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 September 30, 2012

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 September 30, 2012 (Unaudited) and December  31, 2011 (Audited)	3
Condensed Schedules of Investments as of September 30, 2012 (Unaudited) and December  31, 2011 (Audited)	4-5
Statements of Operations for the Three and Nine Months Ended September 30, 2012 and September  30, 2011 (Unaudited)	6
Statements of Changes in Partners’ Capital (Net Assets) for the Nine Months Ended September  30, 2012 and September 30, 2011 (Unaudited)	7
Notes to Financial Statements (Unaudited)	8-17

2

Rogers International Raw Materials Fund, L.P.

Statements of Financial Condition as of September 30, 2012 (Unaudited) and December 31, 2011 (Audited)

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

	September 30, 2012		December 31, 2011
ASSETS
Equity in broker trading accounts:
Cash at brokers	$	5,776,823	$	5,387,385
Unrealized gain/(loss) on open futures contracts, net		878,273		(860,221	)
Total equity in brokers trading accounts		6,655,096		4,527,164
U.S. Government securities, at fair value		19,767,949		27,673,158
Cash and cash equivalents		2,106,875		2,899,515
Receivable from MF Global (Note 4)		2,479,838		1,825,854
Total assets	$	31,009,758	$	36,925,691
LIABILITIES
Brokerage commissions payable	$	4,356	$	4,357
Accrued management fees – General Partner		24,506		31,147
Administrative and other fees payable		188,238		214,855
Subscriptions received in advance		52,000		—
Withdrawals payable		726,732		1,789,741
Total liabilities		995,831		2,040,100
PARTNERS’ CAPITAL (NET ASSETS)
Partners’ capital (net assets)		30,013,927		34,885,591
Total liabilities and partners’ capital (net assets)	$	31,009,758	$	36,925,691

See accompanying notes to the financial statements.

3

Rogers International Raw Materials Fund, L.P.

Condensed Schedule of Investments as of September 30, 2012 (Unaudited)

U.S. Government securities: (total cost - $19,761,454)	Fair Value		Percent of Partners’ Capital (Net Assets)
U.S. Treasury Bills due 10/18/2012 at 0.10%, principal amount $1,000,000	$	999,951		3.33	%
U.S. Treasury Bills due 10/18/2012 at 0.12%, principal amount $2,000,000		1,999,882		6.66
U.S. Treasury Bills due 10/25/2012 at 0.10%, principal amount $1,150,000		1,149,923		3.83
U.S. Treasury Bills due 11/01/2012 at 0.09%, principal amount $1,000,000		999,920		3.33
U.S. Treasury Bills due 11/08/2012 at 0.10%, principal amount $2,500,000		2,499,741		8.33
U.S. Treasury Bills due 11/15/2012 at 0.12%, principal amount $1,330,000		1,329,919		4.43
U.S. Treasury Bills due 12/06/2012 at 0.05%, principal amount $2,098,000		2,097,830		6.99
U.S. Treasury Bills due 12/27/2012 at 0.15%, principal amount $1,250,000		1,249,550		4.16
U.S. Treasury Bills due 01/10/2013 at 0.09%, principal amount $2,098,000		2,097,473		6.99
U.S. Treasury Bills due 02/07/2013 at 0.12%, principal amount $1,150,000		1,149,515		3.83
U.S. Treasury Bills due 02/14/2013 at 0.10%, principal amount $2,098,000		2,097,182		6.99
U.S. Treasury Bills due 03/07/2013 at 0.10%, principal amount $2,098,000		2,097,088		6.99
	$	19,767,973		65.86	%

	Unrealized Gain (Loss) on Open Long Futures			Percent of Partners’ Capital
	Contracts			(Net Assets)
Futures contracts*:
U.S. Futures Positions
Agricultural	$	67,068			0.22	%
Metals		278,290			0.93
Energy		(34,223	)		(0.11	)
Total U.S. Futures Positions		311,135			1.04
Foreign Futures Positions
Agricultural		48,778			0.16
Metals		518,360			1.73
Total Foreign Futures Positions		567,138			1.89
Total Futures Contracts	$	878,273			2.93	%

* 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.

4

Rogers International Raw Materials Fund, L.P.

Condensed Schedule of Investments as of December 31, 2011 (Audited)

U.S. Government securities: (total cost - $27,649,960)	Fair Value		Percent of Partners’ Capital (Net Assets)
U.S. Treasury Bills due 2/9/2012 at 0.19%, principal amount $2,510,000	$	2,509,478		7.19	%
U.S. Treasury Bills due 3/8/2012 at 0.26%, principal amount $2,330,000		2,328,863		6.68
U.S. Treasury Bills due 4/5/2012 at 0.20%, principal amount $3,300,000		3,298,273		9.45
U.S. Treasury Bills due 5/3/2012 at 0.08%, principal amount $4,070,000		4,068,855		11.66
U.S. Treasury Bills due 5/31/2012 at 0.18%, principal amount $3,678,000		3,675,215		10.54
U.S. Treasury Bills due 6/28/2012 at 0.17%, principal amount $3,300,000		3,297,278		9.45
U.S. Treasury Bills due 7/26/2012 at 0.06%, principal amount $2,000,000		1,999,319		5.73
U.S. Treasury Bills due 8/23/2012 at 0.09%, principal amount $3,400,000		3,398,046		9.74
U.S. Treasury Bills due 9/20/2012 at 0.09%, principal amount $2,100,000		2,098,618		6.02
U.S. Treasury Bills due 10/18/2012 at 0.10%, principal amount $1,000,000		999,213		2.87
	$	27,673,158		79.33	%

	Unrealized Gain (Loss) on Open Long Contracts			Percent of Partners’ Capital (Net Assets)
Futures contracts*:
U.S. Futures Positions
Agricultural	$	(235,456	)		0.68	%
Metals		(227,120	)		(0.65	)
Energy		(181,989	)		(0.52	)
Total U.S. Futures Positions		(644,565	)		(1.85	)
Foreign Futures Positions
Agricultural		35,348			0.10
Metals		(251,004	)		(0.72	)
Total Foreign Futures Positions		(215,656	)		(0.62	)
Total Futures Contracts	$	(860,221	)		(2.47	%)

* 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 Nine Months Ended September 30, 2012 and September 30, 2011 (Unaudited)

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Net trading gains (losses):
Realized	$	2,835,256		$	(2,846,170	)	$	(62,180	)	$	3,116,333
Change in unrealized		193,829			(2,478,752	)		1,738,495			(7,554,290	)
Commissions		(13,646	)		(18,026	)		(50,348	)		(64,471	)
		3,015,439			(5,342,948	)		1,625,967			(4,502,428	)
Investment income:
Interest income		5,094			16,484			22,493			54,048
Other income		—			420,046			—			536,778
Gain from MF Global (Note 4)		817,140			—			817,140			—
		822,234			436,530			839,633			590,826
Expenses:
Management fees – General Partner		70,872			112,950			236,841			367,520
Administrative fees and other expenses		169,845			219,126			538,216			659,843
		240,717			332,076			775,057			1,027,363
Net investment gain (loss)		581,517			104,454			64,576			(436,537	)
Net income (loss)	$	3,596,956		$	(5,238,494	)	$	1,690,543		$	(4,938,965	)
Net increase (decrease) in NAV per GP and LP unit:
General Partner	$	21.07		$	(22.98	)	$	9.67		$	(23.02	)
Limited Partners-Series A	$	21.07		$	(22.98	)	$	9.67		$	(23.02	)
Limited Partners-Series B	$	20.72		$	(24.42	)	$	9.47		$	(24.98	)
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period):
General Partner	$	48,664		$	(92,703	)	$	29,914		$	(92,871	)
Limited Partners-Series A		3,430,079			(5,043,735	)		1,594,645			(4,720,875	)
Limited Partners-Series B		118,213			(102,056	)		65,984			(125,219	)
	$	3,596,956		$	(5,238,494	)	$	1,690,543		$	(4,938,965	)

See accompanying notes to financial statements.

6

Rogers International Raw Materials Fund, L.P.

Statements of Changes in Partners’ Capital (Net Assets) for the Nine Months Ended September 30, 2012 and September 30, 2011(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, 2011		3,444		$	584,022			198,238		$	33,611,272			4,135		$	690,297		$	34,301,569		$	34,885,591
Contributions		—			—			—			—			2,171			355,231			355,231			355,231
Net income (loss)		—			29,914			—			1,594,645			—			65,984			1,660,629			1,690,543
Withdrawals		(1,134	)		(200,000	)		(39,170	)		(6,697,578	)		(117	)		(19,860	)		(6,717,438	)		(6,917,438	)
Partners’ capital (net assets), September 30, 2012		2,310		$	413,936			159,068		$	28,508,339			6,188		$	1,091,652		$	29,599,991		$	30,013,927
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		—			—			—			—			2,440			487,082			487,082			487,082
Net income (loss)		—			(92,871	)		—			(4,720,875	)		—			(125,219	)		(4,846,094	)		(4,938,965	)
Withdrawals		—			—			(39,185	)		(7,747,209	)		(218	)		(38,530	)		(7,785,739	)		(7,785,739	)
Partners’ capital (net assets), September 30, 2011		4,034		$	677,967			216,376		$	36,361,842			4,002		$	662,410		$	37,024,252		$	37,702,219

	Sept 30,		Sept 30,
Per unit data	2012		2011
Net asset value Series A	$	179.22	$	168.05
Net asset value Series B	$	176.39	$	165.46
Net asset value General Partner	$	179.22	$	168.05

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 offering 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 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.

