<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 JUNE 30, 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)

                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)


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

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                          PART I--FINANCIAL INFORMATION

ITEM 1.   Financial Statements.

          a)   Accountants Review Report

          b)   Statement of Financial Condition as of June 30, 2003 and December
               31, 2002.

          c)   Statement of Operations for the three months and six months ended
               June 30, 2003 and 2002

          d)   Statement of Changes in Partner's Equity for the six months ended
               June 30, 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 (ss. 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 statement of financial condition of Rogers
               International Raw Materials Fund, L.P. as of as of June 30, 2003
               and the related statements of operations, and changes in
               partners' equity for the six 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
               July 24, 2003


<PAGE>

                  ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
                        STATEMENT OF FINANCIAL CONDITION
                       JUNE 30, 2003 AND DECEMBER 31, 2002
                                   (unaudited)


                                                    6/30/2003      12/31/2002
                                                    ---------      ----------
                ASSETS
Cash at bank                                        $  16,170       $ 182,497
Cash at broker                                        478,960       1,010,459
Investment in securities                            6,069,375       5,998,810
Unrealized net trading gain                            92,217         332,325
Interest receivable                                    97,500             239
                                               ---------------  --------------
   Total Assets                                   $ 6,754,222      $7,524,330
                                               ===============  ==============

             LIABILITIES

Commissions payable                                  $  2,609       $   2,839
Accrued management fees                                12,551          13,014
Administrative fees payable                            28,411          41,161
Organizational costs payable                       --                 167,699
Redemptions payable                                    86,577          21,361
                                               ---------------  --------------
  Total Liabilities                                   130,148         246,074
                                               ---------------  --------------

          PARTNERSHIP EQUITY

Limited Partners Equity                             6,624,074       7,278,256
                                               ---------------  --------------
Total Liabilities and Partnership Equity          $ 6,754,222      $7,524,330
                                               ===============  ==============


         See accompanying notes and accountants reports.
<PAGE>

                  ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
                             STATEMENT OF OPERATIONS
                       JUNE 30, 2003 AND DECEMBER 31, 2002
                                   (unaudited)

<TABLE>
<CAPTION>
                                         3 m/e          6 m/e          3 m/e          6 m/e
                                       6/30/2003      6/30/2003      6/30/2002      6/30/2002
                                       ---------      ---------      ---------      ---------
           REVENUE
<S>                                    <C>            <C>            <C>            <C>
Realized net trading gain/(loss)       $(384,058)     $ 843,180      $ 409,883      $ 731,001
Realized gain/(loss) on securities            --         49,935        (24,331)       (35,881)
Change in unrealized net trading
   gain/(loss)                           638,646       (240,108)      (254,719)       153,335
Change in unrealized gain/(loss)
   on securities                         (25,312)       (92,261)        53,172         24,175
Foreign exchange gain                      5,779         12,102          3,927          4,280
Interest income - securities              48,481         95,256         56,962        104,712
Interest income                              934          3,798          4,891          8,436
                                       ---------      ---------      ---------      ---------

  Total Revenue                          284,470        671,902        249,785        990,058
                                       ---------      ---------      ---------      ---------

           EXPENSE

Commissions                               13,290         24,899         14,354         22,438
Management fees                           36,553         76,611         36,018         64,388
Administrative fees                       23,986         51,002         25,428         47,621
Amortization expense                          --             --             --         21,566
                                       ---------      ---------      ---------      ---------

   Total Expense                          73,829        152,512         75,800        156,013
                                       ---------      ---------      ---------      ---------

Net Income                             $ 210,641      $ 519,390      $ 173,985      $ 834,045
                                       =========      =========      =========      =========
</TABLE>


         See accompanying notes and accountants reports.

<PAGE>

                  ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
                    STATEMENT OF CHANGES IN PARTNER'S EQUITY
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003
                                   (unaudited)


                                                                     6 m/e
                                                                    6/30/2003
                                                                    ---------

      Beginning of Period Equity                                   $ 7,278,256

      Additions                                                        --

      Net income                                                       519,390

      Withdrawals                                                   (1,173,572)
                                                                 --------------

      End of Period Equity                                         $ 6,624,074
                                                                 ==============





                  Per unit data                    6/30/2003       12/31/2002
                  -------------                    ---------       ----------

      Net asset value                                $  122.69       $  114.56
                                                  =============  ==============

      Units outstanding                                 53,991          63,531
                                                  =============  ==============


                 See accompanying notes and accountants report.

