##### Table of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



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FORM 10-Q



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



For the quarterly period ended September 30, 2005



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



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ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

(Exact name of registrant as specified in charter)



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|                                                                                                                |  |                                     
|--------------------------------------------------------------------------------------------------------------- |  | ------------------------------------
|Delaware                                                                                                        |  | 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)



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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 is an accelerated filer (as defined in Rule
12b-2 of the Exchange Act).    Yes ̈No  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



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##### Table of Contents

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, 2005 (Unaudited) and December 31, 2004                               |  | 3   
|                                                                                                                           | 
|Schedules of Investments as of September 30, 2005 (Unaudited) and December 31, 2004                                        |  | 4-5 
|                                                                                                                           | 
|Statements of Operations for the Nine Months Ended September 30, 2005 and September 30, 2004 (Unaudited)                   |  | 6   
|                                                                                                                           | 
|Statements of Changes in Partners Capital for the Nine Months Ended September 30, 2005 and September 30, 2004 (Unaudited) |  | 7   
|                                                                                                                           | 
|Financial Highlights for the Three Months and Nine Months Ended September 30, 2005 and September 30, 2004 (Unaudited)      |  | 8   
|                                                                                                                           | 
|Notes to Financial Statements (Unaudited)                                                                                  |  | 9-11



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##### Table of Contents

Rogers International Raw Materials Fund, L.P.

Statements of Financial Condition as of September 30, 2005 (Unaudited)
and December 31, 2004



|                                                        |  |                     |             |            |   |           
|------------------------------------------------------- |  | ------------------- | ----------- | ---------- | - | ----------
|                                                        |  | 9/30/2005 Unaudited |             | 12/31/2004
|ASSETS                                                  |  |                     |             |            |   |           
|Cash at bank                                            |  | $                   | 25,595,077  |            | $ | 1,560,853 
|Cash at brokers                                         |  |                     | 22,104,379  |            |   | 3,598,083 
|Investment in US Government obligations, at broker      |  |                     | 70,570,455  |            |   | 24,447,769
|Interest receivable                                     |  |                     | 185,783     |            |   | 127,842   
|Unrealized net trading gains on open futures contracts  |  |                     | 283,687     |            |   |          
|Unrealized trading gain on open swap contract           |  |                     | 305,100     |            |   |          
|Other assets                                            |  |                     |            |            |   | 2,820     
|                                                        |  |                     |             |            |   |           
|Total Assets                                            |  | $                   | 119,044,481 |            | $ | 29,737,367
|                                                        |  |                     |             |            |   |           
|LIABILITIES                                             |  |                     |             |            |   |           
|Unrealized net trading losses on open futures contracts |  |                     |            |            |   | 23,348    
|Commissions payable                                     |  |                     |            |            |   | 8,362     
|Accrued management fees  General Partner               |  |                     | 151,694     |            |   | 40,922    
|Administrative fees payable and other liabilities       |  |                     | 368,404     |            |   | 214,080   
|Redemptions payable                                     |  |                     | 1,545,596   |            |   | 147,851   
|Subscriptions received in advance                       |  |                     | 7,864,263   |            |   | 1,683,888 
|                                                        |  |                     |             |            |   |           
|Total Liabilities                                       |  |                     | 9,929,957   |            |   | 2,118,451 
|                                                        |  |                     |             |            |   |           
|PARTNERS CAPITAL                                       |  |                     |             |            |   |           
|Partners Capital                                       |  |                     | 109,114,524 |            |   | 27,618,916
|                                                        |  |                     |             |            |   |           
|Total Liabilities and Partners Capital                 |  | $                   | 119,044,481 |            | $ | 29,737,367
|                                                        |  |                     |             |            |   |           



See accompanying notes to financial
statements



3



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##### Table of Contents

Rogers International Raw Materials Fund, L.P.

Schedule of Investments as of September 30, 2005 (Unaudited)



|                                                                                  |  |              |            |                              |       |  
|--------------------------------------------------------------------------------- |  | ------------ | ---------- | ---------------------------- | ----- | -
|                                                                                  |  | Market Value |            | Percent of Partners Capital |      
|US Government obligations: (total cost - $70,538,270)                             |  |              |            |                              |       |  
|                                                                                  |  |             
|US Federal Home Loan Bank Notes due 3/13/06 at 2.5%, principal amount $10,000,000 |  | $            | 9,916,617  |                              | 9.09  | %
|US Federal Home Loan Bank Notes due 2/24/06 at 2.5%, principal amount $36,000,000 |  |              | 35,704,460 |                              | 32.72 | %
|US Federal Home Loan Bank Notes due 3/15/06 at 2.5%, principal amount $25,130,000 |  |              | 24,949,378 |                              | 22.87 | %
|                                                                                  |  |              |            |                              |       |  
|                                                                                  |  | $            | 70,570,455 |                              | 64.68 | %
|                                                                                  |  |              |            |                              |       |  