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 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.

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. The Partnership’s estimate regarding the carrying value of its receivable from MF Global, Inc. (Note 4) is a significant estimate and due to the uncertainty of future events, this estimate could change in the near term.

Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing 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 and derivative financial instruments held. Such fluctuations are included with the net realized trading gains or losses.

8

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 1. Significant Accounting Policies (Continued):

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 2009. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through September 30, 2012.

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 6).

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).

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.

9

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 2. Fair Value Measurements (Continued):

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 included in cash and cash equivalents 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 categorized in 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 September 30, 2012 and December 31, 2011 using the fair value hierarchy:

	September 30, 2012		December 31, 2011
Description	Level 1		Level 1
Equity in brokers trading account:
Unrealized gain (loss) on open futures contracts, net*	$	878,273	$	(860,221	)
U.S. Government securities*		19,767,949		27,673,158
Cash and cash equivalents
Money market funds		2,015,122		2,409,216
Total assets at fair value	$	22,661,344	$	29,222,153

* See condensed schedules of investments for further description.

The Fund assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Partnership’s accounting policy regarding the recognition of transfers between the levels of the fair value hierarchy. There were no transfers among Levels 1, 2 and 3 and there were no Level 2 or 3 assets or liabilities during the periods presented.

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.

10

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

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 speculative trading of futures contracts. The Partnership does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance.

As of September 30, 2012 and December 31, 2011 and for the three and nine months ended September 30, 2012 and 2011, the Partnership’s derivative contracts had the following impact on the statements of financial condition and statements of operations:

	Asset Derivatives		Liability Derivatives			Net Derivatives
	September 30, 2012		September 30, 2012			September 30, 2012
	Fair Value		Fair Value			Fair Value*
Agricultural	$	259,687	$	(143,841	)	$	115,846
Metals		1,260,179		(463,529	)		796,650
Energy		54,535		(88,758	)		(34,223	)
Totals	$	1,574,401	$	(696,128	)	$	878,273

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

	Asset Derivatives		Liability Derivatives			Net Derivatives
	December 31, 2011		December 31, 2011			December 31, 2011
	Fair Value		Fair Value			Fair Value*
Futures positions:
Agricultural	$	191,448	$	(391,556	)	$	(200,108	)
Metals		118,572		(596,696	)		(478,124	)
Energy		11,034		(193,023	)		(181,989	)
Totals	$	321,054	$	(1,181,275	)	$	(860,221	)

* The net fair value of all asset and liability derivative is included in equity in broker 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):

Trading revenue for the three and nine months ended September 30, 2012 and 2011:

	Three months ended		Three months ended			Nine months ended			Nine months ended
Type of Contract	September 30, 2012		September 30, 2011			September 30, 2012			September 30, 2011
Agricultural	$	768,069	$	(1,091,966	)	$	694,694		$	(2,154,011	)
Metals		1,513,704		(2,750,383	)		1,505,323			(2,543,415	)
Energy		747,312		(1,482,573	)		(523,702	)		259,469
	$	3,029,085	$	(5,324,922	)	$	1,676,315		$	(4,437,957	)
	Three months ended		Three months ended			Nine months ended			Nine months ended
	September 30, 2012		September 30, 2011			September 30, 2012			September 30, 2011
Line Item in Statements of Operations
Realized	$	2,835,256	$	(2,846,170	)	$	(62,180	)	$	3,116,333
Change in unrealized		193,829		(2,478,752	)		1,738,495			(7,554,290	)
	$	3,029,085	$	(5,324,922	)	$	1,676,315		$	(4,437,957	)

Trading income is exclusive of brokerage commissions.

For the three and nine months ended September 30, 2012 and 2011, the monthly average number of contracts bought and sold was 670, 860, 905, and 1070, respectively.

Note 4. Receivable from MF Global:

On October 31, 2011, MF Global Holdings Ltd., the parent company of MF Global Inc., then the Partnership’s futures commission merchant, filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. The Securities and Exchange Commission and CFTC agreed that a bankruptcy led by the Securities Investor Protection Corporation (“SIPC”) of MF Global Inc. would be the safest and most prudent course of action to protect customer accounts and assets and SIPC initiated the liquidation of MF Global Inc. under the Securities Investor Protection Act. As of October 31, 2011, the Partnership held $5,131,353 or approximately 12.6% of partners’ capital in customer segregated and secured accounts at MF Global Inc. The CFTC has stated that there is a shortfall in customer segregated accounts held by MF Global Inc., and the true extent of such shortfall remains unknown. Through December 31, 2011, this receivable was reduced by $2,174,797 comprised of disbursements initiated by the bankruptcy trustee, as well as other trading related activities. The Company filed appropriate claims with the bankruptcy trustee for remaining amounts due (the MF Global Claim). However, due to the inherent uncertainty in the timing and results of the liquidation process from the bankruptcy proceedings, the Partnership recognized a 2.78% (or $1,130,702) loss in 2011 on the MF Global Claim, which was an estimate of the Partnership’s pro-rata share of the projected MF Global Inc. asset shortfall based upon information provided by the bankruptcy trustee as well as independent third party claims to purchase the MF Global claim. At December 31, 2011, the receivable from MF Global Inc. was $1,825,854 on the Statement of Financial Condition.

The amount of the receivable from MF Global, Inc. increased from December 31, 2011 to September 30, 2012 by $15,149 due to foreign currency conversions recorded in January 2012 and a write up of the receivable amount at September 30 of $817,140. The receivable decreased as the result of a distribution from the bankruptcy Trustee of $178,305 in September 2012. The net increase of $653,984 is included as gain from MF Global on the Statement of Operations as of September 30, 2012.

12

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 4. Receivable from MF Global (Continued):

The remaining receivable from MF Global Inc. of $2,479,838, as of September 30, 2012 is estimated by management based upon additional information provided and independent third party bids. The Partnership is withholding approximately 5% of the proceeds of redemptions attributable to Partnership assets, for which a loss was not taken and that are encumbered in the MF Global liquidation subject to a claims recovery process to be administered by the liquidation Trustee, pending completion of the MF Global liquidation or the receipt by the Partnership of the full amount of its claims.

Subsequent to September 30, 2012, the Partnership received a distribution from the MF Global trustee of $116,820, and sold the remaining MF Global claim effective November 1, 2012 for $2,445,324.

Note 5. 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 its registered brokers. 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 certain 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		Three months ended		Nine months ended		Nine months ended
	September 30, 2012		September 30, 2011		September 30, 2012		September 30, 2011
Management fees – General Partner	$	70,872	$	112,950	$	236,841	$	367,521
Administrative fees – Fund Dynamics		16,829		25,037		55,312		80,702
Trailing servicing fees – Uhlmann		45,206		72,319		150,206		235,472
Selling Fees – Uhlmann		5,746		960		7,250		8,718

13

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 6. 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 been closed to Series A units contributions since October 31, 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.

Note 7. 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, ADM Investor Services, Inc. In the event this counterparty does not fulfill its obligations, the Partnership may be exposed to risk. This risk of default depends on the creditworthiness of the counterparties to these transactions.

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 8. Financial Highlights:

Financial highlights for limited partners for the three and nine months ended September 30, 2012 and 2011 are as follows:

Per Unit Performance

	Series A			Series B			Series A			Series B
	Three months ended			Three months ended			Three months ended			Three months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Net asset value per unit at the beginning of the period	$	158.15		$	155.67		$	191.03		$	189.88
Income (loss) from operations:
Net trading gains (losses)		17.65			16.77			(23.46	)		(23.03	)
Investment income:		4.84			5.45			1.92			0.07
Expenses:		(1.42	)		(1.50	)		(1.44	)		(1.46	)
Net investment gain (loss)		3.44			(3.95	)		0.48			(1.39	)
Net gain (loss) per unit		21.07			20.72			(22.98	)		(24.42	)
Net asset value per unit at the end of the period	$	179.22		$	176.39		$	168.05		$	165.46

Per Unit Performance

	Series A			Series B			Series A			Series B
	Nine months ended			Nine months ended			Nine months ended			Nine months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Net asset value per unit at the beginning of the period
Income (loss) from operations:	$	169.55		$	166.92		$	191.07		$	190.44
Net trading gains (losses)		9.36			7.43			(21.25	)		(20.71	)
Investment income:		4.54			6.30			2.46			0.23
Expenses:		(4.23	)		(4.26	)		(4.23	)		(4.50	)
Net investment gain (loss)		0.31			2.04			(1.77	)		(4.27	)
Net gain (loss) per unit		9.67			9.47			(23.02	)		(24.98	)
Net asset value per unit at the end of the period	$	179.22		$	176.39		$	168.05		$	165.46

15

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

	Series A			Series B			Series A			Series B
	Three months ended			Three months ended			Three months ended			Three months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Ratio of net investment gain (loss) to average partners’ capital (net assets)(1)		7.32	%		9.40	%		1.03	%		(3.00	%)
Ratio of expenses to average partners’ capital (net assets) (1)(2)		(3.04	%)		(3.56	%)		3.07	%		3.15	%
Total return (3)		13.32	%		13.31	%		(12.03	%)		(12.86	%)

	Series A			Series B			Series A			Series B
	Nine months ended			Nine months ended			Nine months ended			Nine months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Ratio of net investment gain (loss) to average partners’ capital (net assets)(1)		0.26	%		1.62	%		(1.19	%)		(2.92	%)
Ratio of expenses to average partners’ capital (net assets) (1)(2)		(3.62	%)		(3.36	%)		2.86	%		3.08	%
Total return (3)		5.70	%		5.67	%		(12.05	%)		(13.12	%)

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.

