##### Table of Contents

---

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



---

FORM 10-K



---



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

For the fiscal year ended December 31, 2006

or



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

For the transition period from  to

Commission File number: 000-51836



---

ROGERS INTERNATIONAL RAW
MATERIALS FUND, L.P.

(Exact name of registrant as specified in its charter)



---



|                        |  |                                     
|----------------------- |  | ------------------------------------
|Illinois                |  | 36-4368292                          
|(State of Organization) |  | (IRS Employer Identification Number)



|                                                                                                                 |  |           
|---------------------------------------------------------------------------------------------------------------- |  | ----------
|c/o Beeland Management Company, L.L.C. General Partner 141 West Jackson Boulevard, Suite 1340A Chicago, Illinois |  | 60604     
|(Address of principal executive offices)                                                                         |  | (Zip Code)

(312) 264-4375

(Registrants telephone number, including area code)



---

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: Units of Limited Partnership



---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.    Yes ̈No  x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act.    Yes ̈No  x

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.    Yes  x    No ̈

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporation by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act.
(Check one):

Large accelerated filer ̈Accelerated Filer ̈Non-accelerated
filer  x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act).    Yes ̈No  x

State the aggregate market value of the voting and non-voting stock held by non-affiliates computed by reference to the price at which the stock was last sold, or the
average bid and asked prices of such stock, as of the last business day of the registrant's most recently completed second fiscal quarter. Not applicable.

DOCUMENTS INCORPORATED BY REFERENCE

None



---



---

##### Table of Contents

PART I



|ITEM 1. | BUSINESS
|------- | --------

(a) General development

Rogers International Raw Materials Fund, L.P. (the Partnership) is an Illinois Limited Partnership established in May 2000. The
Partnership invests and trades a portfolio primarily of commodity futures and forward contracts designed to track the change in values of the Rogers International Commodity Index® (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. Beeland Management Company, L.L.C., an Illinois limited liability company (Beeland Management), serves as the general partner
of the Partnership.

The Partnership originally filed a registration statement, under the Securities Act of 1933, as amended, with the
Securities and Exchange Commission to register $200 million of units of limited partnership interest (the Units), which registration statement became effective in January 2001. The Partnerships initial offering period was held
during fiscal year 2001. The Units were initially offered for sale at a fixed price of $100 per Unit. An initial closing was held after a minimum of 50,000 Units in subscriptions was received.

The net proceeds from the initial closing, after deducting the subscription fee, were placed in a trading account with the futures commission merchant
and were used to acquire a portfolio of futures positions, consistent with the Partnerships trading policies, as well as US Government obligations.

After the initial closing, the purchase price of Units is the net asset value per unit as of the close of trading on the trading day preceding the effective date of the purchase.

The Partnership subsequently filed an additional registration statement with the Securities and Exchange Commission to bring the total dollar amount of
Units registered for sale to approximately $245,405,200, and a total of 677,673.54 of Units have been sold to the public as of December 31, 2006, although Units are not currently being offered by the Partnership.

During September and October, 2005, the Partnership transitioned its futures trading activity to Refco LLC, a registered futures broker. On
October 17, 2005, Refco Inc. and a number of its subsidiaries, including Refco Capital Markets, Ltd. (Refco Capital Markets), but not Refco LLC, filed voluntary Chapter 11 bankruptcy petitions with the United States Bankruptcy Court
for the Southern District of New York (the Bankruptcy Court). At the time of these bankruptcy filings, approximately $76 million of Partnership assets, primarily securities, were held in accounts at Refco Capital Markets, representing
approximately 68% of the Partnerships total assets. The Partnership did not authorize the transfer of its securities to Refco Capital Markets. On October 24, 2005, the Partnership and another commodity pool managed by Beeland Management
commenced an adversary proceeding (the Adversary Proceedings) in the Bankruptcy Court against Refco Capital Markets alleging that Refco Capital Markets wrongfully and fraudulently obtained possession of the Partnerships assets and
requesting, among other things, a constructive trust and that the Court enter judgment requiring that property to be returned to the Partnership immediately. On February 28, 2006, the Bankruptcy Court ordered that a trial in the Adversary
Proceedings shall commence on a date approximately thirty days after the Bankruptcy Court enters an order or stipulation determining a motion to convert Refco Capital Markets Chapter 11 case to a case under the stockbroker liquidation
provisions of Chapter 7 of the Bankruptcy Code. A preliminary ruling was issued on that motion on March 14, 2006 finding Refco Capital Markets to be a stockbroker and therefore ineligible for Chapter 11 relief, but, at the request
of the parties, the Bankruptcy Court deferred action on that motion, thereby allowing the parties an opportunity to pursue a potential global Chapter 11 plan for Refco Capital Markets and one or more other Refco entities. On or about June 29,
2006, a settlement agreement was reached by and among Refco Capital Markets, through its trustee in its Chapter 11 bankruptcy case, and certain customers and other creditors of Refco Capital Markets (the Settlement Agreement). On or
about July 20, 2006, the Partnership joined the Settlement Agreement, settling its claims in the Adversary Proceedings and agreeing to receive the same rights and benefits, including the rights of distribution, as securities customers of Refco
Capital Markets, while preserving its rights to pursue claims against Refco, LLC, as described below. The Bankruptcy Court approved the settlement at a hearing held on September 14, 2006. At that hearing, a global settlement was



2



---

##### Table of Contents

announced that would resolve key disputes among all of the Refco entity bankruptcy estates. The Partnership is among many parties to the global settlement
which is embodied in a disclosure statement and plan of reorganization filed by the Refco debtors at the end of the settlement hearing. The Bankruptcy Court entered an order approving the disclosure statement on October 20, 2006 and confirmed
the plan of reorganization at a hearing held December 15, 2006. Under the plan of reorganization, securities customers of Refco Capital Markets are expected to receive approximately 85% of the value of their securities claims. On or about
December 27, 2006, approximately 53% of the value of those claims was distributed, and the Partnership has received $39,826,553, its pro rata share of that distribution, and has allocated it among all partners in the Partnership as of
October 31, 2005, on a pro-rata basis, with redeemed partners receiving cash distributions in January 2007. Beeland Management anticipates that the remaining 32% of the value of its settled claims will be distributed during the second and/or
third quarter of 2007, however, due to the fact that certain assets still held by Refco Capital Markets are earning interest and that other assets have yet to be finally valued and liquidated, it is not possible for Beeland Management to determine
at this time whether the final distribution(s) from Refco Capital Markets will be greater than or less than 32% of the value of such claims. Also, under the plan of reorganization, the Partnership will participate in any recoveries from a Refco
Capital Markets Litigation Trust, formed to bring claims against third parties in the name of Refco Capital Markets, above and beyond amounts received under the settlement with Refco Capital Markets itself.

On November 25, 2005, Refco, LLC filed its petition for relief as a commodity broker under subchapter IV of Chapter 7 of the Bankruptcy Code. As the
Partnership stated in the Adversary Proceedings, the General Partner had specifically authorized and directed that the Partnership Assets be transferred to customer segregated accounts at Refco, LLC and that those assets were improperly diverted to
Refco Capital Markets. The Partnership filed an official proof of claim in the Refco, LLC case on July 12, 2006. On October 3, 2006, following a three day trial in late September, the Partnership agreed to settle its claims against Refco,
LLC and has received, $6,227,819, in proceeds from that settlement, equal to approximately 8% of the value of the Partnerships securities claims against Refco Capital Markets. Such proceeds were allocated among all partners in the Partnership
as of October 31, 2005, on a pro-rata basis, with redeemed partners receiving cash distributions.

At December 31, 2006,
approximately $29,660,976 of Partnership assets involved in the Refco Capital Markets bankruptcy has yet to be recovered by the Partnership, inclusive of amounts yet to be distributed by Refco Capital Markets and received by the Partnership in
connection with the settlement described above. Because various securities and other instruments held by Refco Capital Markets have yet to be finally valued and liquidated, while others are currently earning interest, and final recoveries from the
Litigation Trust have yet to be determined, it is unknown at this time whether the Partnership will ultimately sustain a loss on such assets or what the amount of any such loss will be. Accordingly, the financial information as of December 31,
2006 and 2005 set forth herein is estimated and unaudited, and the Partnership is currently able to provide only estimated values for its Units. No subscriptions or redemptions will be or have been made on the basis of such estimated values, which
do not reflect any possible losses due to the Refco Capital Markets bankruptcy. However, the Partnership is currently continuing its operations, tracking the Index, at an 80% level during 2006 and at a 90% level beginning January 1, 2007.

Notwithstanding the Partnerships inability to determine final values for all of its assets, limited partners in the Partnership may
redeem their investments through a monthly special redemption at which point they will no longer participate in gains and losses of the Partnership due to market movements of the Index but will not be shielded from any losses and expenses of Refco
Capital Markets bankruptcy. Limited partners that take advantage of the special redemption process will be able to receive their pro rata portion of the Partnerships cash that is not impacted by the Refco Capital Markets
bankruptcy. Once matters arising out of the Refco Capital Markets bankruptcy are finally resolved, including the conclusion of actions initiated by the Refco Capital Markets Litigation Trust, or Beeland Management otherwise has sufficient
information, Beeland Management will determine a net asset value for the Partnership as of each special redemption date which reflects the losses, if any, due to Refco Capital Markets bankruptcy as well as all expenses incurred in connection
with recovering the Partnerships assets from Refco Capital Markets whether such losses or expenses were incurred before or after the effective date of a special redemption.

(b) Financial information about industry segments

The Partnerships business constitutes only one segment, i.e., a speculative commodity pool. The Partnership does not engage in sales of goods and
services. Financial information (estimated, unaudited for 2006 and 2005) regarding the Partnerships business is set forth in Item 6 Selected Financial Data and Item 8 Financial Statements and Supplementary
Data.



3



---

##### Table of Contents

(c) Narrative description of business

The Partnership invests and trades in a portfolio of commodity futures and forward contracts. The Partnerships investment activities are designed to
replicate the positions which comprise the Rogers International Commodity Index ®. The Index consists of a compendium, sometimes known as a basket, of raw materials employed within the world economy and traded in established markets as futures and forward contracts. The Partnership invests and
trades exclusively on the long side of the market. This means that the Partnership only buys positions in commodities and does not engage in any short-selling. The Partnership historically has closed out all positions by making an
offsetting sale and has not taken delivery of the actual commodities, although it may take delivery in the future. Funds for its business are obtained only by the sale of Units and from the retention of any profits generated from the
Partnerships trading. As of December 31, 2006, the Partnership was not offering its Units for sale.

The Index was developed by
James Beeland Rogers, Jr., the majority owner and member of Beeland Management, to be a balanced, representative, international raw materials index. Beeland Management believes that the Index includes most of the publicly traded raw materials used
in international commerce for which futures contracts or forward contracts are regularly traded in recognized markets. Beeland Management attempts to replicate the composition of the Index using various commodity futures contracts. The initial
components of the Index and their weightings were chosen by Mr. Rogers based on his perception of the relative importance of the underlying raw materials in international trade and commerce. A committee now formulates and enacts all business
assessments and decisions regarding the composition of the Index. Mr. Rogers, as the founder and owner of the Index, chairs that committee and is the final arbiter of its decisions. Rogers International Commodity Index is a
registered service mark of Beeland Interests, Inc., a company wholly owned by Mr. Rogers. Beeland Management uses and publishes the Index and markets products designed to track the Index pursuant to a nonexclusive, license from Beeland
Interests, Inc.

Since the Partnerships portfolio is based on the Index, there is no active trading by Beeland Management in the
traditional sense. Unlike with most commodity pools, commodity contracts are not bought or sold to take advantage of hoped for price movement. Other than effecting trades to reflect a possible adjustment in the composition of the Index or the
weightings among its components, the only regular trading performed by Beeland Management is for the purpose of rolling positions from near delivery dates to later delivery dates in order to ensure that the Partnership will not take actual delivery
of a physical commodity. These rolling trades, made pursuant to a predetermined formula and rules, are placed and effected, to the extent possible, as spread transactions, in which the Partnership simultaneously buys and sells futures contracts
corresponding to the same commodity, but for delivery in different months.

The Partnerships principal objective is to provide an
alternative investment vehicle for investors with diversified investment portfolios. The performance of the Partnership is not correlated with traditional securities markets. In other words, the performance of the Partnership is largely independent
from how the traditional equity and debt markets perform. Accordingly, the Partnerships returns will not necessarily increase when that of stocks or bonds increase and will not necessarily decrease when that of stocks or bonds decrease.
However, the Partnership will not necessarily perform better when traditional markets decline, or perform worse when the traditional markets are rising.

The Partnership pays a monthly management fee to Beeland Management equal to 0.08333% of the average monthly sum of all limited partner capital accounts at the close of each month (1.00% per annum) effective
April 1, 2005. From May 1, 2004 to March 31, 2005, the monthly management fee was 0.14583% of the sum of all limited partner capital accounts at the close of each month (1.75% per annum). During 2006, the Partnership was trading at an
80% level, and the management fee was charged at a 0.8% per annum rate. As of January 1, 2007, the Partnership has increased its trading level to 90% and accordingly increased the management fee charged to a 0.9% per annum rate.

The Partnership pays the costs of executing and clearing its trades, its administrative expenses, compensation due to its selling agents,
and any extraordinary expenses which it may incur.



4



---

##### Table of Contents

Man Financial Inc. acts as the futures commission merchant for the Partnership, and The Price Futures
Group, Inc. acts as introducing broker for the Partnership.

The Partnership is open-ended and may offer Units at the net asset value as of
the first day of each month, although it was not doing so as of December 31, 2006. Unitholders normally may be redeemed upon 10 business days written notice to the Partnerships administrator and subscription and redemption
agent, Fund Dynamics. However, until matters arising out of the Refco Capital Markets bankruptcy are resolved, units may be redeemed upon 3 business days written notice to the general partner, Beeland Management Company, LLC, in connection
with a special redemption (whereby redemption proceeds are currently available only in part).