Open
Futures Contracts:



|                                                       |  |                     |  |              |           |                              |      |  
|------------------------------------------------------ |  | ------------------- |  | ------------ | --------- | ---------------------------- | ---- | -
|                                                       |  | Number of Contracts |  | Market Value |           | Percent of Partners Capital |     
|Unrealized gains (99.99% US based)                     |  |                     |  |              |           |                              |      |  
|Energy                                                 |  | 634                 |  | $            | 112,089   |                              | 0.10 | %
|Metals                                                 |  | 965                 |  |              | 1,310,643 |                              | 1.20 | %
|Agricultural                                           |  | 1,026               |  |              | 612,852   |                              | 0.56 | %
|                                                       |  |                     |  |              |           |                              |      |  
|                                                       |  | 2,625               |  | $            | 2,035,584 |                              | 1.86 | %
|                                                       |  |                     |  |              |           |                              |      |  
|Unrealized losses (99.39% US based)                    |  |                     |  |              |           |                              |      |  
|Energy                                                 |  | 94                  |  | $            | 23,860    |                              | 0.02 | %
|Metals                                                 |  | 363                 |  |              | 218,015   |                              | 0.20 | %
|Agricultural                                           |  | 1,664               |  |              | 1,510,022 |                              | 1.38 | %
|                                                       |  |                     |  |              |           |                              |      |  
|                                                       |  | 2,121               |  | $            | 1,751,897 |                              | 1.60 | %
|                                                       |  |                     |  |              |           |                              |      |  
|Unrealized net trading gains on open futures contracts |  |                     |  | $            | 283,687   |                              |      |  
|                                                       |  |                     |  |              |           |                              |      |  



Open
Swap Contract:



|                           |  |                     |  |              |         |                              |      |  
|-------------------------- |  | ------------------- |  | ------------ | ------- | ---------------------------- | ---- | -
|                           |  | Number of Contracts |  | Market Value |         | Percent of Partners Capital |     
|Unrealized gain (US based) |  |                     |  |              |         |                              |      |  
|Agricultural               |  | 1                   |  | $            | 305,100 |                              | 0.28 | %
|                           |  |                     |  |              |         |                              |      |  



See
accompanying notes to financial statements



4



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##### Table of Contents

Rogers International Raw Materials Fund, L.P.

Schedule of Investments as of December 31, 2004



|                                                                                      |  |              |            |                              |       |  
|------------------------------------------------------------------------------------- |  | ------------ | ---------- | ---------------------------- | ----- | -
|                                                                                      |  | Market Value |            | Percent of Partners Capital |      
|US Government obligations: (total cost - $24,508,959)                                 |  |              |            |                              |       |  
|US Federal Home Loan Bank Notes, due 6/15/05, at 1.625%, principal amount $14,500,000 |  | $            | 14,433,164 |                              | 52.26 | %
|US Federal Home Loan Bank Notes due 8/15/05 at 3.0%, principal amount $10,000,000     |  |              | 10,014,605 |                              | 36.26 | %
|                                                                                      |  |              |            |                              |       |  
|                                                                                      |  | $            | 24,447,769 |                              | 88.52 | %
|                                                                                      |  |              |            |                              |       |  



Open Futures Contracts:



|                                                        |  |                     |  |              |           |   |                              |      |  
|------------------------------------------------------- |  | ------------------- |  | ------------ | --------- | - | ---------------------------- | ---- | -
|                                                        |  | Number of Contracts |  | Market Value |           |   | Percent of Partners Capital |     
|Unrealized gains (98.11% US based)                      |  |                     |  |              |           |   |                              |      |  
|Energy                                                  |  | 137                 |  | $            | 216,680   |   |                              | 0.79 | %
|Metals                                                  |  | 132                 |  |              | 472,588   |   |                              | 1.71 | %
|Agricultural                                            |  | 244                 |  |              | 298,474   |   |                              | 1.08 | %
|                                                        |  |                     |  |              |           |   |                              |      |  
|                                                        |  | 513                 |  | $            | 987,742   |   |                              | 3.58 | %
|                                                        |  |                     |  |              |           |   |                              |      |  
|Unrealized losses (97.67% US based)                     |  |                     |  |              |           |   |                              |      |  
|Energy                                                  |  | 113                 |  |              | 729,745   |   |                              | 2.63 | %
|Metals                                                  |  | 38                  |  |              | 98,218    |   |                              | 0.36 | %
|Agricultural                                            |  | 549                 |  |              | 186,128   |   |                              | 0.67 | %
|                                                        |  |                     |  |              |           |   |                              |      |  
|                                                        |  | 700                 |  | $            | 1,011,090 |   |                              | 3.66 | %
|                                                        |  |                     |  |              |           |   |                              |      |  
|Unrealized net trading losses on open futures contracts |  |                     |  | $            | (23,348   | ) |                              |      |  
|                                                        |  |                     |  |              |           |   |                              |      |  



See
accompanying notes to financial statements



5



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##### Table of Contents

Rogers International Raw Materials Fund, L.P.