16

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 9. 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 September 30, 2012, the Partnership has received the full value of its allowed claims in the Refco Bankruptcy and has recovered approximately $4.8 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 $1,065,000 for the year ended December 31, 2011. No excess distributions have been made in 2012. 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. There are no fees due under these arrangements as of September 30, 2012 and December 31, 2011, 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 September 30, 2012, $23,302 of these expenses is included in administrative and other fees payable on the statement of financial condition.

At September 30, 2012 and December 31, 2011, no excess Refco related recoveries were payable to redeemed limited partners.

Note 10. 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 11. Interim Financial Statements:

The statements of financial condition, including the condensed schedule of investments, as of September 30, 2012, the statement of operations and changes in partners’ capital (net assets) for the nine months ended September 30, 2012 and 2011 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 September 30, 2012, results of operations and changes in partner’s capital (net assets) for the three and nine months ended September 30, 2012 and 2011. The results of operation for three and nine months ended September 30, 2012 and 2011 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.

Note 12. Subsequent Events:

Subsequent to September 30, 2012, there were $82,474 of contributions and withdrawals totaled approximately $807,071.

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 September 30, 2012 and December 31, 2011, the Partnership’s net assets were $30,013,927 and $34,885,591, respectively.

18

	Three months ended Sept 30, 2012			Three months ended Sept 30, 2011			Nine months ended Sept 30, 2012			Nine months ended Sept 30, 2011
Net Revenues
Realized net trading gains	$	2,835,256		$	(2,846,170	)	$	(68,824	)	$	3,116,333
Unrealized trading gains (losses)		193,829			(2,478,752	)		1,738,495			(7,554,290	)
Interest income		5,094			16,484			22,493			54,048
Commissions		(13,646	)		(18,026	)		(43,704	)		(64,471	)
Other income		817,140			420,046			817,140			536,778
Total Net Revenues		3,837,673			(4,906,418	)		2,465,600			(3,911,602	)
Operating Expenses
Management fees		70,872			112,950			236,841			367,520
Administrative fees and other expenses		169,845			219,126			538,216			659,843
Total Operating Expenses		240,717			332,076			775,057			1,027,363
Net Income	$	3,596,956		$	(5,238,494	)	$	1,690,543		$	(4,938,965	)

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

2012

The Partnership posted a gain of 3.16% in January. The performance for all of the Index’s sectors was positive. The metals, agriculture and energy sectors posted gains of 2.62%, .40% and .35%, respectively. The best performing commodities this month were tin, silver, rubber, orange juice and zinc. The highest grossing commodities were brent crude, aluminum, silver, copper and gold.

The Partnership posted a gain of 4.13% in February. The performance for all of the Index’s sectors was positive. The energy, agriculture and metals sectors posted gains of 3.65%, .56% and .22%, respectively. The best performing commodities this month were brent crude, soybean meal, canola, soybeans and light crude. The highest grossing commodities were light crude, brent crude, soybeans, RBOB gasoline and sugar.

The Partnership posted a loss of 2.84% in March. The performance for all of the Index’s sectors was negative. The agriculture, metals and energy sectors posted losses of -1.29%, -1.01% and -.26%, respectively. The best performing commodities this month were soybean meal, oats, canola, Euro rapeseed and soybeans. The highest grossing commodities were soybeans, brent crude, cotton, soybean meal and canola.

The Partnership posted a loss of -0.93% in April. The performance for all of the Index’s sectors was negative. The agriculture, energy, and metals sectors posted losses of -0.58%, -0.09%, and -0.02%, respectively. The best performing commodities last month were soybean meal, soybeans, azuki beans, lumber and lead. The highest grossing commodities were crude oil, soybeans, lead, soybean meal, and zinc.

The Partnership posted a loss of -11.76% in May. The performance for all of the Index’s sectors was negative. The agriculture, energy, and metals sectors posted losses of –2.94%, -6.45%, and -1.97%, respectively. The best performing commodities last month were lean hogs, milling wheat, live cattle, natural gas and KC wheat. The highest grossing commodities were live cattle, natural gas, lean hogs, milling wheat and milk.

19

The Partnership posted a gain of 2.23% in June. The performance for the Index’s sectors was mixed. The agriculture sector posted a gain of 3.03%, while the energy and metals sectors posted losses of -0.51% and -0.01% respectively. The best performing commodities last month were oats, corn, soybean meal, wheat, and natural gas. The highest grossing commodities were corn, wheat, soybeans, natural gas, and copper.

The Partnership posted a gain of 5.49% in July. The performance for the Index’s sectors was mixed. The agriculture and energy sectors posted gains of 3.45% and 2.60% respectively, while the metals sector posted a loss of -0.23%. The best performing commodities last month were corn, soybean meal, KC wheat, wheat and soybeans. The highest grossing commodities were corn, brent crude, wheat, light crude, and soybeans.

The Partnership posted a gain of 4.45% in August. The performance for the Index’s sectors was all positive. The agriculture, energy, and metals sectors posted gains of 0.34%, 3.70%, and 0.67%, respectively. The best performing commodities last month were RBOB gasoline, silver, heating oil, gas oil, and brent crude. The highest grossing commodities were light crude, brent crude, RBOB gasoline, cotton, and silver.

The Partnership posted a gain of 2.85% in September. The performance for the Index’s sectors was mixed. The agriculture and energy sectors posted losses of 0.97% and .82% respectively and the metals sector posted a gain of 2.12%. The best performing commodities last month were rubber, lead, nickel, zinc and natural gas. The highest grossing commodities were aluminum, natural gas, lead, copper and zinc.

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 this month 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 this month 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 this month 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.

20

The Partnership posted a gain of 2.09% in July. The performance for all of the Index’s sectors was positive in July. The agriculture, energy, and metals sectors posted gains of 0.50%, 0.59%, and 1.13%, respectively. The best performing commodities were silver, sugar, palladium, tin, and wheat. The highest grossing commodities were brent crude, wheat, silver, sugar, and gold.

The Partnership posted a gain of 0.44% in August. In August, the performance for the Index’s sectors was mixed. The energy and metals sectors posted losses of -1.94% and -0.40%, respectively while the agriculture sector posted a gain of 2.12%. The best performing commodities were coffee, corn, gold, KC wheat, and wheat. The highest grossing commodities were corn, wheat, gold, coffee, and soybeans.

The Partnership posted a loss of -14.22% in September. In September, the performance for all of the Index’s sectors was negative. The agriculture, energy, and metals sectors posted losses of -5.02%, -4.76%, and -4.04%, respectively. The best performing commodities were lean hogs, live cattle, azuki beans, euro rapeseed, and greasy wool. The highest grossing commodities were lean hogs, live cattle, azuki beans, euro rapeseed, and greasy wool. The Partnership’s year to date return for the nine months ended September 30, 2011 was -12.07%.

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.

OFF-BALANCE SHEET ARRANGEMENTS

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

21

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 unrealized gain and unrealized loss on the Partnership’s open futures contracts at September 30, 2012 (unaudited) and December 31, 2011.

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 has effective 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. There have been no significant changes in Beeland Management’s internal controls over financial reporting with respect to the Partnership that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Beeland Management’s internal controls over financial reporting with respect to the Partnership.

22

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 September 30, 2012:

Series A

Month:	Units Redeemed:			NAV per Unit ($):
July 31, 2012		(2,690.88	)	$	166.83
August 31, 2012		(1,735.96	)	$	174.25
September 30, 2012		(1,291.34	)	$	179.22

Series B

Month:	Units Redeemed:			NAV per Unit ($):
July 31, 2012		(45.93	)	$	164.20
August 31, 2012		—		$	171.50
September 30, 2012		—		$	176.39

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 third quarter of 2012, filed with the SEC on November 13, 2012, formatted in Extensible Business Reporting Language (XBRL): (i) the Unaudited Statements of Financial Condition as of September 30, 2012 and December 31, 2011, (ii) the Unaudited Condensed Schedules of Investments as of September 30, 2012 and December 31, 2011, (iii) the Unaudited Statements of Operations for the Three and Nine Months Ended September 30, 2012 and September 30, 2011, (iv) the Unaudited Statements of Changes in Partners’ Capital (Net Assets) for the Nine Months Ended September 30, 2012 and September 30, 2011 and (v) Notes to Unaudited Financial Statements.

23

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 November 13, 2012.

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)

24

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: November 13, 2012

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.

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: November 13, 2012

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.

