<PAGE>
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q
(Mark One)
[X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2003
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: 333-41780

                  ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                                         <C>
                       ILLINOIS                                                  36-4368292
               (State of organization)                              (I.R.S. Employer Identification No.)

           BEELAND MANAGEMENT COMPANY, LLC
                   GENERAL PARTNER
              1000 HART ROAD, SUITE 210
              BARRINGTON, ILLINOIS 60010                                        (847) 304-0450
       (Address of principal executive offices)             (Registrant's telephone number, including area code)
</TABLE>


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
         [X] Yes    [  ]  No


Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act) [ ] Yes [X] No



<PAGE>
                          PART I--FINANCIAL INFORMATION

ITEM 1.   Financial Statements.

               a)   Accountants Review Report
               b)   Income Statement for the Three Months Ended March 31, 2003
                    and 2002.
               c)   Balance Sheet as of March 31, 2003 and December 31, 2002
               d)   Statement of Changes in Partner's Equity for the Three
                    Months Ended March 31, 2003.
               e)   Notes to Financial Statements

ITEM 2.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations.

ITEM 3.   Quantitative and Qualitative Disclosures About Market Risk.

ITEM 4.   Controls and Procedures

                           PART II--OTHER INFORMATION

ITEM 1.   Legal Proceedings.

ITEM 6.   Exhibits and Reports on Form 8-K (Section 249.308 of this chapter).

               a)   Exhibits required by Item 601 of Regulation S-K
               b)   Reports on Form 8-K



                                   SIGNATURES

                                 CERTIFICATIONS



PART I--FINANCIAL INFORMATION

ITEM 1.     Financial Statements.

                           ACCOUNTANT'S REVIEW REPORT

        To the General Partner of Rogers International Raw Materials Fund, L.P.
        (A Limited Partnership):

        We have reviewed the accompanying balance sheet of Rogers International
        Raw Materials Fund, L.P. as of March 31, 2003 and related statements of
        income and changes in partners' equity for the three months then ended,
        in accordance with Statements on Standards for Accounting and Review
        Services issued by the American Institute of Certified Public
        Accountants. All information included in the financial statements is the
        representation of the management of Rogers International Raw Materials
        Fund, L.P.

        A review consists principally of inquiries of Company personnel and
        analytical procedures applied to financial data. It is substantially
        less in scope than an audit in accordance with generally accepted
        auditing standards, the objective of which is the expression of an
        opinion regarding the financial statements taken as a whole.
        Accordingly, we do not express such an opinion.

        Based on our review, we are not aware of any material modifications that
        should be made in the accompanying financial statements in order for
        them to be in conformity with generally accepted accounting principles.

        /s/ Vorisek & Company, LLC

        Vorisek & Company, LLC
        Certified Public Accountants
        McHenry, IL
        April 11, 2003

<PAGE>

                  ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
                                INCOME STATEMENT
               For The Three Months Ended March 31, 2003 and 2002
                                   (Unaudited)



<TABLE>
<CAPTION>
                                                        3 m/e           3 m/e
                                                      3/31/2003       3/31/2002
                                                      ---------       ---------

<S>                                                 <C>             <C>
                      REVENUE

Realized net trading gain                           $ 1,227,238     $   321,118
Realized gain (loss) on securities                       49,935         (11,550)
Change in unrealized net trading gain (loss)           (878,755)        408,054
Change in unrealized (loss) on securities               (66,948)        (28,997)
Foreign exchange gain                                     6,322             353
Interest income -- securities                            46,775          47,750
Interest income                                           2,864           3,545
                                                    -----------     -----------
  Total Revenue                                         387,431         740,273
                                                    -----------     -----------

                      EXPENSE

Commissions                                              11,608           8,084
Management fees                                          40,058          28,370
Administrative fees                                      27,016          22,193
Amortization expense                                         --          21,566
                                                    -----------     -----------
   Total Expense                                         78,682          80,213
                                                    -----------     -----------
Net Income                                          $   308,749     $   660,060
                                                    ===========     ===========
</TABLE>