Regulation

Under the Commodity Exchange Act, as amended (the CEA), commodity exchanges and futures trading are subject to regulation by the Commodity
Futures Trading Commission (the CFTC). National Futures Association (NFA), a registered futures association under the CEA, is the only non-exchange self-regulatory organization for futures industry professionals.
The CFTC has delegated to NFA responsibility for the registration of commodity trading advisors, commodity pool operators, futures commission merchants, introducing brokers and their respective
associated persons and floor brokers and floor traders. The CEA requires commodity pool operators and commodity trading advisors, such as Beeland Management, and commodity brokers or futures commission merchants and
introducing brokers, such as Man Financial and The Price Group to be registered and to comply with various reporting and record keeping requirements. The CFTC may suspend a commodity pool operators or trading advisors registration if it
finds that its trading practices tend to disrupt orderly market conditions or in certain other situations. In the event that the registration of Beeland Management as a commodity pool operator or a commodity trading advisor were terminated or
suspended, Beeland Management would be unable to continue to manage the business of the Partnership. Should Beeland Managements registration be suspended, termination of the Partnership might result.

In addition to such registration requirements, the CFTC and certain commodity exchanges have established limits on the maximum net long or net short
position which any person may hold or control in particular commodities. Most exchanges also limit the changes in futures contract prices that may occur during a single trading day.

(i) through (xii) - not applicable.

(xiii) the Partnership has no employees.

(d) Financial information about geographic areas

The Partnership does not engage in material operations in foreign countries (although it does trade from the United States on foreign futures exchanges),
nor is a material portion of its revenues derived from foreign customers.



|ITEM 1A. | RISK FACTORS
|-------- | ------------

You may lose all of your investment if futures prices,
which are highly unpredictable and volatile, do not increase.

Participation in a volatile market could produce substantial losses for
the Partnership. This could result in the possible loss of your entire investment in the Partnership. Price movements of futures contracts are highly volatile and are influenced by many factors. Some of those factors are: changing supply and demand
relationships; weather and other environmental conditions; acts of God; agricultural, fiscal, monetary and exchange control programs and policies of governments; national and international political and economic events and policies; changes in rates
of inflation; and the general emotions and psychology of the marketplace, which at times can be irrational and totally unrelated to other more tangible factors. None of these factors can be controlled by Beeland Management. Even if current and
correct information as to substantially all factors is known or thought to be known, prices still will not always react as predicted. The profitability of the Partnership will depend on whether the futures and forward contracts which Beeland



5



---

##### Table of Contents

Management purchases for the Partnerships portfolio to replicate the Index increase in price. If these prices increase, the Partnership will be
profitable if such trading profits exceed the fees and expenses of the Partnership. If these prices do not increase, the Partnership will not be profitable and will incur losses. The volatility of the futures markets is one reason that an investment
in units should be viewed as a long term investment.

The bankruptcy of Refco Capital Markets, Ltd. may have a substantial negative impact on the
Partnership.

Refco Capital Markets has not distributed a substantial portion of the Refco Capital Markets bankruptcy settlement
proceeds due the Partnership and others, and final recoveries from the Refco Capital Markets Litigation Trust seeking recoveries in the name of Refco Capital Markets for the benefit of the Partnership and others from third parties have yet to be
determined. Accordingly, there can be no assurance that the Partnership will not incur a loss of its assets due to the bankruptcy of Refco Capital Markets. Additionally, the Partnership is continuing its operations trading to track the Index, albeit
at a 90% level as of January 1, 2007. The inability of the Partnership to access assets still held at Refco Capital Markets for futures margin purposes could require the Partnership to reduce the level at which it trades to track the Index or
to cease its trading operations entirely.

The Rogers International Commodity Index is likely to be volatile and could suffer from periods of prolonged
decline in value.

The Rogers International Commodity Index, upon which the Partnerships trading will be based, is likely
to be volatile and could suffer from periods of prolonged decline in value. The Index is comprised of 35 different commodities. At any time, the price of any component commodity of the Index may be affected by various factors, such as the weather or
world political or economic events. The Partnerships success depends on the increasing price of the raw materials represented by the Index. Investors will receive a positive return on investment only if the price of raw materials increases at
a rate that exceeds the management, subscription and other fees involved. Given the highly unpredictable and volatile nature of futures prices, the price movements of the raw materials comprising the Index should be viewed over a longer period of
time. Beeland Management believes that investors should view their investments as at least a two-year commitment.

Because the Rogers International
Commodity Index is highly concentrated in energy oriented raw materials, prolonged decline in value in those commodities would have a negative impact on the Partnerships performance.

Approximately 44% of the component commodities on the Rogers International Commodity Index are energy oriented, including 35% in crude oil. Accordingly, a
decline in value in such raw materials would adversely affect the performance of the Partnership. Technological advances or the discovery of new oil reserves could lead to increases in worldwide production of oil and corresponding decreases in the
price of crude oil. In addition, further development and commercial exploitation of alternative energy sources, including solar, wind or geothermal energy, could lessen the demand for crude oil products and result in lower prices. Absent amendment
of the Index to lessen or eliminate the concentration of existing energy contracts in the Index or to broaden the Index to account for such developments, the Index and the value of the Partnership could decline.

Commodity futures have inherent leverage.

The low
margin deposits normally required for commodity futures contracts (typically 2% to 15% of the value of the contract purchased or sold) result in a relatively small adverse price movement in a contract possibly producing immediate and substantial
losses to the investor. For example, if at the time of purchase 10% of the price of a futures contract is deposited as margin, a 10% decrease in the price of the contract would, if the contract is then closed out, result in a total loss of the
margin deposit before any deductions for brokerage commissions. A decrease of more than 10% would result in a loss of more than the total margin deposit. Thus, like other leveraged investments, any position may result in losses in excess of the
amount invested.

When the market value of a particular open position changes to a point where the margin on deposit in the
Partnerships account does not satisfy the applicable maintenance margin requirement imposed by the clearing broker, the Partnership will receive a margin call from the clearing broker. If the Partnership does not satisfy the margin call within
a reasonable time (which may be as brief as a few hours) the clearing broker will close out the position.



6



---

##### Table of Contents

Investing in units might not provide the desired diversification of your overall portfolio.

A principal objective of the Partnership is to add diversification to a traditional portfolio of securities. Price performance on the basket of raw
material contracts in the Partnership and the Index are non-correlated to the performance of traditional securities markets. Ordinarily and for most investors, an investment in the Partnership should be made only if an investors overall
portfolio is diversified into other markets and an investment in the Partnership represents only a small percentage of the investors overall investment portfolio.

The performance of the Partnership is not correlated with the traditional securities markets. In other words, the performance of the Partnership is largely independent from how the traditional equity and debt markets
perform. Accordingly, the Partnerships returns will not necessarily increase when those of stocks or bonds increase and will not necessarily decrease when those of stocks or bonds decrease. However, the fact that the Partnerships
performance is non-correlated with traditional securities markets does not mean that the Partnerships performance has a negative correlation with such markets. In other words, the Partnership will not necessarily perform better when
traditional markets decline, or perform worse when the traditional markets are rising. Rather, the Partnerships results may parallel either stocks or bonds, or both, during significant periods of time.

An investment in the Partnership could increase rather than reduce overall portfolio losses during periods when the Partnership, as well as stocks and
bonds, decline in value. There is no way of predicting whether the Partnership will lose more or less than stocks and bonds in declining markets. You must not consider the Partnership to be a hedge against losses in your stock and bond portfolios.
You should consider whether diversification in itself is worthwhile even if the Partnership is profitable.

Illiquid markets could make it impossible to
realize profits or limit losses.

All futures markets will sometimes be illiquid. In illiquid markets, the Partnership may not be able
to execute a buy or sell order at the desired price, or to close out an open position in a timely manner. This would make it impossible for the Partnership to realize profits or limit losses.

Market illiquidity can arise from the various regulations that are applicable to futures trading, such as the daily price fluctuation limits
or daily limits regulations. The daily limits are the maximum amount the price of a futures contract may vary either up or down from the previous days settlement price. No trades may be made at a price beyond the daily limits.

Market illiquidity also occurs in a thin market where the volume of buy and sell orders in a market is relatively small.
Market illiquidity can also occur because many trading approaches use similar analyses. This can lead to the bunching of buy and sell orders, which makes it more difficult for a position to be acquired or liquidated. It is also possible that an
exchange or the Commodity Futures Trading Commission (CFTC) may suspend trading in a particular contract, order immediate liquidation and settlement of a particular contract, or order that trading in a particular contract be conducted for
liquidation only.

The Partnership may even be required in extreme circumstances to make or take delivery of the commodity underlying a
particular position if the position cannot be offset or liquidated prior to its expiration date.

The Partnership could have its trading disrupted due
to the failure of exchanges or clearinghouses or could lose assets deposited with futures commission merchants or brokers.

Futures
contracts are traded on a commodity exchange. The Partnership could have its trading disrupted if the exchanges on which the Partnership trades or any of their clearinghouses were to discontinue operations or to experience disruptions in trading,
due to computer problems, unsettled markets or other factors. Assets of the Partnership are deposited with futures commission merchants who execute futures contracts, as well as with broker-dealers who execute government contracts and brokers or
dealers who execute forward contracts. The Partnership could lose these assets if, for example, any of the above parties were to become insolvent or bankrupt. In such event, the Partnership would likely be able to recover only part of the assets
held by its futures commission merchant or broker-dealer. None of these factors or occurrences can be controlled by the Partnership or its general partner.



7



---

##### Table of Contents

The Partnership will trade on foreign exchanges that are less regulated than U.S. markets and are subject to risks
that do not always apply to U.S. markets.

The Partnership will trade certain commodities on exchanges located outside the United
States. The regulations of the CFTC do not apply to trading on foreign exchanges, and trading on foreign exchanges may involve different and greater risks than trading on United States exchanges. Certain foreign markets may be more susceptible to
disruption than United States exchanges due to the lack of a government-regulated clearinghouse system.

Trading on foreign exchanges also
involves certain other risks that are not applicable to trading on United States exchanges. Those risks include: varying exchange rates; exchange controls; expropriation; burdensome or confiscatory taxation; moratoriums, and political or diplomatic
events. It will also likely be more costly and difficult for the Partnership to enforce the laws or regulations of a foreign country or exchange, and it is possible that the foreign country or exchange may not have laws or regulations which
adequately protect the rights and interests of the Partnership.

Other investors replicating the Index

The Index has been licensed to entities other than Beeland. Accordingly, the risks associated with liquidity and competition for available contracts may
be increased.

The operating history of the other commodity pool managed by Beeland Management may not be indicative of the Partnerships
performance.

Beeland Management currently operates one other active commodity pool. As with the Partnership, the trading in that
commodity pool is also based on the Index. The operating history of the other pool operated or managed by Beeland Management is not indicative of how the Partnership would perform in the future. This is partly due to the fact that the other
commodity pool charges substantially lower fees than the Partnership.

The trading methodology utilized by the Partnership may not be successful under
all or any market conditions.

Beeland Management utilizes a series of rules which, in turn, generally generates trading instructions
designed to produce a portfolio of trades in commodities which should track the Index. Pursuant to these rules, futures contracts are rolled from near delivery months to later months. However, because trading in such later months may be more
volatile, due to less liquidity, the rules and Beeland Managements program chooses delivery months where there is greater depth and liquidity. In addition, at any moment in time, some commodities in the Partnership will be over-represented
while others will be under-represented when compared to the Index. Accordingly, as the total value of the Partnership increases and decreases (typically because of new subscriptions or withdrawals), trades will be effected in order to better
correlate the composition of the Partnership with the composition of the Index. Beeland Management enters trades consistent with those rules. No assurance can be given that the rules and trading methodology utilized by Beeland Management will prove
successful under all or any market conditions.

Substantial fees and expenses are charged regardless of profitability.

The Partnership must pay brokerage fees, management fees, legal, accounting and reporting expenses and filing fees regardless of whether it realizes
profits. Accordingly, the Partnerships trading profits and interest income must equal or exceed its trading losses, fees and expenses to avoid depletion or exhaustion of its assets.

Conflicts of interest exist which may diminish the value of limited partners investments.

Conflicts of interest exist in the structure and operation of the Partnerships business. The Partnership generally has no procedures in place to
resolve conflicts of interest. The value of limited partners investments in the Partnership may be diminished by actions or omissions which independent third parties could have prevented or corrected. The Partnerships conflicts include:



8



---

##### Table of Contents

Beeland Management is also the general partner, commodity pool operator and trading advisor for another
commodity pool. A potential conflict of interest may arise if any situation arises in which the Partnership is in competition with that pool. For example, if both pools are buying positions at the same time, this may drive up the price resulting in
higher prices for both pools.

Beeland Management and its members are also involved with other businesses, some of which include financial
services, securities, futures and trading businesses. A potential conflict may arise if those businesses engage in activities which compete with the Partnership.

Beeland Management and its members may trade for their own accounts. This creates a potential conflict in that they may take competing positions or positions opposite or ahead of those taken for the Partnership.

The fees and commissions and other terms applicable to the general partners business dealings with the Partnership were not negotiated on an
arms-length basis.

Price Futures Group is the introducing broker which introduces trades to Man Financial and as such receives a
portion of the commissions. The fees and commissions and other terms applicable to the general partners business dealings with the Partnership were not negotiated on an arms-length basis. Accordingly, we cannot assure you that the terms are as
favorable to the Partnership as could have been obtained from others.

You will be limited in your ability to transfer units.