Statements of Operations for the Three Months and Nine Months Ended
September 30, 2005 and September 30, 2004 (Unaudited)



|                                                     |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  
|---------------------------------------------------- |  | ---------------------------------- | --------- | - | ---------------------------------- | - | --------- | ---------------------------------- |  | - | ---------------------------------- | - |  | - | --------- | -
|                                                     |  | 3 months ended 9/30/2005 Unaudited |           |   | 3 months ended 9/30/2004 Unaudited |   |           | 9 months ended 9/30/2005 Unaudited |  |   | 9 months ended 9/30/2004 Unaudited |  
|Trading gains (losses):                              |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  
|Realized net trading gains (losses)  commodities    |  | $                                  | 7,441,066 |   |                                    | $ | (516,399  | )                                  |  | $ | 10,881,977                         |   |  | $ | 2,717,986 |  
|Realized losses on securities                        |  |                                    | 0         |   |                                    |   | (118,337  | )                                  |  |   | (79,775                            | ) |  |   | (184,275  | )
|Change in unrealized net trading gains  commodities |  |                                    | 1,626,237 |   |                                    |   | 3,240,999 |                                    |  |   | 612,135                            |   |  |   | 1,197,748 |  
|Change in unrealized gains (losses) on securities    |  |                                    | (6,392    | ) |                                    |   | 62,522    |                                    |  |   | 93,375                             |   |  |   | (29,648   | )
|Foreign exchange gains (losses)                      |  |                                    | (9,953    | ) |                                    |   | 2,580     |                                    |  |   | (24,379                            | ) |  |   | (859      | )
|Commissions                                          |  |                                    | (79,073   | ) |                                    |   | (26,288   | )                                  |  |   | (262,439                           | ) |  |   | (74,532   | )
|                                                     |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  
|Net gains from trading activities                    |  |                                    | 8,971,885 |   |                                    |   | 2,645,077 |                                    |  |   | 11,220,894                         |   |  |   | 3,626,420 |  
|                                                     |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  
|Investment income:                                   |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  
|Interest income  US Government obligations          |  |                                    | 442,896   |   |                                    |   | 146,631   |                                    |  |   | 957,988                            |   |  |   | 325,670   |  
|Interest income  Other                              |  |                                    | 202,679   |   |                                    |   | 5,792     |                                    |  |   | 326,630                            |   |  |   | 17,700    |  
|                                                     |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  
|                                                     |  |                                    | 645,575   |   |                                    |   | 152,423   |                                    |  |   | 1,284,618                          |   |  |   | 343,370   |  
|                                                     |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  
|Expenses:                                            |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  
|Management fees                                      |  |                                    | 219,627   |   |                                    |   | 101,318   |                                    |  |   | 511,943                            |   |  |   | 272,080   |  
|Administrative fees                                  |  |                                    | 224,477   |   |                                    |   | 153,207   |                                    |  |   | 535,537                            |   |  |   | 318,834   |  
|                                                     |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  
|                                                     |  |                                    | 444,104   |   |                                    |   | 254,525   |                                    |  |   | 1,047,480                          |   |  |   | 590,914   |  
|                                                     |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  
|Net investment income gain (loss)                    |  |                                    | 201,471   |   |                                    |   | (102,102  | )                                  |  |   | 237,138                            |   |  |   | (247,544  | )
|                                                     |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  
|Net income                                           |  | $                                  | 9,173,356 |   |                                    | $ | 2,542,975 |                                    |  | $ | 11,458,032                         |   |  | $ | 3,378,876 |  
|                                                     |  |                                    |           |   |                                    |   |           |                                    |  |   |                                    |   |  |   |           |  



See accompanying notes to financial
statements



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##### Table of Contents

Rogers International Raw Materials Fund, L.P.