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 September 30, 2012 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: November 13, 2012

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.

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 September 30, 2012 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: November 13, 2012

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.

XML

Agreements and Related-Party Transactions (Details Textual)	9 Months Ended
	Sep. 30, 2012
Agreements and Related Party Transactions (Textual) [Abstract]
Management fees	1.00%
Monthly management fee to General Partner	0.08333%
Annual trailing servicing fees	1.00%
Maximum trailing servicing fees	7.99%
Uh lmann [Member]
Related Party Transaction [Line Items]
Reallowance to Uhlmann	0.50%
Selling fees paid to Uhlmann	2.00%

XML

Significant Accounting Policies (Details) (USD $)	9 Months Ended
	Sep. 30, 2012
Significant Accounting Policies (Textual) [Abstract]
Provision for income taxes	$ 0
Material uncertain tax positions	0
Liability for the payment of interest	0
Debt	$ 0

XML

Litigation (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Litigation (Textual) [Abstract]
Recovered excess of security claims	$ 4,800,000
Cash distribution to redeemed partners		1,065,000
Excess distributions	0
Administrative fees and other fees payable	0	0
Amount reserved to apply to expense incurred to administer	30,000
Expenses included in administrative and other fees payable	23,302
Recoveries payable to redeemed limited partners	0	0
General Partner [Member]
Reimbursed From Excess Recoveries For Legal Costs	400,000
Limited Partner [Member]
Reimbursed From Excess Recoveries For Legal Costs	$ 428,000

XML

Fair Value Measurements

9 Months Ended

Sep. 30, 2012

Fair Value Measurements [Abstract]

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 included in cash and cash equivalents 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 categorized in 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 September 30, 2012 and December 31, 2011 using the fair value hierarchy:

	September 30, 2012		December 31, 2011
Description	Level 1		Level 1
Equity in brokers trading account:
Unrealized gain (loss) on open futures contracts, net*	$	878,273	$	(860,221	)
U.S. Government securities*		19,767,949		27,673,158
Cash and cash equivalents
Money market funds		2,015,122		2,409,216
Total assets at fair value	$	22,661,344	$	29,222,153

* See condensed schedules of investments for further description.

The Fund assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Partnership’s accounting policy regarding the recognition of transfers between the levels of the fair value hierarchy. There were no transfers among Levels 1, 2 and 3 and there were no Level 2 or 3 assets or liabilities during the periods presented.

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.

XML

Derivative Transactions (Details 1) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Summary of trading revenue from derivative contracts
Trading revenue	$ 3,029,085	$ (5,324,922)	$ 1,676,315	$ (4,437,957)
Realized [Member]
Summary of trading revenue from derivative contracts
Realized	2,835,256	(2,846,170)	(62,180)	3,116,333
Change in unrealized [Member]
Summary of trading revenue from derivative contracts
Change in unrealized	193,829	(2,478,752)	1,738,495	(7,554,290)
Agricultural [Member]
Summary of trading revenue from derivative contracts
Trading revenue	768,069	(1,091,966)	694,694	(2,154,011)
Metals [Member]
Summary of trading revenue from derivative contracts
Trading revenue	1,513,704	(2,750,383)	1,505,323	(2,543,415)
Energy [Member]
Summary of trading revenue from derivative contracts
Trading revenue	$ 747,312	$ (1,482,573)	$ (523,702)	$ 259,469

XML

Derivative Transactions (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Summary of impact of derivative contracts on statement of financial conditions
Asset Derivatives	$ 1,574,401	$ 321,054
Liability Derivatives	(696,128)	(1,181,275)
Net Derivatives	878,273	(860,221)
Agricultural [Member]
Summary of impact of derivative contracts on statement of financial conditions
Asset Derivatives	259,687	191,448
Liability Derivatives	(143,841)	(391,556)
Net Derivatives	115,846	(200,108)
Metals [Member]
Summary of impact of derivative contracts on statement of financial conditions
Asset Derivatives	1,260,179	118,572
Liability Derivatives	(463,529)	(596,696)
Net Derivatives	796,650	(478,124)
Energy [Member]
Summary of impact of derivative contracts on statement of financial conditions
Asset Derivatives	54,535	11,034
Liability Derivatives	(88,758)	(193,023)
Net Derivatives	$ (34,223)	$ (181,989)

XML

Derivative Transactions (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2012 Contract	Sep. 30, 2011 Contract	Sep. 30, 2012 Contract	Sep. 30, 2011 Contract
Derivative Transactions (Textual) [Abstract]
Average contracts bought and sold	670	905	860	1,070

XML

Receivable from MF Global (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011	Oct. 31, 2011
Receivable from MF Global (Additional Textual) [Abstract]
Partners capital in customer segregated and secured accounts			$ 5,131,353
Partners capital in customer segregated and secured accounts			12.60%
Partnership loss		2.78%
Partnership recognized loss		1,130,702
Receivable from MF Global Inc		1,825,854
Remaining receivable from MF Global Inc.	2,479,838
Receivable reduced by bankruptcy		2,174,797
Percentage of withholding in partnership	5.00%
Write up of the receivable amount	817,140
Increase decrease in receivable due to bankruptcy	178,305
Gain from the increase in receivable	653,984
Payment received from distribtion from MF global trustee	116,820
Sale of receivable	2,445,324
Foreign Currency Conversions [Member]
Receivable from MF Global (Textual) [Abstract]
Increase in the amount receivables	$ 15,149

XML

Significant Accounting Policies

9 Months Ended

Sep. 30, 2012

Significant Accounting Policies [Abstract]

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 offering 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 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.

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 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.

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. The Partnership’s estimate regarding the carrying value of its receivable from MF Global, Inc. (Note 4) is a significant estimate and due to the uncertainty of future events, this estimate could change in the near term.

Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing 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 and derivative financial instruments 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 2009. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through September 30, 2012.

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 6).

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).

XML

Agreements and Related-Party Transactions (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
A summary of fees charged by related parties to partnership
Management fees - General Partner	$ 70,872	$ 112,950	$ 236,841	$ 367,520
General Partner [Member]
A summary of fees charged by related parties to partnership
Management fees - General Partner	70,872	112,950	236,841	367,521
Fund Dynamics [Member]
A summary of fees charged by related parties to partnership
Administrative fees - Fund Dynamics	16,829	25,037	55,312	80,702
Uh lmann [Member]
A summary of fees charged by related parties to partnership
Trailing servicing fees - Uhlmann	45,206	72,319	150,206	235,472
Selling Fees - Uhlmann	$ 5,746	$ 960	$ 7,250	$ 8,718

XML

Statements of Financial Condition (USD $)	Sep. 30, 2012	Dec. 31, 2011
Equity in broker trading accounts:
Cash at brokers	$ 5,776,823	$ 5,387,385
Unrealized gain/(loss) on open futures contracts, net	878,273	(860,221)
Total equity in brokers trading accounts	6,655,096	4,527,164
U.S. Government securities, at fair value	19,767,949	27,673,158
Cash and cash equivalents	2,106,875	2,899,515
Receivable from MF Global (Note 4)	2,479,838	1,825,854
Total assets	31,009,758	36,925,691
LIABILITIES
Brokerage commissions payable	4,356	4,357
Accrued management fees - General Partner	24,506	31,147
Administrative and other fees payable	188,238	214,855
Subscriptions received in advance	52,000
Withdrawals payable	726,732	1,789,741
Total liabilities	995,831	2,040,100
PARTNERS' CAPITAL (NET ASSETS)
Partners' capital (net assets)	30,013,927	34,885,591
Total liabilities and partners' capital (net assets)	$ 31,009,758	$ 36,925,691

XML

Statements of Changes in Partners' Capital (Net Assets) (Unaudited) (USD $)	Total	General Partner	Limited Partners-Series A	Limited Partners-Series B	Limited Partner
Partners' capital (net assets) at Dec. 31, 2010	$ 49,939,841	$ 770,838	$ 48,829,926	$ 339,077	$ 49,169,003
Partners' capital (net assets), Units at Dec. 31, 2010		4,034	255,561	1,780
Contributions, Units				2,440
Contributions	487,082			487,082	487,082
Net income (loss)	(4,938,965)	(92,871)	(4,720,875)	(125,219)	(4,846,094)
Withdrawals, Units			(39,185)	(218)
Withdrawals	(7,785,739)		(7,747,209)	(38,530)	(7,785,739)
Partners' capital (net assets) at Sep. 30, 2011	37,702,219	677,967	36,361,842	662,410	37,024,252
Partners' capital (net assets), Units at Sep. 30, 2011		4,034	216,376	4,002
Partners' capital (net assets) at Dec. 31, 2011	34,885,591	584,022	33,611,272	690,297	34,301,569
Partners' capital (net assets), Units at Dec. 31, 2011		3,444	198,238	4,135
Contributions, Units				2,171
Contributions	355,231			355,231	355,231
Net income (loss)	1,690,543	29,914	1,594,645	65,984	1,660,629
Withdrawals, Units		(1,134)	(39,170)	(117)
Withdrawals	(6,917,438)	(200,000)	(6,697,578)	(19,860)	(6,717,438)
Partners' capital (net assets) at Sep. 30, 2012	$ 30,013,927	$ 413,936	$ 28,508,339	$ 1,091,652	$ 29,599,991
Partners' capital (net assets), Units at Sep. 30, 2012		2,310	159,068	6,188