Units are not freely transferable. They can only be assigned or transferred upon the terms and conditions set forth in the limited partnership agreement.
Those restrictions may at times preclude a transfer of a unit. You may not transfer your units without giving prior written notice to the Partnerships general partner. A transferee cannot become a limited partner without the approval of the
Partnerships general partner. Such consent for the transferee to become a limited partner may be given or withheld in the sole and absolute discretion of the Partnerships general partner. The transferee must also provide the
Partnerships general partner with written acceptance of the Partnerships limited partnership agreement and an opinion of counsel that the transfer will not violate any securities, tax or other laws or rules and will not affect the tax
status or treatment of the Partnership. No public market for the Partnerships units exists or is contemplated in the foreseeable future.

Substantial restrictions and conditions are also imposed upon the redemption of units. Limited Partners may only redeem units as of the end of each month after furnishing Beeland Management with 10 days prior written notice of the limited
partners desire to redeem units, although currently, redemption proceeds are available only in part.

The units will not be a liquid investment.

Limited partners will have to depend on their limited and restricted transfer and redemption rights, as described above, in order to
realize a profit on their investment in the units because it is likely that no distributions will ever be made to the limited partners.

Substantial redemptions of units could require the Partnership to liquidate open positions more rapidly than otherwise desirable in order to raise the cash to fund the liquidations, while at the same time achieving a market position
appropriately reflecting a smaller equity base. Illiquidity in the market could also make it difficult to liquidate positions on favorable terms, which could result in losses to the Partnership.

Since limited partners will not participate in management of the Partnerships business, they must rely on Beeland Management to adequately manage the
Partnerships affairs.

You may not participate in the management or control of the Partnership or the conduct of its business.
You will have limited voting rights with respect to the Partnerships affairs. You must rely upon the fiduciary responsibility and judgment of Beeland Management to manage the Partnerships affairs in the best interests of the limited
partners.



9



---

##### Table of Contents

The Partnership may terminate early, which could disrupt your overall investment portfolio plan.

Unforeseen circumstances, including withdrawal of the Partnerships general partner, could cause the Partnership to terminate prior to its stated
termination date of December 31, 2020. Early termination of the Partnership could disrupt your overall investment portfolio plan.

The purchase of
units by Beeland Management or its members may create conflicts of interest for them.

Beeland Management and its members and their
affiliates may, but are not required to, purchase units for their own account. There is no limit on the number of units that Beeland Management is permitted to purchase. In the event that Beeland Management purchases any units, it will pay for such
units out of its assets, and will not use any of the offering proceeds to purchase units. Any purchase of units by Beeland Management or its members or their affiliates should not be relied upon as an indication of the merits of this offering.

Conflicts of interest will arise if Beeland Management or its members hold a substantial number of units, because they will then be in a
position to substantially influence matters submitted to a vote of the limited partners. For example, conflicts of interest could arise regarding the dissolution of the Partnership because the dissolution of the Partnership would terminate Beeland
Managements compensation from the Partnership. Any investments in the Partnership by affiliates of Beeland Management or its members or members of the families of any such affiliates or members could increase the risks discussed in this
paragraph.

Since the Partnership will only trade in certain markets, an investment in the Partnership, alone, will not diversify an investors
portfolio.

The Partnerships general partner will initially trade futures and forwards contracts on commodity exchanges. While the
Partnership is authorized to purchase commodity forward contracts in the off exchange markets, it does not expect to do so for the foreseeable future. Since the Partnership will engage only in the trading of commodity futures contracts and forward
contracts, an investment in the Partnership, alone, will not add diversification to an investors portfolio. Ordinarily and for most investors, an investment in the Partnership should be made only if an investors overall portfolio is
diversified into other markets and an investment in the Partnership represents only a small percentage of the investors overall investment portfolio.

Exchange trading limits may require the Partnership to liquidate positions at undesirable times, resulting in reduced profitability.

Most exchanges limit the amount of fluctuation in commodity futures contract prices on a single trading day.

Trading instructions
may have to be modified and positions held by the Partnership may have to be liquidated, in order to avoid exceeding these trading limits. Such modification or liquidation could adversely affect the operations and profitability of the Partnership.

The offering of units has not been subject to independent review.

One law firm represents Beeland Management. That firm does not represent you as a limited partner in connection with the Partnership. Accordingly, you should consult your own legal, tax and financial advisors
regarding the desirability of your investing in the Partnership.

Regulations governing the futures market may change and could adversely affect the
Partnerships operations.

Federal agencies including the CFTC, the SEC and the Board of Governors of the Federal Reserve System
regulate certain activities of the Partnership and the Partnerships general partner. The CFTC is the governmental agency having responsibility for regulation of U.S. commodity exchanges and commodity futures trading. Its function is to
implement the objectives of preventing price manipulation and excessive speculation and promoting orderly and efficient commodity futures markets. The regulation of the United States and foreign futures markets has undergone substantial change over
the years, and further changes should be expected. It is impossible to predict, however, what



10



---

##### Table of Contents

changes may occur, or the effect of any such changes on the Partnership. The effects could be substantial. The Partnership is not aware of any pending or
threatened regulatory developments that might materially affect the Partnership. However, regulatory initiatives could develop suddenly and without notice.

Since the Partnership is not a regulated investment company you will not have the protections provided by statutes regulating those companies.

The Partnership is not a registered securities investment company or mutual fund subject to the Investment Company Act of 1940. Therefore, you do not have the protections provided by that statute.

Limited partners will owe taxes on the Partnerships profits but will very likely never receive any distributions from the Partnership.

The Partnership is not required to make any distributions, and it is likely that no distributions will ever be made because the
principal objective of the Partnership is to increase capital by assuming positions consistent with the Index, not to create cash flow. You will, however, be required to report and pay tax in your taxable year with or within which the taxable year
of the Partnership ends, on your distributive share of all items of partnership profits for such taxable year of the Partnership. Even if distributions are made, the distributions may not equal the taxes payable by you on your share of the
Partnerships profits. Such taxes will be out-of-pocket expenses to you to the extent they exceed any cash distributions. Subject to certain conditions, you may redeem your units monthly in order to provide funds for the payment of taxes or for
any other purpose.

The Partnership might sustain losses offsetting the profits of a prior fiscal year, so you might never receive a
distribution or be able to liquidate your units for an amount equal to the taxes which have already been paid by you.

Upon a sale or other
disposition of the units or upon a sale or other disposition of the Partnerships property, an investors tax liability may exceed the cash he receives. To the extent of such excess, the payment of such taxes will be out-of-pocket
expenses. Assuming that the investor has held his units for more than one year, gain or loss recognized on a sale of the units should be capital gain or loss, respectively.

You could owe tax on your share of the Partnerships ordinary income despite overall losses.

You may be required to pay tax on your allocable share of the Partnerships ordinary income even though the Partnership incurs overall losses.

If the Partnerships and the limited partners tax returns are audited, you may be required to pay back taxes, interests and penalties.

There is no assurance that the Partnerships tax return will not be audited by the IRS or that adjustments to the Partnerships return will not be required as a result of an audit. If an audit results in an
adjustment, limited partners may be required to file amended returns (which may themselves also be audited) and to pay back taxes, plus interest and possibly penalties. An audit of the Partnerships tax return may result in an audit of an
investors own tax return.

A change in tax laws could adversely affect the tax treatment of an investment in the Partnership.

It is possible that the current federal income tax treatment accorded an investment in the units will be modified by subsequent legislative,
administrative or judicial action, possibly with retroactive effect. Any such changes could significantly alter the tax consequences and decrease the after-tax rate of return on an investment in the units.



|ITEM 2. | PROPERTIES
|------- | ----------

The Partnership does not own or use any
physical properties in the conduct of its business. Beeland Management conducts the Partnerships trading activities and performs certain administrative services for the Partnership from its offices.



11



---

##### Table of Contents

|ITEM 3. | LEGAL PROCEEDINGS
|------- | -----------------

As previously reported by the
Partnership, on October 24, 2005, the Partnership, along with the Rogers Raw Materials Fund, L.P., commenced an Adversary Proceeding in the United States Bankruptcy Court for the Southern District of New York against Refco Capital Markets. The
complaint alleged that Refco Capital Markets wrongfully and fraudulently obtained possession of Partnership assets and that such assets are Partnership property, not the property of Refco Capital Markets bankruptcy estate, and requested that
the Court enter judgment requiring that property to be returned to the Partnership immediately. On or about June 29, 2006, a settlement agreement was reached by and among Refco Capital Markets, through its trustee in its Chapter 11 bankruptcy
case, and certain customers and other creditors of Refco Capital Markets (the Settlement Agreement). On or about July 20, 2006, the Partnership joined the Settlement Agreement, settling its claims in the Adversary Proceedings and
agreeing to receive the same rights and benefits, including the rights of distribution, as securities customers of Refco Capital Markets, while preserving its rights to pursue claims against Refco, LLC, as described below. The Bankruptcy Court
approved the settlement at a hearing held on September 14, 2006. At that hearing, a global settlement was announced that would resolve key disputes among all of the Refco entity bankruptcy estates. The Partnership is among many parties to the
global settlement which is embodied in a disclosure statement and plan of reorganization filed by the Refco debtors at the end of the settlement hearing. The Bankruptcy Court entered an order approving the disclosure statement on October 20,
2006 and confirmed the plan of reorganization at a hearing held December 15, 2006. Under the plan of reorganization, securities customers of Refco Capital Markets are expected to receive approximately 85% of the value of their securities
claims. On or about December 27, 2006, approximately 53% of the value of those claims was distributed, and the Partnership has received its pro rata share of that distribution. Beeland Management anticipates that the remaining 32% of the value
of its settled claims will be distributed during the second and/or third quarter of 2007. Under the plan of reorganization, the Partnership will also participate in recoveries from a Refco Capital Markets Litigation Trust, formed to bring claims
against third parties in the name of Refco Capital Markets, above and beyond amounts received under the settlement with Refco Capital Markets itself.

On November 25, 2005, Refco LLC filed its petition for relief as a commodity broker under subchapter IV of Chapter 7 of the Bankruptcy Code. The Partnership filed an official proof of claim in the Refco, LLC case
on July 12, 2006. On October 3, 2006, following a three day trial in late September, the Partnership agreed to settle its claims against Refco, LLC and has received payment in connection with the settlement.

Beeland Management Company, L.L.C., Walter Thomas Price III, James Beeland Rogers, Jr., Robert Mercorella and Allen Goodman have been named as
defendants, and the Partnership as a nominal defendant, in a class and derivative action filed in the United States District Court for the Southern District of New York by Connie M. Watkins and John V. Watkins. The complaint alleges that the
defendants breached their fiduciary obligations to the Partnership in causing or allowing the transfer of Partnership assets to Refco Capital Markets and seeks judgment and other relief declaring defendants responsible for the loss of any
Partnership assets, or, alternatively, compensatory damages in an unspecified amount, plaintiffs costs and attorneys fees and other relief. Following several status hearings, the Court set a date of April 2, 2007 for plaintiffs to
file any further amendments to their complaint, and May 15, 2007 for defendants to respond to the amended complaint.

Beeland
Management Company, L.L.C., Walter Thomas Price III, Allen D. Goodman and James Beeland Rogers, Jr. have been named as defendants, and the Partnership as a nominal defendant, in a class action and derivative action filed in the United States
District Court for the Northern District of Illinois by Steven L. Lane and Pamela I. Lane, as Trustees of the Lane Family Trust dated April 10, 2001. The complaint alleges that the defendants breached their fiduciary duties to the Partnership
in the management of the Partnership and were negligent in connection with the transfer of Partnership assets to Refco Capital Markets and seeks judgment for damages in an unspecified amount, costs and attorneys fees and class certification of
the Partnerships limited partners. Following defendants' motion to dismiss, plaintiffs voluntarily withdrew their complaint from federal court and filed a similar complaint in the Law Division of the Circuit Court of Cook County, Illinois.
Walter Thomas Price was not named as a defendant in this state court complaint. Defendants successfully moved to have the case reassigned to the Chancery Division of the Circuit Court of Cook County, Illinois. Defendants also filed a motion to stay
this matter in light of the Watkins case pending in the Southern District of New York. On March 1, 2007, the Court granted plaintiffs certain discovery related to personal jurisdiction over defendant James Rogers in this matter.



12



---

##### Table of Contents

|ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|------- | ---------------------------------------------------

No
matters were submitted to a vote of limited partners during fiscal year 2006.

PART II



|ITEM 5. | MARKET FOR REGISTRANTS LIMITED PARTNERSHIP UNITS AND RELATED PARTNER MATTERS AND ISSUER PURCHASES OF LIMITED PARTNERSHIP UNITS
|------- | -------------------------------------------------------------------------------------------------------------------------------

(a) Market Information. There is no established market for the Units, and none is likely to develop. Units normally may be redeemed upon
10 days written notice to the Partnerships administrator and subscription and redemption agent, Fund Dynamics, Inc., 116 Village Blvd., Suite 210, Princeton, NJ 08540. Until matters arising out of the Refco Capital Markets bankruptcy are
finally resolved, or Beeland Management otherwise has sufficient information to accurately value the Units, Units may be redeemed pursuant to the Partnerships special redemption upon 3 business days written notice to Beeland Management
at 141 W. Jackson Blvd., Suite 1340A, Chicago, Illinois 60606, fax (312) 264-4303 or (877) 423-3526. Currently, redemption proceeds will be paid only in part.

(b) Holders. There were approximately 2,944 Limited Partners at December 31, 2006.

(c) Dividends. The Fund has not paid any dividends.

(d) Securities Authorized for Issuance Under Equity
Compensation Plans. There are no securities authorized for issuance under equity compensation plans.