Statements of Changes in Partners Capital for the Nine Months Ended
September 30, 2005 and September 30, 2004 (Unaudited)



|                                       |  |                       |             |   |                       |   |            |  
|-------------------------------------- |  | --------------------- | ----------- | - | --------------------- | - | ---------- | -
|                                       |  | 9 months ended9/30/05 |             |   | 9 months ended9/30/04 |  
|Partners Capital at beginning of year |  | $                     | 27,618,916  |   |                       | $ | 8,515,006  |  
|Contributions                          |  |                       | 74,544,316  |   |                       |   | 15,182,995 |  
|Net income                             |  |                       | 11,458,032  |   |                       |   | 3,378,876  |  
|Withdrawals                            |  |                       | (4,506,740  | ) |                       |   | (1,714,098 | )
|                                       |  |                       |             |   |                       |   |            |  
|Partners Capital at end of period     |  | $                     | 109,114,524 |   |                       | $ | 25,362,779 |  
|                                       |  |                       |             |   |                       |   |            |  
|                                       |  |                      
|Per unit data                          |  | 9/30/05               |             |   | 9/30/04               |  
|Net asset value                        |  | $                     | 194.63      |   |                       | $ | 172.90     |  
|                                       |  |                       |             |   |                       |   |            |  
|Units outstanding                      |  |                       | 560,624     |   |                       |   | 146,691    |  
|                                       |  |                       |             |   |                       |   |            |  



See accompanying notes to financial
statements



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##### Table of Contents

Rogers International Raw Materials Fund, L.P.

Financial Highlights for the Three Months and Nine Months Ended
September 30, 2005 and September 30, 2004 (Unaudited)



|                                                                   |  |                        |   |  |                        |    |  |                        |   |  |                        |   
|------------------------------------------------------------------ |  | ---------------------- | - |  | ---------------------- | -- |  | ---------------------- | - |  | ---------------------- | --
|                                                                   |  | 3 months ended 9/30/05 |   |  | 3 months ended 9/30/04 |    |  | 9 months ended 9/30/05 |   |  | 9 months ended 9/30/04 |   
|Ratio of Net Investment Income (Loss) to Average Partners Capital |  | 0.21                   | % |  | (0.46                  | )% |  | 0.37                   | % |  | (1.38                  | )%
|Ratio of Expenses to Average Partners Capital                     |  | 0.47                   | % |  | 1.14                   | %  |  | 1.62                   | % |  | 3.30                   | % 
|Total Return                                                       |  | 9.94                   | % |  | 11.70                  | %  |  | 19.19                  | % |  | 21.44                  | % 



The above ratios have not been
annualized and 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 and the different fee arrangements (see Note 2).



See accompanying notes to financial statements



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##### Table of Contents

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements



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. The Partnership commenced trading during November 2001. The Partnership will terminate on December 31, 2020 or earlier upon
certain circumstances as defined in the Limited Partnership Agreement. The Partnerships General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the General Partner).



Basis of presentation:The financial statements included herein were prepared by us
without audit according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally
accepted in the United States of America have been omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary and adequate disclosures to present fairly the financial
position and results of operations as of and for the periods indicated. The results of operations for the three months and nine months ended September 30, 2005, are not necessarily indicative of the results to be expected for the full year or
for any other period.



These financial statements should be read in conjunction
with the audited financial statements and the notes thereto included in our Form 10-K, Annual Report for the year ended December 31, 2004 as filed with the Securities and Exchange Commission.



Net Assets: The valuation of net assets includes open commodity futures, swap and
forward 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. Foreign currency is translated into US
dollars at the exchange rate prevailing on the last business day of each month. Net asset value is determined by subtracting liabilities from assets, which also equals partners capital.



Profit and Loss Allocation: Limited Partners and the General Partner share in the
profits and losses of the Partnership in the proportion that each partners capital account bears to the total partners capital.



Income Taxes:No provision for Federal 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.



Revenue Recognition:Commodity
futures contracts are recorded on the trade date, and open positions are reflected in the accompanying statements 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 exchange traded commodity futures and forward contracts is based upon the most recent available settlement price on the appropriate commodity exchanges. The market value of open swap and forward contracts in the
over the counter marketplace is based upon published daily settlement prices or at dealers quotes. US Treasury securities and other US Government obligations are reported at 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.



Use of Estimates: The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that effect the amounts reported in the financial statements and accompanying notes. Actual results could differ from
those estimates.



Note 2. 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. The General Partner is responsible for the trading decisions of the Partnership.



The Partnership pays a monthly management fee to the General Partner equal to 0.08333% of the
average monthly sum of all Capital Accounts contributed by Limited Partners at the close of each month (1.00% per annum) effective April 1, 2005. Prior to April 1, 2005 and back through May 1, 2004, the monthly management fee was
0.14583% of the average monthly sum of all Capital Accounts contributed by Limited Partners at the close of each month (1.75% per annum). Prior to May 1, 2004, the monthly management fee was 0.1875% of the sum of all Capital Accounts at the
close of each month (2.25% per annum).



