management apart from balancing positions to track the Index. In periods of general market inflation, Beeland Management would expect the value of the Index to increase; similarly, in periods of general market deflation, Beeland Management would expect the value of the Index to decrease. The Partnership’s performance may be negative in years when the Index’s performance is positive due to fees charged.

The components of the Partnership’s return are normally the gains and losses recognized from the changes in futures market prices and the interest income earned on cash balances. The mechanics and rules of futures markets allow the Partnership to earn interest on approximately 90% to 100% of its assets.

At June 30, 2011 and 2010, the Partnership’s net assets were $45,155,171 and $42,265,942, respectively.

18

	Three months ended			Three months ended			Six months ended			Six months ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Net Revenues
Realized net trading gains (losses)	$	(1,016,641	)	$	(1,927,001	)	$	5,962,503		$	(2,865,682	)
Unrealized trading gains (losses)		(2,859,700	)		(1,740,869	)		(5,075,538	)		(2,087,021	)
Interest income		18,570			16,651			37,564			26,890
Commissions		(21,981	)		(26,215	)		(46,445	)		(54,943	)
Other income		111,297			282,650			116,732			282,650
Total Net Revenues (Loss)		(3,768,455	)		(3,394,784	)		994,816			(4,698,106	)
Operating Expenses
Management fees		127,438			116,069			254,570			239,684
Administrative fees and other expenses		228,397			197,993			440,717			408,253
Total Operating Expenses		355,835			314,062			695,287			647,937
Net Income (Loss)	$	(4,124,290	)	$	(3,708,846	)	$	299,529		$	(5,346,043	)

The Partnership pays various fees and expenses on a continuing basis which include management fees, servicing fees, and brokerage commission and transaction fees.

Results of Operations

2011

The Partnership posted a net gain of 2.93% in January. Performance of the index’s sectors was mixed. The agriculture and energy sectors posted gains of 1.97% and 1.22%, respectively, while the metals sector posted a loss of -0.04%. The best performing commodities in January were cotton, rubber, tin, lean hogs, and greasy wool. The highest grossing commodities were brent crude, cotton, wheat, corn, and rubber.

The Partnership posted a gain of 3.65% in February. The performance for all of the Index’s sectors was positive. The energy, metals, and agriculture sectors posted gains of 2.37%, 0.96%, and 0.48%, respectively. The best performing commodities in February were silver, cotton, gas oil, brent crude, and coffee. The highest grossing commodities were brent crude, cotton, light crude, corn, and silver.

The Partnership posted a gain of 2.14% in March. The performance for the Index’s sectors was mixed. The energy sector posted a gain of 2.98%, while the agriculture and metals sectors posted losses of -0.62% and -0.03%, respectively. The best performing commodities in March were silver, greasy wool, light crude, natural gas, and RBOB gasoline. The highest grossing commodities were light crude, brent crude, silver, natural gas, and RBOB gasoline.

The Partnership posted a gain of 2.84% in April. The performance for the Index’s sectors was mixed. The energy and metals sectors posted gains of 2.95% and 0.86%, respectively, while the agriculture sectors posted a loss of -0.86%. The best performing commodities in April were silver, cocoa, coffee, RBOB gasoline, and gold. The highest grossing commodities were light crude, brent crude, silver, corn, and RBOB gasoline.

The Partnership posted a loss of -5.42% in May. The performance for the Index’s sectors was negative. The agriculture, metals, and energy sectors posted losses of -0.48%, -0.96%, and -3.70%, respectively. The best performing commodities in May were greasy wool, Euro rapeseed, milling wheat, oats, and orange juice. The highest grossing commodities were milling wheat, sugar, orange juice, oats, and cotton.

The Partnership posted a loss of -5.68% in June. For the month of June, the performance for the Index’s sectors was negative. The agriculture, metals, and energy sectors posted losses of -2.85%, -0.38%, and -2.48%, respectively. The best performing commodities in June were sugar, lead, greasy wool, live cattle, and orange juice. The highest grossing commodities were sugar, lead, live cattle, copper, and zinc.

2010

Units of the Partnership posted a net loss of -8.22% in January. Performance for the index’s sectors was negative. The energy, agriculture, and metals sectors posted losses of -3.96%, -2.76%, and -1.42%, respectively. Highest grossing commodities for the Partnership’s performance in January were sugar, orange juice, lumber, azuki beans, and greasy wool.

19

Units of the Partnership posted a net gain of 5.17% in February. The energy, agriculture, and metals sectors posted gains of 3.12%, 1.42%, and 0.84%, respectively. The top performing commodities for the Partnership were cotton, nickel, crude oil, soybean oil and RBOB gasoline.

Units of the Partnership posted a net loss of 0.41% in March. Sector performance was mixed for March, the energy and metals sectors posted gains of 1.53% and 1.31%, respectively, while the agriculture sector posted a loss of -2.17%. Highest grossing commodities for March were crude oil, brent oil, aluminum, copper, and nickel.

Units of the Partnership posted a net gain of 2.54% in April. Sector performance was positive for April and the energy, agriculture, and metal sectors posted gains of 1.51%, 1.11%, and 0.16%, respectively. The top performing commodities for the Fund were palladium, soybean meal, KC wheat, wheat, and cocoa. The highest grossing commodities for April were brent oil, crude oil, wheat, corn, and gold.

Units of the Partnership posted a net loss of -9.89% in May. The performance of the all sectors of the Index’s was negative. The energy, agriculture, and metal sectors posted losses of -6.55%, -2.06%, and -1.72%, respectively. The top performing commodities for the Fund were natural gas, orange juice, gold, euro rapeseed, and greasy wool. The highest grossing commodities for May were natural gas, gold, orange juice, euro rapeseed, and greasy wool.