(e) Recent Sales of
Unregistered Securities; Use of Proceeds from Registered Securities. There have been no sales of unregistered securities of the Partnership during 2004, 2005 or 2006.

(f) Issuer Purchases of Equity Securities. Unitholders 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. Currently, as described herein, month-end Net Asset Value per Unit is estimated only and redemption proceeds are being paid only in part. There can be no
assurance that the Partnership will recover all of its assets involved in the Refco Capital Markets bankruptcy or that redemption proceeds based on estimated values will be paid in full.

The following table summarizes the redemptions by Unitholders during the fourth calendar quarter of 2006:



|                  |  |                |  |                                       
|----------------- |  | -------------- |  | --------------------------------------
|Month             |  | Units Redeemed |  | Estimated Redemption Date NAV per Unit
|October 31, 2006  |  | 2,564.66       |  | 186.39                                
|November 30, 2006 |  | 6,611.56       |  | 193.70                                
|December 31, 2006 |  | 1,676.53       |  | 185.26                                
|                  |  |               
|Total             |  | 10,852.75      |  |                                       

The Redemption Date Net Asset Values per Unit during the fourth quarter of 2006 are estimates only
and do not reflect any possible impact of Refco Capital Markets bankruptcy on the financial position of the Partnership. Because it is currently unknown whether the Partnership will sustain a loss on its assets involved in the Refco Capital
Markets bankruptcy or the amount of any such loss, it is not possible to provide final Partnership Net Asset Value information for the fourth quarter of 2006 or until matters arising out of the Refco Capital Markets bankruptcy are finally resolved,
or Beeland Management otherwise has sufficient information to accurately value the Units. The actual redemption amount of Units redeemed after September 30, 2005 will reflect any losses due to Refco Capital Markets bankruptcy as well as
all expenses incurred in connection with recovering Partnership assets from Refco Capital Markets, whether such losses or expenses were incurred before or after the effective date of a post September 30, 2005 redemption date.



13



---

##### Table of Contents

|ITEM 6. | SELECTED FINANCIAL DATA
|------- | -----------------------

The Selected Financial Data for
the periods ended December 31, 2006 and 2005 is estimated only and has not been audited. Total assets for 2005 and 2006 include assets, and for 2005, Trading Gains and Losses, Net income (loss) and Net
income (loss) per unit include assets, involved in the Refco Capital Markets bankruptcy which may not be recoverable by the Partnership in full. As of December 31, 2006, approximately $29,660,976 have yet to be recovered by the
Partnership, inclusive of amounts yet to be distributed by Refco Capital Markets and received by the Partnership in connection with the settlement described herein. These amounts have not been reduced or otherwise adjusted to reflect any possible
impact of Refco Capital Markets bankruptcy on the Partnerships financial position, although figures for 2006 reflect a write down of interest income attributable to Partnership assets determined by the Bankruptcy Court to be assets of
Refco Capital Markets Bankruptcy estate for the benefit of all securities customers as well as the Partnership. The Selected Financial Data for the years ended December 31, 2004, 2003 and 2002 is taken from the audited financial
statements of the Partnership.



|                           |  |                  |             |   |                  |   |                  |  |                  |            |                  |   |            |  |   |          
|-------------------------- |  | ---------------- | ----------- | - | ---------------- | - | ---------------- |  | ---------------- | ---------- | ---------------- | - | ---------- |  | - | ---------
|                           |  | December 31,2006 |             |   | December 31,2005 |   | December 31,2004 |  | December 31,2003 |            | December 31,2002
|Trading gains and losses   |  | $                | 276,316     |   |                  | $ | 10,430,200       |  | $                | 2,616,463  |                  | $ | 2,056,093  |  | $ | 1,756,496
|                           |  |                  |             |   |                 
|Total expenses             |  | $                | 2,907,247   |   |                  | $ | 1,759,196        |  | $                | 896,849    |                  | $ | 267,777    |  | $ | 428,941  
|                           |  |                  |             |   |                 
|Net income (loss)          |  | $                | (2,630,931  | ) |                  | $ | 8,671,004        |  | $                | 1,719,614  |                  | $ | 1,788,316  |  | $ | 1,327,555
|                           |  |                  |             |   |                 
|Net income (loss) per unit |  | $                | (5.07       | ) |                  | $ | 27.04            |  | $                | 20.91      |                  | $ | 27.82      |  | $ | 20.90    
|Total units outstanding    |  |                  | 540,172     |   |                  |   | 568,605          |  |                  | 169,135    |                  |   | 59,806     |  |   | 63,531   
|                           |  |                  |             |   |                 
|Total assets               |  |                  | 107,498,468 |   |                  | $ | 114,247,119      |  | $                | 29,737,367 |                  | $ | 14,239,347 |  | $ | 7,524,330
|Total obligations          |  |                  | 7,428,051   |   |                  | $ | 6,025,701        |  | $                | 2,118,451  |                  | $ | 5,724,341  |  | $ | 246,074  



|ITEM 7. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|------- | -------------------------------------------------------------------------------------

INTRODUCTION

The Partnerships principal objective is to provide an alternative investment vehicle for
investors with diversified investment portfolios. The Partnerships trading is designed to replicate the positions which comprise the Rogers International Commodity Index. The Partnership invests and trades in a portfolio of commodity futures
and forward contracts. The Partnership invests and trades solely on the long side of the market. Beeland Management, as general partner, manages all business of the Partnership.

CAPITAL RESOURCES

The Partnership will raise additional
capital only through the sale of Units offered pursuant to a continuing offering, although at December 31, 2006, the Partnership was not offering its Units, and does not intend to raise any capital through borrowing. Due to the nature of the
Partnerships business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

LIQUIDITY

Most United States commodity exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as
daily price fluctuation limits or daily limits. During a single trading day, no trades may be executed at prices beyond the daily limit. This may affect the Partnerships ability to initiate new positions or close



14



---

##### Table of Contents

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 described herein, Refco
Capital Markets, Ltd. has yet to distribute a substantial portion of the Refco Capital Markets bankruptcy settlement proceeds and the Partnership is entitled to participate in recoveries of the Refco Capital Markets Litigation Trust. Because Beeland
Management currently does not have sufficient information to determine whether or not the Partnership will sustain any loss on its assets still involved in Refco Capital Markets bankruptcy matters (or the amount of any such loss), the Partnership is
able to provide only estimated values for its Units. Nevertheless, the Partnership is currently continuing its operations tracking the Rogers International Commodity Index, at an 80% level during 2006 and effective January 1, 2007, at a 90%
level, and provides monthly special redemptions which allow limited partners 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 arising out of the Refco Capital Markets bankruptcy are finally resolved or Beeland Management otherwise has sufficient information to accurately value the Units. Such redemption proceeds will reflect any losses incurred due to Refco
Capital Markets bankruptcy as well as all expenses incurred in connection with recovering the Partnerships assets from Refco Capital Markets.

RESULTS OF OPERATIONS

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

The components of the Partnerships return are normally the gains and losses recognized from the changes in futures market prices and the interest income earned on cash balances. The mechanics and rules of
futures markets allow the Partnership to earn interest on between approximately 90% to 100% of its assets. The bankruptcy of Refco Capital Markets will, however, have an impact on the actual return of the Partnership to investors for 2006. The
magnitude of that impact cannot be accurately assessed as of the date of the filing of this Annual Report.

At December 31, 2006,
2005, and 2004, the Partnerships net assets were $100,070,417, $108,221,418, and $27,618,916, respectively. As of December 31, 2006, approximately $29,660,976 of the funds assets have yet to be, recovered by the Partnership,
inclusive of amounts yet to be distributed by Refco Capital Markets and received by the Partnership in connection with the settlement described above. The net assets figure for 2006 also includes the amount of the difference between the
Partnerships Claim against Refco Capital Markets and the amounts received, and expected to be received, from settlements with Refco Capital Markets and Refco LLC, which amount the Partnership is seeking to recover through participation in the
Refco Capital Markets Litigation Trust and which may not be recovered in full by the Partnership and therefore is an estimate only. The net assets figure for 2005 includes approximately $76 million of Partnership assets held at Refco Capital Markets
as of December 31, 2005, which may not be recovered in full by the Partnership and therefore is an estimate only.



15



---

##### Table of Contents

|                               |  |            |   |  |      |            |   |      |   |           |  
|------------------------------ |  | ---------- | - |  | ---- | ---------- | - | ---- | - | --------- | -
|Net Revenues                   |  | 2006       |   |  | 2005 |            |   | 2004 |  
|Realized net trading gain*     |  | 1,932,317  |   |  |      | 5,009,503  |   |      |   | 2,958,986 |  
|Unrealized trading gain (loss) |  | (2,628,921 | ) |  |      | 3,676,213  |   |      |   | (712,876  | )
|Interest income**              |  | 1,240,497  |   |  |      | 2,122,859  |   |      |   | 472,845   |  
|Foreign exchange gain (loss)   |  | (2,563     | ) |  |      | (25,680    | ) |      |   | 7,551     |  
|                               |  |            |  
|Total Net Revenues             |  | 541,330    |   |  | $    | 10,782,895 |   |      | $ | 2,726,506 |  
|                               |  |            |  
|Operating Expenses             |  | 2006       |   |  | 2005 |            |   | 2004 |  
|Brokerage commissions          |  | 265,014    |   |  |      | 352,695    |   |      |   | 110,043   |  
|Management fees                |  | 876,149    |   |  |      | 727,425    |   |      |   | 393,940   |  
|Administrative fees            |  | 2,031,098  |   |  |      | 1,031,771  |   |      |   | 502,909   |  
|                               |  |            |  
|Total Operating Expenses       |  | 3,172,261  |   |  | $    | 2,111,891  |   |      | $ | 1,006,892 |  

---

|* | Realized net trading gain for 2005 includes $317,350 held at Refco Capital Markets which may not be recovered in full by the Partnership
|- | ----------------------------------------------------------------------------------------------------------------------------------------

|** | Interest income for 2005 includes $493,969 of interest receivable on assets held by Refco Capital Markets which may not be realized in full by the Partnership, $387,653 of which was
written down in 2006 (and removed from the Partnerships books as our asset) pursuant to a determination by the Bankruptcy Court that interest earned on certain assets held at Refco Capital Markets would be for the benefit of all securities
customers, as well as, the Partnership.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2006

2006 was the first year of losses for the Fund since 2001. The energy sector, which produced consistent gains during 2005 and 2004, became
much more volatile in 2006. The first half of the year alternated back and forth between gains and losses. Gains in the energy sector, one month, were replaced by losses the next. Eventually, the sector could not overcome the losses, and began
dropping in July to end down approximately 17% for the year.

The metals sector in 2006 steadily increased for the first
half of the year as many metals, such as gold, reached all-time market highs. The sector had its most substantial decline in the months of May and June, but recovered in the following months and continued a modest upward trend for the remainder of
the year.

The agricultural sector remained level for the first half of the year. No significant gains or losses were
experienced, however, after a drop off in the agricultural sector for the third quarter of 2006, the entire sector began to rise for the last quarter of the year.

2005

The first half of 2005 saw energy prices reach new highs. Crude oil continued its
march upward as it gained over 30 percent by June 30. The more heavily weighted agricultural components also performed well as corn, cotton and wheat all posted double-digit percentage gains during the six month period. Metals, such as copper
and gold, were mostly flat during this period.

The commodity markets in the second half of 2005 continued to experience new
highs in the energies such as crude oil, heating oil, and unleaded gas. Many metals also posted significant gains at year end as commodities such as gold, copper, and zinc were each up twenty percent over their second quarter closing prices. Prices
of agricultural commodities were less volatile than energies and metals however, significant increases were noted in the prices of silk, oats, and rubber.



16



---

##### Table of Contents

2004

Mixed returns from the more heavily weighted commodities combined to produce a positive year in 2004 as the Partnership returned 14.69 percent. While crude oil saw new highs and copper rose over 38%, cotton gave back over 40% of its prior
years gains. Also, there were pullbacks in the corn, soybeans and wheat markets.



---

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 Units, net of any subscription fees paid and any subscriptions receivable, and reduced
by redemptions of Units. The Partnership has not sold any Units since September 30, 2005, and is currently not offering Units for sale.

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. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and counterparties may require
collateral in the over-the-counter markets.

CRITICAL ACCOUNTING POLICIES  VALUATION OF THE PARTNERSHIPS POSITIONS

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

OFF-BALANCE SHEET ARRANGEMENTS

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



17



---

##### Table of Contents

CONTRACTUAL OBLIGATIONS

The Partnership does not enter into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital
resources. The Partnerships sole business is trading futures, forward, and other over the counter contracts. All such contracts are settled by offset, not delivery. The Partnerships Financial Statements, included in Item 8 of this
report, present an unaudited Schedule of Investments setting forth unrealized gain and unrealized loss on the Partnerships open futures contracts at December 31, 2006.



|ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|-------- | ----------------------------------------------------------

INTRODUCTION

The Partnership is a speculative index fund designed to replicate positions in 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.

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 speculative 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 or by the Partnerships attempts to manage its market 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 (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

The Partnerships risk exposure in the various market sectors traded by the Partnership is quantified below in terms of Value at Risk. Exchange
maintenance margin requirements have been used by the Partnership as the measure of its Value at Risk. Maintenance margin requirements are set by exchanges to equal or exceed 95-99% of the maximum one-day losses at fair value of any given contract
incurred during the time period over which historical price fluctuations are researched for purposes of establishing margin levels. The maintenance margin levels are established by exchanges using historical price studies as well as an assessment of
current market volatility and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.