<PAGE>

                  ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2003
                                   (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 established in May 2000 under the laws of the State of
      Illinois relating to limited partnerships. The Partnership trades a
      portfolio of commodity futures contracts and forward contracts,
      exclusively on the long side of the market; that is the Partnership will
      not sell short any commodity futures contracts or forward contracts. The
      Partnership commenced trading during November 2001. The Partnership will
      terminate December 31, 2020 or earlier upon certain circumstances as
      defined in the Limited Partnership Agreement.
              NET ASSETS: The valuation of net assets includes unliquidated
      commodity futures and forward contracts owned by the Partnership, if any,
      at the end of the period. The unrealized gain or loss on these contracts
      if any, has been calculated based on closing prices on the last business
      day of the year. Foreign currency is translated into US dollars at the
      exchange rate prevailing on the last business day of the year. Net asset
      value is determined by subtracting liabilities from assets, which also
      equals Partnership equity.
              PROFIT AND LOSS ALLOCATION: Limited Partners share in the profits
      and losses in the Partnership in the proportion in which each partner's
      capital account bears to all partner's capital accounts.
              INCOME TAXES: No provision for income taxes has been made since
      the Partnership is not subject to taxes on income. Each partner is
      individually liable for the tax on its share of income or loss. The
      Partnership prepares a calendar year information tax return. However, the
      Fund is subject to a 1.5% Illinois State replacement tax on its net
      earnings.
              REVENUE RECOGNITION: Commodity futures contracts are recorded on
      the trade date, and open positions are reflected in the accompanying
      statement of financial condition as the difference between the original
      contract value and the market value on the last business day of the
      reporting period. The market value of the commodity futures and options
      contracts is based upon the most recent available settlement price on the
      appropriate commodity exchanges. US Treasury Securities are reported at
      cost plus accrued interest, net of unrealized gains or (losses), which
      approximates market. Changes in unrealized gains or (losses) represent the
      total increases (decreases) in unrealized gains or (increases) decreases
      in unrealized losses on open positions during the period.
              INTEREST INCOME RECOGNITION: The Partnership records
      interest income in the period it is earned.
              STATEMENT OF CASH FLOWS: The Partnership has elected not to
      provide a statement of cash flows as permitted by Statement of Accounting
      Standards 102 "Statement of Cash Flows".

      Note 2. Agreements and Related Party Transactions:
               The Agreement of Limited Partnership vests all responsibility and
      powers for the management of the business and affairs of the Partnership
      with the General Partner, Beeland Management Company, LLC. The General
      Partner is the commodity pool operator for the Partnership and is
      responsible for the trading decisions of the Partnership.
               Included in organizational costs payable at December 31, 2002 is
      $167,699 owed to the General Partner for regulatory filing fees, legal
      fees and expenses initially advanced for the formation of the Partnership.
               The Partnership pays a Subscription fee to the General Partner of
      up to 5% of the gross offering proceeds, a portion of which will be
      reallowed to soliciting dealers as selling commissions.
               The Partnership pays a monthly management fee to the General
      Partner of 0.1875% of the average monthly sum of all Capital Accounts
      contributed by Limited Partners at the close of each month.
               If the amount of management fees paid to the Partnership's
      general partner during a year does not equal or exceed one percent (1%) of
      the amount of the Partnership's net profits for that year, the general
      partner will receive an allocation of profits in an amount equal to the
      difference between one percent of the net profits and the amount of the
      management fees paid.
               Hart Capital Management, Inc. (Hart") is the investment manager
      for the Partnership. Hart is a division of Arbor Research & Trading, Inc.
      ("Arbor"), which is a member of the General Partner. Three members of the
      General Partner are also principals of Arbor. Hart provides certain
      investment management, advisory and research services with respect to the
      investing and trading activities of the Partnership. Hart will be paid an
      annual advisory fee of 0.5% of the average month end market value of the
      Portfolio under management.


<PAGE>
                ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2003
                                   (unaudited)

      Note 3. Partnership Capital and Redemption's:
               Limited Partners may withdraw capital, with no less than 60 days
      prior written notice to the General Partner, after a three-month initial
      holding period.
               Until the initial closing, the purchase price of a unit was $100.
      Thereafter, 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 at month end.
               The General Partner and its principals are required to make a
      minimum investment of $25,000 in the Partnership. This requirement was
      exceeded at June 30, 2003.