Units of the Partnership posted a net loss of -0.33% in June. The performance of the Index’s sectors was mixed. The agriculture and energy sectors posted gains of 0.39% and 0.30%, respectively, while the metals sector posted a loss of -0.69%. The top performing commodities for the Partnership were oats, coffee, canola, sugar, and euro rapeseed. The highest grossing commodities for June were coffee, sugar, natural gas, oats, and gold. The Partnership’s year-to-date return is -10.74%.

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 future obligation or loss. The Partnership trades primarily in futures and exchange traded forward contracts and may therefore become 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 open positions of the Partnership at the same time, the Partnership could experience substantial losses.

In addition to market risk, in entering into futures, exchange-traded forward, or over the counter contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Partnership. 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. In off-exchange transactions, traders must rely solely on the credit of their counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and counterparties may require collateral in the over-the-counter markets.

CRITICAL ACCOUNTING POLICIES – VALUATION OF THE PARTNERSHIP’S POSITIONS

The General Partner believes that the accounting policies that are most critical to the Partnership’s financial condition and results of operations relate to the valuation of the Partnership’s positions. The majority of the Partnership’s positions are exchange-traded futures contracts, which are valued daily at settlement prices published by the exchanges. Any spot or forward foreign currency contracts held by the Partnership are also valued at published daily settlement prices or at dealers’ quotes. Thus, the General Partner expects that under normal circumstances substantially all of the Partnership’s assets will be valued on a daily basis using objective measures.

20

OFF-BALANCE SHEET ARRANGEMENTS

The Partnership does not engage in off-balance sheet arrangements with other entities.

CONTRACTUAL OBLIGATIONS

The Partnership 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 Partnership’s sole business is trading futures, exchange-traded commodity forward, and, possibly, commodity related over the counter contracts. All such contracts are settled by offset, not delivery. The Partnership’s Financial Statements, included in this report, present an Schedule of Investments setting forth unrealized gain and unrealized loss on the Partnership’s open futures contracts at June 30, 2011 (unaudited) and December 31, 2010.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

The principal executive officer and principal financial officer of Beeland Management have evaluated the effectiveness of Beeland Management’s disclosure controls and procedures with respect to the Partnership as of the end of the fiscal quarter for which this Quarterly Report on Form 10-Q is being filed and have concluded that Beeland Management’s disclosure controls and procedures to ensure that material information relating to the Partnership is made known to them by others within Beeland Management, particularly during the period in which this quarterly report is being prepared are not effective due to the General Partner’s lack of personnel which does not allow for the segregation of key duties related to internal control over partner activity, expenses, and financial reporting. These significant weaknesses did not result in any omission or misstatement of information required to be disclosed in reports filed by the Partnership or in the Partnership’s financial reporting. Management is committed to improving its internal controls and will continue to use third party specialists, such as accountants and administrators, to mitigate the risks identified in its review. Subsequent to the quarter ended June 30, 2011, management has revised procedures to improve Beeland Management’s internal controls over financial reporting. The Company has hired additional personnel which has allowed for the proper segregation of duties. Thus, management has subsequently concluded that the Company’s controls and procedures are now effective.

21

PART II-OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None.

ITEM 1A. RISK FACTORS

Not required.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

(c) Pursuant to the Partnership’s Limited Partnership Agreement, investors may redeem their units at the end of each calendar month at the then current month-end net asset value per unit. The redemption of units has no impact on the value of units that remain outstanding, and units are not reissued once redeemed.

The following tables summarize the redemptions by investors during the three months ended June 30, 2011:

Series A

Month:	Units Redeemed:		NAV per Unit ($):
April 30, 2011		3,624.83	$	214.13
May 31, 2011		7,265.30	$	202.53
June 30, 2011		2,345.33	$	191.03

Series B

Month:	Units Redeemed:		NAV per Unit ($):
April 30, 2011		31.14	$	213.38
May 31, 2011		0.00	$	201.81
June 30, 2011		0.00	$	189.88

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. (Removed and Reserved)

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS

31.01	Rule 13a-14(a)/15d-14(a) Certification
31.02	Rule 13a-14(a)/15d-14(a) Certification
32.01	Section 1350 Certification
32.02	Section 1350 Certification
101	The following financial information from our Quarterly Report on Form 10-Q for the second quarter of 2011, filed with the SEC on August 15, 2011, formatted in Extensible Business Reporting Language (XBRL): (i) the Statements of Financial Condition as of June 30, 2011 (unaudited) and December 31, 2010, (ii) the Condensed Schedule of Investments as of June 30, 2011 (unaudited) and December 31, 2010 (iii) the Unaudited Statements of Operations for the three and six months ended June 30, 2011 and June 30, 2010, (iii) the Unaudited Statements of Changes in Partners’ Capital (Net Assets) the six months ended June 30, 2011 and June 30, 2010, and (iv) Notes to Unaudited Financial Statements.

22

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 on August 15, 2011.

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
(Registrant)
By:	Beeland Management Company, L.L.C.
	General Partner
By:	/s/ Walter Thomas Price III
	Walter Thomas Price III
	Managing Member
	(Principal Executive Officer)
By:	/s/ Allen D. Goodman
	Allen D. Goodman
	Managing Member
	(Principal Financial and Accounting Officer)

23

EX-31.01

Exhibit 31.01

RULE 13a-14(a)/15d-14(a)

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Walter Thomas Price III, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Rogers International Raw Materials Fund, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 15, 2011

By:	/s/ Walter Thomas Price III
Walter Thomas Price III

Managing Member (Principal Executive Officer)

Beeland Management Company, L.L.C.

General Partner of Rogers International Raw Materials Fund, L.P.

E-1

EX-31.02

Exhibit 31.02

RULE 13a-14(a)/15d-14(a)

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Allen D. Goodman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Rogers International Raw Materials Fund, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 15, 2011

By:	/s/ Allen D. Goodman
Allen D. Goodman

Managing Member (Principal Financial and Accounting Officer)

Beeland Management Company, L.L.C.