XML

Financial Highlights (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Series A [Member]
Financial highlights for limited partners
Net asset value per unit at the beginning of the period	158.15	191.03	169.55	191.07
Income (loss) from operations:
Net trading gains (losses)	17.65	(23.46)	9.36	(21.25)
Investment income:	4.84	1.92	4.54	2.46
Expenses:	(1.42)	(1.44)	(4.23)	(4.23)
Net investment gain (loss)	3.44	0.48	0.31	(1.77)
Net gain (loss) per unit	21.07	(22.98)	9.67	(23.02)
Net asset value per unit at the end of the period	179.22	168.05	179.22	168.05
Series B [Member]
Financial highlights for limited partners
Net asset value per unit at the beginning of the period	155.67	189.88	166.92	190.44
Income (loss) from operations:
Net trading gains (losses)	16.77	(23.03)	7.43	(20.71)
Investment income:	5.45	0.07	6.30	0.23
Expenses:	(1.50)	(1.46)	(4.26)	(4.50)
Net investment gain (loss)	(3.95)	(1.39)	2.04	(4.27)
Net gain (loss) per unit	20.72	(24.42)	9.47	(24.98)
Net asset value per unit at the end of the period	176.39	165.46	176.39	165.46

XML

Derivative Transactions (Tables)

9 Months Ended

Sep. 30, 2012

Derivative Transactions [Abstract]

Trading revenue from derivative contracts

Trading revenue for the three and nine months ended September 30, 2012 and 2011:

	Three months ended		Three months ended			Nine months ended			Nine months ended
Type of Contract	September 30, 2012		September 30, 2011			September 30, 2012			September 30, 2011
Agricultural	$	768,069	$	(1,091,966	)	$	694,694		$	(2,154,011	)
Metals		1,513,704		(2,750,383	)		1,505,323			(2,543,415	)
Energy		747,312		(1,482,573	)		(523,702	)		259,469
	$	3,029,085	$	(5,324,922	)	$	1,676,315		$	(4,437,957	)
	Three months ended		Three months ended			Nine months ended			Nine months ended
	September 30, 2012		September 30, 2011			September 30, 2012			September 30, 2011
Line Item in Statements of Operations
Realized	$	2,835,256	$	(2,846,170	)	$	(62,180	)	$	3,116,333
Change in unrealized		193,829		(2,478,752	)		1,738,495			(7,554,290	)
	$	3,029,085	$	(5,324,922	)	$	1,676,315		$	(4,437,957	)

Trading income is exclusive of brokerage commissions.

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Financial Highlights (Details 1)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Series A [Member]
Summary of financial highlights ratio
Ratio of net investment gain (loss) to average partners' capital (net assets)	7.32%	1.03%	0.26%	(1.19%)
Ratio of expenses to average partners' capital (net assets)	(3.04%)	3.07%	(3.62%)	2.86%
Total return	13.32%	(12.03%)	5.70%	(12.05%)
Series B [Member]
Summary of financial highlights ratio
Ratio of net investment gain (loss) to average partners' capital (net assets)	9.40%	(3.00%)	1.62%	(2.92%)
Ratio of expenses to average partners' capital (net assets)	(3.56%)	3.15%	(3.36%)	3.08%
Total return	13.31%	(12.86%)	5.67%	(13.12%)

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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2012

Financial Highlights [Abstract]

Financial highlights for limited partners

Financial highlights for limited partners for the three and nine months ended September 30, 2012 and 2011 are as follows:

Per Unit Performance

	Series A			Series B			Series A			Series B
	Three months ended			Three months ended			Three months ended			Three months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Net asset value per unit at the beginning of the period	$	158.15		$	155.67		$	191.03		$	189.88
Income (loss) from operations:
Net trading gains (losses)		17.65			16.77			(23.46	)		(23.03	)
Investment income:		4.84			5.45			1.92			0.07
Expenses:		(1.42	)		(1.50	)		(1.44	)		(1.46	)
Net investment gain (loss)		3.44			(3.95	)		0.48			(1.39	)
Net gain (loss) per unit		21.07			20.72			(22.98	)		(24.42	)
Net asset value per unit at the end of the period	$	179.22		$	176.39		$	168.05		$	165.46

Per Unit Performance

	Series A			Series B			Series A			Series B
	Nine months ended			Nine months ended			Nine months ended			Nine months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Net asset value per unit at the beginning of the period
Income (loss) from operations:	$	169.55		$	166.92		$	191.07		$	190.44
Net trading gains (losses)		9.36			7.43			(21.25	)		(20.71	)
Investment income:		4.54			6.30			2.46			0.23
Expenses:		(4.23	)		(4.26	)		(4.23	)		(4.50	)
Net investment gain (loss)		0.31			2.04			(1.77	)		(4.27	)
Net gain (loss) per unit		9.67			9.47			(23.02	)		(24.98	)
Net asset value per unit at the end of the period	$	179.22		$	176.39		$	168.05		$	165.46

Financial highlights ratio

	Series A			Series B			Series A			Series B
	Three months ended			Three months ended			Three months ended			Three months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Ratio of net investment gain (loss) to average partners’ capital (net assets) (1)		7.32	%		9.40	%		1.03	%		(3.00	%)
Ratio of expenses to average partners’ capital (net assets) (1)(2)		(3.04	%)		(3.56	%)		3.07	%		3.15	%
Total return (3)		13.32	%		13.31	%		(12.03	%)		(12.86	%)

	Series A			Series B			Series A			Series B
	Nine months ended			Nine months ended			Nine months ended			Nine months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Ratio of net investment gain (loss) to average partners’ capital (net assets) (1)		0.26	%		1.62	%		(1.19	%)		(2.92	%)
Ratio of expenses to average partners’ capital (net assets) (1)(2)		(3.62	%)		(3.36	%)		2.86	%		3.08	%
Total return (3)		5.70	%		5.67	%		(12.05	%)		(13.12	%)

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.

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Statements of Changes in Partners Capital (Net Assets) (Unaudited) (Parenthetical)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
General Partner
Net asset value per unit	179.22	168.05
Limited Partners-Series A
Net asset value per unit	179.22	168.05
Limited Partners-Series B
Net asset value per unit	176.39	165.46

