UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002
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:
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
(Exact name of registrant as specified in its charter)
ILLINOIS 36-4368292
(State of organization) (I.R.S. Employer Identification No.)
BEELAND MANAGEMENT COMPANY, LLC
GENERAL PARTNER
1000 HART ROAD, SUITE 210
BARRINGTON, ILLINOIS 60010 (847) 304-0450
(Address of principal executive offices) (Registrant's telephone number,
including area code)
(847) 304-0450
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
[X] Yes No
PART I--FINANCIAL INFORMATION
ITEM 1. Financial Statements.
a) Accountants Review Report
b) Income Statement for the Three Months Ended March 31, 2002.
c) Balance Sheet as of March 31, 2002 and December 31, 2001
d) Statement of Changes in Partner's Equity for the Three Months
Ended March 31, 2002.
e) Notes to Financial Statements
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.
PART II--OTHER INFORMATION
ITEM 1. Legal Proceedings.
ITEM 6. Exhibits and Reports on Form 8-K (ss. 249.308 of this chapter).
PART I--FINANCIAL INFORMATION
ITEM 1. Financial Statements.
ACCOUNTANT'S REVIEW REPORT
To the Partners of Rogers International Raw Materials Fund, L.P. (A
Limited Partnership):
We have reviewed the accompanying balance sheet of Rogers International
Raw Materials Fund, L.P. as of March 31, 2002 and related statements of
income and retained earnings for the three months then ended, in
accordance with Statements on Standards for Accounting and Review
Services issued by the American Institute of Certified Public
Accountants. All information included in the financial statements is the
representation of the management of Rogers International Raw Materials
Fund, L.P.
A review consists principally of inquiries of Company personnel and
analytical procedures applied to financial data. It is substantially
less in scope than an audit in accordance with generally accepted
auditing standards, the objective of which is the expression of an
opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made in the accompanying financial statements in order for
them to be in conformity with generally accepted accounting principles.
/s/ Vorisek & Company, LLC
Vorisek & Company, LLC
Certified Public Accountants
McHenry, IL
May 5, 2002
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
INCOME STATEMENT
Three Months Ended March 31, 2002
(Unaudited)
REVENUE
Realized net trading gain $ 321,118
Realized (loss) on securities (11,550)
Change in unrealized net trading gain 408,054
Change in unrealized (loss) on securities (28,997)
Foreign exchange gain 353
Interest income - securities 47,750
Interest income 3,545
-----------
Total Revenue 740,273
-----------
EXPENSE
Commissions 8,084
Management fees 28,370
Administrative fees 22,193
Amortization expense 21,566
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Total Expense 80,213
-----------
Net Income $ 660,060
===========
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
BALANCE SHEET
March 31, 2002 and December 31, 2001
(Unaudited)
3/31/2002 12/31/2001
--------- ----------
ASSETS
Cash at bank $ 345,726 $ 144,853
Cash at broker 744,907 727,344
Investment in securities 4,573,984 4,100,000
Unrealized net trading gain 437,310 29,255
Interest receivable - securities 64,125 32,500
Subscriptions receivable -- 35,000
Organizational costs (net of accumulated amortization) -- 21,566
---------- ----------
Total Assets $6,166,052 $5,090,518
========== ==========
LIABILITIES
Commissions payable $ 2,550 $ 6,141
Accrued management fees 22,174 19,187
Administrative fees payable 23,824 17,000
Organizational costs payable 145,407 145,487
Pending additions 250,500 --
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Total Liabilities 444,455 187,815
---------- ----------
PARTNERSHIP EQUITY
Limited Partners Equity 5,721,597 4,902,703
---------- ----------
Total Liabilities and Partnership Equity $6,166,052 $5,090,518
========== ==========
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
STATEMENT OF CHANGES IN PARTNERS' EQUITY
Three Months Ended March 31, 2002
(Unaudited)
12/31/2001 Equity $4,902,703
Additions 340,707
Net income 660,060
Withdrawals (181,873)
----------
3/31/2002 Equity $5,721,597
==========
PER UNIT DATA
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3/31/2002 12/31/2002
--------- ----------
Net asset value $ 104.17 $ 92.29
======== ==========
Units outstanding 54,928 53,124
======== ==========
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
Notes to Financial Statements
(Unaudited)
In the opinion of management, the accompanying balance sheets and
related interim statements of income and changes in partners' equity
include all adjustments, consisting only of normal recurring items,
necessary for their fair presentation in conformity with U.S.
generally accepted accounting principles.
The Partnership has elected not to provide a statement of cash flows
as permitted by Statement of Accounting Standards 102 " Statement of
Cash Flows".
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
RESULTS OF OPERATIONS
There are no comparative figures for the previous year as the
registrant did not begin business operations until December 2001.
NET REVENUES (LOSSES)
The realized net trading gains of $309,568 are the result of three
months of trading ending March 31, 2002. The realized trading gains
include realized losses on securities of $11,550. The interest income
includes accrued interest income on securities of $47,750.
OPERATING EXPENSES
The Fund pays substantial fees and expenses that are described in the
annual report filed for the fiscal year ended December 31, 2001.
There have been no material changes in the computation of these fees.
Organizational Costs for the Fund equaled $364,698 at December 31,
2001. These costs have been amortized over the three-month period
ended January 31, 2002. These costs included legal fees, accounting
fees and printing costs.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.
There are no material changes in the information provided in the
annual report for the year ended December 31, 2001. The risks
described in that report are summarized below.
RISKS RELATING TO COMMODITY TRADING AND MARKETS
You may lose all of your investment if futures prices, which are
highly unpredictable and volatile, do not increase.
The Rogers International Commodity Index is likely to be volatile and
could suffer from periods of prolonged decline in value.
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 Fund's
performance.
Investing in units might not provide the desired diversification of
an investor's overall portfolio.
Illiquid markets could make it impossible to realize profits or limit
losses.
The Fund could have its trading disrupted due to the failure of
exchanges or clearinghouses or could lose assets deposited with
futures commission merchants or brokers. .
The Fund 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 trading methodology utilized by the Fund may not be successful
under all or any market conditions.
Exchange trading limits may require the Fund to liquidate positions
at undesirable times, resulting in reduced profitability.
RISKS RELATING TO TAX AND OTHER REGULATORY RISKS
Regulations governing the futures market may change and could
adversely affect the Fund's operations.
Since the Fund is not a regulated investment company you will not
have the protections provided by statutes regulating those companies.
A change in tax laws could adversely affect the tax treatment of an
investment in the Fund.
PART II--OTHER INFORMATION
ITEM 1. Legal Proceedings.
None
ITEM 6. Exhibits and Reports on Form 8-K (ss.249.308 of this chapter).
The Company filed no reports on Form 8-K during the quarter ended
March 31, 2002
SIGNATURES*
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Rogers International Raw Materials Fund, L.P.
---------------------------------------------
(Registrant)
May 10, 2002 /s/ Richard Chambers
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Date Managing Member of Beeland Management Company, LLC
May 10, 2002 /s/ Clyde Harrison
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Date Managing Member of Beeland Management Company, LLC