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##### Table of Contents

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.



Prior to September 1, 2005, Hart Capital Management, Inc. (Hart) was the investment advisor 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 provided certain investment advisory services with respect to the investing and
trading activities of the Partnership. Hart was paid an annual advisory fee of 0.1% of the average month-end market value of the Portfolio under management effective May 1, 2004. Prior to May 1, 2004, the advisory fee paid to Hart was 0.5%
of the average month-end market value of the portfolio under management. As of September 1, 2005, the Partnership no longer employs an investment advisor.



Uhlmann Price Securities L.L.C. (Uhlmann), one of several broker-dealers selling units of the Partnership and a related party to the General Partner by
reason of common management, receives a share of selling fees when units are sold by its registered brokers. Effective April 1, 2005, selling fees of up to 5% of the gross offering proceeds (which includes a 3.75% reallowance to other broker
dealers and a 0.5% wholesaling fee retained by the General Partner) are charged to partners capital upon the issuance of partnership units. Prior to April 1, 2005, the selling fees were up to 6% (which included a 4.5% reallowance).



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 General Partner, most of which will be paid to soliciting broker-dealers for ongoing investor services.



The Price Futures Group, Inc. (PFG), a related party to the General Partner by reason of common management, acts as the
introducing broker for the Partnership, whereby certain accounts of the Partnership are introduced to the Partnerships clearing broker. The clearing broker pays PFG a portion of the brokerage fee paid by the Partnership for clearing
transactions.



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



|                                  |  |                    |         |                   |   |         |  |         |           |  |   |        
|--------------------------------- |  | ------------------ | ------- | ----------------- | - | ------- |  | ------- | --------- |  | - | -------
|                                  |  | Three Months Ended |         | Nine Months Ended
|                                  |  | 9/30/05            |         | 9/30/04           |   | 9/30/05 |  | 9/30/04
|Management fees  General Partner |  | $                  | 219,627 |                   | $ | 101,318 |  | $       | 511,943   |  | $ | 272,080
|Advisory fees  Hart              |  |                    | 15,461  |                   |   | 4,875   |  |         | 42,023    |  |   | 31,808 
|Selling fees  Uhlmann            |  |                    | 523,382 |                   |   | 105,912 |  |         | 2,354,599 |  |   | 385,931
|Brokerage fees - PFG              |  |                    | 58,591  |                   |   | 26,288  |  |         | 241,957   |  |   | 74,532 



Note 3. Partnership Capital:



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.



As of September 30, 2005, the General Partner had a
capital balance of $1,273,899 in the Partnership.



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.



Note 4. Financial Instruments with Off-Balance Sheet Credit and Market Risk:



The Partnerships trading involves activities that 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 statements 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 purchased. 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. The use of financial instruments may serve to modify or offset market risk associated with other transactions.



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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 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 trades primarily through one clearing broker. See Note 5. In the event a 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. See Note 5.



Note 5.
Subsequent Events:



During September and October, 2005, the
Partnership transitioned its futures trading activity to Refco LLC, a registered futures commission merchant, and, accordingly, transferred a substantial portion of its assets. Additionally, the Partnership entered into over-the-counter transactions
related to its trading to replicate component positions of the Rogers International Commodity Index (Index) through Refco Capital Markets, Ltd. (Refco Capital Markets), a large derivatives dealer affiliated with Refco LLC. On
October 13, 2005, Refco Inc., the parent company of Refco LLC and Refco Capital Markets, announced that the liquidity within Refco Capital Markets was not sufficient to continue operations and that it had imposed a fifteen day moratorium on all
of its activities. On October 17, 2005 Refco Inc. and several affiliates, including Refco Capital Markets (but not Refco LLC), filed for bankruptcy court protection. The Partnership is currently continuing its operations tracking the Index and
anticipates continuing to do so for the foreseeable future. However, since Refco Capital Markets holds approximately 69% of the Partnerships assets (as of November 11, 2005) and is now under bankruptcy court protection, and because management
cannot be sure whether or not the Partnership will sustain any loss on its assets held at Refco Capital Markets (or the amount of any such loss), the Partnership is currently unable to provide an accurate value for its units for reporting purposes
and cannot process redemptions at net asset value. The Partnership has instigated legal proceedings to obtain the release of such funds held at Refco Capital Markets.



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



Reference is made to Item 1, Financial Statements. The
information contained therein is essential to, and should be read in connection with, the following.



INTRODUCTION



The Partnerships principle 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 primarily of commodity futures and forward contracts. The Partnership
invests and trades solely on the long side of the market. Beeland Management Company, L.L.C., as general partner (the General Partner), manages the business of the Partnership.