18



---

##### Table of Contents

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

The followings tables indicate the trading Value at Risk associated with the Partnerships open positions by market category as of December 31,
2006 and 2005, respectively. Percent of Net Assets figures for 2005 shown below are based in part on Partnership assets then held at Refco Capital Markets and, accordingly, are estimates only. Percent of Net Asset figures for 2006 shown below are
based in part on settlement proceeds due the Partnership but not yet distributed by Refco Capital Markets as well as amounts the Partnership is seeking to recover through participation in the Refco Capital Markets Litigation Trust and, accordingly,
are estimates only. It is currently unknown whether or not the Partnership will sustain a loss on its assets involved in the Refco Capital Markets bankruptcy or the amount of any such loss.

2006



|              |  |               |           |                       |      |  
|------------- |  | ------------- | --------- | --------------------- | ---- | -
|Market Sector |  | Value at Risk |           | Percent of Net Assets |     
|Agricultural  |  | $             | 1,269,264 |                       | 1.27 | %
|Metals        |  | $             | 1,512,509 |                       | 1.51 | %
|Energy        |  | $             | 2,095,131 |                       | 2.09 | %
|              |  |              
|TOTAL:        |  | $             | 4,876,904 |                       | 4.87 | %

2005



|              |  |               |           |                       |      |  
|------------- |  | ------------- | --------- | --------------------- | ---- | -
|Market Sector |  | Value at Risk |           | Percent of Net Assets |     
|Agricultural  |  | $             | 1,495,774 |                       | 1.38 | %
|Metals        |  | $             | 954,650   |                       | 0.88 | %
|Energy        |  | $             | 3,633,000 |                       | 3.36 | %
|              |  |              
|TOTAL:        |  | $             | 6,083,424 |                       | 5.62 | %

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 applicable maintenance margin requirement
(maintenance margin requirements generally ranging between approximately 1% and 10% of contract face value) as well as potentially many times the capitalization of the Partnership. 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.

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.
Treasury instruments. The market risk represented by these investments is expected to be immaterial.

The Partnership has substantial
exposure to loss due to the bankruptcy of Refco Capital Markets as a significant portion of the settlement proceeds due the Partnership have not been distributed and are currently held at



19



---

##### Table of Contents

Refco Capital Markets, although Beeland Management anticipates that the balance of the settlement proceeds due the Partnership will be distributed during the
second and/or third quarter of 2007. Additionally, the Partnership is seeking, through participation in the Refco Capital Markets Litigation Trust, to recover the difference between the amount of Partnership assets initially involved in the Refco
Capital Markets bankruptcy and the amount it receives from its settlements with Refco Capital Markets and Refco LLC. The Refco Capital Markets Litigation Trust is currently evaluating options for the recovery of assets and Beeland Management
believes, on the basis of information received from the Trustee overseeing the Litigation Trust, that the Litigation Trust has viable meritorious claims against a number of third parties; however, there can be no assurance that any litigation
pursued by the Litigation Trust will be successful or that the Partnership will not incur a substantial loss of assets due to the Refco Capital Markets bankruptcy.

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 risk
exposures of the Partnership. 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 December 31, 2006 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 described in Item 1(a) above, and elsewhere in this Annual Report with respect to the bankruptcy of 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. The Refco Capital Markets bankruptcy has limited the liquidity in the Partnership and has had an impact on investors ability to redeem their investments in full. The full extent of the impact of the Refco Capital
Markets bankruptcy on the Partnerships operations cannot be accurately assessed as of the date of the filing of this Annual Report. 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.



20



---

##### Table of Contents

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

Because the Partnership is designed to replicate the composition of a commodity index, Beeland Management 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. Beeland Management might also initiate an adjustment to
reflect a change in the commodity index itself. Except as may be involved in these situations, Beeland Management has no discretion over the positions the Partnership maintains. Consequently, Beeland Management 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. The foregoing notwithstanding, beginning in November 2005, the Partnership began tracking the Rogers International Commodity Index at an 80% level to avoid
or mitigate any over exposure to the Index as a result of possible outcomes of the Refco Capital Markets bankruptcy. Effective January 1, 2007, the Partnership began tracking the Index at a 90% level.



|ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|------- | -------------------------------------------

1.
Financial Statements

At December 31, 2005, the Partnership held approximately $70,892,881 in U.S. government securities and
approximately $4,832,144 in cash in accounts at Refco Capital Markets subject to bankruptcy court protection. Additionally, at December 31, 2005, the Partnerships interest receivables on assets held at Refco Capital Markets and subject to
bankruptcy court protection amounted to approximately $493,969, $387,653 of which was written down in 2006 (and removed from the Partnerships books as an asset) pursuant to a determination by the Bankruptcy Court that interest earned on
certain assets held at Refco Capital Markets would be for the benefit of all securities customers as well as the Partnership.

At
December 31, 2006, approximately $29,660,976 of Partnership assets involved in the Refco Capital Markets bankruptcy has yet to be recovered by the Partnership, inclusive of amounts yet to be distributed by Refco Capital Markets and received by
the Partnership in connection with the settlement described herein.

Because various securities held by Refco Capital Markets have yet to
be finally valued and liquidated, while others are currently earning interest, and recoveries from the Refco Capital Markets Litigation Trust have yet to be determined, it is unknown at this time whether the Partnership will ultimately sustain a
loss on such assets or what the amount of any such loss will be. Accordingly, the financial information as of December 31, 2006 and 2005 set forth herein is estimated and unaudited, and the Partnership is currently able to provide only
estimated values for its Units. No subscriptions or redemptions will be or have been made on the basis of such estimated values, which do not reflect any possible losses due to the Refco Capital Markets bankruptcy.

During September and October, 2005, the Partnership transitioned its futures trading activity to Refco LLC, a registered futures broker. On
October 17, 2005, Refco Inc. and a number of its subsidiaries, including Refco Capital Markets, but not Refco LLC, filed voluntary Chapter 11 bankruptcy petitions with the United States Bankruptcy Court for the Southern District of New York
(the Bankruptcy Court). At the time of these bankruptcy filings, approximately $76 million of Partnership assets, primarily securities, were held in accounts at Refco Capital Markets, representing approximately 68% of the
Partnerships total assets. The Partnership did not authorize the transfer of its securities to Refco Capital Markets. On October 24, 2005, the Partnership and another commodity pool managed by Beeland Management commenced an adversary
proceeding (the Adversary Proceedings) in the Bankruptcy Court against Refco Capital Markets alleging that Refco Capital Markets wrongfully and fraudulently obtained possession of the Partnerships assets and requesting, among other
things, a constructive trust and that the Court enter judgment requiring that property to be returned to the Partnership immediately. On February 28, 2006, the Bankruptcy Court ordered that a trial in the Adversary Proceedings shall commence on
a date approximately thirty days after the Bankruptcy Court enters an order or stipulation determining a motion to convert Refco Capital Markets Chapter 11 case to a case under the stockbroker liquidation provisions of Chapter 7 of the
Bankruptcy Code. A preliminary ruling was issued on that motion on March 14, 2006 finding Refco Capital Markets to be a stockbroker and therefore ineligible for Chapter 11 relief, but, at the request of the parties, the Bankruptcy
Court deferred action on that motion,



21



---

##### Table of Contents

thereby allowing the parties an opportunity to pursue a potential global Chapter 11 plan for Refco Capital Markets and one or more other Refco entities. On
or about June 29, 2006, a settlement agreement was reached by and among Refco Capital Markets, through its trustee in its Chapter 11 bankruptcy case, and certain customers and other creditors of Refco Capital Markets (the Settlement
Agreement). On or about July 20, 2006, the Partnership joined the Settlement Agreement, settling its claims in the Adversary Proceedings and agreeing to receive the same rights and benefits, including the rights of distribution, as
securities customers of Refco Capital Markets, while preserving its rights to pursue claims against Refco, LLC, as described below. The Bankruptcy Court approved the settlement at a hearing held on September 14, 2006. At that hearing, a global
settlement was announced that would resolve key disputes among all of the Refco entity bankruptcy estates. The Partnership is among many parties to the global settlement which is embodied in a disclosure statement and plan of reorganization filed by
the Refco debtors at the end of the settlement hearing. The Bankruptcy Court entered an order approving the disclosure statement on October 20, 2006 and confirmed the plan of reorganization at a hearing held December 15, 2006. Under the
plan of reorganization, securities customers of Refco Capital Markets are expected to receive approximately 85% of the value of their securities claims. On or about December 27, 2006, approximately 53% of the value of those claims was
distributed, and the Partnership has received $39,826,553, its pro rata share of that distribution, and has allocated it among all partners in the Partnership as of October 31, 2005, on a pro-rata basis, with redeemed partners receiving cash
distributions. Beeland Management anticipates that the remaining 32% of the value of its settled claims will be distributed during the second and/or third quarter of 2007, however, due to the fact that certain assets still held by Refco Capital
Markets are earning interest and that other assets have yet to be finally valued and liquidated, it is not possible for Beeland Management to determine at this time whether the final distribution(s) from Refco Capital Markets will be greater than or
less than 32% of the value of such claims. Also under the plan of reorganization, the Partnership will participate in recoveries from a Refco Capital Markets Litigation Trust formed to bring claims against third parties in the name of Refco Capital
Markets. On the basis of discussions held with the trustee overseeing the Litigation Trust, Beeland Management believes that the Litigation Trust has viable meritorious claims against third parties and that there will be additional recoveries for
the Partnership; however, there can be no assurance that any litigation pursued by the Litigation Trust will be successful and, accordingly, the information provided herein is an estimate only.

On November 25, 2005, Refco, LLC filed its petition for relief as a commodity broker under subchapter IV of Chapter 7 of the Bankruptcy Code (the
Commodity Broker Liquidation Provisions). Congress enacted the Commodity Broker Liquidation Provisions to provide specified Chapter 7 priorities and other protections for customers of commodity brokers such as Refco, LLC. As the
Partnership stated in the Adversary Proceedings, the General Partner had specifically authorized and directed that the Partnership Assets be transferred to customer segregated accounts at Refco, LLC and that those assets were improperly diverted to
Refco Capital Markets. The Partnership filed an official proof of claim in the Refco, LLC case on July 12, 2006. On October 3, 2006, following a three day trial in late September, the Partnership agreed to settle its claims against Refco,
LLC and has received $6,227,819 in proceeds from that settlement, approximately equal to 8% of the value of the Partnerships claims against Refco Capital Markets, such proceeds were allocated among all partners in the Partnership as of
October 31, 2005, on a pro rata basis, with redeemed partners receiving cash distributions.

The 2005 and 2006 financial information
set forth herein is estimated and unaudited. No subscriptions or redemptions will be or have been made on the basis of the estimated values provided in the statements below, which do not reflect any possible losses due to Refco Capital Markets
bankruptcy. Please see the notes accompanying the Partnerships financial statements.



22



---

##### Table of Contents

The following financial statements of The Rogers International Raw Materials Fund, L.P. are included in Item 8:



|                                                                                                                        |  |      
|----------------------------------------------------------------------------------------------------------------------- |  | -----
|                                                                                                                        |  | Page 
|Financial Stateme
nts                                                                                                   |  |      
|                                                                                                                        | 
|Statements of Financial Condition as of December 31, 2006 (unaudited) and December 31, 2005 (unaudited)                 |  | 24   
|                                                                                                                        | 
|Schedule of Investments, December 31, 2006 (unaudited)                                                                  |  | 25   
|                                                                                                                        | 
|Schedule of Investments, December 31, 2005 (unaudited)                                                                  |  | 26   
|                                                                                                                        | 
|Statements of Operations for the Years Ended December 31, 2006 (unaudited), 2005 (unaudited) and 2004                   |  | 27   
|                                                                                                                        | 
|Statements of Changes in Partners Capital for the Years Ended December 31, 2006 (unaudited), 2005 (unaudited) and 2004 |  | 28   
|                                                                                                                        | 
|Notes to Financial Statements (unaudited)                                                                               |  | 29-35



23



---

##### Table of Contents

ROGERS INTERNATIONA
L RAW MATERIALS FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

December 31, 2006 (unaudited) and 2005 (unaudited)



|                                                       |  |             |             |             |   |            
|------------------------------------------------------ |  | ----------- | ----------- | ----------- | - | -----------
|                                                       |  | 2006        |             | 2005       
|                                                       |  | (unaudited) |             | (unaudited)
|ASSETS                                                 |  |             |             |             |   |            
|Cash at bank                                           |  | $           | 1,693,563   |             | $ | 23,044,591 
|Cash at brokers                                        |  |             | 72,443,215  |             |   | 16,447,432 
|Investment in US Government Sponsored Institutions     |  |             | 31,880,160  |             |   | 70,892,881 
|Unrealized net trading gains on open futures contracts |  |             | 982,420     |             |   | 3,199,816  
|Interest receivable                                    |  |             | 499,110     |             |   | 662,399    
|Other                                                  |  |             |            |             |   |           
|                                                       |  |             |             |             |   |            
|Total Assets                                           |  | $           | 107,498,468 |             | $ | 114,247,119
|                                                       |  |             |             |             |   |            
|                                                       |  |            
|LIABILITIES                                            |  |             |             |             |   |            
|Commissions payable                                    |  | $           |            |             | $ | 13,860     
|Accrued management fees  General Partner              |  |             | 69,969      |             |   | 214,796    
|Administrative fees payable                            |  |             | 308,890     |             |   | 248,038    
|Redemptions payable                                    |  |             | 7,049,192   |             |   | 5,549,007  
|Subscriptions received in advance                      |  |             |            |             |   |           
|                                                       |  |             |             |             |   |            
|Total Liabilities                                      |  |             | 7,428,051   |             |   | 6,025,701  
|                                                       |  |             |             |             |   |            
|                                                       |  |            
|PARTNERS CAPITAL                                      |  |             |             |             |   |            
|Partners Capital                                      |  |             | 100,070,417 |             |   | 108,221,418
|                                                       |  |             |             |             |   |            
|Total Liabilities and Partners Capital                |  | $           | 107,498,468 |             | $ | 114,247,119
|                                                       |  |             |             |             |   |            

See accompanying notes to financial statements.