                  ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
                                  BALANCE SHEET
                      March 31, 2003 and December 31, 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                             3/31/2003            12/31/2002
                                                             ---------            ----------
                                    ASSETS
<S>                                                          <C>                  <C>
      Cash at bank                                           $  45,052            $  182,497
      Cash at broker                                           919,774             1,010,459
      Investment in securities                               6,094,688             5,998,810
      Unrealized net trading gain (loss)                     (546,429)               332,325
      Interest receivable -- securities                         49,019                   239
                                                           -----------            ----------

         Total Assets                                      $ 6,562,104            $7,524,330
                                                           ===========            ==========

                                 LIABILITIES
      Commissions payable                                     $  2,665             $   2,839
      Accrued management fees                                   12,803                13,014
      Administrative fees payable                               20,384                41,161
</TABLE>


<PAGE>


<TABLE>
<S>                                                        <C>                    <C>
      Organizational costs payable                                  --               167,699
      Redemptions payable                                           --                21,361
                                                           -----------            ----------

        Total Liabilities                                       35,852               246,074
                                                           -----------            ----------

                              PARTNERSHIP EQUITY
      Limited Partners Equity                                6,526,252             7,278,256
                                                           -----------            ----------

      Total Liabilities and Partnership Equity             $ 6,562,104            $7,524,330
                                                           ===========            ==========
</TABLE>



                  ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
                    STATEMENT OF CHANGES IN PARTNERS' EQUITY
                    For The Three Months Ended March 31, 2003
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                 3 m/e                3 m/e
                                                                               3/31/2003            3/31/2002
                                                                               ---------            ---------
<S>                                                                            <C>                  <C>
      Equity at Beginning of Quarter                                           $ 7,278,256           $ 4,902,703

      Additions                                                                 --                       340,707

      Net income                                                                   308,749               660,060

      Withdrawals                                                              (1,060,753)             (181,873)
                                                                               -----------           -----------
      Equity at End of Quarter                                                 $ 6,526,252           $ 5,721,597
                                                                               ===========           ===========

                                  PER UNIT DATA
<CAPTION>
                                                                               3/31/2003            3/31/2002
                                                                               ---------            ---------
<S>                                                                            <C>                  <C>
      Net asset value                                                            $ 118.81             $  104.17
                                                                               ===========           ===========
      Net income                                                                 $   5.62             $   12.02
                                                                               ===========           ===========
      Units outstanding                                                            54,929                54,928
                                                                               ===========           ===========
</TABLE>



                  ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
                          Notes to Financial Statements
                                   (Unaudited)

           In the opinion of management, the accompanying balance sheets and
           related interim statements of income and changes in partners' equity
           include all adjustments, consisting only of normal recurring items,
           necessary for their fair presentation in conformity with U.S.
           generally accepted accounting principles.

           The Partnership has elected not to provide a statement of cash flows
           as permitted by Statement of Accounting Standards 102 "Statement of
           Cash Flows".



<PAGE>




ITEM 2.     Management's Discussion and Analysis of Financial Condition and
            Results of Operations.

            FINANCIAL CONDITION

            Total equity decreased by $752,004 in the three months ended March
            31, 2003, due to limited partner withdrawals of ($1,060,753) and net
            income of $308,749.

            RESULTS OF OPERATIONS

            NET REVENUES (LOSSES)

            The realized net trading gains of $1,277,173 and $309,568 are the
            results of three months of trading ending March 31, 2003 and 2002.
            The realized trading gains include realized gains (losses) on
            securities of $49,935 and ($11,550) for the same periods. The
            interest income includes accrued interest income on securities of
            $46,775 and $47,750 for the same periods.

            OPERATING EXPENSES

            The Fund pays substantial fees and expenses that are described in
            the annual report filed for the fiscal year ended December 31, 2002.
            There have been no material changes in the computation of these
            fees.

            Organizational Costs for the Fund totaled $482,397. These costs were
            amortized over the three-month period beginning November 2001. These
            costs include legal fees, accounting fees and printing costs.



ITEM 3.     Quantitative and Qualitative Disclosures About Market Risk.

            NOT APPLICABLE

ITEM 4.     Controls and Procedures.