CAPITAL RESOURCES



The Partnership will raise additional capital only through the sale of Units
offered pursuant to the 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



The Partnership trades in the agricultural, metals, and
energy sectors. Due to the nature of the Partnerships business, substantially all its assets are represented by cash and United States government obligations, while the Partnership maintains its market exposure primarily through open futures
and forward contract positions.



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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.



Trading in forward or other over the counter contracts introduces a possible further impact on liquidity. Because such contracts are executed off
exchange between private parties, the time required to offset or unwind these positions may be greater than that for regulated instruments. This potential delay could be exacerbated to the extent a counterparty is not a United
States person.



Other than these limitations on liquidity,
which are inherent in the Partnerships futures trading operations, and the limitations on liquidity discussed below, the Partnerships assets are expected to be highly liquid.



As reported by the Partnership on October 20, 2005, Refco Capital Markets, Ltd. currently holds a substantial portion
of the Partnerships assets and is now under bankruptcy court protection. The Partnership has retained Sidley Austin Brown & Wood LLP to assist the Partnership with enforcing its rights with respect to its assets held at Refco Capital
Markets, and on October 24, 2005, the Partnership, along with the Rogers Raw Materials Fund, L.P., filed a complaint with the United States Bankruptcy Court for the Southern District of New York against Refco Capital Markets. That complaint
alleges that government securities and cash that was transferred from the Partnership to Refco Capital Markets between October 7 and October 11, 2005, is the Partnerships property, not the property of Refco Capital Markets
bankruptcy estate, and requests that the bankruptcy court enter judgment requiring that property to be returned to the Partnership immediately. Because the General Partner cannot be sure whether or not the Partnership will sustain any loss on its
assets held at Refco Capital Markets (or the amount of any such loss), the Partnership is unable to provide an accurate value for its units for reporting purposes after September 30, 2005. Nevertheless, the Partnership is continuing its
operations tracking the Rogers International Commodity Index, and commencing with November 30, 2005, will provide monthly special redemptions which will allow redeeming limited partners to elect not to participate in the index tracking
operations of the Partnership and to receive a portion of the Partnerships assets attributable to their interests in the Partnership, with the balance of their redemption proceeds to be distributed once matters with Refco Capital Markets are
resolved and the General Partner is able to determine a net asset value for the Partnership.



RESULTS OF OPERATIONS



The Partnerships net income or loss is directly related to changes in the value of the Rogers International Commodity Index, which the Partnership
is designed to replicate, and is not dependent on trading decisions made by the General Partner apart from balancing positions to track the Rogers International Commodity Index. The components of the return of the Partnership are the gains and
losses recognized on the Partnerships open positions reflecting changes in the market prices of the underlying components of the Rogers International Commodity Index and the interest income earned on cash balances. The mechanics and rules of
futures and forward markets allow the Partnership to earn interest on between approximately 90% to 100% of its assets.



|                                                                 |  |                         |           |   |                         |   |           |                         |  |   |                         |   |  |   |           |  
|---------------------------------------------------------------- |  | ----------------------- | --------- | - | ----------------------- | - | --------- | ----------------------- |  | - | ----------------------- | - |  | - | --------- | -
|Net Gains (Losses) from Trading Activities and Investment Income |  | 3 months ended 09/30/05 |           |   | 3 months ended 09/30/04 |   |           | 9 months ended 09/30/05 |  |   | 9 months ended 09/30/04 |  
|Realized net gains (losses)                                      |  |                         | 7,441,066 |   |                         |   | (634,736  | )                       |  |   | 10,802,202              |   |  |   | 2,533,711 |  
|Unrealized net gains (losses)                                    |  |                         | 1,619,845 |   |                         |   | 3,303,521 |                         |  |   | 705,510                 |   |  |   | 1,168,100 |  
|Foreign exchange (losses)                                        |  |                         | (9,953    | ) |                         |   | 2,580     |                         |  |   | (24,379                 | ) |  |   | (859      | )
|Commissions                                                      |  |                         | (79,073   | ) |                         |   | (26,288   | )                       |  |   | (262,439                | ) |  |   | (74,532   | )
|Interest Income                                                  |  |                         | 645,575   |   |                         |   | 152,423   |                         |  |   | 1,284,618               |   |  |   | 343,370   |  
|                                                                 |  |                         |           |   |                         |   |           |                         |  |   |                         |   |  |   |           |  
|Total Net Gains from Trading Activities and Investment Income    |  | $                       | 9,617,460 |   |                         | $ | 2,797,500 |                         |  | $ | 12,505,512              |   |  | $ | 3,969,790 |  
|                                                                 |  |                         |           |   |                         |   |           |                         |  |   |                         |   |  |   |           |  
|                                                                 |  |                         |           |  
|Expenses                                                         |  | 3 months ended 9/30/05  |           |   | 3 months ended 9/30/04  |   |           | 9 months ended 9/30/05  |  |   | 9 months ended 9/30/04  |  
|Management fees                                                  |  | $                       | 219,627   |   |                         | $ | 101,318   |                         |  | $ | 511,943                 |   |  | $ | 272,080   |  
|Administrative fees                                              |  |                         | 224,477   |   |                         |   | 153,207   |                         |  |   | 535,537                 |   |  |   | 318,834   |  
|                                                                 |  |                         |           |   |                         |   |           |                         |  |   |                         |   |  |   |           |  
|Total Expenses                                                   |  | $                       | 444,104   |   |                         | $ | 54,525    |                         |  | $ | 1,047,480               |   |  | $ | 590,914   |  
|                                                                 |  |                         |           |   |                         |   |           |                         |  |   |                         |   |  |   |           |  