General Partner of Rogers International Raw Materials Fund, L.P.

E-2

EX-32.01

Exhibit 32.01

CERTIFICATION

PURSUANT TO

SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Walter Thomas Price III, a Managing Member of Beeland Management Company, L.L.C., the General Partner of Rogers International Raw Materials Fund, L.P. (the “Partnership”), certify that (i) the Quarterly Report of the Partnership on Form 10-Q for the period ended June 30, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 15, 2011

By:	/s/ Walter Thomas Price III
Walter Thomas Price III

Managing Member (Principal Executive Officer)

Beeland Management Company, L.L.C.

General Partner of Rogers International Raw Materials Fund, L.P.

E-3

EX-32.02

Exhibit 32.02

CERTIFICATION

PURSUANT TO

SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Allen D. Goodman, a Managing Member of Beeland Management Company, L.L.C., the General Partner of Rogers International Raw Materials Fund, L.P. (the “Partnership”), certify that (i) the Quarterly Report of the Partnership on Form 10-Q for the period ended June 30, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 15, 2011

By:	/s/ Allen D. Goodman
Allen D. Goodman

Managing Member (Principal Financial and Accounting Officer)

Beeland Management Company, L.L.C.

General Partner of Rogers International Raw Materials Fund, L.P.

E-4

XML



Condensed Schedule Of Investments (USD $)	Jun. 30, 2011	Dec. 31, 2010
Unrealized gain (loss) on open futures contracts, net	$ (1,950,014)	$ 3,125,524	[1]
Percentage of Net Assets	(4.31%)	6.26%	[1]
U.S. Government Securities [Member]
Fair Value	28,761,960	29,082,108
Percentage of Net Assets	63.70%	58.23%
U.S. Government Securities [Member] | U.S. Treasury Bills due 7/28/2011 at 0.17% principal amount $3,400,000 [Member]
Fair Value	3,399,558	3,396,700
Percentage of Net Assets	7.53%	6.80%
U.S. Government Securities [Member] | U.S. Treasury Bills due 8/11/2011 at 0.17%, principal amount $4,070,000 [Member]
Fair Value	4,069,184
Percentage of Net Assets	9.01%
U.S. Government Securities [Member] | U.S. Treasury Bills due 8/25/2011 at 0.18% principal amount $2,000,000 [Member]
Fair Value	1,999,459	1,997,712
Percentage of Net Assets	4.43%	4.00%
U.S. Government Securities [Member] | U.S. Treasury Bills due 9/22/2011 at 0.20% principal amount $2,000,000 [Member]
Fair Value	1,999,095	1,997,144
Percentage of Net Assets	4.43%	4.00%
U.S. Government Securities [Member] | U.S. Treasury Bills due 10/20/2011 at 0.22% principal amount $1,000,000 [Member]
Fair Value	999,336	998,263
Percentage of Net Assets	2.21%	2.00%
U.S. Government Securities [Member] | U.S. Treasury Bills due 11/17/2011 at 0.21%, principal amount $2,000,000 [Member]
Fair Value	1,998,400
Percentage of Net Assets	4.43%
U.S. Government Securities [Member] | U.S. Treasury Bills due 12/15/2011 at 0.24%, principal amount $2,500,000 [Member]
Fair Value	2,497,259
Percentage of Net Assets	5.53%
U.S. Government Securities [Member] | U.S. Treasury Bills due 2/9/2012 at 0.19%, principal amount $2,510,000 [Member]
Fair Value	2,507,078
Percentage of Net Assets	5.55%
U.S. Government Securities [Member] | U.S. Treasury Bills due 3/8/2012 at 0.26%, principal amount $2,330,000 [Member]
Fair Value	2,325,786
Percentage of Net Assets	5.15%
U.S. Government Securities [Member] | U.S. Treasury Bills due 4/5/2012 at 0.20%, principal amount $3,300,000 [Member]
Fair Value	3,294,962
Percentage of Net Assets	7.30%
U.S. Government Securities [Member] | U.S. Treasury Bills due 5/31/2012 at 0.18%, principal amount $3,300,000 [Member]
Fair Value	3,671,843
Percentage of Net Assets	8.13%
U.S. Government Securities [Member] | U.S. Treasury Bills due 1/13/2011 at 0.08%, principal amount $2,800,000 [Member]
Fair Value		2,799,922
Percentage of Net Assets		5.61%
U.S. Government Securities [Member] | U.S. Treasury Bills due 1/27/2011 at 0.11%, principal amount $5,500,000 [Member]
Fair Value		5,499,586
Percentage of Net Assets		11.01%
U.S. Government Securities [Member] | U.S. Treasury Bills due 2/24/2011 at 0.12%, principal amount $2,300,000 [Member]
Fair Value		2,299,591
Percentage of Net Assets		4.60%
U.S. Government Securities [Member] | U.S. Treasury Bills due 4/21/2011 at 0.16%, principal amount $3,300,000 [Member]
Fair Value		3,298,406
Percentage of Net Assets		6.61%
U.S. Government Securities [Member] | U.S. Treasury Bills due 5/26/2011 at 0.18%, principal amount $3,500,000 [Member]
Fair Value		3,497,545
Percentage of Net Assets		7.00%
U.S. Government Securities [Member] | U.S. Treasury Bills due 6/30/2011 at 0.17%, principal amount $3,300,000 [Member]
Fair Value		3,297,239
Percentage of Net Assets		6.60%
Futures Contracts [Member] | U.S. Futures Positions [Member]
Unrealized gain (loss) on open futures contracts, net	(1,681,594)	2,561,022	[1]
Percentage of Net Assets	(3.73%)	5.13%	[1]
Futures Contracts [Member] | U.S. Futures Positions [Member] | Agricultural [Member]
Unrealized gain (loss) on open futures contracts, net		1,719,954	[1]
Percentage of Net Assets		3.45%	[1]
Futures Contracts [Member] | U.S. Futures Positions [Member] | Agricultural [Member] | September 2011 CBOT Wheat Contracts [Member]
Unrealized gain (loss) on open futures contracts, net	(567,575)
Percentage of Net Assets	(1.26%)
Futures Contracts [Member] | U.S. Futures Positions [Member] | Agricultural [Member] | Other [Member]
Unrealized gain (loss) on open futures contracts, net	(768,111)
Percentage of Net Assets	(1.70%)
Futures Contracts [Member] | U.S. Futures Positions [Member] | Metals [Member]
Unrealized gain (loss) on open futures contracts, net	(145,895)	361,250	[1]
Percentage of Net Assets	(0.32%)	0.72%	[1]
Futures Contracts [Member] | U.S. Futures Positions [Member] | Energy [Member]
Unrealized gain (loss) on open futures contracts, net	(200,013)	479,818	[1]
Percentage of Net Assets	(0.44%)	0.96%	[1]
Futures Contracts [Member] | Foreign Futures Positions [Member]
Unrealized gain (loss) on open futures contracts, net	(268,420)	564,502	[1]
Percentage of Net Assets	(0.59%)	1.13%	[1]
Futures Contracts [Member] | Foreign Futures Positions [Member] | Agricultural [Member]
Unrealized gain (loss) on open futures contracts, net	(27,538)	79,167	[1]
Percentage of Net Assets	(0.06%)	0.16%	[1]
Futures Contracts [Member] | Foreign Futures Positions [Member] | Metals [Member]
Unrealized gain (loss) on open futures contracts, net	$ (240,882)	$ 485,335	[1]
Percentage of Net Assets	(0.53%)	0.97%	[1]