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Condensed Schedule of Investments (USD $)	Sep. 30, 2012		Dec. 31, 2011
Schedule of Investments
Fair Value	$ 19,767,973		$ 27,673,158
Unrealized Gain (Loss) on Open Long Futures Contracts	878,273		(860,221)
Percent of Partners' Capital (Net Assets)	65.86%		79.33%
U.S. Government securities | U.S. Treasury Bills due 10/18/2012 at 0.10%, principal amount $1,000,000
Schedule of Investments
Fair Value	999,951		999,213
Percent of Partners' Capital (Net Assets)	3.33%		2.87%
U.S. Government securities | U.S. Treasury Bills due 10/18/2012 at 0.12%, principal amount of $2,000,000
Schedule of Investments
Fair Value	1,999,882
Percent of Partners' Capital (Net Assets)	6.66%
U.S. Government securities | U.S. Treasury Bills due 10/25/2012 at 0.10%, principal amount $1,150,000
Schedule of Investments
Fair Value	1,149,923
Percent of Partners' Capital (Net Assets)	3.83%
U.S. Government securities | U.S. Treasury Bills due 11/01/2012 at 0.09%, principal amount $1,000,000
Schedule of Investments
Fair Value	999,920
Percent of Partners' Capital (Net Assets)	3.33%
U.S. Government securities | U.S. Treasury Bills due 11/08/2012 at 0.10%, principal amount $2,500,000
Schedule of Investments
Fair Value	2,499,741
Percent of Partners' Capital (Net Assets)	8.33%
U.S. Government securities | U.S. Treasury Bills due 11/15/2012 at 0.12%, principal amount $1,330,000
Schedule of Investments
Fair Value	1,329,919
Percent of Partners' Capital (Net Assets)	4.43%
U.S. Government securities | U.S. Treasury Bills due 12/06/2012 at 0.05%, principal amount $2,098,000
Schedule of Investments
Fair Value	2,097,830
Percent of Partners' Capital (Net Assets)	6.99%
U.S. Government securities | U.S. Treasury Bills due 12/27/2012 at 0.15%, principal amount $1,250,000
Schedule of Investments
Fair Value	1,249,550
Percent of Partners' Capital (Net Assets)	4.16%
U.S. Government securities | U.S. Treasury Bills due 01/10/2013 at 0.09%, principal amount $2,098,000
Schedule of Investments
Fair Value	2,097,473
Percent of Partners' Capital (Net Assets)	6.99%
U.S. Government securities | U.S. Treasury Bills due 02/07/2013 at 0.12%, principal amount $1,150,000
Schedule of Investments
Fair Value	1,149,515
Percent of Partners' Capital (Net Assets)	3.83%
U.S. Government securities | U.S. Treasury Bills due 02/14/2013 at 0.10%, principal amount $2,098,000
Schedule of Investments
Fair Value	2,097,182
Percent of Partners' Capital (Net Assets)	6.99%
U.S. Government securities | U.S. Treasury Bills due 03/07/2013 at 0.10%, principal amount $2,098,000
Schedule of Investments
Fair Value	2,097,088
Percent of Partners' Capital (Net Assets)	6.99%
U.S. Government securities | U.S. Treasury Bills due 2/9/2012 at 0.19%, principal amount $2,510,000
Schedule of Investments
Fair Value			2,509,478
Percent of Partners' Capital (Net Assets)			7.19%
U.S. Government securities | U.S. Treasury Bills due 3/8/2012 at 0.26%, principal amount $2,330,000
Schedule of Investments
Fair Value			2,328,863
Percent of Partners' Capital (Net Assets)			6.68%
U.S. Government securities | U.S. Treasury Bills due 4/5/2012 at 0.20%, principal amount $3,300,000
Schedule of Investments
Fair Value			3,298,273
Percent of Partners' Capital (Net Assets)			9.45%
U.S. Government securities | U.S. Treasury Bills due 5/3/2012 at 0.08%, principal amount $4,070,000
Schedule of Investments
Fair Value			4,068,855
Percent of Partners' Capital (Net Assets)			11.66%
U.S. Government securities | U.S. Treasury Bills due 5/31/2012 at 0.18%, principal amount $3,678,000
Schedule of Investments
Fair Value			3,675,215
Percent of Partners' Capital (Net Assets)			10.54%
U.S. Government securities | U.S. Treasury Bills due 6/28/2012 at 0.17%, principal amount $3,300,000
Schedule of Investments
Fair Value			3,297,278
Percent of Partners' Capital (Net Assets)			9.45%
U.S. Government securities | U.S. Treasury Bills due 7/26/2012 at 0.06%, principal amount $2,000,000
Schedule of Investments
Fair Value			1,999,319
Percent of Partners' Capital (Net Assets)			5.73%
U.S. Government securities | U.S. Treasury Bills due 8/23/2012 at 0.09%, principal amount $3,400,000
Schedule of Investments
Fair Value			3,398,046
Percent of Partners' Capital (Net Assets)			9.74%
U.S. Government securities | U.S. Treasury Bills due 9/20/2012 at 0.09%, principal amount $2,100,000
Schedule of Investments
Fair Value			2,098,618
Percent of Partners' Capital (Net Assets)			6.02%
Futures Contracts
Schedule of Investments
Unrealized Gain (Loss) on Open Long Futures Contracts	878,273	[1]	(860,221)	[1]
Percent of Partners' Capital (Net Assets)	2.93%	[1]	(2.47%)	[1]
Futures Contracts | U.S. Futures Positions
Schedule of Investments
Unrealized Gain (Loss) on Open Long Futures Contracts	311,135	[1]	(644,565)	[1]
Percent of Partners' Capital (Net Assets)	1.04%	[1]	(1.85%)	[1]
Futures Contracts | U.S. Futures Positions | Agricultural
Schedule of Investments
Unrealized Gain (Loss) on Open Long Futures Contracts	67,068	[1]	(235,456)	[1]
Percent of Partners' Capital (Net Assets)	0.22%	[1]	0.68%	[1]
Futures Contracts | U.S. Futures Positions | Metals
Schedule of Investments
Unrealized Gain (Loss) on Open Long Futures Contracts	278,290	[1]	(227,120)	[1]
Percent of Partners' Capital (Net Assets)	0.93%	[1]	(0.65%)	[1]
Futures Contracts | U.S. Futures Positions | Energy
Schedule of Investments
Unrealized Gain (Loss) on Open Long Futures Contracts	(34,223)	[1]	(181,989)	[1]
Percent of Partners' Capital (Net Assets)	(0.11%)	[1]	(0.52%)	[1]
Futures Contracts | Foreign Futures Positions
Schedule of Investments
Unrealized Gain (Loss) on Open Long Futures Contracts	567,138	[1]	(215,656)	[1]
Percent of Partners' Capital (Net Assets)	1.89%	[1]	(0.62%)	[1]
Futures Contracts | Foreign Futures Positions | Agricultural
Schedule of Investments
Unrealized Gain (Loss) on Open Long Futures Contracts	48,778	[1]	35,348	[1]
Percent of Partners' Capital (Net Assets)	0.16%	[1]	0.10%	[1]
Futures Contracts | Foreign Futures Positions | Metals
Schedule of Investments
Unrealized Gain (Loss) on Open Long Futures Contracts	$ 518,360	[1]	$ (251,004)	[1]
Percent of Partners' Capital (Net Assets)	1.73%	[1]	(0.72%)	[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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Indemnifications

9 Months Ended

Sep. 30, 2012

Indemnifications [Abstract]

Indemnifications

Note 10. 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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Document and Entity Information	9 Months Ended
	Sep. 30, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	ROGERS INTERNATIONAL RAW MATERIALS FUND LP
Entity Central Index Key	0001118384
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding

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Interim Financial Statements

9 Months Ended

Sep. 30, 2012

Interim Financial Statements [Abstract]

Interim Financial Statements

Note 11. Interim Financial Statements:

The statements of financial condition, including the condensed schedule of investments, as of September 30, 2012, the statement of operations and changes in partners’ capital (net assets) for the nine months ended September 30, 2012 and 2011 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 September 30, 2012, results of operations and changes in partner’s capital (net assets) for the three and nine months ended September 30, 2012 and 2011. The results of operation for three and nine months ended September 30, 2012 and 2011 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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Condensed Schedule of Investments (Parenthetical) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Total cost of investment	$ 19,761,454	$ 27,649,960
U.S. Government securities | U.S. Treasury Bills due 10/18/2012 at 0.10%, principal amount $1,000,000
Schedule of Investments [Line Items]
Trading Securities, Cost	1,000,000	1,000,000
Treasury Bill Effective Yield	0.10%	0.10%
U.S. Government securities | U.S. Treasury Bills due 10/18/2012 at 0.12%, principal amount of $2,000,000
Schedule of Investments [Line Items]
Trading Securities, Cost	2,000,000
Treasury Bill Effective Yield	0.12%
U.S. Government securities | U.S. Treasury Bills due 10/25/2012 at 0.10%, principal amount $1,150,000
Schedule of Investments [Line Items]
Trading Securities, Cost	1,150,000
Treasury Bill Effective Yield	0.10%
U.S. Government securities | U.S. Treasury Bills due 11/01/2012 at 0.09%, principal amount $1,000,000
Schedule of Investments [Line Items]
Trading Securities, Cost	1,000,000
Treasury Bill Effective Yield	0.09%
U.S. Government securities | U.S. Treasury Bills due 11/08/2012 at 0.10%, principal amount $2,500,000
Schedule of Investments [Line Items]
Trading Securities, Cost	2,500,000
Treasury Bill Effective Yield	0.10%
U.S. Government securities | U.S. Treasury Bills due 11/15/2012 at 0.12%, principal amount $1,330,000
Schedule of Investments [Line Items]
Trading Securities, Cost	1,330,000
Treasury Bill Effective Yield	0.12%
U.S. Government securities | U.S. Treasury Bills due 12/06/2012 at 0.05%, principal amount $2,098,000
Schedule of Investments [Line Items]
Trading Securities, Cost	2,098,000
Treasury Bill Effective Yield	0.05%
U.S. Government securities | U.S. Treasury Bills due 12/27/2012 at 0.15%, principal amount $1,250,000
Schedule of Investments [Line Items]
Trading Securities, Cost	1,250,000
Treasury Bill Effective Yield	0.15%
U.S. Government securities | U.S. Treasury Bills due 01/10/2013 at 0.09%, principal amount $2,098,000
Schedule of Investments [Line Items]
Trading Securities, Cost	2,098,000
Treasury Bill Effective Yield	0.09%
U.S. Government securities | U.S. Treasury Bills due 02/07/2013 at 0.12%, principal amount $1,150,000
Schedule of Investments [Line Items]
Trading Securities, Cost	1,150,000
Treasury Bill Effective Yield	0.12%
U.S. Government securities | U.S. Treasury Bills due 02/14/2013 at 0.10%, principal amount $2,098,000
Schedule of Investments [Line Items]
Trading Securities, Cost	2,098,000
Treasury Bill Effective Yield	0.10%
U.S. Government securities | U.S. Treasury Bills due 03/07/2013 at 0.10%, principal amount $2,098,000
Schedule of Investments [Line Items]
Trading Securities, Cost	2,098,000
Treasury Bill Effective Yield	0.10%
U.S. Government securities | U.S. Treasury Bills due 2/9/2012 at 0.19%, principal amount $2,510,000
Schedule of Investments [Line Items]
Trading Securities, Cost		2,510,000
Treasury Bill Effective Yield		0.19%
U.S. Government securities | U.S. Treasury Bills due 3/8/2012 at 0.26%, principal amount $2,330,000
Schedule of Investments [Line Items]
Trading Securities, Cost		2,330,000
Treasury Bill Effective Yield		0.26%
U.S. Government securities | U.S. Treasury Bills due 4/5/2012 at 0.20%, principal amount $3,300,000
Schedule of Investments [Line Items]
Trading Securities, Cost		3,300,000
Treasury Bill Effective Yield		0.20%
U.S. Government securities | U.S. Treasury Bills due 5/3/2012 at 0.08%, principal amount $4,070,000
Schedule of Investments [Line Items]
Trading Securities, Cost		4,070,000
Treasury Bill Effective Yield		0.08%
U.S. Government securities | U.S. Treasury Bills due 5/31/2012 at 0.18%, principal amount $3,678,000
Schedule of Investments [Line Items]
Trading Securities, Cost		3,678,000
Treasury Bill Effective Yield		0.18%
U.S. Government securities | U.S. Treasury Bills due 6/28/2012 at 0.17%, principal amount $3,300,000
Schedule of Investments [Line Items]
Trading Securities, Cost		3,300,000
Treasury Bill Effective Yield		0.17%
U.S. Government securities | U.S. Treasury Bills due 7/26/2012 at 0.06%, principal amount $2,000,000
Schedule of Investments [Line Items]
Trading Securities, Cost		2,000,000
Treasury Bill Effective Yield		0.06%
U.S. Government securities | U.S. Treasury Bills due 8/23/2012 at 0.09%, principal amount $3,400,000
Schedule of Investments [Line Items]
Trading Securities, Cost		3,400,000
Treasury Bill Effective Yield		0.09%
U.S. Government securities | U.S. Treasury Bills due 9/20/2012 at 0.09%, principal amount $2,100,000
Schedule of Investments [Line Items]
Trading Securities, Cost		$ 2,100,000
Treasury Bill Effective Yield		0.09%