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The Partnership pays various fees and expenses on a continuing basis which include management fees,
subscription fees, advisory fees (prior to September 1, 2005), and brokerage commission and transaction fees.



Cash flows used in operating activities were used primarily to purchase U.S. Government obligations. The remaining cash was provided by realized trading
gains and interest and was used for operating expenses net of any payables and receivables.



Cash flows provided by financing activities were from the sale of Partnership units, net of any subscription fees paid and any subscriptions receivable, and reduced by redemptions of Partnership units.



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 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, forward or other 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.



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 forward or other over the counter contracts held by the Partnership are also valued at published daily settlement prices or
at dealers quotes. In addition, US Government obligations are reported at market. 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 AND CONTRACTUAL OBLIGATIONS



The Partnership does
not have any off-balance sheet arrangements, nor does it have contractual obligations or commercial commitments to make future payments that would affect its liquidity or capital resources.



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK



INTRODUCTION



The Partnership is a speculative index fund designed to replicate the
composition of a commodity index. The market sensitive instruments held by it are acquired for speculative purposes, and all or a substantial amount of the Partnerships assets are subject to the risk of trading loss. Unlike an operating
company, the risk of market sensitive instruments is integral, not incidental, to the Partnerships main line of business.



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



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



Standard of Materiality



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



QUANTIFYING THE PARTNERSHIPS TRADING
VALUE AT RISK



Quantitative Forward-Looking
Statements



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



The Partnerships risk
exposure in the various market sectors traded by the Partnership is quantified below in terms of Value at Risk. The Partnership uses the absolute value of unrealized profit or loss as the measure of its Value at Risk.



THE PARTNERSHIPS TRADING VALUE AT RISK IN DIFFERENT
MARKET SECTORS



The following table indicates the trading
Value at Risk associated with the Partnerships open positions by market category as of September 30, 2005. At September 30, 2005, the Partnerships net assets were $109,114,524.



|              |  |               |           |                       |      |  
|------------- |  | ------------- | --------- | --------------------- | ---- | -
|Market Sector |  | Value at Risk |           | Percent of Net Assets |     
|Agricultural  |  | $             | 2,427,974 |                       | 2.23 | %
|Metals        |  | $             | 1,528,658 |                       | 1.40 | %
|Energy        |  | $             | 135,949   |                       | 0.12 | %
|              |  |               |           |                       |      |  
|TOTAL:        |  | $             | 4,092,581 |                       | 3.75 | %
|              |  |               |           |                       |      |  



The following table
indicates the trading Value at Risk associated with the Partnerships open positions by market category as of December 31, 2004. At December 31, 2004, the Partnerships net assets were $27,618,916.



|              |  |               |           |                       |      |  
|------------- |  | ------------- | --------- | --------------------- | ---- | -
|Market Sector |  | Value at Risk |           | Percent of Net Assets |     
|Agricultural  |  | $             | 482,602   |                       | 1.75 | %
|Metals        |  | $             | 570,806   |                       | 2.07 | %
|Energy        |  | $             | 943,425   |                       | 3.42 | %
|              |  |               |           |                       |      |  
|TOTAL:        |  | $             | 1,996,833 |                       | 7.24 | %
|              |  |               |           |                       |      |  



MATERIAL LIMITATIONS ON VALUE AT RISK AS AN ASSESSMENT OF MARKET RISK



The face value of the market sector instruments held by the Partnership may typically be many times the absolute value of unrealized profit or loss imbedded in the Partnerships open positions. The magnitude of
the Partnerships open positions could create a risk of ruin not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions  unusual, but historically recurring from time
to time  could cause the Partnership to incur severe losses over a short period of time. The Value at Risk tables  as well as the past performance of the Partnership  give no indication of this risk of ruin.