[1] No individual futures contract position constitutes greater than 1 percent of Partners' Capital (Net Assets). Accordingly, the number of contracts and expiration dates are not presented.

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Condensed Schedule Of Investments (Parenthetical) (U.S. Government Securities [Member], USD $)	Jun. 30, 2011	Dec. 31, 2010
Trading Securities, Cost	$ 28,740,810	$ 29,077,799
U.S. Treasury Bills due 7/28/2011 at 0.17% principal amount $3,400,000 [Member]
Treasury Bill Effective Yield	0.17%	0.17%
Face Value	3,400,000	3,400,000
U.S. Treasury Bills due 8/11/2011 at 0.17%, principal amount $4,070,000 [Member]
Treasury Bill Effective Yield	0.17%
Face Value	4,070,000
U.S. Treasury Bills due 8/25/2011 at 0.18% principal amount $2,000,000 [Member]
Treasury Bill Effective Yield	0.18%	0.18%
Face Value	2,000,000	2,000,000
U.S. Treasury Bills due 9/22/2011 at 0.20% principal amount $2,000,000 [Member]
Treasury Bill Effective Yield	0.20%	0.20%
Face Value	2,000,000	2,000,000
U.S. Treasury Bills due 10/20/2011 at 0.22% principal amount $1,000,000 [Member]
Treasury Bill Effective Yield	0.22%	0.22%
Face Value	1,000,000	1,000,000
U.S. Treasury Bills due 11/17/2011 at 0.21%, principal amount $2,000,000 [Member]
Treasury Bill Effective Yield	0.21%
Face Value	2,000,000
U.S. Treasury Bills due 12/15/2011 at 0.24%, principal amount $2,500,000 [Member]
Treasury Bill Effective Yield	0.24%
Face Value	2,500,000
U.S. Treasury Bills due 2/9/2012 at 0.19%, principal amount $2,510,000 [Member]
Treasury Bill Effective Yield	0.19%
Face Value	2,510,000
U.S. Treasury Bills due 3/8/2012 at 0.26%, principal amount $2,330,000 [Member]
Treasury Bill Effective Yield	0.26%
Face Value	2,330,000
U.S. Treasury Bills due 4/5/2012 at 0.20%, principal amount $3,300,000 [Member]
Treasury Bill Effective Yield	0.20%
Face Value	3,300,000
U.S. Treasury Bills due 5/31/2012 at 0.18%, principal amount $3,300,000 [Member]
Treasury Bill Effective Yield	0.18%
Face Value	3,300,000
U.S. Treasury Bills due 1/13/2011 at 0.08%, principal amount $2,800,000 [Member]
Treasury Bill Effective Yield		0.08%
Face Value		2,800,000
U.S. Treasury Bills due 1/27/2011 at 0.11%, principal amount $5,500,000 [Member]
Treasury Bill Effective Yield		0.11%
Face Value		5,500,000
U.S. Treasury Bills due 2/24/2011 at 0.12%, principal amount $2,300,000 [Member]
Treasury Bill Effective Yield		0.12%
Face Value		2,300,000
U.S. Treasury Bills due 4/21/2011 at 0.16%, principal amount $3,300,000 [Member]
Treasury Bill Effective Yield		0.16%
Face Value		3,300,000
U.S. Treasury Bills due 5/26/2011 at 0.18%, principal amount $3,500,000 [Member]
Treasury Bill Effective Yield		0.18%
Face Value		3,500,000
U.S. Treasury Bills due 6/30/2011 at 0.17%, principal amount $3,300,000 [Member]
Treasury Bill Effective Yield		0.17%
Face Value		$ 3,300,000

XML



Document And Entity Information	6 Months Ended
	Jun. 30, 2011
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Entity Registrant Name	ROGERS INTERNATIONAL RAW MATERIALS FUND LP
Entity Central Index Key	0001118384
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

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Partnership Capital And Withdrawals

6 Months Ended

Jun. 30, 2011

Partnership Capital And Withdrawals

Partnership Capital And Withdrawals

Note 5. Partnership Capital and Withdrawals:

The Partnership accepts contributions as of the close of business on the last business day of each month for investment on the first day of the next succeeding month. The General Partner may accept or reject contributions and waive the minimum contribution amounts in its sole discretion.