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Agreements and Related-Party Transactions

9 Months Ended

Sep. 30, 2012

Agreements and Related-Party Transactions [Abstract]

Agreements and Related-Party Transactions

Note 5. 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 its registered brokers. 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 certain 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		Three months ended		Nine months ended		Nine months ended
	September 30, 2012		September 30, 2011		September 30, 2012		September 30, 2011
Management fees – General Partner	$	70,872	$	112,950	$	236,841	$	367,521
Administrative fees – Fund Dynamics		16,829		25,037		55,312		80,702
Trailing servicing fees – Uhlmann		45,206		72,319		150,206		235,472
Selling Fees – Uhlmann		5,746		960		7,250		8,718

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Receivable from MF Global

9 Months Ended

Sep. 30, 2012

Receivable from MF Global [Abstract]

Receivable from MF Global

Note 4. Receivable from MF Global:

On October 31, 2011, MF Global Holdings Ltd., the parent company of MF Global Inc., then the Partnership’s futures commission merchant, filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. The Securities and Exchange Commission and CFTC agreed that a bankruptcy led by the Securities Investor Protection Corporation (“SIPC”) of MF Global Inc. would be the safest and most prudent course of action to protect customer accounts and assets and SIPC initiated the liquidation of MF Global Inc. under the Securities Investor Protection Act. As of October 31, 2011, the Partnership held $5,131,353 or approximately 12.6% of partners’ capital in customer segregated and secured accounts at MF Global Inc. The CFTC has stated that there is a shortfall in customer segregated accounts held by MF Global Inc., and the true extent of such shortfall remains unknown. Through December 31, 2011, this receivable was reduced by $2,174,797 comprised of disbursements initiated by the bankruptcy trustee, as well as other trading related activities. The Company filed appropriate claims with the bankruptcy trustee for remaining amounts due (the MF Global Claim). However, due to the inherent uncertainty in the timing and results of the liquidation process from the bankruptcy proceedings, the Partnership recognized a 2.78% (or $1,130,702) loss in 2011 on the MF Global Claim, which was an estimate of the Partnership’s pro-rata share of the projected MF Global Inc. asset shortfall based upon information provided by the bankruptcy trustee as well as independent third party claims to purchase the MF Global claim. At December 31, 2011, the receivable from MF Global Inc. was $1,825,854 on the Statement of Financial Condition.

The amount of the receivable from MF Global, Inc. increased from December 31, 2011 to September 30, 2012 by $15,149 due to foreign currency conversions recorded in January 2012 and a write up of the receivable amount at September 30 of $817,140. The receivable decreased as the result of a distribution from the bankruptcy Trustee of $178,305 in September 2012. The net increase of $653,984 is included as gain from MF Global on the Statement of Operations as of September 30, 2012.

The remaining receivable from MF Global Inc. of $2,479,838, as of September 30, 2012 is estimated by management based upon additional information provided and independent third party bids. The Partnership is withholding approximately 5% of the proceeds of redemptions attributable to Partnership assets, for which a loss was not taken and that are encumbered in the MF Global liquidation subject to a claims recovery process to be administered by the liquidation Trustee, pending completion of the MF Global liquidation or the receipt by the Partnership of the full amount of its claims.

Subsequent to September 30, 2012, the Partnership received a distribution from the MF Global trustee of $116,820, and sold the remaining MF Global claim effective November 1, 2012 for $2,445,324.

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Agreements and Related-Party Transactions (Tables)

9 Months Ended

Sep. 30, 2012

Agreements and Related-Party Transactions [Abstract]

Fees charged by related parties to the Partnership

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

	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2012		September 30, 2011		September 30, 2012		September 30, 2011
Management fees – General Partner	$	70,872	$	112,950	$	236,841	$	367,521
Administrative fees – Fund Dynamics		16,829		25,037		55,312		80,702
Trailing servicing fees – Uhlmann		45,206		72,319		150,206		235,472
Selling Fees – Uhlmann		5,746		960		7,250		8,718

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Subsequent Events

9 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

Subsequent Events

Note 12. Subsequent Events:

Subsequent to September 30, 2012, there were $82,474 of contributions and withdrawals totaled approximately $807,071.

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Financial Highlights

9 Months Ended

Sep. 30, 2012

Financial Highlights [Abstract]

Financial Highlights

Note 8. Financial Highlights:

Financial highlights for limited partners for the three and nine months ended September 30, 2012 and 2011 are as follows:

Per Unit Performance

	Series A			Series B			Series A			Series B
	Three months ended			Three months ended			Three months ended			Three months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Net asset value per unit at the beginning of the period	$	158.15		$	155.67		$	191.03		$	189.88
Income (loss) from operations:
Net trading gains (losses)		17.65			16.77			(23.46	)		(23.03	)
Investment income:		4.84			5.45			1.92			0.07
Expenses:		(1.42	)		(1.50	)		(1.44	)		(1.46	)
Net investment gain (loss)		3.44			(3.95	)		0.48			(1.39	)
Net gain (loss) per unit		21.07			20.72			(22.98	)		(24.42	)
Net asset value per unit at the end of the period	$	179.22		$	176.39		$	168.05		$	165.46

Per Unit Performance

	Series A			Series B			Series A			Series B
	Nine months ended			Nine months ended			Nine months ended			Nine months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Net asset value per unit at the beginning of the period
Income (loss) from operations:	$	169.55		$	166.92		$	191.07		$	190.44
Net trading gains (losses)		9.36			7.43			(21.25	)		(20.71	)
Investment income:		4.54			6.30			2.46			0.23
Expenses:		(4.23	)		(4.26	)		(4.23	)		(4.50	)
Net investment gain (loss)		0.31			2.04			(1.77	)		(4.27	)
Net gain (loss) per unit		9.67			9.47			(23.02	)		(24.98	)
Net asset value per unit at the end of the period	$	179.22		$	176.39		$	168.05		$	165.46

	Series A			Series B			Series A			Series B
	Three months ended			Three months ended			Three months ended			Three months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Ratio of net investment gain (loss) to average partners’ capital (net assets) (1)		7.32	%		9.40	%		1.03	%		(3.00	%)
Ratio of expenses to average partners’ capital (net assets) (1)(2)		(3.04	%)		(3.56	%)		3.07	%		3.15	%
Total return (3)		13.32	%		13.31	%		(12.03	%)		(12.86	%)

	Series A			Series B			Series A			Series B
	Nine months ended			Nine months ended			Nine months ended			Nine months ended
	September 30, 2012			September 30, 2012			September 30, 2011			September 30, 2011
Ratio of net investment gain (loss) to average partners’ capital (net assets) (1)		0.26	%		1.62	%		(1.19	%)		(2.92	%)
Ratio of expenses to average partners’ capital (net assets) (1)(2)		(3.62	%)		(3.36	%)		2.86	%		3.08	%
Total return (3)		5.70	%		5.67	%		(12.05	%)		(13.12	%)

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.

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Partnership Capital and Withdrawals

9 Months Ended

Sep. 30, 2012

Partnership Capital and Withdrawals [Abstract]

Partnership Capital and Withdrawals

Note 6. 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 been closed to Series A units contributions since October 31, 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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Financial Instruments with Off-Balance Sheet Credit and Market Risk

9 Months Ended

Sep. 30, 2012

Financial Instruments with Off-Balance Sheet Credit and Market Risk [Abstract]

Financial Instruments with Off-Balance Sheet Credit and Market Risk

Note 7. 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, ADM Investor Services, Inc. In the event this counterparty does not fulfill its obligations, the Partnership may be exposed to risk. This risk of default depends on the creditworthiness of the counterparties to these transactions.