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NON-TRADING RISK



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



QUALITATIVE
DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES



The
following qualitative disclosures regarding the Partnerships market risk exposures  except for those disclosures that are statements of historical fact  constitute forward-looking statements within the meaning of Section 27A
of the Securities Act and Section 21E of the Securities Exchange Act. The Partnerships primary market risk exposures are subject to numerous uncertainties, contingencies and risks. Government interventions, defaults and expropriations,
illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as
well as in material changes to the Partnerships risk exposures. There can be no assurance that the Partnerships current market exposure will not change materially. Investors must be prepared to lose all or substantially all of their
investment in the Partnership.



The following were the primary
trading risk exposures of the Partnership as of September 30, 2005 by market sector.



Energy. The Partnerships primary energy market exposure is to crude oil pricing movements, often resulting from political developments in the Middle East. Oil prices can be volatile and substantial
profits and losses have been and are expected to continue to be experienced in this market.



Metals. The Partnerships primary metal market exposure is to fluctuations in the price of aluminum, copper, gold, silver and zinc. Each of these metals is subject to substantial pricing fluctuations based
on international supply and demand.



Agricultural. The
Partnerships primary commodities exposure is to agricultural pricing movements in wheat, corn, soybeans, cotton, and coffee. Each of these are often directly affected by severe or unexpected weather conditions or by the level of import and
export activity between countries.



QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE



General



Other than as
discussed above under Managements Discussion and Analysis of Financial Condition and Results of Operations with respect to Refco Capital Markets, the Partnership is unaware of any (i) anticipated known demands, commitments or capital
expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased
margin requirements on futures contracts. Because the Partnership generally will use a small percentage of assets as margin, the Partnership does not believe that any increase in margin requirements, as proposed, will have a material effect on the
Partnerships operations.



QUALITATIVE
DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE



Since
the Partnership is designed to replicate the composition of a commodity index, the General Partner adjusts the Partnerships portfolio only as necessary to accommodate expirations in particular commodity futures contracts and to adjust overall
position size for changes resulting from subscriptions and redemptions to the Partnership. The General Partner may also initiate an adjustment to reflect a change in the commodity index itself. The General Partner generally does not apply risk
management techniques in its trading decisions as such decisions depend largely on factors such as contract expiration and the level of investor participation in the Partnership which are exogenous to market prices. The Partnership initiates
positions only on the long side of the market and does not employ stop-loss techniques.



ITEM 4. CONTROLS AND PROCEDURES



The principal executive officer and principal financial officer of the General Partner have concluded that the General Partner has effective disclosure
controls and procedures to ensure that material information relating to the Partnership is made known to them by others within the General Partner, particularly during the period in which this quarterly report is being prepared. The principal
executive officer and principal financial officer of the General Partner have evaluated the



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effectiveness of the General Partners disclosure controls and procedures relating to the Partnership as of the end of the period covered by this report
(the Evaluation Date) and have based the foregoing conclusion about the effectiveness of such disclosure controls and procedures on their evaluation as of the Evaluation Date.



During the period covered by this report, there have been no significant changes in the General Partners internal
controls or in other factors relating to the Partnership that could significantly affect these controls subsequent to the date of their evaluation.



PART II-OTHER INFORMATION



Item 1. Legal Proceedings.



None. See Managements Discussion and Analysis of Financial Condition and Results of Operations.



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, 2005:



|                   |  |                 |  |                  
|------------------ |  | --------------- |  | -----------------
|Month:             |  | Units Redeemed: |  | NAV per Unit ($):
|July 31, 2005      |  | 2,794.199       |  | 183.58           
|August 31, 2005    |  | 4,856.297       |  | 193.03           
|September 30, 2005 |  | 7,754.144       |  | 194.63           



Item 3. Defaults Upon Senior Securities



Not
applicable.



Item 4. Submissions of
Matters to a vote of Security Holders.



None.



Item 5. Other Information



None.



Item 6. Exhibits.



Please See attached Exhibit List.



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 16, 2005.



ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.(Registrant)By:

Beeland Management Company, L.L.C.,its General PartnerBy:

/s/ Walter Thomas Price IIIWalter Thomas Price IIIManaging Member




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EXHIBIT INDEX



|               |  |                                                                                                   
|-------------- |  | --------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description of Document                                                                           
|31.1           |  | Certification by Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|               | 
|32.1           |  | Certification by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|               | 
|31.2           |  | Certification by Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|               | 
|32.2           |  | Certification by Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002



17