24



---

##### Table of Contents

ROGERS INTERNAT
IONAL RAW MATERIALS FUND, L.P.

SCHEDULE OF INVESTMENTS

December 31, 2006 (unaudited)



|                                                                                      |  |                     |  |              |            |                              |       |  
|------------------------------------------------------------------------------------- |  | ------------------- |  | ------------ | ---------- | ---------------------------- | ----- | -
|                                                                                      |  |                     |  | Market Value |            | Percent of Partners Capital |      
|US Government Sponsored Institutions:                                                 |  |                     |  |              |            |                              |       |  
|(total cost$31,899,826)                                                              |  |                     |  |              |            |                              |       |  
|                                                                                      |  |                     | 
|US Federal Home Loan Bank Notes due 1/26/2007 at 4.650%, principal amount $10,000,000 |  |                     |  | $            | 9,996,900  |                              | 9.99  | %
|US Federal Home Loan Bank Notes due 2/28/2008 at 4.625%, principal amount $5,000,000  |  |                     |  |              | 4,968,750  |                              | 4.97  |  
|US Federal Home Loan Bank Notes due 1/26/2007 at 4.625%, principal amount $3,500,000  |  |                     |  |              | 3,498,915  |                              | 3.50  |  
|US National Mortgage Notes due 12/15/2007 at 3.125%, principal amount $2,950,000      |  |                     |  |              | 2,892,859  |                              | 2.89  |  
|US National Mortgage Notes due 7/15/2007 at 4.250%, principal amount $2,400,000       |  |                     |  |              | 2,387,256  |                              | 2.39  |  
|Other                                                                                 |  |                     |  |              | 8,135,480  |                              | 8.12  |  
|                                                                                      |  |                     |  |              |            |                              |       |  
|                                                                                      |  |                     |  | $            | 31,880,160 |                              | 31.86 | %
|                                                                                      |  |                     |  |              |            |                              |       |  
|                                                                                      |  |                     | 
|Open Futures Contracts:                                                               |  |                     |  |              |            |                              |       |  
|                                                                                      |  |                     | 
|                                                                                      |  | Number of Contracts |  |              |            |                              |      
|Unrealized gains (99.74% US based)                                                    |  |                     |  |              |            |                              |       |  
|Energy                                                                                |  | 554                 |  | $            | 308,716    |                              | 0.31  | %
|Metals                                                                                |  | 382                 |  |              | 1,022,353  |                              | 1.02  |  
|Agricultural                                                                          |  | 684                 |  |              | 1,079,140  |                              | 1.08  |  
|                                                                                      |  |                     |  |              |            |                              |       |  
|                                                                                      |  | 1,620               |  | $            | 2,410,209  |                              | 2.41  | %
|                                                                                      |  |                     |  |              |            |                              |       |  
|Unrealized losses (98.89% US based)                                                   |  |                     |  |              |            |                              |       |  
|Energy                                                                                |  | 39                  |  |              | 8,519      |                              | 0.01  | %
|Metals                                                                                |  | 512                 |  |              | 1,205,565  |                              | 1.20  |  
|Agricultural                                                                          |  | 889                 |  |              | 213.705    |                              | 0.21  |  
|                                                                                      |  |                     |  |              |            |                              |       |  
|                                                                                      |  | 1,440               |  | $            | 1,427,789  |                              | 1.42  | %
|                                                                                      |  |                     |  |              |            |                              |       |  
|Unrealized net trading gains on open futures contracts                                |  |                     |  | $            | 982,420    |                              |       |  
|                                                                                      |  |                     |  |              |            |                              |       |  

See accompanying notes to financial statements.



25



---

##### Table of Contents

ROGERS INTERNATIONAL R
AW MATERIALS FUND, L.P.

SCHEDULE OF INVESTMENTS

December 31, 2005 (unaudited)



|                                                                                    |  |                     |  |              |            |                              |       |  
|----------------------------------------------------------------------------------- |  | ------------------- |  | ------------ | ---------- | ---------------------------- | ----- | -
|                                                                                    |  |                     |  | Market Value |            | Percent of Partners Capital |      
|US Government Sponsored Institutions:                                               |  |                     |  |              |            |                              |       |  
|(total cost$70,501,025)                                                            |  |                     |  |              |            |                              |       |  
|                                                                                    |  |                     | 
|US Federal Home Loan Bank Notes due 2/24/06 at 2.500%, principal amount $36,000,000 |  |                     |  | $            | 35,895,218 |                              | 33.17 | %
|US Federal Home Loan Bank Notes due 3/13/06 at 2.500%, principal amount $10,000,000 |  |                     |  |              | 9,961,900  |                              | 9.21  |  
|US Federal Home Loan Bank Notes due 3/15/06 at 2.500%, principal amount $25,130,000 |  |                     |  |              | 25,035,763 |                              | 23.13 |  
|                                                                                    |  |                     |  |              |            |                              |       |  
|                                                                                    |  |                     |  | $            | 70,892,881 |                              | 65.51 | %
|                                                                                    |  |                     |  |              |            |                              |       |  
|                                                                                    |  |                     | 
|Open Futures Contracts:                                                             |  |                     |  |              |            |                              |       |  
|                                                                                    |  |                     | 
|                                                                                    |  | Number of Contracts |  |              |            |                              |      
|Unrealized gains (96.11% US based)                                                  |  |                     |  |              |            |                              |       |  
|Energy                                                                              |  | 566                 |  | $            | 878,520    |                              | 0.81  | %
|Metals                                                                              |  | 389                 |  |              | 1,177,246  |                              | 1.09  |  
|Agricultural                                                                        |  | 1,432               |  |              | 1,428,294  |                              | 1.32  |  
|                                                                                    |  |                     |  |              |            |                              |       |  
|                                                                                    |  | 2,387               |  | $            | 3,484,060  |                              | 3.22  | %
|                                                                                    |  |                     |  |              |            |                              |       |  
|Unrealized losses (83.83% US based)                                                 |  |                     |  |              |            |                              |       |  
|Energy                                                                              |  | 3                   |  |              | 1,230      |                              | 0.00  | %
|Metals                                                                              |  | 41                  |  |              | 18,489     |                              | 0.02  |  
|Agricultural                                                                        |  | 587                 |  |              | 264,525    |                              | 0.24  |  
|                                                                                    |  |                     |  |              |            |                              |       |  
|                                                                                    |  | 631                 |  | $            | 284,244    |                              | 0.26  | %
|                                                                                    |  |                     |  |              |            |                              |       |  
|Unrealized net trading gains on open futures contracts                              |  |                     |  | $            | 3,199,816  |                              |       |  
|                                                                                    |  |                     |  |              |            |                              |       |  

See accompanying notes to financial statements.



26



---

##### Table of Contents

ROGERS IN
TERNATIONAL RAW MATERIALS FUND, L.P.

STATEMENTS OF OPERATIONS

For the years ended December 31, 2006 (unaudited), 2005 (unaudited) and 2004



|                                                              |  |             |            |   |             |   |           |      |  |   |           |  
|------------------------------------------------------------- |  | ----------- | ---------- | - | ----------- | - | --------- | ---- |  | - | --------- | -
|                                                              |  | 2006        |            |   | 2005        |   |           | 2004 | 
|                                                              |  | (unaudited) |            |   | (unaudited) |   |           |      | 
|Trading gains (losses):                                       |  |             |            |   |             |   |           |      |  |   |           |  
|Realized net trading gains  commodities                      |  | $           | 1,960,822  |   |             | $ | 5,089,280 |      |  | $ | 3,143,902 |  
|Realized losses on securities                                 |  |             | (28,505    | ) |             |   | (79,777   | )    |  |   | (184,916  | )
|Change in unrealized net trading gains (losses)  commodities |  |             | (2,217,395 | ) |             |   | 3,223,164 |      |  |   | (643,818  | )
|Change in unrealized gains (losses) on securities             |  |             | (411,526   | ) |             |   | 453,049   |      |  |   | (69,058   | )
|Foreign exchange gains (losses)                               |  |             | (2,563     | ) |             |   | (25,680   | )    |  |   | 7,551     |  
|Commissions                                                   |  |             | (265,014   | ) |             |   | (352,695  | )    |  |   | (110,043  | )
|                                                              |  |             |            |   |             |   |           |      |  |   |           |  
|Net gains (losses) from trading activities                    |  |             | (964,181   | ) |             |   | 8,307,341 |      |  |   | 2,143,618 |  
|                                                              |  |             |            |   |             |   |           |      |  |   |           |  
|Investment income:                                            |  |             |            |   |             |   |           |      |  |   |           |  
|Interest income  US Government obligations                   |  |             | 598,902    |   |             |   | 1,409,990 |      |  |   | 438,459   |  
|Interest income  Other                                       |  |             | 641,595    |   |             |   | 712,869   |      |  |   | 34,386    |  
|                                                              |  |             |            |   |             |   |           |      |  |   |           |  
|                                                              |  |             | 1,240,497  |   |             |   | 2,122,859 |      |  |   | 472,845   |  
|                                                              |  |             |            |   |             |   |           |      |  |   |           |  
|Expenses:                                                     |  |             |            |   |             |   |           |      |  |   |           |  
|Management fees  General Partner                             |  |             | 876,149    |   |             |   | 727,425   |      |  |   | 393,940   |  
|Administrative fees                                           |  |             | 2,031,098  |   |             |   | 1,031,771 |      |  |   | 502,909   |  
|                                                              |  |             |            |   |             |   |           |      |  |   |           |  
|                                                              |  |             | 2,907,247  |   |             |   | 1,759,196 |      |  |   | 896,849   |  
|                                                              |  |             |            |   |             |   |           |      |  |   |           |  
|Net investment income (loss)                                  |  |             | (1,666,750 | ) |             |   | 363,663   |      |  |   | (424,004  | )
|                                                              |  |             |            |   |             |   |           |      |  |   |           |  
|Net income (loss)                                             |  | $           | (2,630,931 | ) |             | $ | 8,671,004 |      |  | $ | 1,719,614 |  
|                                                              |  |             |            |   |             |   |           |      |  |   |           |  

See accompanying notes to financial statements.



27



---

##### Table of Contents

RO
GERS INTERNATIONAL RAW MATERIALS FUND, L.P.

STATEMENTS OF CHANGES IN PARTNERS CAPITAL

For the years ended December 31, 2006 (unaudited), 2005 (unaudited) and 2004



|                                     |  |                  |             |   |                |   |           |            |  |   |             |  
|------------------------------------ |  | ---------------- | ----------- | - | -------------- | - | --------- | ---------- |  | - | ----------- | -
|                                     |  | Limited Partners |             |   | GeneralPartner |   |           | Total      | 
|Partners Capital, January 1, 2004   |  | $                | 8,515,006   |   |                |   |          |            |  | $ | 8,515,006   |  
|Contributions                        |  |                  | 20,943,137  |   |                |   | 25,000    |            |  |   | 20,968,137  |  
|Net income                           |  |                  | 1,719,790   |   |                |   | (176      | )          |  |   | 1,719,614   |  
|Withdrawals                          |  |                  | (3,583,841  | ) |                |   |          |            |  |   | (3,583,841  | )
|                                     |  |                  |             |   |                |   |           |            |  |   |             |  
|Partners Capital, December 31, 2004 |  | $                | 27,594,092  |   |                | $ | 24,824    |            |  | $ | 27,618,916  |  
|Contributions                        |  |                  | 81,182,943  |   |                |   | 1,177,132 |            |  |   | 82,360,075  |  
|Net income                           |  |                  | 8,627,445   |   |                |   | 43,559    |            |  |   | 8,671,004   |  
|Withdrawals                          |  |                  | (10,428,577 | ) |                |   |          |            |  |   | (10,428,577 | )
|                                     |  |                  |             |   |                |   |           |            |  |   |             |  
|Partners Capital, December 31, 2005 |  | $                | 106,975,903 |   |                | $ | 1,245,515 |            |  | $ | 108,221,418 |  
|Contributions                        |  |                  | 254,514     |   |                |   |           |            |  |   | 254,514     |  
|Net income                           |  |                  | (2,597,743  | ) |                |   | (33,188   | )          |  |   | (2,630,931  | )
|Withdrawals                          |  |                  | (5,774,584  | ) |                |   |           |            |  |   | (5,774,584  | )
|Partners Capital, December 31, 2006 |  |                  | 98,858,090  |   |                |   | 1,212,327 |            |  |   | 100,070,417 |  
|                                     |  |                  |            
|Per unit data                        |  | 12/31/2006       |             |   | 12/31/2005     |   |           | 12/31/2004 | 
|Net asset value                      |  | $                | 185.26      |   |                | $ | 190.33    |            |  | $ | 163.29      |  
|Units outstanding                    |  |                  | 540,172     |   |                |   | 568,605   |            |  |   | 169,135     |  

See accompanying notes to financial statements.



28



---

##### Table of Contents

ROGERS
INTERNATIONAL RAW MATERIALS FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

December 31, 2006 - Unaudited

Note 1. Significant
Accounting Policies:

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

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 and forward 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. 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 the increases or 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, Beeland Management Company, L.L.C. 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. From
May 1, 2004 to March 31, 2005, the monthly management fee was 0.14583% of the sum of all Capital Accounts 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).



29



---

##### Table of Contents

As of November 1, 2005, the Partnership commenced tracking the Index at an 80% level and,
accordingly, Beeland Management reduced its management fee to a 0.8% per annum rate. Beginning January 1, 2007, the Partnership began tracking the Index at a 90% level, and, accordingly, increased its management fee to a 0.9% per
annum rate.