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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Litigation

9 Months Ended

Sep. 30, 2012

Litigation [Abstract]

Litigation

Note 9. 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 September 30, 2012, the Partnership has received the full value of its allowed claims in the Refco Bankruptcy and has recovered approximately $4.8 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 $1,065,000 for the year ended December 31, 2011. No excess distributions have been made in 2012. 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. There are no fees due under these arrangements as of September 30, 2012 and December 31, 2011, 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 September 30, 2012, $23,302 of these expenses is included in administrative and other fees payable on the statement of financial condition.

At September 30, 2012 and December 31, 2011, no excess Refco related recoveries were payable to redeemed limited partners.

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Partnership Capital and Withdrawals (Details Textual)	9 Months Ended
	Sep. 30, 2012
Partnership Capital And Withdrawals (Textual) [Abstract]
Limit of request of withdrawals	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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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Measurements [Abstract]

Summary of Partnership's assets measured at fair value on recurring basis

The following table summarizes the Partnership’s assets measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011 using the fair value hierarchy:

	September 30, 2012		December 31, 2011
Description	Level 1		Level 1
Equity in brokers trading account:
Unrealized gain (loss) on open futures contracts, net*	$	878,273	$	(860,221	)
U.S. Government securities*		19,767,949		27,673,158
Cash and cash equivalents
Money market funds		2,015,122		2,409,216
Total assets at fair value	$	22,661,344	$	29,222,153

* See condensed schedules of investments for further description.

As of September 30, 2012 and December 31, 2011 and for the three and nine months ended September 30, 2012 and 2011, the Partnership’s derivative contracts had the following impact on the statements of financial condition and statements of operations:

	Asset Derivatives		Liability Derivatives			Net Derivatives
	September 30, 2012		September 30, 2012			September 30, 2012
	Fair Value		Fair Value			Fair Value*
Agricultural	$	259,687	$	(143,841	)	$	115,846
Metals		1,260,179		(463,529	)		796,650
Energy		54,535		(88,758	)		(34,223	)
Totals	$	1,574,401	$	(696,128	)	$	878,273

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

	Asset Derivatives		Liability Derivatives			Net Derivatives
	December 31, 2011		December 31, 2011			December 31, 2011
	Fair Value		Fair Value			Fair Value*
Futures positions:
Agricultural	$	191,448	$	(391,556	)	$	(200,108	)
Metals		118,572		(596,696	)		(478,124	)
Energy		11,034		(193,023	)		(181,989	)
Totals	$	321,054	$	(1,181,275	)	$	(860,221	)

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

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Fair Value Measurements (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Summary of Partnership's assets measured at fair value on recurring basis
Unrealized gain/(loss) on open futures contracts, net	$ 878,273	$ (860,221)
Fair value measurements, recurring [Member] | Level 1 [Member]
Summary of Partnership's assets measured at fair value on recurring basis
Assets at fair value	22,661,344	29,222,153
Unrealized gain/(loss) on open futures contracts, net	878,273	(860,221)
Fair value measurements, recurring [Member] | Level 1 [Member] | U.S. Government securities [Member]
Summary of Partnership's assets measured at fair value on recurring basis
Assets at fair value	19,767,949	27,673,158
Fair value measurements, recurring [Member] | Level 1 [Member] | Money market funds [Member]
Summary of Partnership's assets measured at fair value on recurring basis
Assets at fair value	$ 2,015,122	$ 2,409,216

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Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Net trading gains (losses):
Realized	$ 2,835,256	$ (2,846,170)	$ (62,180)	$ 3,116,333
Change in unrealized	193,829	(2,478,752)	1,738,495	(7,554,290)
Commissions	(13,646)	(18,026)	(50,348)	(64,471)
Total trading gains (losses)	3,015,439	(5,342,948)	1,625,967	(4,502,428)
Investment income:
Interest income	5,094	16,484	22,493	54,048
Other income		420,046		536,778
Gain from MF Global (Note 4)	817,140		817,140
Total investment income	822,234	436,530	839,633	590,826
Expenses:
Management fees - General Partner	70,872	112,950	236,841	367,520
Administrative fees and other expenses	169,845	219,126	538,216	659,843
Total Expenses	240,717	332,076	775,057	1,027,363
Net investment gain (loss)	581,517	104,454	64,576	(436,537)
Net income (loss)	3,596,956	(5,238,494)	1,690,543	(4,938,965)
General Partner
Expenses:
Net income (loss)			29,914	(92,871)
Net increase (decrease) in NAV per GP and LP unit:
Net increase (decrease) in NAV per GP unit	$ 21.07	$ (22.98)	$ 9.67	$ (23.02)
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	48,664	(92,703)	29,914	(92,871)
Limited Partners-Series A
Expenses:
Net income (loss)			1,594,645	(4,720,875)
Net increase (decrease) in NAV per GP and LP unit:
Net increase (decrease) in NAV per LP unit	21.07	(22.98)	9.67	(23.02)
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	3,430,079	(5,043,735)	1,594,645	(4,720,875)
Limited Partners-Series B
Expenses:
Net income (loss)			65,984	(125,219)
Net increase (decrease) in NAV per GP and LP unit:
Net increase (decrease) in NAV per LP unit	20.72	(24.42)	9.47	(24.98)
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	$ 118,213	$ (102,056)	$ 65,984	$ (125,219)

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Derivative Transactions

9 Months Ended

Sep. 30, 2012

Derivative Transactions [Abstract]

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 speculative trading of futures contracts. The Partnership does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance.

As of September 30, 2012 and December 31, 2011 and for the three and nine months ended September 30, 2012 and 2011, the Partnership’s derivative contracts had the following impact on the statements of financial condition and statements of operations:

	Asset Derivatives		Liability Derivatives			Net Derivatives
	September 30, 2012		September 30, 2012			September 30, 2012
	Fair Value		Fair Value			Fair Value*
Agricultural	$	259,687	$	(143,841	)	$	115,846
Metals		1,260,179		(463,529	)		796,650
Energy		54,535		(88,758	)		(34,223	)
Totals	$	1,574,401	$	(696,128	)	$	878,273

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

	Asset Derivatives		Liability Derivatives			Net Derivatives
	December 31, 2011		December 31, 2011			December 31, 2011
	Fair Value		Fair Value			Fair Value*
Futures positions:
Agricultural	$	191,448	$	(391,556	)	$	(200,108	)
Metals		118,572		(596,696	)		(478,124	)
Energy		11,034		(193,023	)		(181,989	)
Totals	$	321,054	$	(1,181,275	)	$	(860,221	)

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

Trading revenue for the three and nine months ended September 30, 2012 and 2011:

	Three months ended		Three months ended			Nine months ended			Nine months ended
Type of Contract	September 30, 2012		September 30, 2011			September 30, 2012			September 30, 2011
Agricultural	$	768,069	$	(1,091,966	)	$	694,694		$	(2,154,011	)
Metals		1,513,704		(2,750,383	)		1,505,323			(2,543,415	)
Energy		747,312		(1,482,573	)		(523,702	)		259,469
	$	3,029,085	$	(5,324,922	)	$	1,676,315		$	(4,437,957	)
	Three months ended		Three months ended			Nine months ended			Nine months ended
	September 30, 2012		September 30, 2011			September 30, 2012			September 30, 2011
Line Item in Statements of Operations
Realized	$	2,835,256	$	(2,846,170	)	$	(62,180	)	$	3,116,333
Change in unrealized		193,829		(2,478,752	)		1,738,495			(7,554,290	)
	$	3,029,085	$	(5,324,922	)	$	1,676,315		$	(4,437,957	)

Trading income is exclusive of brokerage commissions.

For the three and nine months ended September 30, 2012 and 2011, the monthly average number of contracts bought and sold was 670, 860, 905, and 1070, respectively.

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Fair Value Measurements (Details Textual) (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2012 Level 2 [Member]	Dec. 31, 2011 Level 2 [Member]	Sep. 30, 2012 Level 3 [Member]	Dec. 31, 2011 Level 3 [Member]
Fair Value Measurements (Textual) [Abstract]
Assets at fair value		$ 0	$ 0	$ 0	$ 0
Liabilities at fair value		0	0	0	0
Fair Value Measurements (Additional Textual) [Abstract]
Fair value equity transfers amount among levels	$ 0

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Subsequent Events (Details) (Subsequent Event [Member], USD $)	9 Months Ended
	Sep. 30, 2012
Subsequent Event [Member]
Subsequent Events (Textual) [Abstract]
Contributions to subsequent events	$ 82,474
Withdrawals from subsequent events	$ 807,071

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2012

Significant Accounting Policies [Abstract]

Nature of Business and Organization

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 offering 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

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

Net Assets

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.

Cash and Cash Equivalents

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

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

Deposits with Brokers

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

Revenue Recognition: Futures and 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

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

Use of Estimates

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. The Partnership’s estimate regarding the carrying value of its receivable from MF Global, Inc. (Note 4) is a significant estimate and due to the uncertainty of future events, this estimate could change in the near term.

Foreign Currency Translation

Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing 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 and derivative financial instruments held. Such fluctuations are included with the net realized trading gains or losses.

Ongoing Offering Expenses

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

Income Taxes

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 2009. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through September 30, 2012.

Profit and Loss Allocation

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

Withdrawals Payable

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 6).

Statement of Cash Flows

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).