Effective November 1, 2010, the Partnership began accepting contributions for Series B units. The Partnership has not issued Series A units since October 1, 2005.

The purchase price of a unit is the net asset value per unit as of the end of each calendar month. Net asset value per unit is calculated as the net asset value at month-end divided by the number of outstanding units.

The Partnership accepts withdrawals on a monthly basis. Requests for withdrawal should be received by the General Partner no later than six business days prior to the end of the month in which an investor chooses to withdraw. Requests for withdrawal should be sent to the General Partner by email, fax, or overnight courier.

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Interim Financial Statements

6 Months Ended

Jun. 30, 2011

Interim Financial Statements

Interim Financial Statements

Note 10. Interim Financial Statements:

The statements of financial condition, including the condensed schedule of investments, as of June 30, 2011, the statement of operations and changes in partners' capital (net assets) for the three and six months ended June 30, 2011 and 2010 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 General Partner, 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 June 30, 2011, results of operations and changes in partner's capital (net assets) for the three and six months ended June 30, 2011 and 2010. The results of operation for three and six months ended June 30, 2011 and 2010 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 Partnership's Form 10-K as filed with the SEC.

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2011

Significant Accounting Policies

Significant Accounting Policies

Note 1. Significant Accounting Policies:

Nature of Business and Organization: Rogers International Raw Materials Fund, L.P. (the "Partnership") is an Illinois Limited Partnership that was established in May 2000. The Partnership trades a portfolio primarily of commodity futures and forward contracts, principally on recognized exchanges. The Partnership may also purchase contracts in the over the counter marketplace under certain circumstances. The Partnership invests and trades exclusively on the "long side" of the market. The Partnership's investment strategy is designed to replicate the Rogers International Commodity Index ® (the "Index") and positions are rebalanced monthly to maintain the Index's relative weightings. James B. Rogers designed the Index.

The Partnership commenced trading during November 2001 with assets raised from the offering of its original units of limited partnership interest, now referred to as "Series A" units, and offered Series A units through October 2005. The Partnership began accepting contributions for Series B units in November 2010. Series A units and Series B units are identical with respect to their participation in the profits and losses of the Partnership; however, Series B units do not participate in any Partnership expenses or recoveries related to the bankruptcy of Refco Inc. and its affiliates. The Partnership's General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the "General Partner").

Accounting Policies: The Partnership follows U.S. Generally Accepted Accounting Principles ("GAAP"), as established by the Financial Accounting Standards Board ("FASB"), to ensure consistent reporting of financial condition and results of operation.

Net Assets: The valuation of net assets includes open commodity futures contracts owned by the Partnership, if any, at the end of the period. The unrealized gain or loss on these contracts has been calculated based on closing prices on the last business day of each month. Net asset value is determined by subtracting liabilities from assets, which also equals partners' capital.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management 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 revenue 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. Cash and cash equivalents represent amounts on deposit with a broker to facilitate payment of expenses and partner withdrawals.

Fair Value of Financial Instruments: Securities and derivative financial instruments are recorded at fair value.

Deposits with Brokers: The Partnership deposits assets with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such brokers. The Partnership earns interest income on its assets deposited with the brokers.

Revenue Recognition: Futures and exchange traded forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations.

Interest Income Recognition: The Partnership records interest income on the accrual basis.

Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate published by the carrying broker or futures commission merchant on the last business day of each month. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized trading gains or losses.

Ongoing Offering Expenses: Ongoing offering expenses are accrued on an ongoing basis and charged to expense as incurred.

Income Taxes: No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership's income and expenses as reported for income tax purposes.

The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 2007. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through June 30, 2011.

Profit and Loss Allocation: Profits and losses of the Partnership are allocated by series based on the number of units held.

Withdrawals Payable: Withdrawals approved by the General Partner prior to month-end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month-end (See Note 5).

Statement of Cash Flows: The Partnership has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

• During the year, substantially all of the Partnership's investments were highly liquid;

• Substantially all of the Partnership's investments are carried at fair value;

• The Partnership had little or no debt during the year;

• The Partnership's financial statements include a statement of changes in partners' capital (net assets).

Recent Account Pronouncements: In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04). This ASU represents the converged guidance of the FASB and the IASB (the Boards) on fair value measurement. The collective efforts of the Boards and their staffs, reflected in ASU 2011-04, have resulted in common requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term "fair value" and enhanced disclosure requirements for investments that do not have readily determinable fair values. The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. This amendment is effective for periods beginning after December 15, 2011. The Partnership is currently evaluating the impact of ASU 2011-04 on future financial statements.

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Financial Highlights

6 Months Ended

Jun. 30, 2011

Financial Highlights

Financial Highlights

Note 7. Financial Highlights:

Financial highlights for limited partners for the three and six months ended June 30, 2011 and 2010 are as follows:

Per Unit Performance

	Series A Three months ended June 30, 2011			Series B Three months ended June 30, 2011(4)			Series A Three months ended June 30, 2010			Series A Six months ended June 30, 2011			Series B Six months ended June 30, 2011(4)			Series A Six months ended June 30, 2010
Net asset value per unit at the beginning of the period	$	208.21		$	207.49		$	158.63		$	191.07		$	190.44		$	163.67
Income (loss) from operations:
Net trading gains (losses)		(16.25	)		(16.14	)		(12.48	)		2.12			2.30			(16.46	)
Investment income:		0.53			0.08			1.01			0.63			0.16			1.02
Expenses:		(1.46	)		(1.55	)		(1.06	)		(2.79	)		(3.02	)		(2.13	)
Net investment gain (loss)		(0.93	)		(1.47	)		(0.05	)		(2.16	)		(2.86	)		(1.11	)
Net income (loss) per unit		(17.18	)		(17.61	)		(12.53	)		(0.04	)		(0.56	)		(17.57	)
Net asset value per unit at the end of the period	$	191.03		$	189.88		$	146.10		$	191.03		$	189.88		$	146.10
	Series A Three months ended June 30, 2011			Series B Three months ended June 30, 2011(4)			Series A Three months ended June 30, 2010			Series A Six months ended June 30, 2011			Series B Six months ended June 30, 2011(4)			Series A Six months ended June 30, 2010
Ratio of net investment loss to average partners' capital (net assets)(1)		-1.81	%		-2.89	%		-0.12	%		-2.15	%		-2.84	%		-1.44	%
Ratio of expenses to average partners' capital (net assets) (1)(2)		2.87	%		3.05	%		2.76	%		2.78	%		3.00	%		2.74	%
Total return (3)		-8.25	%		-8.49	%		-7.90	%		-0.02	%		-0.29	%		-10.74	%

The above ratios were calculated for the partners taken as a whole. The computation of such ratios was not based on the amount of expenses assessed and income allocated to an individual partner's capital account, which may vary from these ratios based on the timing of capital transactions (see Note 5).

⁽¹⁾  Annualized.

⁽²⁾  The ratio of expenses to average partners' capital (net asset) values does not include brokerage commissions.

⁽³⁾  Not annualized.

⁽⁴⁾  Series B units were first accepted effective November 1, 2010 and thus no per unit data is available for the periods ended June 30, 2010.

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Litigation

6 Months Ended

Jun. 30, 2011

Litigation

Litigation

Note 8. Litigation:

The Partnership is a beneficiary of a Litigation Trust which is seeking recoveries from third parties, related to the 2005 bankruptcy of Refco, Inc. and numerous affiliates (the "Refco Bankruptcy"). As of June 30, 2011, the Partnership has received the full value of its allowed claims in the Refco Bankruptcy and has recovered approximately $3.7 million in excess of its allowed securities claim in the Refco Bankruptcy and may receive additional Refco Bankruptcy related recoveries, although there can be no assurance that it will or that any additional recoveries will be material. Management is unable to estimate the amounts of any such additional recoveries.

All Refco Bankruptcy related recoveries received by the Partnership, including excess recoveries except as described below, have been allocated among all partners in the Partnership who were partners as of October 31, 2005, on a pro-rata basis as October 31, 2005, with redeemed partners receiving cash distributions. Cash distributions to redeemed partners from excess recoveries totaled approximately $494,000 for the year ended December 31, 2010. No excess distributions have been made in 2011. Pursuant to Section 12.2 of the Partnership's Agreement of Limited Partnership, the Partnership reimbursed the General Partner and James B. Rogers approximately $400,000 and $428,000, respectively, from excess recoveries for legal costs incurred by the General Partner and James B. Rogers defending against suits related to the Refco Bankruptcy in 2010 and 2009. Included in administrative fees and other fees payable are amounts due under these arrangements of $0 and $249,542 at June 30, 2011 and December 31, 2010, respectively.

The Partnership has reserved $30,000 of the excess Refco related recoveries to apply to expenses incurred to administer ongoing communication with, and distributions and reporting to, redeemed limited partners with respect to Refco related recoveries received by the Partnership. These expenses include but are not limited to professional fees, printing, postage, and administration fees. At June 30, 2011, $26,964 of these expenses is included in administrative and other fees payable on the statement of financial condition.

At June 30, 2011 and December 31, 2010, approximately $387,662 and $208,000 of excess Refco related recoveries was payable to redeemed limited partners. These amounts are included in withdrawals payable for those periods ended.

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Financial Instruments With Off-Balance Sheet Credit And Market Risk

6 Months Ended

Jun. 30, 2011

Financial Instruments With Off-Balance Sheet Credit And Market Risk

Financial Instruments With Off-Balance Sheet Credit And Market Risk

Note 6. Financial Instruments with Off-Balance Sheet Credit and Market Risk:

The Partnership is involved in trading activities that may have market and/or credit risk. Financial instruments employed in the Partnership's operations may have market and/or credit risk in excess of the amounts recorded in the statement of financial condition.

Market Risk - Market risks arise from changes in the market value of financial instruments. Theoretically, the Partnership's exposure is equal to the notional contract value of futures contracts entered. Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded.

Credit Risk - Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of a contract. The Partnership's exposure to credit risk associated with counterparty nonperformance is generally the net unrealized gain on the open positions plus the value of the margin or collateral held by the counterparty. Exchange-traded financial instruments generally do not give rise to significant counterparty exposure due to the cash settlement procedures for daily market movements and the margin requirements of individual exchanges. Financial instruments traded off-exchange give rise to the risk of the failure of, or the inability or refusal to perform by, the counterparties to such trades.

Concentration of Credit Risk - The Partnership clears all of its futures trades through one clearing broker, MF Global, Inc. In the event this counterparty does not fulfill its obligations or becomes insolvent, the Partnership may be exposed to losses.

The Partnership has a substantial portion of its assets on deposit with financial institutions in connection with its cash management activities. In the event of a financial institution's insolvency, recovery of the Partnership's assets on deposit may be limited to the amount of insurance or other protection afforded such deposits.

The Partnership attempts to minimize this credit risk by monitoring the creditworthiness of the clearing broker and financial institutions.