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 Capital Management was 0.50% of the average month-end market value of the portfolio under
management. As of September 1, 2005, the Partnership no longer employed Hart as the 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, 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 issuance of partnership units.
Prior to April 1, 2005, the selling fees were up to 6% of the gross offering proceeds (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, 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:



|                                  |  |                                              |  |           |  |        
|--------------------------------- |  | -------------------------------------------- |  | --------- |  | -------
|                                  |  | Years ended December 31, 2006, 2005 and 2004
|                                  |  | 2006                                         |  | 2005      |  | 2004   
|Management fees  General Partner |  | 876,149                                      |  | 727,425   |  | 393,940
|Advisory fees  Hart              |  |                                             |  | 42,023    |  | 33,394 
|Selling fees  Uhlmann            |  |                                             |  | 2,376,346 |  | 538,423

Note 3. Partnership Capital and Redemptions:

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. At December 31, 2006, the Partnership was not accepting contributions from new or existing investors.

As of December 31, 2006, the General Partner has a capital balance of $1,212,327 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.



30



---

##### Table of Contents

Previously limited partners could withdraw capital with 10 days notice to the General Partner. Effective
November 1, 2005, following the bankruptcy of Refco Capital Markets (See Note 6), a special redemption process was established so that limited partners requesting a redemption could receive their pro rata share of the Partnerships cash,
excluding any of the assets held at Refco Capital Markets. Redeeming partners that avail themselves of the special redemption process are not shielded from the potential effects (losses and expenses) of Refco Capital Markets bankruptcy.
Currently, management estimates that disbursements will be the Limited Partners pro rata share of approximately 75% of the Partnerships total assets, including assets yet to be distributed by Refco Capital Markets pursuant to the
Settlement Agreement, described below in Note 6, as well as amounts the Partnership is seeking to recover through participation in the Refco Capital Markets Litigation Trust described below in Note 6.

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

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

Market Risk-Market risks arise from changes in the market value of
financial instruments. Theoretically, the Partnerships exposure is equal to the notional contract value of futures contracts 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.

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

Concentration of Credit
Risk-The Partnership clears all of its trades through one clearing broker. In the event this counterparty does not fulfill its obligations, the Partnership may be exposed to risk. This risk of default depends on the creditworthiness of the
counterparties to these transactions.

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

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



31



---

##### Table of Contents

Note 5. Financial Highlights:

Financial highlights for the years ended December 31, 2006, 2005, and 2004 are as follows:

Per Unit Performance



|                                                                   |  |                      |        |    |                      |   |        |                      |  |   |        |   
|------------------------------------------------------------------ |  | -------------------- | ------ | -- | -------------------- | - | ------ | -------------------- |  | - | ------ | --
|                                                                   |  | Year ended12/31/2006 |        |    | Year ended12/31/2005 |   |        | Year ended12/31/2004 | 
|Net asset Value per unit at the beginning of the period            |  | $                    | 190.33 |    |                      | $ | 163.29 |                      |  | $ | 142.38 |   
|Income                                                             |  |                      |        |    |                      |   |        |                      |  |   |        |   
|Net Trading Gains (Losses)                                         |  |                      | (1.73  | )  |                      |   | 26.15  |                      |  |   | 24.39  |   
|Investment Income                                                  |  |                      |        |    |                      |   |        |                      |  |   |        |   
|Interest Income                                                    |  |                      | 2.23   |    |                      |   | 5.21   |                      |  |   | 3.89   |   
|                                                                   |  |                      |       
|Expenses                                                           |  |                      |        |    |                      |   |        |                      |  |   |        |   
|Operating Expenses                                                 |  |                      | (5.57  | )  |                      |   | (4.32  | )                    |  |   | (7.37  | ) 
|                                                                   |  |                      |        |    |                      |   |        |                      |  |   |        |   
|Total Expenses                                                     |  |                      | (5.57  | )  |                      |   | (4.32  | )                    |  |   | (7.37  | ) 
|                                                                   |  |                      |        |    |                      |   |        |                      |  |   |        |   
|Net investment income (loss)                                       |  |                      | (3.34  | )  |                      |   | (0.89  | )                    |  |   | (3.48  | ) 
|                                                                   |  |                      |        |    |                      |   |        |                      |  |   |        |   
|Net gain (loss) per Unit                                           |  |                      | (5.07  | )  |                      |   | 27.04  |                      |  |   | 20.91  |   
|                                                                   |  |                      |        |    |                      |   |        |                      |  |   |        |   
|Net Asset Value at the end of the period                           |  | $                    | 185.26 |    |                      | $ | 190.33 |                      |  | $ | 163.29 |   
|                                                                   |  |                      |        |    |                      |   |        |                      |  |   |        |   
|                                                                   |  |                      |       
|                                                                   |  | Year ended12/31/2006 |        |    | Year ended12/31/2005 |   |        | Year ended12/31/2004 | 
|Ratio of Net Investment income (Loss) to Average Partners Capital |  |                      | (1.53  | %) |                      |   | 0.49   | %                    |  |   | (2.13  | %)
|                                                                   |  |                      |       
|Ratio of Expenses to Average Partners' Capital                     |  |                      | 2.67   | %  |                      |   | 2.36   | %                    |  |   | 4.52   | % 
|                                                                   |  |                      |       
|Total Return                                                       |  |                      | (2.66  | %) |                      |   | 16.55  | %                    |  |   | 14.69  | % 

The above ratios were calculated for the partners taken as a whole. The computation of such ratios
was not based on the amount of expenses assessed and income allocated to an individual partners capital account, which may vary from these ratios based on the timing of capital transactions and the different fee arrangements (see Note 2).

Note 6. Litigation Proceedings and Loss Contingency

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 Index through Refco Capital Markets, Ltd. (Refco Capital Markets), a large derivatives dealer
affiliated with Refco LLC. The Partnership did not, however, authorize the transfer of any of its securities to Refco Capital Markets.

On
or about October 13, 2005, Refco Capital Markets declared a moratorium on withdrawals from accounts at RCM and on October 17, 2005 Refco, Inc., and a number of its subsidiaries, including Refco Capital Markets, filed for bankruptcy with
the United States Bankruptcy Court for the Southern District of New York. At the time of this bankruptcy filing, approximately $76 million of Partnership assets, primarily securities, were held in accounts at Refco Capital Markets, representing
approximately 68% of the Partnerships net capital.



32



---

##### Table of Contents

As of December 31, 2005 a substantial portion of the Partnerships assets were under bankruptcy
court protection, as follows:



|                                    |  |   |           
|----------------------------------- |  | - | ----------
|Cash                                |  | $ | 4,832,144 
|US Government obligations           |  |   | 70,892,881
|Accrued interest receivable thereon |  |   | 493,969   
|                                    |  |   |           
|                                    |  | $ | 76,218,994
|                                    |  |   |           

On October 24, 2005, the Partnership and another commodity pool managed by the General
Partner commenced an adversary proceeding (the Adversary Proceedings) in the Bankruptcy Court against Refco Capital Markets alleging that Refco Capital Markets wrongfully and fraudulently obtained possession of the Partnerships
assets and requesting, among other things, a constructive trust and that the Court enter judgment requiring that property to be returned to the Partnership immediately. On February 28, 2006, the Bankruptcy Court ordered that a trial in the
Adversary Proceedings shall commence on a date approximately thirty days after the Bankruptcy Court enters an order or stipulation determining a motion to convert Refco Capital Markets Chapter 11 case to a case under the stockbroker
liquidation provisions of Chapter 7 of the Bankruptcy Code. A preliminary ruling was issued on that motion on March 14, 2006 finding Refco Capital Markets to be a stockbroker and therefore ineligible for Chapter 11 relief, but, at
the request of the parties, the Bankruptcy Court deferred action on that motion, thereby allowing the parties an opportunity to pursue a potential global Chapter 11 plan for Refco Capital Markets and one or more other Refco entities. On or about
June 29, 2006, a settlement agreement was reached by and among Refco Capital Markets, through its trustee in its Chapter 11 bankruptcy case, and certain customers and other creditors of Refco Capital Markets (the Settlement
Agreement). On or about July 20, 2006, the Partnership joined the Settlement Agreement, settling its claims in the Adversary Proceedings and agreeing to receive the same rights and benefits, including the rights of distribution, as
securities customers of Refco Capital Markets, while preserving its rights to pursue claims against Refco, LLC, as described below. The Bankruptcy Court approved the settlement at a hearing held on September 14, 2006. At that hearing, a global
settlement was announced that would resolve key disputes among all of the Refco entity bankruptcy estates. The Partnership is among many parties to the global settlement which is embodied in a disclosure statement and plan of reorganization filed by
the Refco debtors at the end of the settlement hearing. The Bankruptcy Court entered an order approving the disclosure statement on October 20, 2006 and confirmed the plan of reorganization at a hearing held December 15, 2006. Under the
plan of reorganization, securities customers of Refco Capital Markets are expected to receive approximately 85% of the value of their securities claims. On or about December 27, 2006, approximately 53% of the value of those claims was
distributed, and the Partnership has received, $39,826,553, its pro rata share of that distribution, and has allocated it among all partners in the Partnership as of October 31, 2005, on a pro-rata basis, with redeemed partners receiving cash
distributions in January 2007. The General Partner anticipates that the remaining 32% of the value of its settled claims will be distributed during the second and/or third quarter of 2007, however, due to the fact that certain assets still held by
Refco Capital Markets are earning interest and that other assets have yet to be finally valued and liquidated, it is not possible for the General Partner to determine at this time whether the final distribution(s) from Refco Capital Markets will be
greater than or less than 32% of the value of such claims. Also under the plan of reorganization, the Partnership will participate in recoveries from a Refco Capital Markets Litigation Trust formed to bring claims against third parties in the name
of Refco Capital Markets. On the basis of discussions held with the trustee overseeing the Litigation Trust, the General Partner believes that the Litigation Trust has viable meritorious claims against third parties and that there will be additional
recoveries for the Partnership.

On November 25, 2005, Refco, LLC filed its petition for relief as a commodity broker under subchapter
IV of Chapter 7 of the Bankruptcy Code. As the Partnership stated in the Adversary Proceedings, the General Partner had specifically authorized and directed that the Partnership Assets be transferred to customer segregated accounts at Refco, LLC and
that those assets were improperly diverted to Refco Capital Markets. The Partnership filed an official proof of claim in the Refco, LLC case on July 12, 2006. On October 3, 2006, following a three day trial in late September, the
Partnership agreed to settle its claims against Refco, LLC and has received $6,227,819 in proceeds from that settlement, equal to approximately 8% of the value of the Partnerships claims against Refco Capital Markets, such proceeds were
allocated among all partners in the Partnership as of October 31, 2005 on a pro rata basis, with redeemed partners receiving cash distributions.



33



---

##### Table of Contents

At December 31, 2006, approximately $29,660,976 Partnership assets involved in the Refco Capital
Markets bankruptcy (approximately 38.95% of the value of the Partnerships claims against Refco Capital Markets) has yet to be recovered by the Partnership, inclusive of amounts yet to be distributed by Refco Capital Markets and received by the
Partnership in connection with the settlement described above. At December 31, 2006, the Partnership wrote down (and removed from the Partnerships books as an asset) $1,203,241 in interest income attributable to Partnership assets held at
Refco Capital Markets during the fourth quarter of 2005 and early 2006 ($387,652 and $815,589, respectively) pursuant to a determination of the Bankruptcy Court that such income was an asset of the Refco capital Markets bankruptcy estate for the
benefit of all securities customers as well as the Partnership.

Interest receivable on the Partnerships Statement of Financial
Condition at December 31, 2006 and interest income on the Partnerships Statement of Operations for the year ended December 31, 2006 is net of the total amount of the write down.

Management is unable at this time to estimate the loss or range of loss, if any, resulting from the Refco Capital Markets bankruptcy and, accordingly, no
provision has been made in the financial statements for any loss that may be incurred.

In addition, the Partnership has been named as a
nominal defendant in two suits brought against the General Partner and certain individuals associated with the General Partner in connection with the transfer of Partnership assets to Refco Capital Markets. Under certain circumstances, the General
Partner, including its members and managing members, may be entitled to indemnification from the Partnership for costs incurred in connection with these suits. No provision has been made in the financial statements for any potential indemnification.

Management is unable at this time to estimate the loss or range of loss, if any, resulting from these litigation proceedings, and
accordingly, no provision has been made in the financial statements for any losses or liability that may be incurred.