               (a) Evaluation and Disclosures an Procedures

                    As required by new Rule 13a-15 under the Securities and
            Exchange Act of 1934, within 90 days prior to the date of this
            report, the Registrant carried out an evaluation under the
            supervision and with the participation of the Registrant's
            management, including the Chief Executive Officer (CEO) and Chief
            Financial Officer (CFO), of the effectiveness of the design and
            operation of the disclosure controls and procedures. Based upon that
            evaluation, the management, including the CEO and CFO, concluded
            that the disclosure controls and procedures were effective to ensure
            that information required to be disclosed by the Registrant in the
            reports it files or submits under the Exchange Act is recorded,
            processed, summarized and reported, within the time periods
            specified in the Securities and Exchange Commission's rules and
            forms. In connection with the new rules and as a matter of practice,
            the Registrant continues to review and document disclosure controls
            and procedures, including internal controls and procedures for
            financial reporting. From time to time, the Registrant may make
            changes aimed at enhancing the effectiveness of the controls and to
            ensure that the systems evolve with the business. There have been no
            significant changes in the internal controls or in other factors
            that could significantly affect internal controls subsequent to the
            date the Registrant carried out its evaluation.

               (b) Changes in Internal Controls

                     None.
<PAGE>
                           PART II--OTHER INFORMATION

ITEM 1.      Legal Proceedings.

             None

ITEM 6.      Exhibits and Reports on Form 8-K (Section 249.308 of this chapter).

                  a)   Required Exhibits:

             Exhibit 2 - Plan of acquisition, reorganization, arrangement,
                         liquidation, or succession

                         None

             Exhibit 3 - Articles of Incorporation and By-laws
                         This required exhibit is incorporated by reference
                         from the exhibit included with Form S-1 Registration
                         Statement and Amendments No. 333-41780.

             Exhibit 4 - Instruments defining the rights of security holders,
                         including indentures

                         The required exhibit is incorporated by reference from
                         the exhibit included with Form S-1 Registration
                         Statement and Amendments No. 333-41780.

             Exhibit 10 - Material Contracts

                        None

             Exhibit 11 - Statement re computation of per share earnings

                        The required exhibit is incorporated by reference from
                        the information contained in Part I, Item 1, Financial
                        Information.

             Exhibit 15 - Letter re unaudited interim financial information

                        Not Applicable

             Exhibit 18 - Letter re change in accounting principles

                        Not Applicable

             Exhibit 19 - Report furnished to security holders

                        The required exhibit is incorporated by reference from
                        the information contained in Part I, Item 1, Financial
                        Information.

             Exhibit 22 - Published report regarding matters submitted to
                           vote of security holders

                        Not Applicable

             Exhibit 23 - Consent of experts and counsel

                        Not Applicable

             Exhibit 24 - Power of Attorney

                        Not Applicable

             Exhibit 99 - Certification Pursuant to Section 1350 of Chapter 63
                        of Title 18 of the United States Code

                        See Exhibit 99

                  b)   Reports on Forms 8-K

                      No reports on Form 8-K were filed during the first quarter
                      of fiscal 2003.
<PAGE>
                                   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.

<TABLE>
<S>                       <C>
                                 Rogers International Raw Materials Fund, L.P.
                                 ---------------------------------------------
                                                 (Registrant)

     April 22, 2003                          /s/ Richard Chambers
     --------------                          --------------------
          Date            Chief Financial Officer of Beeland Management Company, LLC

     April 22, 2003                           /s/ Clyde Harrison
     --------------                           ------------------
          Date            Chief Executive Officer of Beeland Management Company, LLC
</TABLE>



<PAGE>
                                 CERTIFICATIONS

I, Clyde Harrison, the chief executive officer of Rogers International Raw
Materials Fund L.P., 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 quarterly 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 quarterly
report;


3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly 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 quarterly report;


4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


a) designed such disclosure controls and procedures 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 quarterly report is being prepared;


b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and


c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):


a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and


b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and


6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: April 22, 2003
      --------------

                                          /s/ Clyde Harrison
                                          ------------------
                                       Chief Executive Officer


<PAGE>
I, Richard Chambers, the chief financial officer of Rogers International Raw
Materials Fund L.P., 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 quarterly 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 quarterly
report;


3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly 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 quarterly report;


4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


a) designed such disclosure controls and procedures 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 quarterly report is being prepared;


b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and


c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):


a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and


b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and


6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date April 22, 2003

                                 /s/ Richard Chambers
                                 ---------------------
                               Chief Financial Officer