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Statements Of Changes In Partners' Capital (Net Assets) (USD $)	General Partner [Member]	Limited Partners Series A [Member]	Limited Partners Series B [Member]	Limited Partner [Member]	Total
Partners' capital (net assets) at Dec. 31, 2009	$ 660,293	$ 51,416,343		$ 51,416,343	$ 52,076,636
Partners' capital (net assets), Units at Dec. 31, 2009	4,034	314,149
Net income (loss)	(70,898)	(5,275,145)		(5,275,145)	(5,346,043)
Withdrawals		(4,464,651)		(4,464,651)	(4,464,651)
Withdrawals, Units		(28,879)
Partners' capital (net assets) at Jun. 30, 2010	589,395	41,676,547		41,676,547	42,265,942
Partners' capital (net assets), Units at Jun. 30, 2010	4,034	285,270
Partners' capital (net assets) at Dec. 31, 2010	770,838	48,829,926	339,077	49,169,003	49,939,841
Partners' capital (net assets), Units at Dec. 31, 2010	4,034	255,561	1,780
Contributions			434,652	434,652	434,652
Contributions, Units			2,169
Net income (loss)	(168)	322,860	(23,163)	299,697	299,529
Withdrawals		(5,512,206)	(6,645)	(5,518,851)	(5,518,851)
Withdrawals, Units		(27,110)	(31)
Partners' capital (net assets) at Jun. 30, 2011	$ 770,670	$ 43,640,580	$ 743,921	$ 44,384,501	$ 45,155,171
Partners' capital (net assets), Units at Jun. 30, 2011	4,034	228,451	3,918

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Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements

Fair Value Measurements

Note 2. Fair Value Measurements:

As described in Note 1, the Partnership records its investments at fair value. 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 Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. 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). 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 Partnership'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 Partnership 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. Money market funds are valued using quoted market prices. U.S. Government securities are stated at cost plus accrued interest, which approximates fair value based on quoted 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 Partnership's assets measured at fair value on a recurring basis as of June 30, 2011 and December 31, 2010 using the fair value hierarchy:

Description	June 30, 2011 Level 1			December 31, 2010 Level 1
Equity in brokers trading account:
U.S. Government securities*	$	28,761,960		$	29,082,108
Unrealized gain (loss) on open futures contracts, net*		(1,950,014	)		3,125,524
Cash at brokers:
Money market funds		32,379			2,577,040
Total assets at fair value	$	26,844,325		$	34,784,672

* See condensed schedules of investments for further description.

At June 30, 2011 and December 31, 2010 and for the six months ended June 30, 2011 and 2010 there were no Level 2 or Level 3 assets or liabilities.

In addition, substantially all of the Partnership'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.

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Derivative Transactions

6 Months Ended

Jun. 30, 2011

Derivative Transactions

Derivative Transactions

Note 3. Derivative Transactions

Qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative agreements are presented.

The Partnership's business is the trading of futures contracts to replicate the Index. The Partnership does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance.

As June 30, 2011 and December 31, 2010 , the Partnership's derivative contracts had the following impact on the statements of financial condition:

	Asset Derivatives June 30, 2011 Fair Value		Liability Derivatives June 30, 2011 Fair Value			Net Derivatives June 30, 2011 Fair Value*
Agricultural	$	182,413	$	(1,545,637	)	$	(1,363,224	)
Metals		163,308		(550,085	)		(386,777	)
Energy		72,727		(272,740	)		(200,013	)
Totals	$	418,448	$	(2,368,462	)	$	(1,950,014	)

* The net fair value of all asset and liability derivatives is included in equity in brokers trading accounts in the statements of financial condition.

	Asset Derivatives December 31, 2010 Fair Value		Liability Derivatives December 31, 2010 Fair Value			Net Derivatives December 31, 2010 Fair Value*
Agricultural	$	1,801,471	$	(2,350	)	$	1,799,121
Metals		1,155,865		(309,280	)		846,585
Energy		486,668		(6,850	)		479,818
Totals	$	3,444,004	$	(318,480	)	$	3,125,524

* The net fair value of all asset and liability derivatives is included in equity in broker trading accounts in the statements of financial condition.

Trading revenue from derivative contracts for the three and six months ended June 30, 2011 and 2010:

	Three months ended June 30, 2011			Three months ended June 30, 2010			Six months ended June 30, 2011			Six months ended June 30, 2010
Type of Contract
Agricultural	$	(2,014,464	)	$	(299,858	)	$	(1,062,045	)	$	(2,085,574	)
Metals		(243,094	)		(1,050,462	)		206,968			(721,534	)
Energy		(1,618,783	)		(2,317,550	)		1,742,042			(2,145,595	)
	$	(3,876,341	)	$	(3,667,870	)	$	886,965		$	(4,952,703	)
	Three months ended June 30, 2011			Three months ended June 30, 2010			Six months ended June 30, 2011			Six months ended June 30, 2010
Line Item in Statements of Operations
Realized	$	(1,016,641	)	$	(1,927,001	)	$	5,962,503		$	(2,865,682	)
Change in unrealized		(2,859,700	)		(1,740,869	)		(5,075,538	)		(2,087,021	)
	$	(3,876,341	)	$	(3,667,870	)	$	886,965		$	(4,952,703	)

Trading income is exclusive of brokerage commissions.

For the three and six months ended June 30, 2011 and 2010, the monthly average number of contracts bought and sold was 1,098, 1,153, 1,385 and 1,492, respectively.

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Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events

Subsequent Events

Note 11. Subsequent Events:

Subsequent to June 30, 2011, there were $22,540 of contributions and withdrawals totaled $639,037.

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Agreements And Related-Party Transactions

6 Months Ended

Jun. 30, 2011

Agreements And Related-Party Transactions

Agreements And Related-Party Transactions

Note 4. Agreements and Related-Party Transactions:

The Limited Partnership Agreement vests all responsibility and powers for the management of the business and affairs of the Partnership with the General Partner, Beeland Management Company, L.L.C., including trading decisions.

The Partnership pays a monthly management fee to the General Partner equal to 0.08333% of the net assets of the Partnership at the close of the preceding month (1.00% per annum).