---

2. Supplementary Data

Selected Quarterly
Financial Data

The following summarized quarterly financial information presents the results of operations for the three month periods
ended March 31, June 30, September 30 and December 31, 2006 and 2005. This information has not been audited.



|                                            |  |                    |            |   |                   |   |            |                    |  |   |                   |   |  |   |          
|------------------------------------------- |  | ------------------ | ---------- | - | ----------------- | - | ---------- | ------------------ |  | - | ----------------- | - |  | - | ---------
|                                            |  | Fourth Quarter2006 |            |   | Third Quarter2006 |   |            | Second Quarter2006 |  |   | First Quarter2006
|Net realized and unrealized gains (losses)  |  | $                  | 1,590,593  |   |                   | $ | (8,924,699 | )                  |  | $ | 3,729,950         |   |  | $ | 639,975  
|Interest income**                           |  |                    | (829,293   | ) |                   |   | 371,273    |                    |  |   | 421,239           |   |  |   | 1,277,278
|Expenses                                    |  |                    | 685,339    |   |                   |   | 841,531    |                    |  |   | 660,047           |   |  |   | 720,330  
|Net income (loss)                           |  |                    | 75,961     |   |                   |   | (9,394,957 | )                  |  |   | 3,491,142         |   |  |   | 3,196,923
|Net income (loss) per unit                  |  |                    | 0.04       |   |                   |   | (16.87     | )                  |  |   | 6.19              |   |  |   | 5.57     
|                                            |  |                    |            |  
|                                            |  | Fourth Quarter2005 |            |   | Third Quarter2005 |   |            | Second Quarter2005 |  |   | First Quarter2005
|Net realized and unrealized gains (losses)* |  | $                  | (2,913,553 | ) |                   | $ | 8,971,885  |                    |  | $ | (2,595,815        | ) |  | $ | 4,844,824
|Interest income**                           |  |                    | 838,241    |   |                   |   | 645,575    |                    |  |   | 412,723           |   |  |   | 226,320  
|Expenses                                    |  |                    | 711,716    |   |                   |   | 444,104    |                    |  |   | 330,520           |   |  |   | 272,856  
|Net income (loss)                           |  |                    | (2,787,028 | ) |                   |   | 9,173,356  |                    |  |   | (2,513,612        | ) |  |   | 4,798,288
|Net income (loss) per unit                  |  |                    | (4.30      | ) |                   |   | 17.59      |                    |  |   | (8.70             | ) |  |   | 22.45    

---

|* | Net realized and unrealized trading gain for the fourth and third quarter includes $317,350 held at Refco Capital Markets which may not be recovered in full by the Partnership.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|** | Interest income for the fourth quarter of 2005 includes $493,969 of interest receivable on assets then held by Refco Capital Markets which may not be realized in full by the
Partnership. Interest income for the fourth quarter of 2006 reflects a write down of interest accrued on Partnership assets, held at Refco Capital Markets, during 2005 and early 2006 determined by the Bankruptcy Court to be income of the Refco
Capital Markets bankruptcy estate for the benefit of all creditors, including the Partnership. The amount has been removed as an asset from the books of the Partnership.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



34



---

##### Table of Contents

Quarterly financial information for the fourth quarter of 2005 and for all quarters of 2006 is estimated
only and does not reflect any possible impact of Refco Capital Markets bankruptcy on the financial position of the Partnership. It is currently unknown whether the Partnership will sustain a loss on that portion of its assets that remains
involved in the Refco Capital Markets bankruptcy or the amount of any such loss. Consequently, it is not possible to provide final financial information for the fourth quarter of 2005 or for each fiscal quarter of 2006 until matters arising out of
the Refco Capital Markets are finally resolved or the General Partner otherwise has sufficient information to value accurately the Partnerships assets.



|ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|------- | ------------------------------------------------------------------------------------

As previously reported on From 8-K, as the result of a majority of the partners of Altschuler, Melvoin and Glasser LLP joining the firm of McGladrey & Pullen LLP, the Partnership changed its independent
registered public accounting firm on January 12, 2007 and appointed McGladrey & Pullen LLP to serve as its independent public accountants. There were no disagreements or reportable events in connection with the change in the
Partnerships independent registered public accounting firm.



|ITEM 9A. | CONTROLS AND PROCEDURES
|-------- | -----------------------

The principal executive officer
and principal financial officer of Beeland Management have evaluated the effectiveness of the Partnerships disclosure controls and procedures as of the end of the fiscal year for which this Annual Report on Form 10-K is being filed and have
concluded that the Partnership has effective disclosure controls and procedures to ensure that material information relating to the Partnership is made known to them by others within the Partnership, particularly during the period in which this
annual report is being prepared. There have been no significant changes in the Partnerships internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation.



|ITEM 9B. | OTHER INFORMATION
|-------- | -----------------

None.

PART III



|ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|-------- | ------------------------------------------------------

(a,b) Identification of Directors and Executive Officers

The Partnership has no directors or executive officers. The
Partnership is managed by Beeland Management Company, L.L.C., its general partner

Beeland Management Company, L.L.C. is an Illinois
limited liability company formed in 1997 to serve as the general partner of and commodity trading advisor to partnerships and accounts that track the Rogers International Commodity Index.



35



---

##### Table of Contents

The principals and officers of Beeland Management are as follows:

Walter Thomas Price III, age 66, is a Managing Member of Beeland Management and is the co-chairman, president, director and sole shareholder of Price
Asset Management, Inc. He has been the President and CEO of The Price Futures Group since June 1995 and is an investor in Uhlmann Price Securities. Mr. Price has been involved in the securities, cash commodities and commodity futures markets
for more than 40 years as both a trader for his own account and as a broker. He is president, a registered principal, and associated person of Price Capital Markets Inc., with which he has been affiliated since February 1997. At Price Capital
Markets, Mr. Price is ultimately responsible for overseeing all trading decisions. He is a graduate of the University of Texas and is also a licensed NASD principal and NFA principal. Mr. Price does not hold any ownership interest in
Beeland Management.

Allen D. Goodman, age 37, is the chief financial officer of Beeland Management, which he joined in November 2004. In
March 2001 Mr. Goodman became Chief Financial Officer of Price Asset Management, Inc. From January, 2000, to March, 2001, he served as founder and president of Financial Products, Ltd., a management consulting firm specializing in financial
process reengineering. From February, 1999 to January, 2000, he worked as a management consultant for Via International, preceded by service as a business valuation consultant for BDO Seidman LLP from May, 1997 to February, 1999. Prior to that, from
February, 1995 to May, 1997, he founded and managed Exclusively Gourmet, Inc., a specialty food and confections brokerage company. Mr. Goodman holds a B.A. degree from the University of Wisconsin and a M.S.A. in Accounting from DePaul
University. Mr. Goodman does not hold any ownership interest in Beeland Management.

James Beeland Rogers, Jr., age 63, has been the
majority owner and a member of Beeland Management since inception in 1998. Mr. Rogers, a co-founder of the Quantum Fund in the 1970s, is the author of Adventure Capitalist (Random House, 2004), Investment Biker; On the Road with Jim
Rogers (Random House, 1994) and Hot Commodities (Random House, 2005). He developed, compiled and owns the Index. Although Mr. Rogers career spans over 30 years, during the last five years he has been semi-retired and traveling
extensively around the world. However, during that period, he has been a regular commentator and columnist in various media dealing with economy and finance matters and is an occasional Visiting Professor at Columbia University. Mr. Rogers is
an investor who has been chronicled in John Trains THE NEW MONEY MASTERS and Jack Schwagers Market Wizards, as well as in Barons, Forbes, Fortune, The Financial Timesand The Wall Street Journal.

(c) Identification of Certain Significant Employees

None.

(d) Family Relationships

None.

(e) Business Experience

See Item 10 (a,b) above.

(f) Involvement in Certain Legal Proceedings

None.

(g) Code of Ethics

The
Partnership has no employees, officers or directors and is managed by it general partner, Beeland Management, which has adopted an Executive Code of Ethics that applies to its principal executive officer and principal financial and accounting
officer. A copy of this Executive Code of Ethics may be obtained at no charge by written request to Beeland Management Company, L.L.C., 141 W. Jackson Blvd., Suite 1340A, Chicago, Illinois 60604 or by calling 312-264-4375.



36



---

##### Table of Contents

(h) Audit Committee Financial Expert

Because the Partnership has no employees, officers or directors, it has no audit committee. The Partnership is managed by Beeland Management, its general
partner. Allen Goodman serves as the Beeland Managements audit committee financial expert. Mr. Goodman is not independent of the management of Beeland Management which is a privately owned limited liability company. It has no
independent directors.



|ITEM 11. | EXECUTIVE COMPENSATION
|-------- | ----------------------

The Partnership pays a monthly
management fee to Beeland Management 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. From May 1, 2004 to
March 31, 2005, the monthly management fee was 0.14583% of the sum of all Capital Accounts 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). 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 Beeland Management, most of which is paid to soliciting
broker-dealers for ongoing investor services. As of November 1, 2006, the Partnership has commenced tracking the Index at an 80% level and, accordingly, Beeland Management has reduced its management fee to a 0.8% per annum rate. Effective
January 1, 2007, the Partnership has begun to track the Index at a 90% level, and accordingly, the management fee has increased to a 0.9% per annum rate.



|ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS
|-------- | ---------------------------------------------------------------------------------------------

(a) Security Ownership of Certain Beneficial Owners

The Partnership knows of no person who owns beneficially more than 5% of the Units. All of the Partnerships general partner interest is held by
Beeland Management Company, L.L.C.

(b) Security Ownership of Management

The Partnerships affairs are managed by Beeland Management Company, L.L.C. As general partner, Beeland Management Company held approximately 6544
Units in the Partnership as of December 31, 2006, representing approximately 1.21% of the Partnerships outstanding Units as of December 31, 2006. Mr. Allen Goodman held approximately 64.5 Units in the Partnership indirectly
through a trust of which his spouse is the primary beneficiary, representing approximately 0.01 of 1% of the Partnerships outstanding Units as of December 31, 2006.

(c) Changes in Control

None.

(d) Securities Authorized for Issuance Under Equity Compensation Plans

None.



|ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|-------- | -------------------------------------------------------------------------

See Item 11. Executive Compensation and Item 12. Security Ownership of Certain Beneficial Owners and Management.

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 Beeland Management. Three members of Beeland Management 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



37



---

##### Table of Contents

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 Capital
Management was 0.50% of the average month-end market value of the portfolio under management. As of September 1, 2005, the Partnership no longer employed Hart as the investment advisor.

Walter Thomas Price III, a Managing Member of Beeland Management, is a principal of and holds an ownership interest in Uhlmann Price Securities L.L.C.
(Uhlmann), one of several broker-dealers selling units of the Partnership. Uhlmann 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 Beeland Management) are charged to partners capital upon issuance of partnership units. Prior to April 1, 2005, the
selling fees were at most, 6% of the gross offering proceeds (which included a 4.5% reallowance).

Walter Thomas Price III, a Managing
Member of Beeland Management, is a principal of and holds an ownership interest in The Price Futures Group, Inc. (PFG), which 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 or received by related parties to the Partnership during 2006 is as follows:



|                                  |  |   |        
|--------------------------------- |  | - | -------
|Management fees  General Partner |  | $ | 876,149
|Advisory fees  Hart              |  |   |       
|Selling fees  Uhlmann            |  |   |       



|ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES
|-------- | --------------------------------------



| | (1) | Audit Fees. McGladrey & Pullen, LLP (M&P), Altschuler, Melvoin and Glasser LLP (AM&G) and RSM McGladrey, Inc. (RSM) has billed and anticipates billing the
Partnership for professional services rendered for each of the last two years ended December 31, 2005 and 2006. Professional services relate to the audit of the Partnerships annual financial statements, review of financial statements
included in the Partnerships regulatory filings and other services normally provided in connection with regulatory filings.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|     |  |   |        
|---- |  | - | -------
|2005 |  | $ | 139,400
|2006 |  | $ | 125,900

As previously disclosed, a majority of the partners of AM&G became partners of M&P. As a
consequence, AM&G resigned as auditors of the Partnership effective January 12, 2007 and M&P were appointed as auditors of the Partnership for the year ended December 31, 2006. AM&G provided professional services to the Fund
through the date of its resignation. AM&G had a continuing relationship with RSM through which its partners provided non-audit services. As a result of this arrangement, AM&G had no full-time employees, and therefore, none of the audit
services performed were provided by permanent full-time employees of AM&G. AM&G managed and supervised the audit and audit staff, and was exclusively responsible for the opinion rendered in connection with its examination.



| | (2) | Audit-Related Fees. None. AM&G had a continuing relationship with RSM through which its partners provided non-audit services. As a result of this arrangement, AM&G had no
full-time employees and therefore, non of the professional services performed were provided by permanent full-time employees of AM&G. AM&G managed and supervised the audit and audit staff, and was exclusively responsible for the opinion
rendered in connection with its examination.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



38



---

##### Table of Contents

Other services, which do not include Financial Information System Design and Implementation fees, have
been provided to the Partnership by TBS through October 1, 2005 and by RSM from that date forward.



| | (3) | Tax Fees. RSM provides tax compliance services which relate to the preparation of U.S. and applicable state income tax returns. Tax fees for 2006 are to be billed by RSM. Tax Fees
for 2005 were billed by RSM.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|     |  |   |       
|---- |  | - | ------
|2006 |  | $ | 24,795
|2005 |  | $ | 25,000



| | (4) | All Other Fees. None. See Item 14.(2) above.
| | --- | --------------------------------------------



| | (5) | The Managing Members of Beeland Management pre-approve the engagement of the Partnerships auditor for all services to be provided by the auditor.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (6) | Not Applicable.
| | --- | ---------------

PART IV



|ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES
|-------- | ---------------------------------------

(a) The following documents filed
as a part of the report:



| | (1) | Financial Statements: See Index to Financial Statements under Item 8 of this report.
| | --- | ------------------------------------------------------------------------------------



| | (2) | Financial statement schedules: No additional schedules are required.
| | --- | --------------------------------------------------------------------



| | (3) | Exhibits to be filed by amendment.
| | --- | ----------------------------------

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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 the 6th day of April, 2007.



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

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

/s/ Walter Thomas Price IIIWalter Thomas Price IIIManaging Member




39



---

##### Table of Contents

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by
the following persons on behalf of the General Partner of the Registrant in the capacities and on the date indicated.



|                            |  |                                              |  |              
|--------------------------- |  | -------------------------------------------- |  | -------------
|Signature                   |  | Title with General Partner                   |  | Date         
|                            |  |                                             
|/s/ Walter Thomas Price III |  | Managing Member                              |  | April 6, 2007
|Walter Thomas Price III     |  | (Principal Executive Officer)                |  |              
|                            |  |                                             
|/s/ Allen D. Goodman        |  | Managing Member                              |  | April 6, 2007
|Allen D. Goodman            |  | (Principal Financial and Accounting Officer) |  |              

(Being the principal executive officer and the principal financial and accounting officer, and a
majority of the Managing Members of Beeland Management Company, L.L.C.)



40