      Note 4. Financial Instruments with Off-Balance Sheet Credit and
              Market Risk:
              Included in the  definition of financial  instruments  are
      forward contracts and futures. The Partnership invests in various
      commodity-related futures and forward contracts. These contracts are
      marked to market daily, with variations in the value settled on a daily
      basis with the exchange upon which they are traded. For these contracts
      the unrealized gain or loss rather than the notional amounts, represents
      the approximate future cash requirements.
              Theoretically, the Partnership is exposed to a market risk (loss)
      equal to the notional value of financial instruments purchased. Generally
      financial instruments can be closed out at the discretion of the General
      Partner. However, if the market is not liquid, it could prevent the timely
      closeout of any unfavorable positions or require the Partnership to hold
      these positions and possibly all positions until maturity, regardless of
      the changes in their value or the General Partner's investment strategies.
              The Partnership's trading is designed to replicate the positions
      and trading which comprise the Rogers International Commodity Index (the
      "Index"). This Index consists of a basket of commodities employed within
      the world economy and traded in seasoned markets, as futures and forward
      contracts. The broad based representation of commodities contracts is
      intended to provide two important characteristics: The large number of
      contracts and underlying raw materials represents "diversification" and
      the global coverage of these contracts reflects the current state of
      international trade and commerce. In order to minimize market and credit
      risks, the General Partner monitors the positions held by the Partnership
      on a daily basis and no trading discretion is utilized other than the
      replication of the Index. Contracts are purchased or liquidated according
      to the replication of the index.
              Credit risk represents the accounting loss that would be
      recognized if counterparties failed completely to perform as contracted.
      Concentrations of credit risk (whether on or off balance sheet) that arise
      from financial instruments exist for groups of counterparties when they
      have similar economic characteristics that would cause their ability to
      meet contractual obligations to be similarly affected by changes in
      economic or other conditions. Futures contracts have little credit risk
      because futures exchanges are the counterparties.

      Note 5. Derivative Financial Instruments and Fair Value of Financial
              Instruments:
              A   derivative   financial   instrument   is  a  financial
      agreement whose value is linked to, or derived from, the performance of an
      underlying asset. The underlying asset can be currencies, commodities,
      interest rates, stocks, or any combination. Changes in the underlying
      asset indirectly affect the value of the derivative.
              All trading instruments are subject to market risk, the risk that
      future changes in market conditions may make an instrument less valuable
      or more onerous. As the instruments are recognized at fair market value,
      those changes directly affect reported income.




<PAGE>
                ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2003
                                   (unaudited)


              Futures and forward contracts used for trading purposes are
      recorded in the statement of financial condition at fair value at the
      reporting date. Per Financial Accounting Standards Board Interpretation
      No. 39, the fair value of open contracts in a loss position is offset
      against the fair value of open contracts in a gain position. The
      Partnership applies this industry accepted accounting practice in the
      financial statements. Realized and unrealized changes in fair values are
      recognized in the period in which the changes occur.
              Notional amounts are equivalent to the aggregate face value of the
      derivative financial instruments. Notional amounts do not represent the
      amounts exchanged by the parties to derivatives and do not measure the
      Partnership's exposure to credit or market risks. The amounts exchanged
      are based on the notional amounts and other terms of the derivatives.
              The Partnership invests in financial instruments, which includes
      futures and forward contracts. All contracts are of the same class of
      derivative instrument, commodity-related derivatives. Futures contracts
      are commitments to either purchase or sell designated financial
      instruments at a future date for a specified price and may be settled in
      cash or through delivery.
              The Partnership has funds at the Clearing Broker in accounts,
      which are used to meet minimum margin requirements for all of the
      Partnership's open positions. These requirements are adjusted, as needed,
      due to daily fluctuations in the values of the underlying assets.
              Non-Regulated futures contracts have foreign exchange risk since
      the contracts are traded in currency denominations other than US dollars.
      Foreign currency trading gains or losses are reported under realized and
      unrealized trading gains in the statement of operations. Foreign currency
      gains or losses are the result of the conversion of the foreign currency
      denomination to US dollars.


<PAGE>


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

            FINANCIAL CONDITION

            Total equity decreased by $654,182 in the six months ended June 30,
            2003, due to limited partner withdrawals of $1,173,572 and net
            income of $519,390.

            RESULTS OF OPERATIONS

            NET REVENUES (LOSSES)

            The realized net trading gains (losses) of $(384,058), $843,180,
            $409,883 and $731,001 are the results of three and six months of
            trading ending June 30, 2003 and 2002. The realized trading gains
            (losses) on securities were $0, $49,935, ($24,331) and ($35,881) for
            the same periods. The interest income includes accrued interest
            income on securities of $48,481, $95,256, $56,962 and $104,712 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 (ss.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 25 - Financial Data Schedule
                        Not Applicable
             Exhibit 31 - Certification of CEO and CFO Pursuant to Section
                        302 of the Sarbanes-Oxley Act See Exhibit 31.1 and 31.2
             Exhibit 32 - Certification of CEO and CFO Pursuant to Section 906
                          of the Sarbanes-Oxley Act See Exhibit 32.1 and 32.2

                  b)  Reports on Forms 8-K
                      No reports on Form 8-K were filed during the second
                      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.

                              Rogers International Raw Materials Fund, L.P.
                              ---------------------------------------------
                                             (Registrant)

July 28, 2003                            /s/ Richard Chambers
-------------                            --------------------
     Date             Chief Financial Officer of Beeland Management Company, LLC

July 28, 2003                             /s/ Clyde Harrison
-------------                             ------------------
     Date             Chief Executive Officer of Beeland Management Company, LLC