The Partnership is responsible for the administrative and trading expenses related to its operations. The General Partner may incur certain expenses on behalf of the Partnership and charge the Partnership for its allocable portion of these expenses.

Uhlmann Price Securities L.L.C. ("Uhlmann"), a party related to the General Partner by reason of common management, acts as the selling group manager for the Partnership. The Partnership pays Uhlmann a share of selling fees when units are sold by additional selling agents. Selling fees of up to 2% of the gross offering proceeds (which includes a 0.50% reallowance to Uhlmann) are charged to partners' capital upon issuance of Series B Partnership units.

In addition, there is an annual trailing servicing fee of up to 1% of the net asset value of the specific partner's capital account payable to the soliciting broker-dealer for ongoing investor services. For all Series B units sold, the total trailing servicing fee is not to exceed 7.99% of the gross offering proceeds of the units sold.

The Price Futures Group, Inc. ("PFG"), a related party to the General Partner through common management, acts as the introducing broker for the Partnership, whereby the trading accounts of the Partnership are introduced to the Partnership's clearing broker. A portion of the brokerage fee paid by the Partnership for clearing transactions is paid to PFG by the clearing broker.

Fund Dynamics, LLC, an affiliate of the General Partner through common management, acts as the Partnership's administrator. Fund Dynamics, LLC calculates both the daily and monthly Net Asset Value ("NAV"), prepares the monthly accounting package, and prepares monthly investor statements.

A summary of fees charged by related parties to the Partnership is as follows:

	Three months ended June 30, 2011		Three months ended June 30, 2010		Six months ended June 30, 2011		Six months ended June 30, 2010
Management fees – General Partner	$	127,438	$	116,069	$	254,570	$	239,684
Administrative fees – Fund Dynamics		27,658		27,796		55,666		57,205
Trailing servicing fees – Uhlmann		81,715		75,861		163,153		156,925
Selling Fees – Uhlmann		3,811		—		8,639		—

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Statements Of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Net trading gains (losses):
Realized	$ (1,016,641)	$ (1,927,001)	$ 5,962,503	$ (2,865,682)
Change in unrealized	(2,859,700)	(1,740,869)	(5,075,538)	(2,087,021)
Commissions	(21,981)	(26,215)	(46,445)	(54,943)
Total trading gains (losses)	(3,898,322)	(3,694,085)	840,520	(5,007,646)
Investment income:
Interest income	18,570	16,651	37,564	26,890
Other income	111,297	282,650	116,732	282,650
Total investment income	129,867	299,301	154,296	309,540
Expenses:
Management fees - General Partner	127,438	116,069	254,570	239,684
Administrative fees and other expenses	228,397	197,993	440,717	408,253
Total Expenses	355,835	314,062	695,287	647,937
Net investment loss	(225,968)	(14,761)	(540,991)	(338,397)
Net income (loss)	(4,124,290)	(3,708,846)	299,529	(5,346,043)
General Partner [Member]
Expenses:
Net income (loss)			(168)	(70,898)
Net increase (decrease) in NAV per GP and LP unit:
Net increase (decrease) in NAV per Unit	$ (17.18)	$ (12.53)	$ (0.04)	$ (17.57)
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period):
Net income (loss) per General Partners	(69,328)	(50,571)	(168)	(70,898)
Limited Partners Series A [Member]
Expenses:
Net income (loss)			322,860	(5,275,145)
Net increase (decrease) in NAV per GP and LP unit:
Net increase (decrease) in NAV per Unit	$ (17.18)	$ (12.53)	$ (0.04)	$ (17.57)
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period):
Net income (loss) per Limited Partners	(3,985,943)	(3,658,275)	322,860	(5,275,145)
Limited Partners Series B [Member]
Expenses:
Net income (loss)			(23,163)
Net increase (decrease) in NAV per GP and LP unit:
Net increase (decrease) in NAV per Unit	$ (17.61)		$ (0.56)
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period):
Net income (loss) per Limited Partners	$ (69,019)		$ (23,163)

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Statements Of Changes In Partners' Capital (Parenthetical) (USD $)	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
General Partner [Member]
Net Asset Value per Unit	$ 191.03	$ 146.10
Limited Partners Series A [Member]
Net Asset Value per Unit	$ 191.03	$ 146.10
Limited Partners Series B [Member]
Net Asset Value per Unit	$ 189.88

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Indemnifications

6 Months Ended

Jun. 30, 2011

Indemnifications

Indemnifications

Note 9. Indemnifications:

In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties, both of which provide general indemnifications. The Partnership's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote.

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Statements Of Financial Condition (USD $)	Jun. 30, 2011	Dec. 31, 2010
ASSETS
U.S. Government securities, at fair value	$ 28,761,960	$ 29,082,108
Cash at brokers	8,935,278	8,027,725
Unrealized gain (loss) on open futures contracts, net	(1,950,014)	3,125,524	[1]
Total equity in brokers trading accounts	35,747,224	40,235,357
Cash and cash equivalents	10,456,785	11,189,077
Interest receivable	36	553
Total assets	46,204,045	51,424,987
LIABILITIES
Brokerage commissions payable	4,620	4,944
Accrued management fees - General Partner	40,292	37,973
Administrative and other fees payable	154,522	466,818
Subscriptions received in advance	12,500	56,581
Withdrawals payable	836,940	918,830
Total liabilities	1,048,874	1,485,146
PARTNERS' CAPITAL (NET ASSETS)
Partners' capital (net assets)	45,155,171	49,939,841
Total liabilities and partners' capital (net assets)	$ 46,204,045	$ 51,424,987

[1] No individual futures contract position constitutes greater than 1 percent of Partners' Capital (Net Assets). Accordingly, the number of contracts and expiration dates are not presented.